Press release
The Global Isostatic Pressing market is likely to boost due to the growing demand for high-intensity, low-porosity materials in 3D printing and the increasing focus on combining hot isostatic pressing (HIP) with other heat-treating processes.
The isostatic pressing market size was valued at USD 7.1 billion in 2020 and is expected to grow to $12.0 billion by 2027, growing at a CAGR OF 8.6% over the forecast period, 2021-2027. Due to the surge in speculation for materials with high intensity and low porosity in 3D printing and growing emphasis on the combination of hot isostatic pressing with other treatment processes.PRODUCT & SERVICES OVERVIEW IN THE ISOSTATIC MARKET
The isostatic pressing services market includes casting and molding services for critical applications (casting densification, HIP/CIP coating, and HIP brazing) and other support services. HIP services are widely used in research and development, prototype development, product repair/rejuvenation, and manufacturing cycles. Furthermore, technical support is provided to improve customers' understanding of the benefits of the HIP, ensure quality assurance and assist in the internal development of new products. With these services, businesses can support their customers in developing and testing new products. Furthermore, the growth of the service segment can be attributed to the growing need for high-density materials with long product life cycles in various industries, such as aerospace & defense, automotive, and medical.
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TYPE OVERVIEW IN THE ISOSTATIC MARKET
The HIP system combines classical HIP cycles and other heat treatment processes, increasing productivity and process efficiency. Their application in powder metallurgy processes is growing around the world. Moreover, HIP-based processes play a vital role in developing complex parts, such as spheres, valves, pipes, and rods, as various industries require. In addition, manufacturing enterprises install HIPs to improve their work efficiency—accordingly, the hot isostatic pressure to a higher growth rate over the forecast year.
APPLICATION OVERVIEW IN THE GLOBAL ISOSTATIC MARKET
The isostatic pressing market for manufacturing is projected to have the largest market size over the forecast period. It finds applications in various processes of food and drinks, oil and gas, and steel. In addition, advances in manufacturing technology are expected to drive market growth for manufacturing. HIP systems are used to eliminate porosity, increase the strength of these machines, and provide a smoother surface to improve waterproofing and finishing. Precision manufacturing and HIP combined can completely change how industries operate, reducing costs while increasing the effectiveness and tolerance of the material and providing a reliable means of producing parts.
REGION OVERVIEW IN THE GLOBAL ISOSTATIC PRESSING MARKET
Significant growth in the isostatic pressing market in the Asia-Pacific region can be attributed to continued investment in infrastructure development in developing countries like China and India, which are driving demand for high-density metal products. China has strong potential for the digital transformation of the manufacturing industry. Rapid industrialization and urbanization and the growing adoption of IoT are driving the growth of the Asia Pacific market. The start-up of the Make in India project has encouraged growth in India's manufacturing and energy industries. Since Asia-Pacific is a privileged manufacturing center, The leading car manufacturers such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), as well as local manufacturers like Tata Motors (India) and Mahindra & Mahindra (India), have made significant investments to automate their production sites, which is expected to propel the growth of the regional market.
GLOBAL ISOSTATIC PRESSING MARKET: COMPETITIVE LANDSCAPE
Some of the major players in the isostatic pressing market include Kobe Steel (Japan), Bodycote (UK), Kennametal (USA), Arconic (USA), Nikkiso (Japan), American Isostatic Presses (USA), Engineered Pressure Systems (US), Pressure Technology (US), Shanxi Golden Kaiyaun (China), Fluitron (US), Sandvik Powder AB (Sweden), Insmart Systems (India), Isostatic Pressing Services (US), Frey & Co. (Germany), DORST Technologies (Germany), Aubert & Duval (France), and Aegis Technology (US).
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