LASER CLADDING MATERIALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Laser cladding is a surface engineering technique which is widely performed in industries to enhance the surface properties of the metallic equipment. The process involves the fusion of the cladding material (which has the desired properties according to the requirement) onto the surface of the work piece by using a laser beam. Laser cladding extends the life of equipment and protects the other machineries from wear and corrosion.

Market Outlook

• The global laser cladding materials market has witnessed a surge in market growth in the recent past, owing to its application in various end-user industries such as power, petrochemicals, mining, construction, oil & gas and others. This is primarily due to advantages of laser cladding which include its ability of cladding selective smaller areas and great flexibility during processing.

Market Dynamics

• Among regions, Asia Pacific is expected to grow substantially in the forthcoming years owing to rapid growth of end-user industries in the region. Furthermore, the rise in demand for better quality products and cost efficient equipment repairing techniques from the manufacturing, chemical and construction industry, is expected to drive demand for laser cladding materials during the forecast period.
• Companies involved in different industries such as power generation and automobile, are encouraging the usage of laser cladding technique over conventional processes, for repairing and enhancing wear & corrosion resistance of the plant equipment. Laser cladding is an efficient alternative due to inherent properties of laser radiation such as higher input heat energy, minimum dilution between the cladding material and substrate, and lower distortion. This scenario is expected to drive demand for laser cladding materials over the forecast period.

Key Players

• Major companies operating in the global laser cladding materials market include FST, AMC Powders, Oerlikon Metco, Hoganas AB, Praxair S.T. Technology, Hongbo Laser, Henan Igood, Wall Colmonoy, DURUM, Sentes-BIR, and Shandong Sitaili
  
  
• Companies are focusing on different strategies such as mergers and acquisitions to increase their market presence globally, which, in turn, is expected to facilitate the market growth over the forecast period. For instance, in August 2019, MOGAS Industries, a provider of application specific products for power, chemical, and oil & gas industry, acquired Brenco Group, an Australian surface coatings provider.

Market Taxonomy

On the basis of alloy type, the global laser cladding materials market is segmented into:

• Nickel-based
• Cobalt-based
• Iron-based
• Carbide & carbide blends
• Others

On the basis of end user Industry, the global laser cladding materials market is segmented into:

• Power Generation
• Automotive
• Oil & Gas
• Aviation
• Mining
• Construction
• Others

On the basis of region, the global laser cladding materials market is segmented into:

• Asia Pacific

• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific

• North America

• U.S.
• Canada

• Europe

• U.K.
• Germany
• France
• Italy
• Russia
• Rest of the Europe

• Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

• Middle East

• GCC
• Israel
• Rest of Middle East

• Africa

• North Africa
• Central Africa
• South Africa