Expansion of the construction industry reinforces the Material Testing Market
Posted by rohan on January 22nd, 2020
The material testing market is expected to reach USD 785.7 million in 2022 with a compound annual growth rate of 4.4% during the forecast period.
Material testing is a well-established technique that helps to identify the properties related physical, structural and mechanical aspects of different materials and components. Materials testing has been carried out in the manufacturing and processing industries, as well as in educational and research institutions around the world.
The new data analysis and material testing software Nexygenplus is a multilingual material testing software. The software supports automated testing, so the increased demand for software and devices from various industries will take advantage of market growth.
Market Drivers and Restraints:
The demand for material testing has increased significantly as the importance of complying with manufacturing standards such as ASTM and ISO for different types of materials for different kinds of applications increases. The growing demand for materials testing in educational and research institutions is driving the market, which is also due to the rise in R&D activities carried out by academic researchers for better product development, either individually or in cooperation with the industry.
In many industries, test methods for various materials have been strengthened, increasing the choice of material and equipment testing in all sectors. The international market for materials testing is expected to continue growing in recent years, even when oil prices and other geopolitical factors change. Because macroeconomic factors have a significant impact on material testing systems, the economic crisis in Europe has had a negative effect on investment scenarios for market players.
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Report is segmented as:
The global material testing market can be broken down by type of test, equipment, materials and end-use industry. In terms of test types, the market can be divided into destructive tests, non-destructive tests and thermal analysis. In terms of the end-user industry, market can be classified in construction, oil and gas, aerospace and defense, automotive, educational laboratories, electronics and semiconductors. Depending on the material, the market can be divided into alloys, polymers, compounds, metals, etc.
Depending on the region, the global materials testing market can be classified in North America, Latin America, Asia Pacific, Europe and the Middle East and Africa. The rapid industrialization and expansion of the construction and manufacturing industries in the Asia-Pacific region is expected to be the dominant region in the material testing market.
Key market players:
The main players in the global material testing market include Olympus Corporation, Mistras Group, Inc., MTS Systems Corporation and Shimadzu Corporation.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
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