Market Overview:
The Global Laser Cladding Market size is expected to grow from USD 559.98 million in 2022 to USD 1037.25 million by 2030, at a CAGR of 8.01 % during the forecast period (2023-2030).
Laser cladding is referred to as a process that is utilized to fuse with a laser beam another material that has several metallurgical properties on a substrate, whereby only a very thin layer of the substrate has to be melted to achieve blueprinting bonding with the least dilution of added material and substrate to keep the original properties of the coating material. In addition, laser cladding is a hard-facing process that uses a high-powered laser beam to melt the coating material and a thin layer of the substrate to form a pore- and crack-free coating 50 μ m–2 mm thick with low dilution that is ideally bonded to the substrate.
Top Key Players in the Laser Cladding Market:
Laser Cladding Technologies (Singapore), Lumentum Operations LLC (US), LaserBond (Australia), TRUMPF (Germany), Curtiss-Wright Corporation (US), IPG Photonics Corporation (US), Technogenia (France), OC Oerlikon Management AG (Switzerland), Jenoptik (Germany), Laserline (Germany), Lincoln Laser Solutions (Canada), Coherent Inc (US), Hayden Corporation (US), TLM Laser (UK), Han's Laser Technology Industry Group Co.Ltd. (China), Lumibird (France), Alabama Specialty Products Inc. (the US), Efesto (US), Fraunhofer USA's Center Midwest (US), Gravotech (France), Hoganas AB (Sweden), Kondex Corporation (US), LaserStar (US), Optomec (Mexico), Preco (US), and other major players.
Market Dynamics and Factors for Laser Cladding Market:
Drivers:
Rising Penetration of Lasers for Rapid Manufacturing Processes
The industrial area is currently the higher market for fiber lasers; a significant part of the activity currently is at the kilowatt-class power level. Particularly entrancing is their application in car works. The car business is shifting to high-strength steel to deliver vehicles that accomplish solidness requirements yet are moderately light for better efficiency; the issue is how to cut the high-strength steel. This is where they go to fiber lasers. It is undeniably challenging, for instance, for regular machine devices to poke holes in this sort of steel; in any case, fiber lasers can undoubtedly cut these openings.
Opportunities:
Improvements for the Developments in Optical Components
The National Research Council of Canada has successfully tested laser cladding technology for its application in the manufacturing of space-related structures, such as the main parts of a robotic arm. These tests emerged in the production of robotic arm components with outstanding mechanical properties, which is a simple indication of the capacity of laser cladding technology for in-space manufacturing facilities which is expected to create further lucrative opportunities for the laser cladding market.
Segmentation Analysis of the Laser Cladding Market:
By Type, the diode lasers segment is expected to dominate the market. In recent years, high-power direct diode lasers (DDL) have become progressively popular and are mostly utilized for heat processing applications.
By Revenue, the laser revenue segment is expected to dominate the market. Laser revenue covers the revenue produced from the sales of different types of lasers, such as diode lasers, YAG lasers, fiber lasers, and CO2 lasers, for cladding applications.
Regional Analysis of the Laser Cladding Market:
Asia Pacific is expected to dominate the market during the forecast period. The growth of the regional segment can be primarily attributed to the growing demand for pharmaceutical, material science applications, and life science utilization in economies such as India, Japan, China, and South Korea. Additionally, the presence of several sciences and materials sciences companies and contract manufacturers organizations are also anticipated to support in turning the growth of the Laser cladding market in the Asia Pacific region during the forecast period.
Key Industry Development:
In January 2021, Lumibird declared a global agreement with GWU-LASERTECHNIK for the commercialization of GWU's optical parametric oscillator (OP) with Lumibird's solid-state lasers. This agreement expanded Lumibird's provision for pulsed Nd: YAG lasers to include tunable OPO systems.
In June 2021, II-VI Incorporated and Coherent declared that II-VI's shareholders and Coherent's stockholders have each voted vigorously to adopt and approve the collaboration agreement for II-VI to acquire Coherently.
