Corrosion testing Services Market Forecast and CAGR
According to the latest research by Fact.MR, corrosion testing market is set to witness steady growth during 2021-2031. Subscription of corrosion testing services across respective end-use industries is expected to occur at a sound rate with continued OPEX-based investments by the stakeholders.
What is Driving Demand for Corrosion Testing Services?
Increasing industrialization is forecasted for raising the demand for industrial machinery and components. Market players in the field of services are offering corrosion testing for various fields such as soil corrosion, metal corrosion, corrosion due to gas and water, and others
Corrosion testing services are being sought to owe to the increasing concern of manufacturers about costs associated with metal corrosion on the existing equipment. To arrest any significant damage and replacement of the asset incurring a high sum of expenditure, the periodic monitoring, and inspection via designated service is estimated to accelerate the growth of the market.
A wide range of manufacturers is attracting towards corrosion tests for manufacturing critical components and other materials for various industries such as oil & gas, automotive, electronics, aerospace & defense, etc. Therefore, increasing demand for a wide range of applications is forecasted for boosting the growth of the corrosion testing services market.
Proliferation of new technologies by market participants observed as a notable trend
Market participants and service providers are focusing on increasing their offering owing to significantly cover a wide range of end-users. Moreover, players are using high-tech testing equipment such as EM with EDX, EPMA, X-ray diffraction and OES, Hydrogen analysis, FT-IR with ATR, DSC, etc. for various corrosion testing. Moreover, local/regional players are prompting cost-effective testing analysis to gain a high customer base. Increasing development for various corrosion testing is estimated to shape the demand pattern.
North America Market Outlook
Demand from established and upcoming oil & gas refineries & reserves is expected to boost the regional market for upstream, midstream, and downstream processes. While is the U.S. is believed to acquire a major share, Canada is expected to gain greater growth due to new investments and sales by the end stakeholder. Other industries are also expected to offer sound growth opportunities in the region.
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Asia Pacific Demand Scenario
With the petrochemicals market gaining robust growth in the region, countries of East Asia are expected to be the key regional markets for undertaking corrosion testing services. Moreover, growth of water supply and distribution infrastructure in emerging economies of South Asia, the demand is expected to augment further generating continued subscription and penetration across various end-use verticals in the region.
Who are the Key Manufacturers and Suppliers of Corrosion Testing Services?
Some of the leading manufacturers and suppliers include
- Element Materials Technology
- Stolk Labs
- Paragon Laboratories Inc.
- A.J. Rose Manufacturing Co
- Intertek Group plc
- Applied Technical Services etc
The corrosion Testing Services market is fairly fragmented as a number of service providers and independent laboratories are offering different corrosion testing services according to international standards for various manufacturers of components/material manufacturers of industries. Various service providers are offering customized services according to particular industry standards. Also, a number of regional services providers and independent laboratories have started corrosion testing services in respective regions owing to high demand from end-use industries.
An Adaptive Approach to Modern-day Research Needs
Corrosion testing Services Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
On the basis of substrate type, the Corrosion Testing Services Market can be segmented as:
On the basis of end-use industries, the Corrosion Testing Services Market can be segmented as:
- Energy and Chemicals
- Oil & Gas
- Electrical and Electronics
- Chemical & Materials
- North America
- Latin America
- South Asia & Pacific
- East Asia
- South Korea
- Middle East and Africa
- GCC Countries
- Northern Africa
- South Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.