“The material testing market is projected to grow at a CAGR of 4.4% during the forecast period”
The material testing market is estimated at USD 633.6 million in 2017 and is projected to reach USD 785.7 million by 2022, at a CAGR of 4.4% from 2017 to 2022. The growing demand for high-quality materials from the manufacturing industry is driving the material testing market, while wastage of materials and resources during the test process restrain its demand in the small-scale industry.
“Among end-use industries, the power segment is projected to grow at the highest CAGR during the forecast period”
Power is projected to be the fastest-growing segment of the material testing market. The growth of this segment is attributed to increasing investments in the wind energy sector by emerging economies. Material testing equipment is used in the power industry to conduct and analyze tensile, compressive, and shear tests to understand its mechanical property.
“Among materials, the market for ceramics and composites segment is projected to grow at the highest CAGR from 2017 to 2022”
Ceramics and composites is expected to be the fastest-growing material segment of the material testing market. It is majorly due to its high demand from aerospace & defense, automotive, and construction industries. There is high demand for ceramics and composites materials in these industries due to its advanced material properties.
“The material testing market in Asia Pacific is projected to grow at the highest CAGR during the forecast period”
The material testing market in Asia Pacific is projected to grow at the highest CAGR during the forecast period, owing to the increased demand for material testing equipment in various industries, such as aerospace & defense, automotive, construction, and educational institutions. Growing industrialization in countries, such as China and India also increases the demand for material testing equipment.
This study was validated through primaries conducted with various industry experts, worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
- By Company Type - Tier 1-70%, Tier2 -20%, and Tier 3-10%
- By Designation - C Level-5%, Director Level-20%, and Others-75%
- By Region - North America-15%, Europe-30%, APAC-50%, and RoW-5%
Companies Profiled in the Report:
Key players profiled in the report include Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), Ametek ( US), and Tinius Olsen (US).
The report offers insights on material testing used for various applications in various end-use industries across regions. It aims at estimating the size of the material testing market during the forecast period and projects future growth potential of the market across different segments, such as type, end-use industry, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the material testing market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in the material testing market by providing them the closest approximations of the revenues for the overall market and its various subsegments. This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies. The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities impacting the growth of the material testing market.