Rising demand for composite materials from various end-use sectors is propelling the Composite Testing market growth
According to a new report published by Reports Monitor titled, “Global Composite Testing Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Composite Testing Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Composite material is a combination of two or more different materials that results in superior product. There has been a rising demand for composite materials owing its light weight and superior strength. Common types of composite materials are: fiberglass, carbon fiber, boron fiber, basalt fiber and natural fiber. The mechanical testing of composite materials involves a series of test methods and standards performed, in order to examine the performance of the materials under varying environment and condition.
Increasing demand for composite testing from automotive and aerospace sector is the major factor in driving the market growth. According U.S. Department of Commerce Automotive sector is the largest market for composite materials. Automotive industry is continuously looking for innovative materials to help reduce vehicle weight and achieve fuel efficiency. The demand for carbon fiber in automotive industry will rise sharply in future as light weight vehicles become increasingly important. However lack of expertise in developing region may slow down the growth of market. Moreover, increasing adoption of composite materials in others sectors are projected to generate lucrative market opportunities.
The Composite Testing market report has been categorized in three sections, the first section entitled as market overview offers a holistic view of the market, coupled with its key trends, drivers, restraints and opportunities. Our analyst implements, several qualitative tools such as SWOT analysis, Porter’s five force analysis among other to interpret and represent key industry findings. The second section provides estimated market size and forecast for key market segments and regional market. The final part includes the study of competitors operating in the market, which includes their mergers/acquisitions, new product development and their financial overview.
The composite testing market is majorly segmented on the basis of testing method, product type and applications. Based on the testing method adopted, market is bifurcated into: destructive and non-destructive testing, while on the basis of product type, market is segmented into: continuous fiber composites, non-continuous fiber composites, polymer matrix composites, ceramic matrix composites and others. Based on the area of applications, market is bifurcated into: aerospace and defense, transportation, building and construction, sporting goods, electronics and electrical and others.
Global Composite Testing market is analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Technological advancement in composite materials is major factor influencing the market growth in North America. Strict norms and regulation by major organization in Europe, to meet higher quality standard is major factor driving the market growth.
The major key players operating in the market are: Exova Group PLC. , Intertek Group PLC. , Henkel AG & Co. KGaA , Instron Corporation , Mistras Group, Inc. , Element Materials Technology , Westmoreland Mechanical Testing and Research, Inc, Matrix Composites, Inc. , ETIM Composites , Composites Testing Laboratory Ltd.
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