Hot isostatic pressing (HIP) services refers to a materials processing technique that involves using high temperature and pressure to densify or consolidate materials. The process helps eliminate porosity, improve mechanical properties and achieve a more uniform and dense material structure.
The HIP services market consists of sales, by entities (organizations, sole traders and partnerships), of HIP services that are used to improve the properties of materials, particularly metals and alloys. HIP involves the simultaneous application of high temperature and high pressure to a component in a gas medium (usually argon).
The global hot isostatic pressing (HIP) services market was valued at $1,843.11 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Growth In The Aerospace Industry
During the historic period, growth in the aerospace industry propelled the growth of the hot isostatic pressing (HIP) services market. The aviation and aerospace industry is continuously seeking ways to increase safety, decrease weight and optimize performance in airplanes and spacecraft. The requirement for sophisticated parts, like engine parts, turbine blades and structural pieces, led to the development of manufacturing techniques that can produce intricate, high-quality parts with nearly perfect shapes. For instance, according to Airbus SE, a Netherlands-based aerospace corporation, in 2022, the company reported 1,078 gross orders for commercial aircraft, up from 771 in 2021, and 820 net orders (after cancellations), up from 507 in 2021. With the consolidated order book valued at $449 billion at the end of 2022 (year-end 2021: $438 billion), the consolidated order intake by value climbed to $90.8 billion (2021: $98.2 billion). Therefore, the growing aerospace industry drove the demand for the hot isostatic pressing (HIP) services market.
An Increase in manufacturing production globally drove the hot isostatic pressing (HIP) services market in the historic period. The need for high-performance components increased as industrial output increased in a number of industries, including electronics, automotive, aerospace, medical and energy. Advanced materials with exceptional mechanical qualities, like increased strength, toughness and corrosion resistance, are needed for these components.
Technological Advancements To Improve The Efficiency Of The HIP Process
Companies in the market are focusing on technological advancements to improve the efficiency of the HIP process. Advanced HIP services are capable of consolidating materials and eliminating porosity in components with complex shapes, ensuring the structural integrity of innovative designs. For instance, in April 2023, Quintus Technologies AB, a Sweden-based high-pressure systems manufacturing company, introduced The Purus Toolbox for Hot Isostatic Pressing (HIP), to prevent harmful surface oxides in an economical and eco-friendly manner, allowing for the creation of complex and functional surface structures and media channels, a necessity for aerospace and medical implants, among other components.
The global hot isostatic pressing (HIP) services market is fragmented, with large number of players operating in the market. The top ten competitors in the market made up 8.58% of the total market in 2022.
Hot Isostatic pressing (HIP) Services Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global hot isostatic pressing (HIP) services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for hot isostatic pressing (HIP) services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The hot isostatic pressing (HIP) services market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider hot isostatic pressing (HIP) services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the hot isostatic pressing (HIP) services market.
- Global Market Size and Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for hot isostatic pressing (HIP) services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Type: Titanium Alloy; Nickel Alloy; Steel Alloy; Other Types
- 2) By Application: Automotive; Electronics; Gas Turbine; Energy; Other Applications
- Companies Mentioned: Bodycote; Aalberts Surface Technologies Ltd; OC Oerlikon Management AG; Metal Technology Co. Ltd; Kittyhawk, Inc
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia; Czech Republic; Poland; Romania; Ukraine; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Egypt; Nigeria; South Africa; Iran; Israel; Saudi Arabia; Turkey; UAE; Argentina; Chile; Colombia; Peru; Canada; Mexico; Vietnam; Thailand; Singapore; Philippines; New Zealand; Malaysia; Hong Kong
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; hot isostatic pressing (HIP) services indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.