As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global revenue share of composites testing 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.
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.
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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.
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
- Composites Testing of Continuous Fiber Composites
- Composites Testing of Discontinuous Fiber Composites
- Composites Testing of Polymer Matrix Composites
- Composites Testing of Ceramic Matrix Composites
- Destructive Testing Method of Composites Testing
- Non-destructive Testing Method of Composites Testing
- Composites Testing in Aerospace & Defence
- Composites Testing in Transportation
- Composites Testing in Building & Construction
- Composites Testing in Wind Energy
- Composites Testing in Marine Industry
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The composites testing market is moderately consolidated due to the presence of only a few major players globally. Major market players are using strategic partnerships and collaborations as an option to capture new opportunities and expand their market share.
Many companies are also investing in setting up technologically advanced composites testing facilities to meet the growing demand. Few companies are also collaborating to conduct R&D activities to further strengthen their opportunities in the market.
The composites testing sector still lacks enough trained professionals as well as testing facilities. Potential service providers can strategize by directing their investments towards development of advanced testing facilities and collaborative or individual R&D projects.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the composites testing market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
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).
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