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Isostatic Pressing Market: Know the Prominent Factors That Will Help in Reshaping the Market Growth
Isostatic Pressing Market
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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 of spare parts used in automotive, medical, aerospace, and defense. Isostatic pressing systems can perform heating treatments combined with hot isostatic pressing (HIP), which reduces the cost and shortens the 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 the production of a simple-shaped small or larger product. Hot isostatic pressing or HIP is a process carried out at a high temperature of up to 2000 degrees Celsius. Furthermore, isostatic pressing is designed to eliminate human error, resulting in fewer pressing defects.
The 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, the high cost of products in the aerospace and automotive sectors in developing countries hampers the early adoption of the isostatic pressing technique. Isostatic pressing systems require a skilled workforce; which negatively influences demand for isostatic pressing systems globally. Furthermore, the 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.
Competitive Analysis:
The Isostatic Pressing industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Isostatic Pressing Market include,
DORST TECHNOLOGIES GmbH & CO. KG
AMERICAN ISOSTATIC PRESSES (AIP)
FLUITRON, INC.
ENGINEERED PRESSURE SYSTEMS (EPSI)
PRESSURE TECHNOLOGY, INC.
ARCONIC
KOBE STEEL, LTD.
SHANXI GOLDEN KAIYUAN CO., LTD.
NIKKISO CO., LTD.
BODYCOTE PLC
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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.
The 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 the lack of availability of a skilled workforce to operate on isostatic pressing systems. The pandemic caused a slowdown in construction projects due to partial or complete lockdowns in various regions of the world, which has significantly reduced demand for isostatic pressing systems during the year 2020 and early 2021. However, the market is expected to recover in 2021 and is expected to grow more along with massive demand from the automotive, healthcare, and aerospace sectors.
Region-wise, North America holds a significant share in the global isostatic pressing market size. North America is home to some of the key players of HIP manufacturers, distributors, and suppliers. The rise in the 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 a rise in investments from governments in technology innovation in the aerospace and defense industries.
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 grow at a CAGR of 5.8% during the forecast period.
- North American region contributed a major share of the global market, accounting for more than 30.0% share in 2019.
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