NEWARK, Del, July 10, 2023 (GLOBE NEWSWIRE) -- The global Isostatic Pressing Market size is likely to reach a valuation of US$ 8.7 billion by 2023. It is estimated to surpass US$ 22.7 billion in 2033. The market is projected to witness steady growth at a CAGR of 10.1% over the forecast period 2023 to 2033.
Future Market Insights (FMI) mentions that in the historical period between 2018 and 2022, the market witnessed a decent CAGR of 11.2%. It was valued at US$ 7.8 billion in 2022.
The isostatic press market serves several sectors such as aerospace, automotive, energy, medical, and defense. In the aerospace sector, isostatic presses are used to produce high-strength, lightweight, complex-shaped parts.
Lightweight and durable parts are crucial since they contribute to the efficiency and performance of aerospace vehicles. The automotive industry uses isostatic presses to manufacture precision parts such as engine parts, gears, and pistons.
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The energy sector benefits from isostatic pressing in the manufacture of turbine blades, fuel cells, and nuclear fuel assemblies. In the medical field, isostatic presses are used to produce implants, dentures, and surgical instruments with excellent biocompatibility and mechanical properties. The defense industry also uses isostatic presses for applications such as armored parts and ballistic protection.
Technological advances in isostatic pressing have increased the efficiency, accuracy, and automation of the process. The development of advanced materials such as ceramic composites and metal alloys has expanded the range of isostatic pressing and enabled the production of components with superior mechanical, thermal, and electrical properties.
Environmental concerns are also impacting the isostatic press market, which focuses on reducing material waste, optimizing material use, and improving energy efficiency.
Manufacturers are also implementing advanced technologies to produce high-quality products that cater to consumers' evolving preferences.
Key Takeaways from this market:
- The United States is estimated to be valued at US$ 3.9 billion, having grown at a CAGR of 10.1% by 2033.
- China is projected to be valued at US$ 4.9 billion, having grown at a CAGR of 10% by 2033.
- The United Kingdom Isostatic Pressing Industry is likely to witness a CAGR of 9.8% from 2023 to 2033.
- Based on component type, the system segment is expected to surge at a CAGR of 9.8% through 2033.
- In terms of type, the hot category is projected to showcase a CAGR of 9.7% from 2023 to 2033.
“The isostatic press market continues to advance in equipment design, tooling, and process technology. Improved press designs, pressure vessels, and sealing systems are developed to improve efficiency, productivity, and safety. Constant innovations increase consumer confidence in isostatically pressed products and help broaden the customer base for providers," – says a lead analyst at Future Market Insights (FMI).
Who is Winning?
Abra Fluid; American Isostatic Presses (AIP); Arconic; Bodycote; Crystal Technologies are the few leading players operating in the market.
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Competitive Landscape:
Key companies in the Isostatic Pressing Industry are investing in research & development to create new and improved services and features.
A few other firms are directed toward mergers and acquisitions, collaborations, and partnerships with local companies to expand their product offerings, expertise, and resources. This would let them develop advanced technologies faster.
For instance,
- In April 2023, Quintus Technologies advanced a toolbox capable of obtaining unoxidized part surfaces subsequently Hot Isostatic Pressing (HIP), eradicating difficult, costly, or dangerous pre- and post-treatments.
- In January 2023, Trive Capital acquired Kittyhawk, Inc., a foremost provider of hot isostatic pressing (“HIP”) services to a variety of industries, including space, commercial aerospace, defense, and medical applications.
Get More Valuable Insights:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global isostatic pressing industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the Isostatic Pressing Industry based on component (systems, services) type (hot, cold) across several regions.
Key Segments Profiled:
By Component:
- Systems
- Services
By Type:
- Hot
- Cold
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