Laser Cladding Market

Market Leadership - Laser Cladding Market

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. The laser cladding market witnessed a revenue decline of ~15% in 2020 due to the COVID-19 pandemic. The US–China trade war and the slowdown in the industrial ecosystem due to the COVID-19 pandemic have been the key reasons for this decline.

The key players operating in the laser cladding market are TRUMPF (Germany), OC Oerlikon Management AG (Switzerland), Coherent, Inc (US), IPG Photonics Corporation (US), Han’s Laser Technology Industry Group Co., Ltd. (China), Hoganas AB (Sweden), Lumibird (France), Lumentum Operations LLC (US), Curtiss-Wright Corporation (US), Jenoptik (Germany), Alabama Specialty Products, Inc. (US), Efesto (US), Fraunhofer USA's Center Midwest (US), Gravotech (France), Hayden Corporation (US), Kondex Corporation (US), LaserBond (Australia), LaserStar (US), Laserline (Germany), Laser Cladding Technologies (Singapore), Lincoln Laser Solutions (Canada), Optomec (Mexico), Preco (US), Technogenia (France), and TLM Laser (UK).

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Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the players in the laser cladding market. These strategies enabled the players to efficiently fulfill the growing demand for laser cladding products from end-use industries and expand their global footprint by offering their products in all the major regions.

TRUMPF was ranked first in the laser cladding market in 2020 with a market share of 13–14%. The company manufactures machine tools, including machines, systems, lasers, power electronics products, power tools, and smart factory solutions. It offers software and services for automotive, manufacturing, construction, electronics, power & energy, aerospace & defense, engineering, and medical & healthcare verticals. It operates through two business segments—Machine Tools and Laser Technology. The Machine Tools segment deals with systems for laser processing, bending, punching, combined punch, laser cutting, and welding applications. The Laser Technology segment deals with lasers for marking, cutting, welding, and surface treatment applications. The company offers high-scale LMD solutions used in industries such as aviation and aerospace, energy technology, petrochemicals, automotive, and medical technology. The company has a broad portfolio of various kinds of lasers, such as diode, disc, fiber, marking, and other lasers. The LMD machines offered by TRUMPF are also used by various companies and research institutes worldwide. The Welding Institute (TWI), located in the UK, uses the TRUMPF 7040 LMD system. The system assists TWI in large-scale repair and additive manufacturing/3D printing of parts for various industries that are part of the aerospace sector.

Oerlikon held the second position in the laser cladding market in 2020 with an approximate market share of 12–13%. The company’s solutions and comprehensive services, together with its advanced materials, improve and maximize the performance, function, design, and sustainability of its customer’s products across various end-use industries. The company operates its business through two divisions – Surface Solutions and Manmade Fibers. Surface Solutions offers value-adding services such as machining services, additive manufacturing, and others under several brands such as Oerlikon Balzers, Oerlikon Metco, and Oerlikon AM. Manmade Fibers is one of the prominent suppliers of polymer processing equipment and integrated polymer plants for the chemical fibers industry. Since 1988, the company has been developing laser-welding services for various applications in different industries, ranging from medical parts to gas turbine components. The company offers laser cladding services, which are particularly suitable for applications demanding a high dimensional accuracy. Additional applications include materials that are difficult to weld using conventional methods, such as high-temperature-resistant nickel-based alloys in gas turbines or tungsten-carbide-filled wear-protection coatings. The components typically include turbine blades, drilling equipment, and pump components.

Coherent held the third position in the laser cladding market in 2020 with an approximate market share of 11–12. Coherent is an industrial and fiber laser solutions provider and deals in technologies such as diode-pumped solid-state laser, fiber laser, gas laser (CO, CO2, excimer, and ion), optically pumped semiconductor laser (OPSL), semiconductor laser, and ultrafast laser. These laser technologies have applications in several verticals, including healthcare, scientific research, electronics, military & defense, and manufacturing. The company operates through two business segments: OEM Laser Sources (OLS) and Industrial Lasers & Systems (ILS). The OLS segment deals with high-performance laser sources that have applications in microelectronics manufacturing, scientific research, and medical diagnostics. The ILS segment deals with lasers that have applications in automotive, consumer goods, machine tools, and medical devices manufacturing. The company is a major provider of laser solutions and optics for microelectronics, life sciences, industrial manufacturing, and scientific markets. The key factors responsible for its market leadership include a balanced product portfolio, large customer base, retention capabilities, and global presence. The company occupies a unique position in the industry due to the breadth and depth of its product and technology portfolio, which includes laser sources, critical or enabling photonics components, and laser systems.

Related Reports:

Laser Cladding Market with COVID-19 Impact by Type (Fiber Laser, Diode Laser, YAG Laser, CO2 Laser), Revenue, End-use Industry (Oil & Gas, Aerospace & Defense, Automotive, Power Generation, Mining), and Region - Global Forecast to 2026

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Report Code
SE 7985
RI Published ON
9/22/2021
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