Report : Europe Isostatic Pressing Market Forecast to 2030 - Regional Analysis - by Offering (Systems and Services), Type [Hot Isostatic Pressing (HIP), Cold Isostatic Pressing (CIP), and Warm Isostatic Pressing (WIP)], and Application (Automotive, Aerospace and Defense, Precision Machine Manufacturing, Medical, Energy and Power, and Others)
At 5.8% CAGR, Europe Isostatic Pressing Market is Speculated to be Worth US$ 2,684.61 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe isostatic pressing market was valued at US$ 1,714.75 million in 2022 and is projected to reach US$ 2,684.61 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Growing industrialization and growing demand for low-cost titanium and its alloys in the automotive industry are among the critical factors attributed to drive the Europe isostatic pressing market growth.
The automotive industry is increasingly focused on reducing vehicle weight to enhance fuel efficiency and meet regulatory standards. Low-cost titanium and its alloys offer a lightweight alternative to traditional materials, including steel. Isostatic pressing is instrumental in shaping titanium and its alloys into complex components for automotive applications, contributing to the industry's lightweighting initiatives. Titanium alloys provide a favorable strength-to-weight ratio, making them attractive for automotive components where both strength and reduced weight are critical. Isostatic pressing enables the production of high-strength titanium components with intricate geometries, meeting the automotive industry's demand for lightweight yet durable parts. Isostatic pressing minimizes material waste by ensuring uniform compaction of titanium powders. This efficiency aligns with the automotive industry's focus on cost-effective and sustainable manufacturing practices. The automotive sector benefits from cost savings and reduced environmental impact as isostatic pressing optimizes the use of low-cost titanium materials, making it an attractive solution for manufacturers. Titanium's favorable properties, including corrosion resistance and high strength, make it suitable for engine components. Isostatic pressing allows for the production of intricate and complex shapes required in modern engine designs. Isostatic pressing facilitates the manufacturing of titanium components, such as valves, connecting rods, and turbocharger parts, contributing to improved engine efficiency in the automotive sector. Thus, the growing demand for low-cost titanium and its alloys in the automotive industry is an opportunity for the isostatic pressing market.
On the contrary, high initial investment hampers the growth of Europe isostatic pressing market.
Based on offering, the Europe isostatic pressing market is bifurcated into systems and services. The systems segment held 72.4% market share in 2022, amassing US$ 1,240.81 million. It is projected to garner US$ 2,010.48 million by 2030 to register 6.2% CAGR during 2022-2030.
In terms of type, the Europe isostatic pressing market is segmented into hot isostatic pressing (HIP), cold isostatic pressing (CIP), and warm isostatic pressing (WIP). The hot isostatic pressing (HIP) segment held 51.7% share of Europe isostatic pressing market in 2022, amassing US$ 885.78 million. It is anticipated to garner US$ 1,466.23 million by 2030 to expand at 6.5% CAGR during 2022-2030. Furthermore, the hot isostatic pressing (HIP) segment is sub segmented into large sized, medium sized, and small sized. Additionally, the cold isostatic pressing (CIP) segment is bifurcated into dry bag pressing and wet bag pressing.
By application, the Europe isostatic pressing market is segmented into automotive, aerospace and defense, precision machine manufacturing, medical, energy and power, and others. The automotive segment held 27.2% market share in 2022, amassing US$ 466.52 million. It is projected to garner US$ 838.55 million by 2030 to register 7.6% CAGR during 2022-2030.
Based on country, the Europe isostatic pressing market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.1% share of Europe isostatic pressing market in 2022. It was assessed at US$ 515.62 million in 2022 and is likely to hit US$ 913.68 million by 2030, registering a CAGR of 7.4% during 2022-2030.
Key players operating in the Europe isostatic pressing market are Bodycote Plc, EPSI Inc, Hiperbaric USA Corp, Kennametal Inc., Kobe Steel Ltd, and Nikkiso Co Ltd, among others.
- In October 2023, Hiperbaric recently unveiled its latest hot isostatic pressing (HIP) equipment designed specifically for the post-processing of high-performance components at the FormNext exhibition. This new equipment showcases Hiperbaric's commitment to innovation and meeting the evolving needs of industries requiring advanced post-processing capabilities for their components. The introduction of this cutting-edge HIP equipment at FormNext demonstrates Hiperbaric's dedication to providing efficient, versatile, and safe solutions for the post-processing of high-performance components.
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