Material Testing Market - Forecast(2023 - 2028)

Material Testing Market: Overview

As per the report by International Organization of Motor Vehicles Manufacturers, the total number of cars and commercial vehicles manufactured globally in 2018 surged to 91.53 million. The growth of the automotive industry is attributed with the development in the material testing market. Every single vehicles and its parts manufactured must go through testing procedure that is fueling the growth of the material testing market. Apart from the automotive industry, application segments of the material testing market expand to construction, aerospace and defense, medical devices, power, and others. The global material testing market value stood at $700 million in 2018. And, the compulsion laws to test each material for quality assurance will drive the market with compound annual growth rate (CAGR) of 4% during the forecast period of 2019-2025.

APAC is the positioned as the leading region in the material testing market. The rapid industrialization across emerging economies, expanding production capacities, and major upcoming projects are some of the factors fueling the material testing market. Furthermore, growing economies, increasing populations, and their living pattern are driving the defense, construction, automotive, and aerospace industries. This factors in turn is stroking the growth of the APAC material testing market with regional share of 25% as of 2018.

Material Testing Market: Outlook

Material testing is the technique that is used to determine the physical and mechanical properties of the components and raw materials used for manufacturing and construction of various products. Different material testing machines are available in the market are used to ensure the reliability, toxicity, strength, and resistivity.

Educational institutions is the leading application segment of the material testing market, owing to the accumulating research and developments activities by the student and professional researchers. Different individual and collective projects initiated by the educational institution teams along with industrial and institutions collaboration for product development is initiating the growth of the market and it will grow with a CAGR of 5% through to 2025.

Material Testing Market:  Growth Drivers

·         Automotive Industry

The increasing innovations in vehicles industry with electric vehicles, fuel-cell, hybrid-electric vehicles and integration of AI and IoT requires testing process to pass the product and the material used to ensure the consumers safety. The automotive industry is driving the material testing market.

·         Medical Devices

The material used for manufacturing of the critical medical devices and equipment requires many analysis before passing the product for sale in the market. The mounting growth of innovations in the medical sectors are giving rise to manufacturing of various medical equipment. The rising quantity of the devices also, demanding the material testing equipment that is influencing development of the material testing market.

·         Construction Industry

The growing consumers’ interest towards modern living and techniques are giving rise to more building and constructions. Furthermore, with advancement in the construction sector the trend of smart homes and security is fueling the demand for testing the quality and other properties of the technology. Different testing is requires for every material used in the construction. Therefore, demand for material testing came into existence which is attributed with growth in the material testing market.

·         Testing Equipment

The growing demand for material testing equipment such as universal testing machines, hardness test equipment, servo hydraulic testing machine, and impact test equipment and their extensive usage in various industries is encouraging the evolution in the material testing market

Materials Texting Market: Trends

·         The new Nexygenplus material test and data analysis software is a multi-lingual materials testing software. The device is capable of multi-stage testing along with the features such as powerful security and picture-video capture function. The software support the automation testing hence the increase demand for such software and devices from various industries will leverage the growth of the market.

·         Use of the advanced microscopes for microanalysis and SEM equipment to analyze various surface features and inconsistency is been used from era and advance technology in microscope helped the device to continue the growth in the material testing market.

·         The growing advancements in materials labs for the selection of the materials, and to estimate the design of the product along with product verification with one single machine is consider to be space efficient that is boosting the demand of such machines which is impacting the growth of the material testing market.

·         X-rays are a powerful analytic tool to test the composition and structure of the material. The X-ray is cost effective machine than other tools used for the same purpose. The demand for X-ray diagnostic tool is fueling the demand of the market.

·         The development in tools with features such as statistical analysis of batch testing results, real time display of user defined data plots are boosting the market growth.

Materials Texting Market: Challenges

As the cloud, big data analysis and IOT are some emerging technology, and deployment of these technologies is the latest trend for almost all the industries. The material testing software requires to keep pace with these emerging techniques to facilities the market growth. The manufacturing vendors need to make material testing software with ability to work seamlessly with other enterprise level software solutions such as real-time sharing of data to improve operational efficiency and decision making. So, that the result can be shared for to ensure the product quality and fed back to manufacturer to improve strategy and manufacturing of the components and it will determine the success of upcoming products.

Materials Texting Market: Key Players Prespective

Some of the major players in the material testing market are Instron, Zwick Roell, MTS Systems, Shimadzu, TA Instruments, Torontech, Qualitest International, ETS Intarlaken, Struers, Humboldmfg, and EIE Instruments.

Material Testing Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the material testing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of material testing market, and its segmentation on the basis of end user industries that include medical, construction, and educational.

Material Testing Market Report: Industry Coverage

The material testing market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Material Testing Market Report

Is the market demand for material testing growing? How long will it continue to grow and at what rate?

Which type of material testing presents the major growth opportunities?

Is there a possibility for change in the market structure over time?

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

What are the short-term, long-term, and medium-term growth drivers for the market?

What are the short-term, medium-term, and long-term challenges for the market?

What are the short-term, medium-term, and long-term opportunities for the market

Who are the top players/companies of the market?

What are the recent innovations in the market?

How many patents have been filed by the leading players?

What are the types of patents filed by the leading players?

What is our Vision 2030 for material testing market?

A Few Focus Points Of This Research Are Given Below:

Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies

Provide an overview of the product portfolio, including product planning, development, and positioning

Discuss the role of technology companies in partnerships

Explore the regional sales activities

Analyze the market size and giving the forecast for current and future global material testing market during the forecast 2019–2025.

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