Material Testing Market to Reach CAGR of 4.4% – Forecast 2022
[123 Pages Report] Material Testing Market was valued at USD 610.0 Million in 2016 and is projected to reach USD 785.7 Million by 2022, at a CAGR of 4.4% during the forecast period. The high demand for material testing in various industries, such as aerospace & defense, automotive, educational institution, and construction is driving the material testing market.
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Table of Contents
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Material Testing Market, By Type
7 Material Testing Market, By Material
8 Material Testing Market, By End-Use Industry
9 Material Testing Market, By Region
10 Competitive Landscape
11 Company Profile
12 Appendix
Based on type, the material testing market has been segmented into universal testing machines, servohydraulic testing machines, hardness test equipment, and impact test equipment. Universal testing machines is the largest type due to its ability to perform tensile, compression, and bend tests for various materials. The cheap availability of universal testing machine and its wide usage in various industries are the major reasons for the high growth rate of universal testing machines in the market.
Based on end-use industry, the material testing market has been segmented into automotive, construction, educational institutions, aerospace & defense, medical devices, power, and others. Educational Institutions is the largest end-use industry, owing to the research activities carried out by research scholars to develop high-quality materials at a cost-effective price. Moreover, project funding from government and private organization to develop and analyze material quality for better suitability of specific applications increases the usage of material testing in educational institutions.
Based on material, the material testing market has been classified into metal, plastics, rubber and elastomer, ceramics and composites, and others. Ceramics and composites is expected to be the fastest-growing material segment of the material testing market. It is majorly due to its high demand from aerospace & defense, automotive, and construction industries. There is high demand for ceramics and composites materials in these industries due to its advanced material properties.
Key players operating in the Material Testing Market are Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), and Tinius Olsen (US). These companies undertake dynamic business strategies to sustain their growth in the Material Testing Market.
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