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At 6.0% Growth Rate: Isostatic Pressing Market will Exceed to $7.97 Billion by 2027
The global isostatic pressing industry size was valued at $5.81 billion in 2019, and is projected to reach at $7.97 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
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Isostatic pressing is a powder metallurgy forming method. Isostatic pressing systems are designed to employ pressure on metallic applications such as titanium and alloy components from different directions through a liquid or gaseous medium surrounding compacted components. As a result, it is often used to create complex shapes spare parts used in automotive, medical, aerospace, and defense. Isostatic pressing systems have capabilities to perform heating treatments combining with hot isostatic pressing (HIP), which reduces the cost and shortens development cycle. Furthermore, isostatic pressing is differentiated into two types, namely, hot and cold isostatic pressing systems. Cold isostatic pressing is a powder-forming method that allows production of a simple-shaped small or larger product. Hot isostatic pressing or HIP is a process carried out at a high temperature up to 2000 degree Celsius. Furthermore, isostatic pressing is designed to eliminate human error, resulting in fewer pressing defects.
Rapid adoption of additive manufacturing techniques in automotive, healthcare, and aerospace industries, owing to growth in demand for HIP combined heat-treatment process drives the isostatic pressing market growth. However, high cost of products in aerospace and automotive sectors in developing countries hampers early adoption of isostatic pressing technique. Isostatic pressing systems require a skilled workforce; which negatively influences demand for isostatic pressing systems globally. Furthermore, surge in the adoption of surgical and dental implants in healthcare sectors across the world is expected to provide lucrative opportunities for the global isostatic pressing industry during the forecast period.
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By application, the aerospace & defense segment was the highest contributor to the market in 2019. The aerospace & defense and automotive segments collectively accounted for around 50% market share in 2019. Emergence of advanced technologies in the aerospace & defense industry in Asia-Pacific and North America region growth of the aerospace & defense segment, thereby enhancing the global isostatic pressing market share.
Emergence of COVID-19 has significantly impacted the global isostatic pressing market. The production and manufacturing sector is one of the most hard-hit segments due to lack of availability of skilled workforce to operate on isostatic pressing systems. The pandemic caused a slowdown in construction projects due to partial or complete lockdown in various regions of the world, which has significantly reduced demand for isostatic pressing systems during the year 2020 and in early 2021. However, the market is expected to recover in 2021 and is expected to grow more along with massive demand from automotive, healthcare, and aerospace sectors.
Region-wise, North America holds a significant share in the global isostatic pressing market size. North America is a home to some of the key players of HIP manufacturers, distributers, and suppliers. Rise in adoption of isostatic pressing systems in automotive, aerospace & defense, and healthcare sectors is expected to propel the isostatic pressing industry in this region. North America is expected to grow in the coming years, owing to rise in investments from governments in technology innovation in aerospace and defense industries.
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The key players profiled in the report include American Isostatic Presses (API), DORST Technologies GmbH & Co.KG, Bodycote PLC, Engineered Pressure Systems (EPSI), Fluitron, Inc., Kobe Steel, Ltd., Nikkiso Co. Ltd., Pressure Technology, Inc., and Shanxi Golden Kaiyuan Co. Ltd. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the global isostatic pressing market.
Key Findings Of The Study
• In 2019, the systems segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 5.4% during the forecast period.
• The automotive and precision machine manufacturing segment together accounted for around 43.0 % of the global isostatic pressing market share in 2019.
• The hot isostatic pressing (HIP) segment of the global isostatic pressing market is projected to growth at a CAGR of 5.8% during the forecast period.
• North America region contributed major share in global market, accounting for more than 30.0% share in 2019.
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