Global Isostatic Pressing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Type (Hot isostatic pressing, Cold isostatic pressing), Capacity (small sized Hip, medium sized hip, large sized hip), End-User Industry (Automotive, Aerospace

`Global Isostatic Pressing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Type (Hot isostatic pressing, Cold isostatic pressing), Capacity (small sized Hip, medium sized hip, large sized hip), End-User Industry (Automotive, Aerospace & Defense, Medical, Manufacturing), Process (Dry bag pressing, Wet bag pressing) Region(North America, Europe, Asia Pacific, South America, Middle East & Africa ) - Global Forecast to 2026

Global Isostatic Pressing Market

Isostatic pressing market size was valued at USD 7.3 billion in 2021 and is projected to reach USD 12.0 billion by 2027. 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. For instance, Alcoa invested $22 million in Michigan for latest HIP technology to strengthen the metallic structure of titanium, nickel and 3D-printed jet engine parts. Hence these investments are analyzed to drive the market growth in the forecast period 2021-2027. The Isostatic Pressing market is driven by demand for powder metallurgy processes particularly in spark plug insulators and precision machinery among others. However, hot isostatic pressing comprises five major components such as pressure vessel and electrical system, which requires high initial investments. This, in turn, hampers demand for isostatic pressing in developing countries.



Market Drivers

Application of Isostatic Pressing to Remain High in Aerospace and Defense Industries is expected to boost the market growth.

Growth of aerospace and defense industries is positively impacting the adoption of advanced isostatic pressing method. Hot isostatic pressing (HIP) technology is used in developing stainless steel and nickel base superalloy which are used in the aerospace and defense industry for missile and space vehicle applications. HIP technology is also used to manufacture commercial aircraft. Aircraft parts and engines need to be high in density and low in weight to ensure great operational performance. HIP is deployed during the processing of these parts to develop a larger and more diverse set of aircraft and engine parts. Thus, HIP technology is expected to witness increasing application in aerospace and defense industry to enhance the material capabilities and process efficiency in the near future.

Restraints

The designing and development of isostatic presses are capital-intensive processes. The HIP system comprises five major components, i.e., a pressure vessel, internal furnace, gas handling system, electrical system, and auxiliary system. The pressure vessel in the HIP system holds the high-temperature furnace and retains the high-pressure gas, whereas the internal furnace provides the required heat through direct radiation, gas convection, or forced-gas convection. The HIP process needs inert gas (mostly argon) as the pressurizing medium to apply equal force for the densification or casting of a part. Apart from these major components, HIP units are equipped with diaphragm compressors and non-lubricated piston compressors, which are also the essential parts for processing. These components increase the total operating cost of a system.

Market Segmental Analysis

Based on the type, the Global Isostatic Pressing is segregated into Hot Isostatic Pressing, Cold Isostatic Pressing. The cold isostatic pressing is used for compressing the green parts at a surrounding temperature whereas the hot isostatic pressing is used to completely consolidate parts at raised or higher temperatures through solid-state diffusion. Based on the offering, the global isostatic pressing is segregated into Services and System. On the basis of capacity, the isostatic pressing market is segmented into small-sized HIP, medium-sized HIP and large-sized HIP. The global isostatic pressing market share of large-sized HIP segment accounted highest in 2019, and is expected to follow the same trend during the forecast period. Based on process type, the isostatic pressing market is segmented into dry bag pressing and wet bag pressing. On the basis of application, the isostatic pressing market is segmented into automotive, aerospace, defense, medical, energy & power, semiconductors and electronics, precision machine manufacturing, research and development, construction and transportation and logistics.

Regional Analysis

By region, the isostatic press market trends are analyzed across North America, Europe, Asia-Pacific, South America and Middle East & Africa. North America dominated the market, in terms of revenue in 2019, and is expected to follow the same trend during the forecast period. Isostatic pressing in North America has held highest share of 35% in the forecast period, owing to demand for HIP-processed products in various industries, including precision manufacturing, aerospace & defense, and automotive. A few HIP manufacturers have implemented high-capacity HIP units at research facilities in North America to expand a wide variety of industrial components with the elimination of internal porosity through high precision machinery. For instance, Avure Technologies installed largest cold Isostatic press to produce the largest isotropic graphite components in the world. In addition, isostatic pressing is used to manufacture various automotive components such as spark plug insulators and carbide tools. Moreover increase in inclination toward developing low-cost products with shorter cycle times is also expected to fuel the market growth in the forecast period 2021-2027.

Asia-Pacific is expected to expand at a significant growth rate of 2021 to 2028 owing to the rapid rise in demand for low-cost and reliable metal and ceramics products for various applications, growing preference toward custom implants due to better and proficient recovery in the region.

Key Players

The Global Isostatic pressing market is highly unstable in nature with the presence of a large number of global and regional players in the market.

KobeSteel (Japan), Bodycote (UK), Kennametal (US), Arconic (US), and Nikkiso (Japan) are among the major Key players in the isostatic pressing market.

Market Taxonomy

BY TYPE

• Hot Isostatic Pressing
• Cold Isostatic Pressing

• Services
• Systems

• Small Sized Hip
• Medium Sized Hip
• Large Sized Hip

• Dry Bag Pressing
• Wet Bag Pressing

• Auto Motive
• Aerospace&Defence
• Medical
• Energy & Power
• Electronics & Semiconductor
• Manufacturing
• Recent Developments