Market Research Report
Global Composites Testing Market by Testing Type (Destructive and Non-Destructive), by Product Type, by End-Use Industry Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 - 2022
|Published by||Stratview Research||Product code||508880|
|Published||Content info||215 Pages
Delivery time: 1-2 business days
|Global Composites Testing Market by Testing Type (Destructive and Non-Destructive), by Product Type, by End-Use Industry Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 - 2022|
|Published: April 7, 2017||Content info: 215 Pages||
This report, from Stratview Research, studies the global composites testing market over the period 2017 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities in the market.
The global composites testing market was valued at US$ 1,189.7 million in 2016 and is projected to witness an excellent CAGR of 7.2% over the next five years 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 light-weight materials, and rising quality and safety standards are major growth drivers of the testing market in the composites industry.
The global composites testing market is segmented based on testing type as destructive and non-destructive. Destructive testing type is further segmented into impact testing, fatigue testing, compression testing, flexure 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 its higher usage in a wide array of applications in the aerospace & defense, transportation, and wind energy.
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.
The global composites testing market is further segmented based on 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 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.
Transportation is projected to witness the highest growth in the same period, driven by increasing penetration of advanced composites in the structural parts of the automobile, especially in electric and premium vehicles to address the stringent government regulations.
North America holds the largest share in the global composite testing market, mainly driven by the US. The country is the manufacturing capital of aerospace & defense industry with the presence of several large to small composite part fabricators. There is also a healthy demand for testing from other industries, such as wind energy, transportation, building & construction, and marine in the country. Another key driver of the testing market in the region is the shift of automobile manufacturing plants to Mexico.
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, the 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, 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. New product development and collaboration with customers are some of the key strategies adopted by companies to gain competitive edge over other competitors.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research's internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conduct usually more than10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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 into 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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Detailed profiling of additional market players (up to 3) SWOT analysis of key players (up to 3)
Current market segmentation of any one of the end-use Industry type by testing type Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others.