Wilmington, Delaware, United States, June 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Isostatic Pressing Market stood at US$ 8.2 billion in 2022 and the global market is projected to reach US$ 15.8 billion in 2031. Global isostatic pressing industry is anticipated to expand at a CAGR of 7.5% between 2023 and 2031.
Introduction of higher capacity and different pressure isostatic pressing can be used in different workplaces for pressing material offers that have important opportunities to market players where leading manufacturers are focusing on Research and Development on material science and engineering for exploring and optimizing new materials for isostatic pressing.
Hot isostatic pressing (HIP) segment is accounted to have the dominant share in the market in 2022 where HIP is gaining traction, as it achieves near-net-shape densification of materials by improving density, reducing porosity, and enhancing mechanical properties, which leads to the components that have superior strength and performance.
HIP improves the material's mechanical, physical, and chemical properties, by eliminating residual stresses, improving fatigue resistance, enhancing corrosion resistance, and achieving fine-grained microstructures, resulting in materials with superior performance characteristics.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 8.2 Bn | |
| Estimated Value | US$ 15.8 Bn | |
| Growth Rate - CAGR | 7.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | By Type, Capacity, Pressure, Pressing Material, Application, End-use industry, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
Key Takeaways of Market Report
- Global isostatic pressing market to generate absolute dollar opportunity worth US$ 15.8 billion until 2031.
- Global isostatic pressing market from 2023 to 2031 is 7.5%
- Global isostatic pressing market is currently valued at US$ 8.2 billion in 2022.
- Global isostatic pressing market stood at US$ 8.83 billion in 2023.
- Market value of the global isostatic pressing market management from 2018 to 2022 is 6.34%
- North America is said to have a market share of 23.2%
- Asia Pacific market region is estimated to have a market share of 46.1%
Global Isostatic Pressing Market: Growth Drivers
- Isostatic pressing consists of different applications in industries like aerospace, medicine, etc used for compact powders or for shaping materials used through the application of uniform pressure from all directions.
- Development of advanced high-pressure isostatic press (HIP) systems has improvised the efficiency and effectiveness of the process where advanced HIP machines are capable of applying higher pressures, with the result of enhancing material density and reduction in absorbency.
- Advancement allows for the production of components with superior mechanical properties.
- Additive manufacturing has gained traction in different industries in the past few years which has led to a boost in demand for isostatic pressing as a post-processing technique. Combination of additive manufacturing and isostatic pressing thus, providing a comprised solution for the production of complex and functional parts.
- Helps in achieving dimensional accuracy and stability for additional manufactured parts subjecting to manufactured components for uniform pressure by helping to maintain the intended dimensions and shape, which will hence ensure that the manufactured part meets the required specifications
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Global Isostatic Pressing Market: Regional Landscape
- Asia Pacific accounted for the dominant share of the global isostatic pressing market in 2022 which is ascribed to a rise in industrialization, infrastructural development, and a boost in investment in sectors such as aerospace, automotive, etc.
- North America’s emerging markets are said to hold a lucrative position for isostatic pressing where manufacturing industries, like aerospace and defense, automotive, and energy, are uplifting the development of isostatic pressing market in these regions.
Global Isostatic Pressing Market: Key Players
- Sandvik AB completed the acquisition of MCB Services and Minerals. The acquisition helped the company to diversify in the market and focus on developing a growth strategy to increase presence and create strong customer relationships in South America.
- Nikkiso Co. Ltd. completed the acquisition of Cryotec Anlagenbau GmbH (Cryotec). The acquisition would help the company to leverage Cryotech's expertise in planning, project management, manufacturing, and engineering services of skid-mounted/containerized air separation and liquefaction plants, and CO2 technologies.
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Global Isostatic Pressing Market: Market Segmentation
Type
- Hot Isostatic Pressing (HIP)
- Cold Isostatic Pressing (CIP)
- Wet Bag Pressing
- Dry Bag Pressing
- Warm Isostatic Pressing (WIP)
Capacity
- Small Sized
- Medium Sized
- Large Sized
Pressure
- Below 30,000 PSI
- 30,000 - 60,000 PSI
- Above 60,000 PSI
Pressing Material
- Metals & Alloys
- Ceramics
- Composites
- Glass
- Others (plastics, explosives, etc.)
Application
- Casting Densification
- Additive Manufacturing & 3D Printing
- Cladding & Diffusion Bonding
- Ceramic & Glass Processing
- Others (powder metallurgy, repairs & rejuvenation, etc.)
End-use Industry
- Aerospace & Defense
- Automotive
- Energy & Power Generation
- Medical & Healthcare
- Oil & Gas
- Semiconductor & Electronics
- Others (water industry cast impellers & casings, electronics, etc.)
Distribution Channel
- Direct
- Indirect
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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