The size of the material testing industry was worth at $ 610.2 million in the year 2020 and is predicted to reach $ 785.2 million by the year 2025, with a current CAGR of 4.8 % throughout the foreseen period. Materials testing has been carried out in manufacturing and processing businesses, as well as educational and research institutes around the world. Advanced hybrid lightweight materials are escalatingly being developed for applications in a wide variety of businesses. Material testing can help you select the right material for the right application. Provides efficient solutions to businesses such as automotive, aerospace and defense, construction and manufacturing. Educational institutions are the largest end-use industry, due to the research activities undertaken by university researchers to develop high-quality materials at a cost-effective price. In addition, project funding by government and private organizations to develop and analyze the quality of materials for better suitability for specific applications is escalating the use of material testing in educational institutions. Ceramics and composites are predicted to be the fastest growing materials segment in the materials testing industry. This is mainly due to its strong call from the aerospace and defense, automotive and construction businesses. There is a great call for ceramic and composite materials in these businesses due to their advanced material properties.
Market drivers and restraints:
The escalated importance of meeting manufacturing standards such as ASTM and ISO for different types of materials in various types of applications has created significant call for material testing. The growing call for materials testing in research organizations and educational institutions is also driving the materials testing industry. This can also be attributed to the escalated R&D activities carried out by researchers to improve product development, either individually or in collaboration with businesses. The prerequisite for advanced materials is to comply with regulations regarding multiple industry verticals. It has intensified testing methods on different materials, thus escalating the selection of material and equipment test types around the world. businesses. Poor quality or inefficient materials can have serious consequences for end-use businesses. Any defect has a direct impact on the quality and safety of the structures in which they are employed, with serious implications for revenue, customer satisfaction, and overall supply chain performance. Therefore, it is essential that all factories, importers, and retailers ensure that finished products meet applicable industry regulations and safety standards, as well as high end-user expectations. The worldwide materials testing industry is predicted to see significant expansion with the range of construction, renovation and building renovation businesses in rapidly growing economies. The main constraining factor in the materials testing industry is the waste of material resources and the amount spent.
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Report segmented as:
- universal testing machines
- servohydraulic testing machines
- hardness test equipment
- impact test equipment
By end use industry:
- educational institutions
- aerospace & defense
- medical devices
- rubber and elastomer
- ceramics and composites
Asia-Pacific is predicted to be the dominant region in the materials testing industry due to the rapid industrialization and expansion of the construction and manufacturing businesses in the region. North America and Europe accounted for a significant part of the industry share in terms of value in 2020, making them leading regions in the materials testing industry. The Asia Pacific materials testing industry is the largest and fastest growing industry, due to escalating industrialization and escalating educational research activities in this region. In 2020, Asia-Pacific dominated the industry, accounting for more than 38.5% of the industry share. The region is predicted to hold almost 39.2% of the industry share in 2020. Factors such as the presence of emerging economies such as India and China in the region have led to heavy investments in the development of infrastructure such as electricity, water and transportation. in the region.
Important market players:
Key players operating in the global material testing market include MTS Systems Corporation, Olympus Corporation, Mistras Group, Inc., and Shimadzu Corporation.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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