Global Hot Isostatic Pressing Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Hot Isostatic Pressing Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Hot Isostatic Pressing (HIP) is the simultaneous application of high temperature and pressure to metals and other materials for a specified amount of time in order to improve their mechanical properties. Hot Isostatic Pressing is a well established process for the improvement of a wide variety of materials such as titanium, steel, aluminum and superalloys. Using this process, voids within a casting can be reduced or eliminated and encapsulated powders can be consolidated to create fully dense materials. Also, similar and dissimilar materials can be bonded together to manufacture unique, cost effective components.

Market Overview:

The latest research study on the global Hot Isostatic Pressing market finds that the global Hot Isostatic Pressing market reached a value of USD 960.32 million in 2023. It’s expected that the market will achieve USD 1713.69 million by 2029, exhibiting a CAGR of 10.13% during the forecast period.

Hot isostatic pressing (HIP) technology refers to using inert gases such as argon as the pressure transmission medium in a closed container under high temperature and high pressure conditions to sinter and densify products, or to connect different components and materials. After decades of efforts, based on the improvement of manufacturing technology and cost reduction of Hot Isostatic Pressing equipment, Hot Isostatic Pressing technology has developed rapidly. In the Hot Isostatic Pressing process, equal pressure in all directions comes from the aggregation of gas atoms or molecules on the surface of the component, and each gas atom participates in hot forging. Under certain process conditions, the movement speed of gas atoms is approximately 900 m/s, and an average of approximately 1030 collision events occur per square meter per second. These atoms will forge all surfaces of the part simultaneously, regardless of the shape of the part. This is what makes Hot Isostatic Pressing technology unique from other traditional one-way pressure processing. Hot Isostatic Pressing is currently used in aerospace, energy, automobiles, power generation and other fields, and is an important means of preparing high-performance materials. In recent years, with the strong demand for high-performance materials in aerospace, nuclear industry, and marine engineering, Hot Isostatic Pressing for preparing high-performance materials has been widely valued and applied.

Hot Isostatic Pressing technology is an indispensable new technology for new product development. It is mainly used in three directions: densification processing, diffusion bonding, and powder metallurgy. Among them, densification treatment has been widely used in aerospace, nuclear power and other fields, and is currently an important process in the field of aerospace component production. Diffusion connection technology has been widely used in ITER in the nuclear fusion field, and bimetallic products have also been recognized in some civilian fields. In the future, more and more HIP bimetal products will be used in important areas of the national economy and people's livelihood. The preparation of HIP powder metallurgy products mainly uses high-end HIP-NNS technology. The advancement of Hot Isostatic Pressing technology and the development of downstream applications will promote the development of the industry.

Region Overview:

In 2022, the share of the Hot Isostatic Press market in United States stood at 33.54%.

Company Overview:

The major players operating in the Hot Isostatic Press market include Bodycote PLC, Kobe Steel, Ltd., Metal Technology Co, Ltd., American Isostatic Presses, Inc., Paulo Products Company, etc. Among which, Bodycote ranked top in terms of sales and revenue in 2023.

Bodycote plc (Bodycote) is a holding company, that offers the provision of thermal processing services through its subsidiaries. The company provides heat treatment, metal joining, surface technology and hot isostatic pressing (HIP) services for a range of industries, including aerospace, defense, automotive, power generation, oil and gas, construction, medical and transportation. Its heat treatment is a controlled process, which provides an alter for the microstructure of metals and alloys, and metal joining is a controlled process used to fuse metals.

Kobe Steel Ltd (Kobe Steel) is a manufacturer of steel products. It offers iron and steel, and aluminum and copper products such as steel casting and forgings, titanium, copper sheet and strips, welding products, electric power, and aluminum alloys. The company also offers construction equipment, construction recycling machinery, metal recycling machinery, resource recycling machinery and forestry machinery. Kobe Steel provides several services such as residential property sales, building management, insurance services, leasing and testing, and research services. On April 13, 2017, Kobe Steel acquires Swedish isostatic press manufacturer Quintus Technologies. Quintus Technologies is the global leader in high pressure technology. The company designs, manufactures, installs, and supports high pressure systems in three main areas: densification of advanced materials, sheet metal forming, and high pressure processing for food and beverage innovation, safety, and shelf life.

Segmentation Overview:

By type, Services segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Aerospace, with a market share of 42.05% in 2022.

Key Companies in the global Hot Isostatic Pressing market covered in Chapter 3:

Aalberts N.V.
Metal Technology Co, Ltd.
EPSI
Paulo Products Company
Bodycote PLC
Warner Brothers Foundry Company
Kobe Steel, Ltd.
Pressure Technology, Inc.
Kittyhawk, Inc.
Hiperbaric
American Isostatic Presses, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Hot Isostatic Pressing market from 2019 to 2030 is primarily split into:

Services
Equipment

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hot Isostatic Pressing market from 2019 to 2030 covers:

Aerospace
Medical
Industrial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)