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Composites Testing Market

Demand for Composites Testing from Automobile and Aerospace Industry to Increase Exponentially, States Fact.MR

Published : 29 Jun 2021 Industry: Chemical & Materials

As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global composites testing market 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.

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.

Winning Strategy

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).

Fact.MR’s Domain Knowledge in Chemicals and Materials

Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Consultant – Chemicals and Materials

E-mail: shambhu@factmr.com

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Composites Testing Market

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Composites Testing Market Analysis by Product (Continuous Fiber Composites, Discontinuous Fiber Composites, Polymer Matrix Composites, Ceramic Matrix Composites), Testing Method (Destructive Testing, Non-destructive Testing), by End-use Industry & Regional Forecast 2022-2032