Global Composites Testing Market to reach US$ 3 Billion by 2032, projects Fact.MR

Posted on 2022-09-13 by Fact.MR in Internet & Online // 0 Comments

Rockville, United States, 2022-Aug-19 — /EPR Network/ —

Numerous high-end composite uses have been investigated during the last decade. The major benefit of composites is their combination of strength and rigidity with lightweight. Manufacturers may generate qualities that precisely match the requirements for a certain structural application by selecting a right mix of reinforcement and matrix.

This is the primary benefit of employing composites for structural elements in the automotive, aerospace, and construction sectors. Huge expenditures have been made in recent years to establish massive state-of-the-art composites testing facilities and other R&D initiatives across the world. This has undoubtedly provided the composites testing sector with lucrative opportunities.

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Key Takeaways from the Market Study

The non-destructive composites testing technique is expected to grow at a CAGR of 5.7% during the next ten years
The automotive industry continues to dominate the composites testing market, rising at a CAGR of more than 7%.
North America accounts for over 30% of worldwide market share, with the United States serving as the region’s industrial hub for the aerospace and defense industries.
Europe accounts for over 25% of global market revenue in composites testing due to considerable demand for composites from the commercial aircraft and transportation industries.

“Demand for composites testing is expected to rise considerably in the future years as high-end composites applications gain appeal in key industries such as car, wind energy, aircraft, and defense,” says a Fact.MR analyst.

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Competitive Landscape
Due to the existence of only a few big competitors globally, the composites testing market is somewhat consolidated. Strategic alliances and collaborations are being used by major industry players to exploit new possibilities and grow their market share. To fulfill the increased demand, several firms are investing in the establishment of technologically advanced composites testing facilities. A few firms are also combining to do R&D operations in order to expand their market potential.

The composites testing industry continues to face a shortage of educated people as well as testing facilities. Potential service providers might plan by investing in the construction of modern testing facilities and joint or individual R&D initiatives. The Key market players include Exova Group, Intertek Group, Mistras Group Inc., Element Materials Technology, Westmoreland Mechanical Testing & Research Inc., Matrix Composites, Instron, ETIM Composites Testing Laboratory and Henkel AG & CO. KGaA, among others.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the composites testing market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of testing method (destructive and non-destructive), product (continuous fiber composites, discontinuous fiber composites, polymer matrix composites, and ceramic matrix composites), and end-use industry (aerospace & defence, transportation, wind energy, building & construction, sporting goods, and electricals & electronics), across major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

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