The global isostatic pressing market size is expected to grow from USD 8.1 billion in 2023 to USD 11.7 billion by 2028, growing at a CAGR of 7.6% during the forecast period. The isostatic pressing industry is witnessing significant growth driven by several factors, including an increasing need for intricate components, advancements in material science, emphasis on precision and quality, go for efficiency and cost-effectiveness, expanding industrial applications, technological progress, and the requirement to meet rigorous quality and performance standards. Collectively, these factors are driving the growth of isostatic pressing as it continues to meet the evolving demands of various industries.
Driver: Growing Emphasis
on the Combination of Hot Isostatic Pressing (HIP) With Other Heat Treatment
Processes
The HIP and heat
treatment processes in a conventional practice are carried out at different
facilities, where the parts have to be loaded and unloaded into process vessels
twice and shipped from one facility to another, which consumes time. Thus,
combining HIP and other heat treatment processes in a single and integrated
unit can help reduce energy consumption and meet the components' delivery time.
The constant improvements in HIP equipment from the 1970s have led to advanced
processing options, such as rapid cooling capability and automatic processing.
For instance, processes such as HIP, additive manufacturing, and spark plasma
sintering can be used as a single unit to create high-integrity,
near-net-shaped parts from metal powder while reducing processing costs and
energy consumption.
Some of such combined
techniques are used in the aerospace industry. However, their implementation
has yet to be commercialized for civil nuclear applications. The Nuclear
Advanced Manufacturing Research Centre (AMRC) (UK) is planning to invest in
industry-led projects to assess the potential of these processes in the civil
nuclear sector. The organization has designed a strategy to commercialize such
promising techniques for production processes.
Restraint: Requirement
of high initial investments
The market for isostatic
pressing necessitates a significant initial investment due to the need for
advanced machinery, specialized technologies, and high-pressure vessels.
Establishing an isostatic pressing facility involves substantial costs
associated with acquiring equipment, implementing safety measures, and ensuring
proper training and maintenance. This initial investment acts as a barrier to
entry for new entrants and contributes to a competitive landscape dominated by
established companies. However, despite the high initial costs, the potential
for long-term benefits, such as market growth and the ability to meet the
increasing demand for high-quality components, justifies the investment in
isostatic pressing.
Opportunity: Growing
demand for low-cost titanium and its alloys in the automotive industry.
Titanium and its alloys
are light in weight, corrosive resistant, and feature high strength, which
makes them ideal for use in various automobile applications. The increasing
focus on the light weighing of automobiles has encouraged manufacturers and designers
to use titanium tubes and titanium-welded tubes. However, the cost of titanium
is the main drawback associated with using this metal. Therefore, the
manufacturers are looking forward to developing new innovative ways to produce
low-cost titanium for different automobile applications. Hence, the HIP
processes decrease the manufacturing cost of titanium alloys and other PM
superalloys by ensuring lower manufacturing time and cost than conventional
processes. This cost-related benefit is expected to fuel adopting HIP systems
in titanium alloy manufacturing for the automotive industry and soon create
lucrative opportunities for market players.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23702585
Challenge: Limited size
and shape capabilities of Isostatic Pressing
Isostatic pressing is
typically best suited for small to medium-sized parts. More significant parts
can be difficult to manufacture using this process because it requires large
equipment, which can be expensive to purchase and maintain. Isostatic pressing
is best suited for parts with simple geometries. More complex shapes can be
difficult to manufacture using this process. This is because the powder must be
evenly distributed in the mold, which can be challenging to achieve with
complex shapes. The tooling cost required for isostatic pressing can be
significant, particularly for parts with complex shapes. This can make the
process less cost-effective for parts with irregular shapes. The thickness of
the part can also be a limiting factor for isostatic pressing. Parts that are
too thick can be difficult to manufacture using this process because the powder
may not be able to be evenly distributed in the mold.
About MarketsandMarkets™
MarketsandMarkets™ is a
blue ocean alternative in growth consulting and program management, leveraging
a man-machine offering to drive supernormal growth for progressive
organizations in the B2B space. We have the widest lens on emerging
technologies, making us proficient in co-creating supernormal growth for
clients.
The B2B economy is
witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work with
clients on growth programs, helping them monetize this $25 trillion opportunity
through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought Leadership
Marketing.
Built on the 'GIVE
Growth' principle, we work with several Forbes Global 2000 B2B companies -
helping them stay relevant in a disruptive ecosystem.Our insights and
strategies are molded by our industry experts, cutting-edge AI-powered Market
Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market
Intelligence Cloud) integrates our research, facilitates an analysis of
interconnections through a set of applications, helping clients look at the
entire ecosystem and understand the revenue shifts happening in their industry.
No comments:
Post a Comment