Composites Testing Market projected to reach US$ 1,819.9 million in the forecast period (2017-2022)

Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Composites Testing Market is expected to inflate at impressive CAGR by the forecast period (2017-2022).

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Highlights of the Report:
The global composites testing market is projected to reach US$ 1,819.9 million in 2022. Increasing production of composites rich commercial and regional aircraft, development of new composite applications in different industries, an advancement in materials, increasing investment in research & development, increasing demand for lightweight materials, and rising quality and safety standards are major growth drivers of the testing market in the composites industry.

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Market Segments:
The global composites testing market is segmented based on the testing type as Destructive and Non-Destructive. Destructive testing type is further segmented into impact testing, fatigue testing, compression testing, flexural testing, tensile testing, and others. Similarly, non-destructive testing is further segmented into visual testing, ultrasonic testing, thermography, radiography, shearography, tap testing and others. Non-destructive is expected to remain the most dominant testing type over the next five years, driven by a higher preference in a wide array of applications in the aerospace & defense, transportation, and wind energy industries.

Based on the product type, the global composites testing market is segmented into Polymer Matrix Composites (PMCs), Ceramic Matrix Composites (CMCs), and Metal Matrix Composites (MMCs). PMCs consist of both thermoset and thermoplastic composites and currently occupy the largest share of the global composites testing market. The segment is expected to remain largest over the next five years as well.

The global composites testing market is also segmented based on the end-use industry type as Aerospace & Defense, Transportation, Building & Construction, Wind Energy, Marine, and Others. Aerospace & Defense dominates the market and is expected to remain the largest segment over the next five years. Increasing production rates of key commercial and regional aircraft, such as B737, B787, A350XWB, A320, and Bombardier C Series, development of new aircraft or variant of existing programs, such as B737max, A320neo, B777x, and A330 neo, introduction of more stringent regulations, and increasing penetration of composites are the major drivers of the market.

Transportation is projected to witness the highest growth during the same period, driven by an increasing penetration of advanced composites in the structural parts of the automobile, especially in electric and premium vehicles, to address the stringent government regulations, such as CAFÉ Standards.

North America holds the largest market share in the composites testing market, mainly driven by the USA. The country is the manufacturing capital of the aerospace & defense industry with the presence of several large- to small-sized OEMs, tier players, and testing service providers. There is also a healthy demand for testing from other industries, such as wind energy, transportation, building & construction, and marine in the country.

Asia-Pacific is projected to witness the highest growth during the same period, driven by China and India. Development of indigenous commercial, regional, and military aircraft, such as COMAC C919, ARJ21, and Mitsubishi MRJ, commencement of assembly plants of major commercial aircraft, such as A320 in the China, the highest wind turbine installation, and increasing penetration of composites in the transportation industry are some of the major growth drivers of the region.

Market Players:
Intertek Group plc, Exova Group plc, Element Materials Technology, ETIM Composites Testing Laboratory, SGS Sercovam, Henkel AG & CO. KGaA, Mistras Group Inc., and Westmoreland Mechanical Testing & Research Inc. are the key players in the global composites testing market. Advancement in the equipment, regional expansion, and collaboration with customers are some of the key strategies adopted by companies to gain a competitive edge over other competitors.

Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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This release was published on openPR.