Global Isostatic Pressing Market to Grow at a CAGR of 6.2% by 2030

Introduction

Isostatic pressing systems use a fluid (such as water or oil) or a gas (usually argon (Ar)) pressure to consistently pressurize materials in all directions to obtain maximum density uniformity. The isostatic pressing procedure can be carried out at both high and low temperatures (cold). Cold isostatic pressing is utilized to make exceedingly large and complex spare components with an unreasonable starting cost. Hot isostatic pressing is identical to cold isostatic pressing, except it takes place at a much higher temperature. Furthermore, homogeneous density distribution is a crucial motivator for the global expansion of isostatic pressing systems. Furthermore, the isostatic pressing process eliminates human mistakes, reducing critical defects.

Due to the significant rise in demand for products with short production cycles in the healthcare sector, the isostatic pressing industry is likely to grow throughout the forecast period. Furthermore, the global isostatic pressing market is expected to grow due to an increase in demand for additive manufacturing or 3D printing technology in the automotive sector, owing to a surge in demand for low-cost spare parts manufacturing techniques.

Market Dynamics

Increase in Demand for Products with Short Development Cycle to Drive the Global Isostatic Pressing Market

A product with a short development cycle, which comprises all pre-development to mass manufacturing operations, is the foundation for successful business development. Furthermore, as industries worldwide develop and become more connected to end-users, there is a growing desire for goods with a quick development cycle, which influences demand for isostatic pressing technology, which can do both heat and HIP treatment simultaneously. As a result of the necessity for products with a short production cycle, increased rivalry in numerous sectors such as automotive and pharmaceutical fuels demand isostatic pressing.

Rise in Demand for Low-Cost Titanium Alloys in Automotive Sector to Provide Opportunities for the Global Isostatic Pressing Market

One of the most important end-users of isostatic powder metallurgy products in the automotive industry. Additionally, producers in the automobile industry around the world have a high demand for lightweight, dependable, and suitable goods, which helps the HIP process flourish. Furthermore, the increasing demand for lightweight titanium alloys in the automotive market fuels demands HIP technology, which will likely drive the isostatic presses market forward.

Regional Insights

By region, the global isostatic pressing market is segmented by North America, Asia-Pacific, LAMEA, and Europe. North America was the highest revenue contributor and is estimated to grow at a CAGR of 5.4% during the forecast period. The ever-increasing demand for 3D spare parts in the aerospace and medical industry has increased demand for the isostatic pressing market in the region. The U.S. is home to a wide range of hot isostatic press manufacturers, distributors, and suppliers, dominating the hot isostatic press market. Rapid growth in aerospace and automotive industries in the U.S, Canada, and Mexico drives demand for low-cost spare parts such as 3D parts, which is further expected to fuel demand for isostatic presses.

Europe is the second-largest region. The Europe isostatic pressing market is projected to reach USD 2805 million by 2030, growing at a CAGR of 6.3%. Growth in the automotive industry in Europe is one of the key drivers and a backbone of various economies in this region. For instance, the European Union Commission has taken multiple initiatives to invest in the progress of the automotive sector; thus, it offers substantial prospects for the growth of low-cost 3D spare parts technology. Moreover, the aerospace industry in the U.K. is the fourth-largest, influencing demand for short cycle time spare parts, which promotes the use of isostatic press technology in the region.

Asia-Pacific is the fastest-growing region. Demand for low-cost spare parts used in this region's automotive, healthcare, and aerospace industries is the primary factor that propels the market growth. Furthermore, Asia-Pacific is expected to witness a significant increase in the coming years, owing to a surge in demand for reliable metal and ceramics products for various applications such as titanium alloys and jet engines. This is expected to drive the growth of the isostatic pressing market in this region. 

Key Highlights

• The global isostatic pressing market was worth USD 6355 million in 2021 and is projected to reach USD 10735 million by 2030, registering a CAGR of 6.2% during the forecast period (2022-2030).
• Based on offering, the global isostatic pressing market is fragmented into services and systems. The systems segment was the highest contributor to the market and is estimated to grow at a CAGR of 5.6% during the forecast period. Growth in automotive, aerospace and healthcare investments is expected to drive demand for isostatic pressing systems. Moreover, the rapid rise in demand for low-cost spare part manufacturing techniques in various industries such as aerospace and healthcare are the major factors that drive growth for hot and cold isostatic pressing systems globally.
• Based on type, the global isostatic pressing market is segregated into hot isostatic pressing (HIP) and cold isostatic pressing (CIP). The hot isostatic pressing (HIP) segment was the highest contributor to the market and is estimated to grow at a CAGR of 6% during the forecast period. Hot isostatic pressing technology is one of the fastest-growing technologies globally in various sectors such as healthcare, energy & power, and automotive, owing to the demand for low-cost spare parts. In addition, hot isostatic pressing is specifically designed to uniform the strength and density of metals and other products. Hence, all these factors propel the growth of this segment in the market.
• By HIP capacity, the global isostatic pressing market is divided into small-sized HIP, medium-sized HIP, and large-sized HIP. The large-sized HIP segment was the highest contributor to the market and is estimated to grow at the highest CAGR of 7% during the forecast period. Technology development in modern HIP systems offers the capability to combine HIP systems with heat treatment to improve productivity. Moreover, large hot isostatic pressing systems are designed to provide high-quality casts at lower prices than traditional machining methods. Hence, all these factors propel the growth of this segment in the market.
• By CIP process type, the global isostatic pressing market is bifurcated into dry-bag pressing and wet-bag pressing. The dry-bag pressing segment was the highest contributor to the market and is estimated to grow at a CAGR of 6.2% during the forecast period. Dry-bag CIP lends itself to automation; hence, it is suitable for pressing associated with long-run compacts at high production rates. The primary driver for the rise in demand for dry-bag CIP technology is that it can be automated for production in high volumes. This method is suitable for mass production of a simple and limited variety of products such as spark plug insulators for the automotive industry. This technology is widely accepted and used in industries such as carbide and ceramics.
• By application, the global pressing market is divided into automotive, aerospace and defense, medical, precision machine manufacturing, energy & power, and others. The aerospace and defense segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.2% during the forecast period. The emergence of advanced technologies in the aerospace & defense industry in Asia-Pacific and North America fuels the demand for short-cycle low-cost spare parts, which is further expected to propel the growth of the isostatic pressing market.

Competitive Players

1. American Isostatic Presses (API)
2. Engineered Pressure Systems (EPSI)
3. Dorst Technologies GmbH & Co.KG
4. Bodycote PLC
5. Fluitron Inc.
6. Pressure Technology Inc.
7. Kobe Steel Ltd.
8. Nikkiso Co. Ltd.
9. Shanxi Golden Kaiyuan Co. Ltd.

Recent Developments

Recent Developments

• In September 2022, DORST TECHNOLOGIES/DE will begin the SMART-Spray Dryer Series expansion. POWTECH 2022 is the ideal venue for showcasing the ground-breaking design that will revolutionize the industry. This SMART-Spray Dryer-Series offers tremendous versatility in spray drying and is an all-in-one solution for small-scale production.
• In November 2022, Nissan will employ green aluminum and low-CO2 steel from Kobe Steel in its vehicles.
• In October 2022, The "3D sintering equipment," a sintering tool used in the production of power-semiconductor SiC modules, was created by NIKKISO CO., LTD.

Segmentation

1. By Offering
   1. Services
   2. Systems
2. By Type
   1. Hot Isostatic Pressing
   2. Cold Isostatic Pressing
3. By HIP Capacity
   1. Small-sized HIP
   2. Medium-sized HIP
   3. Large-sized HIP
4. By CIP Process Type
   1. Dry-Bag Pressing
   2. Wet-Bag Pressing
5. By Application
   1. Automotive
   2. Medical
   3. Aerospace and Defense
   4. Precision Machine Manufacturing
   5. Energy & power
   6. Others