The North America region will dominate the global composite testing market. Continuous testing of composite fibers will be in high demand around the world
ROCKVILLE, MARYLAND, USA, October 29, 2021 /EINPresswire.com/ – Composite materials are also widely used in the design of critical components in sports, ships, buildings and other high performance applications that require the adherence to high levels of safety and durability, due to which the composites market is subject to severe restrictions in order to meet the demands of composite testing and manufacturers’ proprietary testing.
According to a new report released by Fact.MR – a market research and competitive intelligence provider, sales of composites testing are expected to exceed a valuation of US $ 3 billion by 2031, with an impressive CAGR of around 6% compared to forecasts. period from 2021 to 2031.
Fact.MR anticipates significant potential in the market due to the increasing application of composite materials in various industries such as transportation, aerospace, defense, wind power and building and construction, which must adhere to Strict composite testing standards.
Over the past decade, many high-end applications of composites have been explored. The biggest advantage of composites is their strength and rigidity combined with their lightness. By choosing an appropriate combination of reinforcement and matrix, manufacturers can produce properties that exactly match the requirements of a particular structural application. This is the major advantage of using composites for structural parts in the automotive, aerospace and construction industries.
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In recent years, huge investments have been made in the development of large, state-of-the-art composite testing facilities and other R&D projects on a global scale. This has indeed given the composites testing industry profitable prospects.
“It is estimated that the demand for composite testing will increase dramatically over the next several years due to the high-end applications of composites that gain popularity in major industries such as automotive, wind power, aerospace and defense, ”says a Fact.MR analyst.
Composite materials are also widely used in the design of critical components in sports, ships, buildings and other high performance applications that require adherence to high levels of safety and durability, due to which the composites market is subject to severe restrictions in order to meet with composite testing and manufacturers’ proprietary testing requirements.
Over the next few years, due to this particular aspect, the global demand for composite testing is expected to create an atmosphere favorable to growth and profitability. The growth of the oil and gas industry as well as the growth of the chemical industry, with a strong demand for composite pipes and tanks, will increase the need for testing on composites.
Key points of the market research
It is estimated that the test method for non-destructive composites will increase to 5.7% CAGR over the next 10 years.
The automotive industry continues to dominate the composite testing market, with a CAGR of over 7%.
North America holds around 30% of the global market share, with the United States being the manufacturing capital of the aerospace and defense industry in this region.
Due to the strong demand for composites from the commercial aircraft and transportation industry, Europe holds almost 25% of the total revenue of the composite testing market.
The East Asian region, with its exponentially growing automotive industry, is expected to experience a rapid increase in demand for composite testing.
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Key Segments Covered By The Composites Testing Market Report
Continuous fiber composite testing
Composite testing of staple fiber composites
Testing of composites of polymer matrix composites
Composites testing of ceramic matrix composites
Destructive test method for composites testing
Non-destructive test method for composites testing
End use industry
Testing of composites in aerospace and defense
Composites testing in transport
Testing of composites in building and construction
Testing of composites in wind power
Composite testing in the marine industry
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Composites testing market by FactMR
The composite testing market is moderately consolidated due to the presence of a few major players in the world. Major market players use strategic partnerships and collaborations as an option to seize new opportunities and increase their market share.
Many companies are also investing in setting up state-of-the-art composite testing facilities to meet growing demand. Few companies also collaborate to carry out R&D activities in order to further strengthen their opportunities in the market.
The composites testing industry still lacks sufficient qualified professionals and testing facilities. Potential service providers can strategize by directing their investments towards the development of advanced test facilities and collaborative or individual R&D projects.
For more information
Key Points Covered in the Composites Testing Industry Survey:
Market Estimates & Forecasts (2016-2031)
Key factors and restraints shaping market growth
Analysis by segment, country and region
Mapping and benchmarking of the competition
Market share analysis
Impact of COVID-19 on composite testing and how to navigate
Recommendation on key winning strategies
More valuable information
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 2021-2031.
The study reveals essential information on the basis of the test method (destructive and non-destructive), the product (continuous fiber composites, staple fiber composites, polymer matrix composites and ceramic matrix composites) and the end-use industry (aerospace and defense, transportation, wind power, building and construction, sporting goods, and electrical and electronics), in major regions of the world (North America, Europe, Asia-Pacific, Latin America, Middle -East and Africa).
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