TMRR, in its newly published market study, elaborates on the numerous factors that are expected to shape the growth of the Composites Testing market in the upcoming years. The presented business intelligence report aims to provide readers a thorough understanding of the latest developments and innovations that have taken place in the Composites Testing market space in recent years. The micro and macro-economic factors that are likely to define the course of the Composites Testing market in the upcoming years are analyzed in detail.
The study projects that the Composites Testing market is expected to grow at a CAGR of ~XX% during the forecast period (2019-2029) and attain a value of ~US$XX by the end of 2029. The market analysis touches upon the pricing strategies, revenue growth, and product lines of some of the most prominent players operating in the current Composites Testing market landscape.
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Critical Data Included in the Report
- Product launches and product development activities
- Technological developments in the Composites Testing market space
- Qualitative and quantitative analysis of the various segments and sub-segments of the Composites Testing market
- Company profiles of leading players in the Composites Testing market
- The scenario of the Composites Testing market in various regions
The regional analysis section offers a detailed assessment of the current and future prospects of the Composites Testing market across various regional markets including:
The report offers an in-depth understanding of the various applications of the Composites Testing including:
The consumption volume and pattern of the Composites Testing across various end-use industries are accurately mapped in the presented report.
Drivers and Restraints
The high penetration of composite materials in myriad applications such as transportation, building and construction, electrical and electronics, aerospace and defense, wind energy, sporting goods, and others is driving the composites testing market. Different types of composites that are used for these applications need to adhere to stringent standards for composites testing along with manufacturers’ proprietary testing standards in the supply chain of composites manufacturing.
Amongst the several applications of composites, aerospace and defense led the composites testing market due to the stringent regulations for composite testing for advanced defense and commercial aircraft. In particular, advanced commercial aircraft employ a significant percentage of composite materials in their airframe structures. Thus, composites utilized in airframe structures need to pass different testing stages for safety and performance considerations.
Furthermore, large investments for the development of state-of-the-art composites testing facilities in Asia Pacific is fuelling the growth of this market.
The global market for composites testing is in a growth mode. However, the growth of this market is challenged due to certain factors. Issues pertaining to the recyclability of composites and lack of trained personnel for composites testing are restraining this market’s growth.
Global Composites Testing Market: Regional Outlook
The global market for composites testing can be divided into the regional segments of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Europe stands as a significant market for composites testing in the global market. The presence of established players, replacement of old aircraft, low interest rates for purchase of advanced aircraft, clearance of outstanding purchase orders from Airbus, and very high demand for commercial aircraft are some of the prominent factors for the dominant position of the region in the global market. In addition, government mandates such as the ones laid out by the European Union Automotive Fuel Economy emphasize the use of lightweight materials in transportation for increasing fuel efficiency, which is further driving the growth of tthis regional market.
Major Companies Mentioned in Report
Some of the companies vying for a larger share in the global composites testing market are Exova Group, Mistras Group Inc., Westmoreland Mechanical Testing & Research Inc., Instron, Henkel AG & Co. KGaA, Intertek Group, Element Materials Technology, Matrix Composites, ETIM Composites Testing Laboratory.
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Key Questions Related to the Composites Testing Market Answered in the Report
- What is the projected size of the Composites Testing market in 2029?
- Which end-use industry is expected to dominate in terms of market share and size over the forecast period?
- How are the evolving regulatory policies influencing the dynamics of the market?
- Who are the leading players operating in the current landscape of the Composites Testing market?
- Which regional market is expected to witness the highest CAGR growth over the forecast period?
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