DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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 (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.
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.
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.
Market Dynamics
Drivers
- 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
- Growing Emphasis on Combination of Hot Isostatic Pressing (Hip) with Other Heat Treatment Processes
Restraints
- Requirement of High Initial Investments
Opportunities
- Increasing Investments by Players from Aerospace & Defense Industry in Installation of Hip Units
- Growing Demand for Low-Cost Titanium and Its Alloys in Automotive Industry
Challenges
- Lack of Skilled Workforce to Operate Isostatic Pressing Equipment
- Recovery of Manufacturing Sector Amidst COVID-19 Period
Companies Mentioned
- Aegis Technology
- American Isostatic Presses
- Arconic
- Aubert & Duval
- Bodycote
- Dorst Technologies
- Engineered Pressure Systems (Epsi)
- Fluitron
- Frey & Co.
- Hiperbaric
- Hoganas
- Insmart Systems
- Isostatic Pressing Services
- Kennametal
- Kittyhawk Products
- Kobe Steel
- Ilshin Autoclave
- MTI Corporation
- Nikkiso
- Pressure Technology
- Quad City Manufacturing Lab (Qcml)
- Sandvik Powder Solutions Ab
- Shanxi Golden Kaiyuan
- Techform Advance Casting Technology
- Tianjin Taipingyang Ultra-High Pressure Equipment
For more information about this report visit https://www.researchandmarkets.com/r/slyp7l
