Composites Testing Market 2021, Trend, CAGR Status, Growth, Analysis And Forecast to 2031

As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global composites testing market is anticipated to exceed a valuation of US$ 3 Bn by 2031, expanding at an impressive CAGR of around 6% over the forecast period of 2021 to 2031.

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Fact.MR anticipates significant potential in the market owing to increasing application of composite materials in various industries such as transportation, aerospace, defence, wind energy, and building & construction, which need to adhere to stringent composites testing standards.

Over the past decade, numerous high-end applications of composites have been explored. The greatest advantage of composites is their strength and stiffness combined with lightness. By choosing an appropriate combination of reinforcement and matrix, manufacturers can produce properties that exactly fit the requirements for a particular structural application. This is the major advantage of using composites for structural parts in automobile, aerospace, and construction industries.

In the past few years, huge investments have been made towards developing large state-of-the-art composites testing facilities and other R&D projects globally. This has indeed conferred the composites testing industry with remunerative prospects.

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Key Takeaways from Market Study

  • The non-destructive composites testing method is estimated to expand at 5.7% CAGR over the next 10 years.
  • The automobile industry continues to dominate the market for composites testing, expanding at a CAGR of more than 7%.
  • North America holds around 30% of global market share, with the U.S. being the manufacturing capital of the aerospace and defence industry in this region.
  • Due to high demand for composites from the commercial aircraft and transportation industry, Europe holds close to 25% of total market revenue in composites testing.
  • The East Asia region, with its exponentially growing automotive industry is set to witness rapidly increasing demand for composites testing.

“Demand for composites testing is estimated to significantly increase over the coming years attributable to high-end applications of composites gaining popularity in major industries such as automobile, wind energy, aerospace, and defence,” says a Fact.MR analyst.

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Key Segments Covered in Composites Testing Market Report

  • Product

    • Composites Testing of Continuous Fiber Composites
    • Composites Testing of Discontinuous Fiber Composites
    • Composites Testing of Polymer Matrix Composites
    • Composites Testing of Ceramic Matrix Composites
  • Testing Method

    • Destructive Testing Method of Composites Testing
    • Non-destructive Testing Method of Composites Testing
  • End-use Industry

    • Composites Testing in Aerospace & Defence
    • Composites Testing in Transportation
    • Composites Testing in Building & Construction
    • Composites Testing in Wind Energy
    • Composites Testing in Marine Industry

Report Benefits & Key Questions Answered

  • Composites Testing Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
  • Composites Testing Market Historical volume analysis: The report provides a comparison of Composites Testing Market historical sales and projected sales performance for 2021-2031.
  • Composites Testing Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Composites Testing Market It carefully gauges the impact of changing healthcare needs of key demographics globally
  • Composites Testing Market Consumption by demographics: The report investigates consumer behavior affecting Composites Testing Market demand outlook for the assessment period. Effect of their keenness for digital trends on Composites Testing Market is  carefully analyzed
  • Post COVID consumer spending on Composites Testing Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Composites Testing Market growth.

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