The global isostatic pressing market is expected to grow by USD 2.07 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 6%.
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Technavio has announced its latest market research report titled Global Isostatic Pressing Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Isostatic Pressing Market Analysis Report by Application (Precision machinery, Automotive, Energy, and Others), Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the growing demand for products with shorter development cycles. In addition, the diversification of hot isostatic pressing (HIP) process atmosphere is anticipated to boost the growth of the isostatic pressing market.
The global manufacturing industry has been witnessing significant changes over the years. The product life cycles are getting shorter due to the increasing number of products being launched in shorter period. Besides, faster replacement cycles by end-users is increasing the demand for low-cost products. These factors are forcing manufacturers to adopt development models and technologies to ensure faster and shorter development and production cycles and reduce costs. This is increasing the adoption of technologies such as isostatic pressing. The technology allows manufacturers to significantly reduce costs and development cycles of AM products without affecting quality standards. Therefore, the increasing demand for products with shorter development cycles is expected to fuel the growth of the global isostatic pressing market during the forecast period.
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Major Five Isostatic Pressing Companies:
Alcoa Corp. operates its business through segments such as Bauxite, Alumina, and Aluminum. The company offers HIP services for the aerospace industry.
Arconic Inc. operates its business through segments such as Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The company produces aero engine and industrial gas turbine components, including airfoils, rings, disks, and forgings using HIP technology. It also supplies hot isostatic pressing for high-performance parts that enable the next-generation of quieter, more fuel-efficient aero engines, and cleaner power generation.
Bodycote Plc operates its business through segments such as The ADE Business and The AGI Business. The company offers Powdermet, which is a process technology for creating complex and high-integrity components from powdered metals. The technology portfolio includes Powdermet 3D printing, near net shape, selective surface net shape, and hybrid 3D printing. The company also offers isostatic pressing and support services that include hot isostatic pressing, casting densification, HIP cladding, and HIP brazing.
Engineered Precision Casting Co. Inc.
Engineered Precision Casting Co. Inc. operates its business through segments such as Casting Materials, Casting Capabilities, and Secondary & Support Services. The company offers Hot isostatic pressing processes with methods such as HIPping.
Kennametal Inc. operates its business through segments such as Industrial, Widia, and Infrastructure. The company provides component redensification service, in which parts with enclosed porosity can be densified under uniform high pressure and temperature. The company also offers HIP, PM steels, and bi-metallics technology to customers globally. The company has the equipment to support isostatic pressure up to 1,400 MPa and temperatures up to 2,000 °C.
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Isostatic Pressing Market Application Outlook (Revenue, USD Billion, 2020-2024)
Isostatic Pressing Market Geography Outlook (Revenue, USD Billion, 2020-2024)
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