Dublin, Oct. 20, 2021 (GLOBE NEWSWIRE) -- The "Global Laser Cladding Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The laser cladding market is estimated to be valued at USD 483 million in 2021; it is expected to grow at a CAGR of 9.6% during 2021-2026 to reach USD 823 million by 2026.
Over the years, new and more advanced variants of laser cladding technology have emerged, especially the extreme high-speed laser application (EHLA). EHLA is a novel technology born from laser cladding (also known as laser metal deposition (LMD) or directed energy deposition - laser beam (DED-LB)).
Fraunhofer ILT has developed EHLA as an advanced form of laser cladding, a replacement for chrome plating, and an alternative to spraying technologies. EHLA coatings can be applied to small and large components at speeds 10-100x times faster than laser cladding.
Laser cladding is perceived as one of the more sophisticated industrial laser applications, requiring special skills. There is a limited number of people across the globe who have developed these skills and a limited number of suppliers that provide laser cladding equipment.
In the automotive industry, the valves of a non-commercial vehicle are subject to 300 to 500 million thermal and mechanical cycles throughout the life of an automobile, and an exhaust valve is subject to a stream of hot gas that may contain soot particles and corrosive constituents. In the early days of laser technology, numerous research facilities showed pictures of laser-clad valves in their publications and literature.
However, not many of them were put into production or commercialized. The chief reason for this lack of market penetration is the availability of less expensive equipment for coating valves using plasma transferred arc (PTA) welding, which produces deposits with low levels of dilution. However, in the long run, laser cladding would prove more economical and successful than traditional laser technologies such as cutting, welding, and others.
Fiber lasers: The fastest type of laser cladding market .
Fiber laser is a type of solid laser where the active media is the core of rare earth metals (Er, Yb, and a few others) and doped fiber, which is typically single-mode silica fiber. This doped fiber has a cavity mirror at each end or fiber Bragg gratings, which can be fabricated within the fiber. The fiber's central core is responsible for the emission of laser light, and its structure varies from simple to fairly complex.
Hence, fiber lasers can be compact and rugged. A fiber laser has a large surface-to-volume ratio, and hence, heat dissipation is relatively easy. This laser is comparatively smaller and lighter in weight than traditional lasers, which helps save space. Also, there is no requirement for precise alignment of mirrors, which makes it capable of operating in variable working environments and enables ease of transportation
System revenue: The largest revenue of the laser cladding market .
The system revenue segment is likely to continue holding a larger market share during the forecast period. The leading position of this segment can be attributed to the ability of these systems to perform a wide range of functions, which expands their utility across several end-use industries, such as oil & gas, mining, automotive, and aviation
Oil & gas: Largest growing end-use industry of laser cladding market
In the oil & gas industry, laser cladding is a widely used technology for exploration, drilling, corrosion resistance, and a broad range of hard-facing applications. It is commonly used in oil refinery process plants, downhole stabilizers, valve balls/seats, sand valves, and hydraulic rods.
APAC: The fastest-growing region in the global laser cladding market .
APAC has been ahead in terms of adoption of laser cladding solutions compared with other regions. The major countries contributing to the laser cladding market in APAC are China, Japan, India, South Korea, and the Rest of APAC.
The region's increasing R&D investments and growing oil & gas, automotive, aerospace & defense manufacturing, mining, and electronics sectors are expected to drive the growth of the region's laser cladding market. Continuous demand for cost-effective, reliable, and fast-response laser cladding solutions from the aforementioned end-use industries is also expected to drive the growth of the region's laser cladding market.
Premium Insights
- Rising Demand for Additive Manufacturing and Rapid Manufacturing Applications Would Drive Implementation of Laser Cladding Products Across Aviation and Automotive End-Use Industries
- US and Diode Laser are Expected to Hold Largest Share of North American Laser Cladding Market in 2021
- Oil & Gas End-Use Industry to Hold Largest Share of Laser Cladding Market in APAC During Forecast Period
- Laser Cladding Market in China to Grow at Highest CAGR from 2021 to 2026
Market Dynamics
Drivers
- Growing Penetration of Fiber Lasers in Laser Cladding Applications
- Gradual Transition from Conventional Laser Technologies to Laser Cladding
- Increasing Requirement Across Additive Manufacturing and Rapid Manufacturing
Restraints
- High Deployment Costs and Lack of Personnel with Required Technical Expertise
- Environmental Concerns Over Use of Rare Earth Elements
Opportunities
- Adoption of Laser Cladding Applications Across Aviation and Automotive Industries
- Development of Advanced Laser Cladding Solutions
Challenges
- Slow Industrial Acceptance of Laser Cladding
Case Studies
- Alpha Laser Fixes Dimension of Hydraulic Shaft Using Laser Cladding
- Extreme High-Speed Laser Material Deposition Proves Reliable, Efficient, and Effective for Sealing Gray Iron Castings for Brake Discs
- Smart Diode Laser Cladding Offered Corrosion-Resistance to Naval Destroyers
- Laser Claddings with Advanced Materials Returned Ram to Better Than Oem Standard at Less Cost
Patents Analysis
- Patents Related to Laser Cladding, 2019-2021
Companies Mentioned
- Alabama Specialty Products
- Coherent
- Curtiss-Wright Corporation
- Efesto
- Fraunhofer Usa Center Midwest Cmw
- Gravotech
- Han's Laser
- Hayden Corporation
- Hoganas Ab
- Ipg Photonics
- Jenoptik
- Kondex Corporation
- Laser Cladding Technologies
- Laserbond
- Laserline
- Laserstar
- Lincoln Laser Solutions
- Lumentum
- Lumibird
- Oerlikon
- Optomec
- Preco
- Technogenia
- Tlm Laser
- Trumpf
For more information about this report visit https://www.researchandmarkets.com/r/gcq87e
