Report Id: SNS/SEMI/2137 | July 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Laser Cladding Market Size will be valued at USD 1106 million by 2030, and it was valued at USD 527.61 million in 2022, and grow at a CAGR of 9.7% over the forecast period 2023-2030.
The process of cladding involves restoring the finish or surface of objects, components, or objects that have become worn through repeated use. By adding a fresh surface layer on top of the basic material, refurbishment or revision improves the object's aesthetics and functionality. A high-powered laser beam is used in the laser cladding process to melt the coating material and a thin substrate layer, resulting in a coating that is 50–2 mm thick, pore– and crack–free, and properly adhered to the substrate. Little porosity is provided by laser cladding, which produces good long-term corrosion resistance. It also facilitates a thicker build-up in one pass. Its overlapping passes work together to produce a high-quality board with little post-process machining and low metal dilution. Additionally, laser cladding offers a metallurgical bond at a lower temperature with a typical tiny heat affected area of 0.03.
MARKET DYNAMICS:
KEY DRIVERS:
Increasing need for quick production and additive manufacturing.
Laser cladding applications using fiber lasers are becoming more prevalent.
Gradual conversion to laser cladding from traditional laser technology.
RESTRAINTS:
Utilization of rare earth elements raises environmental problems.
High implementation expenses and a shortage of technical experts in staff.
OPPORTUNITIES:
The innovation of advanced laser cladding systems.
Adoption of laser cladding techniques in the automotive and aviation sectors.
CHALLENGES:
Laser cladding's slow industrial adoption.
IMPACT OF COVID-19:
The effects of COVID-19 on the laser cladding market and consumer demand have a devastating effect on the laser industry. It is believed that laser production will fall beyond expectations in the short term, as most laser manufacturers and suppliers of raw materials are based in China. China continues to be a major supplier of sub-components for the laser sector, including laser sources, galvanometers, output couplers, and other components. There has been a disruption in the supply of parts due to this epidemic, which has led to limited supply of laser products. Some laser manufacturers could momentarily raise the cost of their products. The immediate effect is that the lack of supply may cause undue pressure on the values of the laser systems. Future supply chain problems in China will need to be investigated by laser system producers. Since June 2020, the effects of the supply chain disruption have been felt as other nations, such as the US, India, Germany, and the UK, have also been severely impacted by COVID-19. The market for laser cladding suffered as a result in 2020–2021. However, with the improvement of the situation, production is expected to return to normal gradually over the next few months, ensuring the normal supply of laser systems.
Based on Type, the laser cladding market is segmented into Diode laser, CO2 laser, Fiber laser, Acoustic laser and Others The market for diode laser cladding is anticipated to account for the largest market share throughout the forecasted period. In recent years, high-power direct diode lasers (DDL) have become very popular and widely used in thermal processing systems. When compared to more traditional forms of calculators like carbon dioxide (CO2) and yttrium aluminium garnet (YAG) calculators, DDLs have a high energy efficiency. Therefore, part of the diode lasers are expected to hold the highest market share.
Based on Revenue, the laser cladding market is segmented into Laser and System. The laser revenue market is expected to grow at a very high CAGR at the time of forecasting. Revenue from the sale of various kinds of lasers, including YAG lasers, fibre lasers, diode lasers, and CO2 lasers, for use is included in the category of laser revenue. Each of these has applications for every few end user industries, such as aerospace and defense, automotive, and mining. Over the years, several laser manufacturers have secured contracts to bring in laser applications.
Based on End Use Industry, the laser cladding market is segmented into Oil & gas, Aerospace & Defense, Power Generation, Mining, Automotive and Others. The end-use sector for aerospace and military is anticipated to see the greatest CAGR between 2022 and 2028. One of the earliest sectors to adopt laser cladding was the aerospace sector. The most crucial components of an aviation engine are covered in lasers. Leading engine producers brought cold spray, laser cladding, and 3D printing to the aerospace sector.
COMPETITIVE LANDSCAPE:
The key players in the laser cladding market are TRUMPF, OC Oerlikon Management, YANMAR HOLDINGS, Photonics Corporation, Han’s Laser Technology Industry, Hoganas, Lumibird, Lumentum Operations, Curtiss-Wright Corporation, IPG Photonics Corporation and LaserBond Ltd, and other players.
MARKET SEGMENTS:
BY TYPE
Diode laser
CO2 laser
Fiber laser
Acoustic laser
Others
BY REVENUE
Laser
System
BY MATERIALS
Nickel-based alloys
Carbides & Carbide blends
Cobalt-based alloys
Iron-based alloys
BY END-USE INDUSTRY
Oil & gas
Aerospace & Defense
Power Generation
Mining
Automotive
Others
REGIONAL ANALYSIS:
The laser cladding market in APAC is expected to grow at a very high CAGR during the forecast period. Major countries that contribute to the APAC laser processing market include China, Japan, South Korea and India. APAC has been at the forefront of adoption of laser processing solutions compared to other regions. The development of sophisticated laser cladding applications has given rise to several public and commercial sector projects. The increase in R&D investment in laser technology and the growing manufacturing and electronics sectors, combined with overcrowding, is expected to further boost the laser cladding market in the region.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Report Attributes | Details |
---|---|
Market Size in 2022 | US$ 527.61 Mn |
Market Size by 2030 | US$ 1106 Mn |
CAGR | CAGR of 9.7% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Type (Diode Laser, CO2 Laser, Fiber Laser, Acoustic Laser, Others) • By Revenue (Laser, System) • By Materials (Nickel-Based Alloys, Carbides & Carbide Blends, Cobalt-Based Alloys, Iron-Based Alloys) • By End Use Industry (Oil & Gas, Aerospace & Defense, Power Generation, Mining, Automotive, Others) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | TRUMPF, OC Oerlikon Management, YANMAR HOLDINGS, Photonics Corporation, Han’s Laser Technology Industry, Hoganas, Lumibird, Lumentum Operations, Curtiss-Wright Corporation, IPG Photonics Corporation and LaserBond Ltd |
Key Drivers | • Increasing need for quick production and additive manufacturing. • Laser cladding applications using fiber lasers are becoming more prevalent. • Gradual conversion to laser cladding from traditional laser technology. |
Restraints | • Utilization of rare earth elements raises environmental problems. • High implementation expenses and a shortage of technical experts in staff. |
Frequently Asked Questions (FAQ) :
The Laser Cladding Market size was valued at 481 million in 2021 at a CAGR of 9.7%.
The market Size will be valued at USD 919 million by 2028.
The market has been segmented with respect to type, revenue, material, and end-use industry.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Laser Cladding Market Segmentation, by Type
8.1Introduction
8.2 Diode laser
8.3 CO2 laser
8.4 Fiber laser
8.5 Acoustic laser
8.6 Others
9. Laser Cladding Market Segmentation, by Revenue
9.1Introduction
9.2 Laser
9.3 System
10. Laser Cladding Market Segmentation, by Materials
10.1 Introduction
10.2 Nickel-based alloys
10.3 Carbides & Carbide blends
10.4 Cobalt-based alloys
10.5 Iron-based alloys
11. Laser Cladding Market Segmentation, by End Use Industry
11.1 Introduction
11.2 Oil & gas
11.3 Aerospace & Defense
11.4 Power Generation
11.5 Mining
11.6 Automotive
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Lumentum Operations
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 TRUMPF
13.3 OC Oerlikon Management
13.4 YANMAR HOLDINGS
13.5 Photonics Corporation
13.6 Han’s Laser Technology Industry
13.7 Hoganas
13.8 Lumibird
13.9 Curtiss-Wright Corporation
13.10 IPG Photonics Corporation
13.11 LaserBond Ltd
14.Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
15.Conclusion
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