Isostatic Pressing Market worth $11.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 13, 2021 /PRNewswire/ -- According to the new market research report "Isostatic Pressing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Type (HIP, CIP), HIP Capacity, CIP Process Type, End-User Industry (Automotive, Aerospace & Defense, Medical, Manufacturing), and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the market size was valued at USD 7.3 billion in 2021 and is projected to reach USD 11.0 billion by 2026. It is expected to grow at a CAGR of 8.5% during the forecast period. Growing demand for materials with high intensity and low porosity in 3D printing, increasing focus on development of low-cost products and reducing manufacturing cycle time, and growing emphasis on combination of hot isostatic pressing (HIP) with other heat treatment processes are the key driving factors for the isostatic pressing market.
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"Isostatic pressing services to account for the largest share during the forecast period."
The scope of the isostatic pressing services market includes casting and molding services for critical applications (casting densification, HIP/CIP cladding, and HIP brazing) and other support services. HIP services are widely used in research & development, prototype development, repair/product rejuvenation, and production runs. Besides, technical support is provided to increase customer understanding regarding the benefits of the HIP, provide quality assurance, and help in the internal development of new products. With these services, the companies can help their customers to develop and test new products. Moreover, the growth of the services segment can be attributed to the growing need for high-density materials with long product lifecycles in various industries, such as aerospace & defense, automotive, and medical.
"Hot isostatic pressing to witness a higher CAGR during the forecast period."
The HIP system is a combination of the conventional HIP cycles with other heat treatment processes; these systems increase productivity and enhance process efficiency, owing to which their application in the powder metallurgy processes is increasing across the globe. Additionally, HIP-based processes play a vital role in the development of complex parts, such as spheres, valves, pipes, and rods, according to the requirements of various industries. Moreover, Manufacturing companies are installing HIPs to improve their working efficiency. As a result the hot isostatic pressing to witness a higher growth rate during the forecast period.
"Manufacturing end-user industry to account for the largest share during the forecast period."
The isostatic pressing market for the manufacturing industry is expected to hold the largest market size during the forecast period, as it finds applications in different processes of the food & beverage, oil & gas, and steel industries. Besides, the technological advancements in the manufacturing industry are expected to propel the growth of the market for the manufacturing industry. The HIP systems are used to remove porosity and increase the strength of these machines, as well as to provide a smoother surface for improved sealing and finishing. Precision manufacturing and HIP together have the potential to completely change how industries operate, allowing to cut costs at the same time increasing efficiency and tolerance of the material and providing a reliable way of producing parts.
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APAC to witness a higher CAGR during the forecast period.
The high growth of the isostatic pressing market in the APAC region can be attributed to continuous investments in infrastructure development in developing countries such as China and India are propelling the demand for high-density metal products. China presents a high potential for the digital transformation of the manufacturing industry. Rapid industrialization and urbanization and the growing adoption of IoT are the factors driving the growth of the APAC market. The launch of the Make in India initiative has supported the growth of the manufacturing and energy & power industries in India. As APAC is a preferred manufacturing hub, major automobile manufacturers such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), as well as local manufacturers such as Tata Motors (India) and Mahindra & Mahindra (India), have made high investments in automating their production sites, which is expected to propel the growth of the regional market.
A few of the key players in the isostatic pressing market are Kobe Steel (Japan), Bodycote (UK), Kennametal (US), Arconic (US), Nikkiso (Japan), American Isostatic Presses (US), Engineered Pressure Systems (US), Pressure Technology (US), Shanixi 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).
Related Reports:
Industrial 3D Printing Market by Offering (Printers, Materials, Software, Services), Application (Manufacturing, Prototyping), Process, Technology, Industry (Aerospace & Defense, Automotive), and Geography - Global Forecast to 2025
3D Printing Market with COVID-19 Impact Analysis by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology, and Geography - Global Forecast to 2026
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