The global isostatic
pressing 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.
Impact of
COVID-19 on Isostatic Pressing Market
Currently, the world
is battling an economic crisis caused by the outbreak and widespread of the
COVID-19 pandemic. The pandemic has affected various industries, such as
automotive, medical, aerospace & defense, manufacturing, and logistics. In
the wake of the current situation, the key market players are presently
focusing on maintaining and generating revenues to be operational. This had
reduced the number of developments, including products launches and their
distribution in the isostatic pressing market in 2020. A number of scheduled
product launches and related developments have been postponed owing to the
spread of the virus. However, the impact of COVID-19 is expected to subside
during the forecast period.
“Isostatic
pressing services to witness a higher CAGR during the forecast period.”
Currently, the
services market pertaining to isostatic pressing is gaining traction, with the
increasing applications of isostatic pressing systems in the automotive,
manufacturing, energy & power, and medical industries. To improve the
quality and reliability of components and configurations, isostatic pressing
systems are regularly inspected to detect discontinuities, defects, or any
other faults, which might reduce their operational reliability and lead to
failures. 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.
“Hot
isostatic pressing (HIP) to account for the largest share 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, HIP is used as a
part of the powder metrology process for pressure-assisted brazing and
fabrication of metal matrix composites. Manufacturing companies are installing
HIPs to improve their working efficiency, due to all these factors hot
isostatic pressing (HIP) is expected to hold the largest share of the market
during the forecast period.
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“Medical
end-user industry to witness a higher CAGR during the forecast period.”
The medical industry
has witnessed a positive impact of the COVID-19 pandemic. The industry has
undergone massive innovation. Besides, people’s behavior toward their health
has changed, and they have started taking measures to ensure good health. Thus,
the demand for innovative equipment has increased to improve the efficiency of
medical practitioners. The players in the medical industry are continuously
adopting new technologies such as additive manufacturing or 3D printing in a
wide range of applications. CIP is used to consolidate the 3D-printed parts;
apart from this, its applications mainly include the consolidation of ceramic
powders and other fine or advanced grades of ceramics used in the dental and
medical sectors.
“North
America to account for the largest share during 2021–2026.”
North America is one
of the largest producers of powder metallurgy (PM) products worldwide.
Additionally, the region continues to play a vital role in advanced
semiconductor manufacturing and system design. The increasing number of
government initiatives pertaining to investments in the technology-driven
industries and technological innovations in the aerospace & defense sector
have increased the need for densified, reliable, and long-lasting products.
These factors have led to the high penetration of products manufactured by
isostatic pressing in various industries, such as automotive, aerospace &
defense, and semiconductor & electronics, in this region.
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