The isostatic pressing market is expected to reach USD 9.22 billion by 2023 from USD 6.25 billion in 2018 at a CAGR of 8.08%. Major factors driving the growth of the isostatic pressing market include growing demand for high-density and low-porosity materials in 3D printed parts; growing tendency to develop low-cost products with shorter cycle times; and increasing demand for combining HIP with other heat treatment processes. However, the high initial cost of the isostatic press acts as a restraint for the isostatic pressing market growth.

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Hot isostatic pressing held a larger share of the overall isostatic pressing market in 2017. The HIP systems benefit by reducing scrap and improving yield when incorporated as an integral part of the manufacturing process; the deployment of these systems frequently allow the replacement of wrought components by castings, reduce quality assurance requirements by improving material properties and reducing property scatter, and maximize material utilization by improving material properties. The processed parts exhibit higher reliability and longer service life.

The HIP market for large-sized HIP is expected to grow at the highest CAGR during the forecast period. These large capacities of HIP systems allow the densification of larger products and batches, reduce per-unit processing costs, and help customers to have a greater competitive advantage in the market. The growth of this market is attributed to the increasing need for HIP in the large-size products manufacturing applications in various industries, such as aerospace & defense, automotive, and precision machine manufacturing.

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The applications in the precision machine manufacturing industry held the largest size of the HIP market in 2017. The factors driving the growth of the market for this segment include the increasing demand for HIP to manufacture a wide range of products such as aluminum castings for machinery and heavy equipment. Moreover, HIP systems are used to remove porosity and increase the strength of these machines as well as to provide a smoother surface for improved sealing and finishing properties such as wear resistance and corrosion resistance.

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