IMARC Group, a leading market research company, has recently releases report titled “Material Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global material testing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the material testing market?
The global material testing market size reached US$ 6.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
What is material Testing?
Material testing refers to the process of evaluating the properties and characteristics of numerous materials to determine their quality, strength, durability, and other crucial parameters. It involves subjecting the material to various mechanical, chemical, thermal, and electrical tests to analyze its behavior under different conditions and stresses. This procedure can also help identify the cause of the material failure or defects, such as cracks, corrosion, or deformation, which can have serious safety and economic implications. The data obtained through material testing is mainly used to improve product design and manufacturing processes and to develop new and better materials that meet specific requirements.
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What are the growth prospects and trends in the material testing industry?
One of the primary factors driving the market is the increasing demand for high-quality and reliable materials in the automotive, aerospace, and construction industries. Furthermore, material testing helps ensure that materials fulfill the required standards and specifications and are safe for use in numerous products and structures. Additionally, the rising complexity of composite materials and electronic components is strengthening the need for specialized material testing equipment and solutions as these materials and products require advanced testing methods to assess their properties and characteristics accurately. Besides this, the growing emphasis on product safety and quality standards across various industries has catalyzed the demand for material testing. Moreover, governments and regulatory bodies of numerous countries are imposing strict regulations and standards to ensure the safety and reliability of products for consumer use. In line with this, the increasing adoption of automation and robotics in material testing has propelled market growth. Other than this, the integration of automation and robotics to improve the accuracy and speed of material testing, making it more efficient and cost-effective for companies, is also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Universal Testing Machines
- Servohydraulic Testing Machines
- Hardness Testing Machines
- Impact Testing Machines
- Non-Destructive Testing Machines
Breakup by Material:
- Metals and Alloys
- Rubber and Elastomers
- Ceramics and Composites
Breakup by End Use Industry:
- Aerospace and Defense
- Oil and Gas
- Energy and Power
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Admet Inc.
- Ametek Inc.
- Applied Test Systems LLC
- Illinois Tool Works Inc.
- Mistras Group Inc.
- Mitutoyo Corporation
- MTS Systems Corporation
- Shimadzu Corporation
- Tinius Olsen Ltd.
- Wirsam Scientific
- ZwickRoell AG.
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