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
Global isostatic pressing market to grow at 8.08% CAGR during 2018–2023
The isostatic pressing market is expected to reach USD 9.22 billion by 2023 from USD 6.25 billion by 2018 at a CAGR of 8.08%. Isostatic pressing is broadly classified into 2 types: hot isostatic pressing and cold isostatic pressing. Both are used in various applications in the segments such as automotive, aerospace & defense, medical, energy & power, electronics & semiconductor, precision machine manufacturing, research & development, and others. The HIP processes are being used to decrease the manufacturing cost of titanium alloys and other superalloys by ensuring lower manufacturing time and cost than other conventional processes. This cost-related benefit is expected to fuel the adoption of HIP products and services in the automotive industry for titanium alloy manufacturing in the near future.
Isostatic pressing services market to witness significant growth from 2018 to 2023
The market for services is expected to grow at a higher CAGR during the forecast period. The isostatic pressing service market growth is attributed to the growing need for high-density materials with longer product lifecycle in many industries, such as aerospace & defense, automotive, and medical. Also, the isostatic pressing services ensure consistent, flawless material characteristics, and long-term operations with the high-integrity products.
Precision machine manufacturing to hold largest size of HIP market during forecast period
Various manufacturing processes—such as electrical and metal products; cement, building, and construction materials; rubber and plastic products; and automation technology products manufacturing—rely heavily on the precision machine manufacturing industry for growth and profitability. The HIP process is a necessary part of the development of these machinery parts, metal products, and machine tools featuring enhanced mechanical properties and minimal corrosion deterioration, and hence, the applications in this industry are likely to hold the largest share of the overall HIP market during the forecast period.
CIP system market in APAC to witness considerable growth during forecast period
The CIP system market in APAC is expected to grow at the highest CAGR during 2018–2023. The market in APAC mainly consists of developing economies such as China and India; these countries have huge potential in terms of CIP applications. Some of the major factors spurring the demand for CIP in APAC include an increase in demand for low-cost and reliable metal as well as ceramics products for various applications, rising preference for custom implants (in medical applications) due to better and efficient recovery, and growing number of dental restoration surgeries.
Breakup of profiles of primary participants is as follows:
By Company Type: Tier 1 – 31%, Tier 2 – 37%, and Tier 3 – 32%
By Designation: C-Level Executives – 45%, Directors – 36%, and Others – 19%
By Region: North America – 32%, Europe – 30%, APAC –24%, and RoW – 14%
Note: The 3 tiers of the companies are defined on the basis of their total revenue as of 2017; tier 1 = >USD 1 billion, tier 2 = USD 500 million – USD 1 billion, and tier 3 = <USD 500 million. RoW (i.e., Rest of the World) includes South America, and the Middle East and Africa.
The report details the competitive landscape for the prominent market players, including 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).
This research report segments the isostatic pressing market on the basis of offering and type. Further, the market for hot isostatic pressing has been segmented on the basis of capacity, application, and geography. Additionally, the market for cold isostatic pressing has been segmented on the basis of basis of process type, application, and geography. The report also provides an in-depth analysis of drivers, restraints, opportunities, and challenges for the growth of the market.
Reasons to Buy This Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the isostatic pressing market comprehensively and provides the closest market size estimations across the said regions.
2. The report would help stakeholders understand the pulse of the market by providing them with information on key drivers, restraints, challenges, and opportunities pertaining to the market.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the competitor ecosystem, acquisitions, partnerships, expansions, agreements, and collaborations.