CHICAGO, June 5, 2023 /PRNewswire/ — The global Isostatic pressing market is expected to grow from USD 8.1 billion in 2023 to USD 11.7 billion by 2028, registering a CAGR of 7.6% according to a new report by MarketsandMarkets™. The isostatic pressing market is driven by the demand for high-quality and reliable components, the growth of precision machine manufacturing, and advanced manufacturing solutions. The growth of the aerospace, medical, automotive, and energy industries and the need for enhanced mechanical properties are also key factors. Furthermore, developing new materials and alloys is another important driving factor for the growth of isostatic pressing in the forecast period.
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Browse in-depth TOC on “Isostatic Pressing Market”
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Isostatic Pressing Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$8.1 billion |
|
Estimated Value by 2028 |
$11.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.6% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Offering, Type, HIP Capacity, Industry and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Limited size and shape capabilities of Isostatic Pressing |
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Key Market Opportunities |
Growing demand for low-cost titanium and its alloys in the automotive industry |
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Key Market Drivers |
Growing Emphasis on the Combination of Hot Isostatic Pressing (HIP) With Other Heat Treatment Processes |
The services segment is expected to register a higher CAGR during the forecast period.
The market for isostatic pressing services is growing due to the rising demand for lightweight and high-performance components in the aerospace, defense, medical, automotive, and energy industries. Also, these industries require intricate components with precise specifications and complex shapes. Isostatic pressing services provide a practical solution for manufacturing these components as they can handle complex geometries and produce near-net shape parts. The increasing demand for such components fuels the adoption of isostatic pressing services.
Large-sized hot isostatic pressing to record the highest CAGR during the forecast period.
The growth of the large hot isostatic pressing industry has been mainly attributed to the increasing demand for Critical Components. The aerospace, power generation, and automotive industries, among others, require large-sized critical components that operate under demanding conditions. Hot isostatic pressing (HIP) provides an efficient solution for manufacturing these components, ensuring high-density materials, defect elimination, and enhanced mechanical properties. The increasing demand for these crucial components is propelling the growth of the large-size HIP market.
Precision machine manufacturing to hold the largest market share in the year 2022.
Isostatic pressing systems are widely involved in precision machine manufacturing as they can achieve consistent pressure distribution, accommodate intricate geometries, enhance material density for high-density materials, and ensure reliability and uniformity. Also, it reduces the need for extensive machining and enhances material properties. These benefits collectively increase the demand for isostatic systems to produce precise, reliable, and superior-quality components in precision machine manufacturing.
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Asia Pacific is expected to grow at the highest CAGR in the isostatic pressing market from 2023 to 2028.
The Asia-Pacific region has experienced substantial industrialization and economic growth in recent decades, resulting in a surge in manufacturing activities across various sectors such as automotive, aerospace, and electronics. This expansion has created a heightened demand for isostatic pressing to meet the manufacturing requirements of these rapidly growing industries. The Asia-Pacific region is a prominent center for electronics manufacturing, with significant participation from countries like China, Japan, and South Korea. sGiven the electronics industry’s need for precise and intricate components, isostatic pressing techniques have become vital in production. Consequently, the region’s flourishing electronics manufacturing sector has increased demand for isostatic pressing.
Key players operating in the Isostatic pressing companies include Kobe Steel, Ltd. (Japan), Bodycote (UK), Kennametal, Inc. (US), Nikkiso., Ltd. (Japan), DORST Technologies GmbH & Co. KG (Germany), American Isostatic Presses, Inc (US), EPSI (US), Pressure Technology, Inc. (US), Shanxi Golden Kaiyuan Co., Ltd. (China) in the Isostatic pressing market.
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