Laser Cladding Market worth $823 million by 2026 - Exclusive Report by MarketsandMarkets - Seite 2

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154 – Tables

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Oil & gas end-use industry to hold the largest market size of laser cladding market during the forecast period

The oil & gas end-use industry is expected to hold the highest market share between 2021 and 2026. According to the World Corrosion Organization, corrosion costs USD 2.5 trillion to the global economy. Almost 45% of the cost of corrosion, about USD 1 trillion annually, is attributable to the oil, gas, and petrochemicals industries. As operating environments in these industries become increasingly challenging due to higher temperatures, higher pressures, higher corrosion, and higher wear, the demand for materials that can better withstand these environments is increasing. Therefore, it has become imperative for oil and gas producers to use corrosion-resistant clad pipes in such environments to enable more efficient and, most importantly, safer operations.

Laser cladding market in North America to hold the highest market share during the forecast period

North America is expected to lead the global laser cladding market. The US, Canada, and Mexico are the major contributors to the growth of the laser cladding market in North America. North America is one of the most technologically advanced markets for laser cladding owing to the presence of prominent laser system suppliers, large machine tools and microelectronics manufacturers, automotive and oil & gas companies, and power generation firms in the region.

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) are among the many players in the laser cladding market.