Laser Cladding Material Is Expected To Grow At A Cagr Of Roughly 6.7% Over The Next Five Years, Will Reach 150 Million Us$ In 2027
Laser Cladding Material Is Expected To Grow At A Cagr Of Roughly 6.7% Over The Next Five Years, Will Reach 150 Million Us$ In 2027
Published by Coherent Market Insights
Posted on September 20, 2021
Laser Cladding Material Is Expected To Grow At A Cagr Of Roughly 6.7% Over The Next Five Years, Will Reach 150 Million Us$ In 2027
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.
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.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
Primary Research (Trade Surveys and Experts Interviews)
Desk Research
Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Laser Cladding Material Is Expected To Grow At A Cagr Of Roughly 6.7% Over The Next Five Years, Will Reach 150 Million Us$ In 2027
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.
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.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
Primary Research (Trade Surveys and Experts Interviews)
Desk Research
Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Contact Us:
Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1-206-701-6702 Email: sales@coherentmarketinsights.com
