Composites Testing Market Size Expected to Hit $3 Billion by 2032, exhibiting 5.2% CAGR

According to a recent analysis released by Fact.MR, a market research and competitive intelligence company, the worldwide composites testing market is expected to approach US$ 3 Billion by 2032, rising at a CAGR of 5.2% from 2022 to 2032. Fact.MR sees tremendous market potential as a result of the rising use of composite materials in industries such as transportation, aircraft, defense, wind energy, and building and construction, all of which must conform to demanding composites testing criteria.

Numerous high-end composite uses have been investigated during the last decade. The major benefit of composites is their combination of strength and rigidity with lightweight. Manufacturers may generate qualities that precisely match the requirements for a certain structural application by selecting a right mix of reinforcement and matrix.

This is the primary benefit of employing composites for structural elements in the automotive, aerospace, and construction sectors. Huge expenditures have been made in recent years to establish massive state-of-the-art composites testing facilities and other R&D initiatives across the world. This has undoubtedly provided the composites testing sector with lucrative opportunities.

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Key Takeaways from the Market Study

• The non-destructive composites testing technique is expected to grow at a CAGR of 5.7% during the next ten years
• The automotive industry continues to dominate the composites testing market, rising at a CAGR of more than 7%.
• North America accounts for over 30% of worldwide market share, with the United States serving as the region's industrial hub for the aerospace and defense industries.
• Europe accounts for over 25% of global market revenue in composites testing due to considerable demand for composites from the commercial aircraft and transportation industries.

"Demand for composites testing is expected to rise considerably in the future years as high-end composites applications gain appeal in key industries such as car, wind energy, aircraft, and defense," says a Fact.MR analyst.

Leading Players Driving Innovation in the Composites Testing Market

Exova Group; Intertek Group; Mistras Group Inc.; Element Materials Technology; Westmoreland Mechanical Testing & Research Inc.; Matrix Composites; Instron; ETIM Composites Testing Laboratory; Henkel AG & CO. KGaA

Competitive Landscape

Due to the existence of only a few big competitors globally, the composites testing market is somewhat consolidated. Strategic alliances and collaborations are being used by major industry players to exploit new possibilities and grow their market share. To fulfill the increased demand, several firms are investing in the establishment of technologically advanced composites testing facilities. A few firms are also combining to do R&D operations in order to expand their market potential.

The composites testing industry continues to face a shortage of educated people as well as testing facilities. Potential service providers might plan by investing in the construction of modern testing facilities and joint or individual R&D initiatives. The Key market players include Exova Group, Intertek Group, Mistras Group Inc., Element Materials Technology, Westmoreland Mechanical Testing & Research Inc., Matrix Composites, Instron, ETIM Composites Testing Laboratory and Henkel AG & CO. KGaA, among others.

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Composites Testing Industry News:

1. In October 2019, a research team at the University of Texas at Arlington initiated studying novel modeling strategies for cost-effective long-term testing of composite materials. The Air Force Research Lab also supported funding worth US$ 2.3 million to carry out a collaborative work with peers at Wichita State University.
2. Continuous Composites, an additive manufacturing materials company, revealed partnership with Arkema, a French multinational advanced materials group, in September 2019 to combine Continuous Composites' patented Continuous Fiber 3D (CF3D) printing method with Arkema's photocurable resin offerings.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the composites testing market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.

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).

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