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Laser Cladding Market Trends

Report ID: GMI8161
Published Date: Feb 2024
Report Format: PDF

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Laser Cladding Market Trends

There is an increasing demand for advanced surface protection solutions in a variety of industries including automotive, aerospace, and oil & gas. Laser cladding is resistant to wear, corrosion, and erosion than traditional coating methods, extending the life of critical components. The growing trend of additive manufacturing, particularly in the medical device and aerospace industries, is driving the use of laser cladding to produce intricate components with improved properties.

The growing emphasis on sustainable manufacturing practices, as well as the need for efficient repair and refurbishment techniques, are driving market growth. Furthermore, advancements in laser technology, combined with ongoing research & development initiatives to improve process efficiency and material compatibility, are fueling the market share. As industries seek innovative solutions to improve component performance and durability, the market is expected to continue growing in the foreseeable future.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of laser cladding was reached USD 600 million in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032, driven by the defense & military sector’s increasing reliance on the product to repair critical components in vehicles, aircraft, and weapons system.

The diode laser segment accounted for a market share of over 25% in 2023 and is anticipated to expand at a decent pace through 2032, owing to its ability to offer cost-effective and efficient solutions for a wide range of laser cladding applications.

North America laser cladding market registered a revenue share of 35% in 2023and is set to gain traction till 2032, owing to advanced manufacturing capabilities, combined with increased investments in R&D.

Coherent, Inc., Curtiss-Wright Corporation, Han’s Laser Technology Industry Group Co., Ltd., Hayden Corporation, Hoganas AB, IPG Photonics Corporation, Jenoptik, Kondex Corporation, LaserBond Limited, LaserStar Technologies Corporation are some of the major industry contenders.