Rise in demand for HIP and other heat treatment processes, increase in demand for products with short development cycles, and surge in need for additive manufacturing techniques have boosted the growth of the global isostatic pressing market. The market across North America held the lion’s share in 2019, accounting for around one-third of the market.
Portland.OR, May 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global isostatic pressing market was accounted for $5.81 billion in 2019, and is estimated to reach $7.97 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Rise in demand for HIP and other heat treatment processes, increase in demand for products with short development cycles, and surge in need for additive manufacturing techniques have boosted the growth of the global isostatic pressing market. However, high initial investment hinders the market growth. On the contrary, rise in demand for low-cost titanium alloys in the automotive sector and low-cost medical applications in the healthcare industry is expected to open lucrative opportunities for the market players in the future.
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The pandemic severely hampered the production and manufacturing sectors. Moreover, the international travel ban kept the workers out of their factories. This affected the market growth.
Automotive, aerospace, and healthcare are the worst-hit industries during the pandemic. Moreover, as the second wave hits the Asian countries, the isostatic pressing market is estimated to witness a setback.
The global isostatic pressing market is segmented on the basis of offering, type, HIP Capacity, CIP process type, application, and region.
Based on offering, the systems segment dominated the market in 2019, accounting for more than four-fifths of the market. However, the services segment is estimated to register the highest CAGR of 8.8% during the forecast period.
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On the basis of application, the aerospace & defense segment held the largest share in 2019, contributing to more than one-fourth of the market. However, the automotive segment is projected to manifest the highest CAGR of 7.6% during the forecast period.
The global isostatic pressing market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, accounting for around one-third of the market. However, the Asia-Pacific is estimated to portray the highest CAGR of 7.7% during the forecast period.
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The global isostatic pressing market report includes an in-depth analysis of the prime market players such as DORST Technologies GmbH & Co.KG, American Isostatic Presses (API), Engineered Pressure Systems (EPSI), Bodycote PLC, Kobe Steel, Ltd., Fluitron, Inc., Pressure Technology, Inc., Nikkiso Co. Ltd., and Shanxi Golden Kaiyuan Co. Ltd.
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