Global Laser Cladding Material Market Insights, Forecast to 2024

Global Laser Cladding Material Market Insights, Forecast to 2024

Laser cladding is a process in which a metal coating is applied onto the surface of a part using a laser as the heat source. The process is often used to create a protective coating for increased functionality, as well as restore damaged or worn surfaces. Laser cladding allows extended life of equipment and machinery in which parts are exposed to corrosion, wear or impact. For example, the construction equipment industry applies this technology to their products to increase wear resistance and keep equipment in service longer.

According to our research, the global laser cladding equipment market size to grow to USD 154.40 million by 2024, at a CAGR of more than 6.52% over the forecast period. The adoption of modern and efficient material hard facing and coating technologies will be one of the major factors that will have a positive impact on the growth of the global laser cladding equipment market in the coming years. The adoption of laser cladding process is high in end-user industries such as oil and gas, mining, automotive, aerospace, and agriculture due to its advantages including lower design flaws and high productive efficiency and is extensively used in surface treatment and hard facing applications. The adoption of laser cladding is rapidly replacing conventional technologies such as high-velocity oxy-fuel (HVOF), hexavalent hard chrome plating, oven sintering, metal inert gas welding (MIG), and thermal spray since these conventional technologies have lower metal cladding efficiency and are relatively time-consuming.