Material testing market size was around USD 661.5 million by revenue, at the end of 2018. It is anticipated to grow at CAGR of 4.46 % to reach USD 822.75 million by 2023. The Material Testing market is a decently stable market and is expected to escalate in terms of revenue in the aforementioned forecast period. The expanding industrialization creates demand for the market ensuring the Material Testing market to grow with a CAGR of 4.46%.
Market Drivers and Restraints:
The need for better and newer quality of materials like metals, plastics, ceramic and composites etc., mainly in the industrial sector calls for the establishment of more research and development centers, hence driving the global material testing market.Electronic and software advancements have increased the application of material testing machines, thereby boosting the global market.On the other hand, the number of research scholars in use is far from the demand which restraints the pace of the market growth.The limitation in the available technology required for the research and development creates friction the market growth.
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Report segmented as
By Material Type:
- Rubber and Elastomer
- Ceramics and Composites
- Universal Testing Machines
- Servohydraulic Testing Machines
- Hardness Test Equipment and Others
By End-Use Industry:
- Educational Institutions and Others
By geography, the Global Material Testing market is segmented as Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America.The Asia Pacific is the leading shareholder of the global Material Testing market in 2018. It is expected to be the fastest-growing market, attributed to its high CAGR, increasing demand for growing industries and scope of future opportunities, mainly in developing countries like India and China.North America had the second highest Global Material Testing market-share in 2018 followed by Europe. The market in both these regions is decent and is expected to have moderate growth, unlike the Asia Pacific region.The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Material Testing market in these regions is slow growing in nature.
Important Market Players:
By the end of 2018, Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), Tinius Olsen (US), Ametek (US), Aimil Ltd., Humboldt Mfg. Co., CMT Equipments, Qualitest International Inc., Canopus Instruments, ELE International, Controls S.p.A., OLSON INSTRUMENTS INC., Papworths Construction Testing Equipment and Applied Test Systems among other companies, are the leading shareholders of the Global Material Testing market. These companies are majorly focused in the research & development of quality material at effective and efficient costs.
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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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