Market Overview
The global isostatic pressing market size was worth USD 6.35 billion in 2021 and is projected to reach USD 10.73 billion by 2030, registering a CAGR of 6.2% during the forecast period (2022-2030). 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.
The term "isostatic pressing" (IP) refers to the powder metallurgy (PM) method used to increase the porosity of metals. This comprises hot and cold isostatic pressing (H/CIP), which involves evenly applying pressurized water, oil, or gas to a powder compact to achieve a constant density and microstructure without geometrical restrictions.
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 high and low temperatures. 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.
Market Dynamics
Drivers: increase in demand for hip, coupled with other heat treatment processes
Traditional methods often use HIP and heat treat processes at different facilities, doubling the processing time, power, and cost. However, the isostatic press combines HIP and other heat treatment processes by reducing energy consumption and improving the delivery time. Furthermore, the surge in HIP technology, such as rapid cooling capability and automatic processing, propels its demand in industries such as automotive and healthcare.
Drivers: rise in need for products with short development cycle
The basis for the successful development of a business is the product with a short development cycle, which includes all pre-development to mass production activities. Moreover, industries across the globe are developing and becoming more connected to end-users, thus, increasing the need for products with a short development cycle, which influences demand for isostatic pressing technology, owing to its capability to perform heat treatment & HIP treatment together. Therefore, the rise in competition across various sectors such as automotive and pharmaceutical fuels demand isostatic pressing, owing to the need for products with a short production cycle.
Driver: expanding aerospace and defense sectors
The market for isostatic pressing is expanding dramatically due to the continuously expanding aerospace and defense sectors. Advanced space systems, aircraft, and defense capabilities are all designed, produced, and developed by the aerospace and defense sector. Aerospace castings, jet engine parts, and turbine blades are all produced in the aerospace sector using isostatic pressing. It is employed in the defense sector to create items like gun parts and bulletproof materials. The expansion of isostatic pressing will be fueled by the expanding aerospace and defense industries. For instance, the aerospace and defense sector will reach $70 billion by 2030 due to demand for upgraded infrastructure, according to the India Brand Equity Foundation, an institution of the Indian Government responsible for export promotion.
Restraint: high initial investments in hot isostatic pressing
Isostatic presses used for densification, casting, and manufacturing various spare parts are expensive. Moreover, HIP equipment comprises five significant components internal furnace, electrical system, pressure vessel, internal furnace, and auxiliary systems, with high initial investment. Besides, essential components used in HIP units, such as diaphragm compressors, increase the operating cost of isostatic systems. Therefore, HIP installation leads to high initiation investments and hampers market growth.
What are future growth opportunities in global isostatic pressing market?
Increase in demand for low-cost titanium alloys in automotive sector
The automotive sector is one of the leading end-users of isostatic powder metallurgy products. Furthermore, manufacturers in the automotive industry across the globe offer massive demand for lightweight, reliable, and compatible products, which fuels the growth of the HIP process. Moreover, the rapid surge in demand for lightweight titanium alloys in the automotive market further propels the demand for HIP technology, which is expected to offer opportunities for growth of the isostatic presses market.
Regional Analysis
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. North America is analyzed across the U.S., Canada, and Mexico. 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.
Segmental Analysis
The global isostatic pressing market share is analyzed by offering, type, HIP Capacity, CIP process type, application, and region.
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. Isostatic systems are the fastest growing across leading aerospace, industrial, automotive, biomedical, and power generation industries. Isostatic systems can eliminate residual porosity from spare parts. 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.
The services segment is the fastest-growing segment. Isostatics press technologies such as HIPs and CIPs offer isostatic solutions to aerospace and, energy & power industries. Demand for low-cost improved material properties across electronics, defense, automotive, and power generation industries is influencing demand for isostatic services. Furthermore, companies use isostatic services to shorten operating and manufacturing time. Expansion of the isostatic pressing market for automotive and aerospace applications is propelled by these sectors' rapid rise and transformation. Moreover, the surge in demand for products with a short production cycle is expected to drive demand for isostatic services in the automotive, medical, and aerospace & defense industries.
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. The HIP is used to manufacture various products such as low-carbon steels, nickel-based super-alloys, and glass. Hot isostatic pressing technology is one of the fastest-growing technologies globally in multiple 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.
The cold isostatic pressing (CIP) segment is the fastest-growing segment. Cold isostatic pressing or CIP is one of the fastest-growing isostatic pressing methods globally. CIP technology is carried out at low temperatures to offer a broader range & large sizes of ceramic products such as balls, tubes, and nozzles. The emergence of isostatic technology is offering advanced solutions such as products with short production cycles, low cost, and large ceramic products, which is expected to signify opportunities for growth of the hot and cold isostatic pressing market in the coming years.
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. Developing environment in aerospace applications, especially jet engines, has increased demand for hot isostatic pressing systems to ensure long-term high integrity operations. 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 isostatic pressing market growth in this segment.
Small-sized HIP systems are the second-largest segment. They are excellent tools for material research labs used to formulate high-density combination samples. Furthermore, the surge in the adoption of new technologies in healthcare has increased the demand for research labs. This, in turn, influences the demand for small-sized HIP systems due to their capabilities of manufacturing products with a short development cycle. Moreover, research laboratories are gaining popularity due to the emergence of the COVID-19 pandemic, owing to its associated benefits. Therefore, all these factors are expected to offer significant global opportunities for the growth of hot isostatic pressing systems.
The medium-sized HIP is the third-largest segment. These methods are specifically designed to reduce operating and transportation costs, which have significant opportunities in the food & beverages and automotive industries. These machines allow vendors to manufacture products at a mass rate, which reduces operating costs. Moreover, companies such as Quintus and American Isostatic Presses, Inc. are investing heavily in developing isostatic pressing technology. Therefore, such factors are expected to influence demand for isostatic pressing technology in the coming years.
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.
The wet-bag pressing segment is the fastest-growing segment. Wet-bag isostatic pressing is a versatile option to achieve high metal density and is designed to use ceramic powders to improve powder ease of use during component fabrication; thereby wet-bag technique is suitable for producing small products with complicated shapes used for trial research purposes and more. Hence, there is a high demand for wet-bag processing across various biotech, pharmaceutical, and food industries.
By application, the global isostatic 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 rise in investments from government and aerospace & defense agencies for installing HIP units propel the growth of isostatic pressing technology globally. Moreover, 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.
The automotive segment is the second-largest and fastest-growing segment. At a significant rate, the rise in demand for safer and more powerful motor vehicle accessories in the global automotive market is expected to fuel demand for low-cost automotive spare parts manufacturing technology using isostatic pressing. Moreover, the surge in demand for automotive spare parts in countries such as China, Germany, Japan, and India is expected to propel the isostatic technology market.
Precision machine manufacturing is the third-largest segment. Precision machines make parts for various appliances in industries such as medical, aerospace, and defense. Thus, require technologies for a shorter production cycle with reduced cost. Moreover, the precision machining manufacturing process is used to manufacture individual pieces with extreme accuracy. Therefore, it is expected to offer a significant opportunity for the growth of isostatic pressing systems.
