Material Testing Market: Trends and Opportunities for Investors and Manufacturers| MarketsandMarkets™
The material testing market is estimated at USD 633.6 million in 2017 and is projected to reach USD 785.7 million by 2022, at a CAGR of 4.4% from 2017 to 2022. The growing demand for high-quality materials used in the manufacturing process drives the material testing market.
In addition, the demand for material testing in industries, such as aerospace & defense, automotive, medical devices, construction, educational institutions, and power is fueling the market for material testing. Material testing helps in understanding and quantifying the material by checking its suitability for the required application.
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Universal testing machines is the largest and the fastest-growing type segment of the material testing market between 2017 and 2022. The universal testing machine is used to perform tests, such as tensile, compression, peel, bend, and puncture tests. It is used to evaluate material strength properties, which includes shear, cyclic, flexure, bend, peel, uniaxial tensile, tear, compression and material characteristics, such as modulus and elongation.
Ceramics and composites is the fastest-growing material segment of the material testing market. The increasing demand for ceramics in the medical and electrical & electronics industry and composites in the aerospace and automotive industries are driving the growth of this segment. Growing demand for aircrafts in growing economies due to increasing standard of living and population is driving the market for the aerospace industry, which in turn drives the market for the material testing market.
Educational Institutions is the fastest-growing end-use industry in the material testing market. This growth can be attributed to the increasing research activities undertaken by the engineering sector. Research activities funded by government and industries to develop high-quality products are the major reasons for the high demand for material testing equipment in educational institutions.
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Asia Pacific is the fastest-growing market for material testing. Increasing population, growing urbanization, and increasing investments in infrastructural projects drive the overall industrial growth in this region. All these factors are expected to be favorable for the growth of the material testing market.
Key players operating in the material testing market are Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), and Tinius Olsen (US) and others.
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