Hot Isostatic Pressing (HIP) Services Global Market Opportunities and Strategies to 2033

This report describes and explains the hot isostatic pressing (HIP) services market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global hot isostatic pressing (HIP) services market reached a value of nearly $2.24 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.99% since 2018. The market is expected to grow from $2.24 billion in 2023 to $3.13 billion in 2028 at a rate of 6.91%. The market is then expected to grow at a CAGR of 6.72% from 2028 and reach $4.33 billion in 2033.

Growth in the historic period resulted from the growth in the aerospace industry, increasing manufacturing production and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were rising interest rates of hot isostatic pressing (HIP) services machines.

Going forward, increasing demand for advanced materials in industries, rise in automotive production, increased demand from the medical and dental industries for customized dental and medical devices and rising electricity demand will drive the growth.

Factors that could hinder the growth of the hot isostatic pressing (HIP) services market in the future include counterfeit products.

The hot isostatic pressing (HIP) services market is segmented by type into titanium alloy, nickel alloy, steel and other types. The titanium alloy market was the largest segment of the hot isostatic pressing (HIP) services market segmented by type, accounting for 33.2% or $743.63 million of the total in 2023. Going forward, the titanium alloy segment is expected to be the fastest growing segment in the hot isostatic pressing (HIP) services market segmented by type, at a CAGR of 7.39% during 2023-2028.

The hot isostatic pressing (HIP) services market is segmented by application into aerospace, automotive, electronics, gas turbine and energy and other applications. The aerospace market was the largest segment of the hot isostatic pressing (HIP) services market segmented by application, accounting for 33.5% or $751.57 million of the total in 2023. Going forward, the automotive segment is expected to be the fastest growing segment in the hot isostatic pressing (HIP) services market segmented by form, at a CAGR of 7.82% during 2023-2028.

North America was the largest region in the hot isostatic pressing (HIP) services market, accounting for 34.9% or $ 782.35 million of the total in 2023. It was followed by Asia -Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hot isostatic pressing (HIP) services market will be Asia-Pacific and Western Europe where growth will be at CAGRs of 8.41% and 7.09% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 6.25% and 5.97% respectively.

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. Bodycote was the largest competitor with a 4.49% share of the market, followed by Aalberts Surface Technologies Ltd with 1.66%, OC Oerlikon Management AG. with 0.47%, Metal Technology Co. Ltd. with 0.41%, Kittyhawk, Inc with 0.36 %, Quintus Technologies AB with 0.29%, CAN-ENG Furnaces International Limited with 0.24%, Isostatic Toll Services with 0.24%, Sandvik AB with 0.23% and Pressure Technology Inc with 0.19%.

The top opportunities in the hot isostatic pressing (HIP) services market segmented by type will arise in the titanium alloy segment, which will gain $318.43 million of global annual sales by 2028. The top opportunities in the hot isostatic pressing (HIP) services market segmented by application will arise in the aerospace segment, which will gain $ 284.68 million of global annual sales by 2028. The hot isostatic pressing (HIP) services market size will gain the most in the USA at $246.08 million.

Market-trend-based strategies for the hot isostatic pressing (HIP) services market include technological advancements to improve the efficiency of the HIP process, increasing investments in the installation of new hot isostatic press systems, increasing applications of hip in processing titanium products, launch of new hot isostatic pressing (HIP) projects to meet market demands.

Player-adopted strategies in the hot isostatic pressing (HIP) services market include focus on geographic convenience and strategic merger and acquisitions to improve their financial strength, strengthen their product portfolio and expand their geographical presence.

To take advantage of the opportunities, the analyst recommends the hot isostatic pressing (HIP) services companies to focus on technological advancements for hip process efficiency, focus on expanding hip systems installations, focus on launching hip projects for market growth, focus on fastest growing market segments: titanium alloy and steel, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on tailored offerings for end-users and focus on fastest growing market segments by application: aerospace and automotive.