Isostatic Pressing Market worth $9.22 billion by 2023

From: MarketsandMarkets
Published: Fri Nov 02 2018

According to the new market research report "Isostatic Pressing Market by Offering (Systems and Services), Type, HIP Capacity, CIP Process Type, Application (Automotive, Aerospace & Defense, Medical, Precision Machine Manufacturing, Energy & Power), and Geography - Global Forecast to 2023", this market is expected to reach USD 9.22 billion by 2023 from USD 6.25 billion by 2018, at a CAGR of 8.08%. The growing demand for high-density and low-porosity materials in 3D printed parts; growing tendency to develop low-cost products with shorter cycle times; and increasing demand for combining HIP with other heat treatment processes are the factors driving the growth of this market.

Browse 67 market data Tables and 55 Figures spread through 163 Pages and in-depth TOC on "Isostatic Pressing Market - Global Forecast to 2023"

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Services to hold larger share of isostatic pressing market during forecast period

The isostatic pressing services include casting and molding services for critical applications such as casting densification, HIP/CIP cladding, and HIP brazing and other support services. Hot isostatic pressing services can be used in research and development, prototype development, repair/product rejuvenation, and production runs. Hence, these services are expected to account for a larger share of the overall isostatic pressing market during the forecast period.

HIP systems accounted for larger share by 2018

The HIP systems can combine the conventional HIP cycles with other heat treatment processes; these systems offer improved productivity and process efficiency and, hence, this method is becoming one of the popular powder metallurgy processes all over the world. Additionally, HIP processes are necessary to develop more complex parts, such as spheres, valves, pipes, and rods, to meet various requirements of industries. Hence, the HIP systems are expected to account for a larger share of the overall market by 2018.

Dry bag CIP to hold larger share of overall CIP systems market during forecast period

The dry bag pressing is expected to hold a larger share of the overall CIP system market during forecast period; the larger share of this segment is attributed to the availability of fully automated dry bag systems that are operated using computerized controls and user-friendly software. The dry bag pressing method is used in the densification of a large number of simpler and smaller parts, and is preferred for materials including ceramics, carbon, plastics, and powder metals for near-net- and net-shape parts.

Precision machine manufacturing to hold largest share of overall HIP market during forecast period

HIP in precision machine manufacturing is used to manufacture a wide range of products, such as aluminum castings for machinery and heavy equipment. HIP removes porosity from sintered tungsten carbide tooling, and in diamond tools, this process improves the bonding of diamonds with the base metal. In the wastewater treatment industry, the cast impellers and casings for critical pumping applications are treated with HIP to improve their integrity by eliminating porosity. These factors boost the demand for HIPed products in the precision machine manufacturing application, and this application is expected to hold the largest market share.

North America to hold largest share of isostatic pressing market during forecast period

The US is a home to a wide range of HIP manufacturers, distributors, and service companies, and hence, the country dominates the HIP market. The market in the country is poised to grow further due to the growing number of government initiatives pertaining to the investment in the technology-driven industries and technological innovations in the aerospace & defense sector, which increase the need of densified, reliable, and long-lasting HIPed products, such as aircraft and engines. American Isostatic Presses, Pressure Technology, Synertech PM, The Engineered Precision Casting Co. (EPCO), Kittyhawk Products, and Quad City Manufacturing Laboratory are a few major HIP players in this country.

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The report profiles the most promising players in the isostatic pressing market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of players. The key players in this industry are Kobe Steel (Japan), Bodycote (UK), Kennametal (US), Arconic (US), Nikkiso (Japan), American Isostatic Presses (API) (US), Engineered Pressure Systems (EPSI) (Belgium), Pressure Technology (US), Shanxi Golden Kaiyuan (SXKYYC) (China), and Fluitron (US), among others.

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