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Innovations in Isostatic Pressing: Comprehensive Market Report 2024
Isostatic Pressing Market Drivers
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According to The Business Research Company's, The isostatic pressing market size has grown strongly in recent years. It will grow from $7.3 billion in 2023 to $7.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growth in the aerospace industry, the increasing manufacturing production, the growing defense budgets and increasing automotive production.
The isostatic pressing market size is expected to see strong growth in the next few years. It will grow to $10.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the increasing urbanization, the rising electricity demand and the increasing healthcare expenditure and growth in the medical devices industry. Major trends in the forecast period include focus on strategic investments, capacity expansions, technological advancements, new advanced project developments, product innovations, installation of new machines and strategic partnerships and collaborations.
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Market Drivers and Trends:
The rapidly growing aerospace and defense industry is significantly contributing to the growth of the isostatic pressing market. The aerospace and defense industry is involved in designing, manufacturing, and developing advanced space systems, aircraft, and defense capabilities. Isostatic pressing is used in the aerospace industry for manufacturing aerospace castings, jet aircraft engine components, and turbine blades. In the defense industry, it is used in the production of bulletproof materials, gun parts, and others. The growing aerospace and defense sector will propel the growth of isostatic pressing. For instance, according to India Brand Equity Foundation, an Indian Government export promotion agency, the aerospace, and defense sector will reach $70 billion by 2030 due to demand for advanced infrastructure. Therefore, the rapidly growing aerospace and defense industry will promote the growth of the isostatic pressing market.
Major companies operating in the isostatic pressing market are putting their efforts into innovating new products and solutions to grow in the market. For example, in April 2023, Quintus Technologies AB, a Sweden-based high-pressure manufacturing technology company, developed the Purus Toolbox for hot isostatic pressing. It is designed to make it feasible to obtain component surfaces free of oxidation after hot isostatic pressing (HIP), obviating the need for labor-intensive, expensive, or dangerous pre- and post-processing. The majority of these problems, according to Quintus Purus, can be avoided or greatly minimized by using the toolbox it has developed, which consists of new HIP equipment hardware and software capabilities and custom oxygen-getter cassettes. This improves component design, lowers manufacturing costs and has a lower environmental impact. Purus enables the production of the 'HIP process' without the need to hand wrap each component in metal foil or eliminate oxidized surfaces through post-processing machining or chemical etching. As a result, there is a decrease in the requirement for dangerous chemicals, manufacturing costs and energy consumption.
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Major Key Players of the Market:
Siemens AG, ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Omron Corporation, Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, EFACEC Electric International Engineering Co. Ltd, Precision Product Handling International Ltd, HK AA Industrial Co., International Coalition of Intelligent Manufacturing, Switek Technology Automation Co., Ltd, Youibot Robotics, InterTech Development Company, United magnetics co., ltd, Immetech Industrial Co., Ltd, Zinsser Analytic GmbH, Wiesemann & Theis GmbH, Lammers Automation GmbH, syskomp gehmeyr GmbH, vision-tec gmbh, Otc Daihen Europe Gmbh, Koch Textilpflege GmbH, Alukeep GmbH, WSCAD Nederland, Engmatec, Hexagon, Indusoft, Ltd, Sinkross, TEKKNOW, Roxor Industry, VERYSELL Industrial Systems Automation, FST Rus LLC, ProSoft, Rusatom Automated Control Systems, SMS-Automation, RONDO RUS, BFG Group, ProMach Innovation Center, Omnirobotic, Proment Inc., Denson Automation Inc, Rebel Automated Systems, Honeywell International Inc, Cognex Corporation, Teradyne Inc., National Instruments Corporation, Plexus Corp., Nauticus Robotics Inc., Novanta Inc., Yokogawa Electric, CI24 Controles Inteligentes, Rewo Uruguay, Danlesco Gulf LLC, ASCORP Industrial Complex LLC, Spex Insulation Contracting, Kimans Inc, Team Switchgear And Control L.L.C, Telinstra FZCO, Autochim Systems, Control Systems Integration (Pty) Ltd, Festo South Africa, DIRECTECH GROUP, SMC Corporation, JMP Group, Protea automation solutions.
Isostatic Pressing Market 2024 Key Insights:
• The isostatic pressing market size is expected to see strong growth in the next few years. It will grow to $10.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Surging Aerospace And Defense Sector Drives Growth In The Isostatic Pressing Market
• Quintus Technologies Introduces Purus Toolbox To Revolutionize Hot Isostatic Pressing
• North America was the largest region in the isostatic pressing market in 2023
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