The 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", 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.
“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.
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“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.
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).
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