Stratview Research announces the launch of a new research report on Global Composites Testing Market by Testing Type (Destructive and Non-Destructive), by Product Type (Polymer Matrix Composites, Ceramic Matrix Composites, and Metal Matrix Composites), by End-Use Industry (Aerospace & Defense, Transportation, Building & Construction, Wind Energy, Marine, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 – 2022.
This market report, from Stratview Research, studies the testing market in the global composites industry over the period 2011 to 2022. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Testing Market in the Global Composites Industry: Highlights
As per Stratview Research, the global composites testing market offers an impressive CAGR of 7.2% during the forecast period of 2017 to 2022 and reach US$ 1,820 million in 2022, which offers an opportunity to the industry players to align themselves with the market growth.
There are several factors bolstering the growth of testing market in the global composites industry. The author of the report cited 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 light-weight materials, and rising quality and safety standards as the major growth drivers of the market.
The global composites testing market is segmented based on testing type as destructive and non-destructive. Non-destructive testing is expected to remain the most dominant type over the next five years, driven by higher usage in a wide array of applications in the aerospace & defense, transportation, and wind energy industries. The type is also likely to grow at the highest rate during the forecast period.
Based on product type, the global composites testing market is segmented into polymer matrix composites, ceramic matrix composites, and metal matrix composites. Polymer matrix composites consist of both thermoset and thermoplastic based composites and occupy the largest share in the global composites testing market. The segment is expected to remain the largest over the next five years as well. However, ceramic matrix composites based testing market is likely to grow at the highest CAGR during the same period.
Aerospace & defense dominates the market and is expected to remain the largest segment by testing type 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.
In terms of region, North America holds the largest market share in the global composite testing market, driven by mainly the US. The country is the manufacturing capital of aerospace & defense industry with the presence of several large to small composite part fabricators. Asia-Pacific is projected to witness the highest growth in 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, highest wind turbine installation, and increasing penetration of composites in the transportation industry are some of the major growth drivers of the region.
Intertek Group, Exova Group Plc, Element Materials Technology, SGS Sercovam, Henkel AG & CO. KGaA, Mistras Group Inc., and Applus+ are the key players in the global composites testing market. New product development and collaboration with customers are some of the key strategies adopted by companies to gain a competitive edge over other competitors.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies global composites testing market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the four ways in which the market is segmented:
Global Composites Testing Market by Testing Type:
Global Composites Testing Market by Product Type:
Global Composites Testing Market by End-Use Industry:
Global Composites Testing Market by Region:
Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:
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