Material Testing Market

Material Testing Market Size & Growth (2023-2028):

The Material Testing Market Size will grow from US$ 696.5 million in 2022 to $ 822.75 million in 2028, recording a compound annual growth rate of above 6.46% over the forecast period from 2023-2028

Material testing is a highly-established technique employed to analyze the physical, structural, and mechanical features of different kinds of materials and composites. Material testing has been used in the making and processing industries and also in education and research institutes across the world. High-advanced hybrid lightweight materials are rising and being developed for applications in a broad range of industries. Material testing can help in choosing the perfect material for the right application. The material testing industry is estimated to experience more expansion during the foreseen period owing to the huge call for material testing in different end-use businesses, like building, automotive, and aerospace & defense.  Growing calls for material testing in educational places are driving the Material Testing Industry. Escalating needs to meet making standards, like ASTM, and ISO has led to high calls for the material testing device. 

Drivers & Restraints of the Material Testing Market:

Material testing equipment call is escalating in several industries involved with utilizing a range of raw materials and testing their mechanical strength to improve and continue to maintain quality. The escalating focus on the quality of the goods and complying with ASTM International standards are driving the growth of the worldwide material testing industry. Moreover, continuous advancement and changes in the composites like the fashion of utilizing advanced materials are furthermore affecting the development of the industry. The implementation of material testing devices highly is in the automotive and construction businesses. The material testing software is also a major part of the system, where its implementation is advancing with the escalation of IoT, cloud, and big data analytics technologies. As these technologies have important implementation across businesses, so there is a requirement for advanced material testing software. Worldwide testing machines are predicted to be one of the significant contributors to the industry in the estimated period. The low-cost availability of the worldwide testing device and its high use in various industries to perform tensile, compression, and bend tests are driving the expansion of this sector.

The significant restraining factor in the material testing industry is the wastage of material resources and the cost utilized on it.

Opportunities in the Material Testing Market:

The precondition of advanced composites is to meet the standards with regards to the multiple industry verticals and have been escalating the test techniques on different composites thereby elevating the choosing of material testing kinds & devices across the businesses. 

Challenges in the Material Testing Market:

As the macroeconomic factors have a great impact on the material testing system, the economic turmoil such as in Europe had badly influenced the fund's scenario on the industry.

MATERIAL TESTING MARKET REPORT COVERAGE:

Market segmentation 

Material Testing Market - By Type:

• Hardness Test Equipment 

• Universal Testing Machines

• Servohydraulic Testing Machines

Among these, Universal testing machines are widely used type due to their ability to perform compression tests, bent tests, and tensile tests for numerous materials. Also, the cheap cost of universal testing machines adds to its dominance in the global market.

Material Testing Market - By End-use:

• Construction

• Automotive

• Educational Institutions

Of the above-mentioned end-use industries educational institutions lead the market income, mainly due to the research activities funded by government agencies to research scholars in schools and universities for the development of higher quality materials and greater efficiency machines at a lower price.

Material Testing Market - By Material:

• Metal

• Plastics

• Rubber

• Elastomer

• Ceramics and Composites

The demand for Ceramic and Composites in the aerospace & defense, automotive, and construction industries, due to its advanced material properties, makes it the fastest-growing material sector.

Material Testing Market - By Region:

The Material Testing Report includes the segmentation of Regions with their respective Countries.

• North America Material Testing Industry includes the U.S., and Canada.

• Europe's Material Testing Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Material Testing Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Material Testing Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa Material Testing Industry includes KSA, UAE, Israel, the rest of the GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The Asia Pacific is predicted to be the leading region of the material testing industry owing to quick industrialization and expansion of building and manufacturing businesses in the region. North America and Europe accounted for a significant share of the market share in terms of value in 2019. Hence, these are significant regions of the material testing industry. The material testing industry in the Asia Pacific is the biggest and quickest developing industry, due to the rising industrialization and escalating educational research work in this region.

North America had the second-highest worldwide material testing industry size in 2020 which is being followed up by the region Europe. The industry in both these regions is good and is estimated to have average expansion in the coming years, unlike the Asia Pacific region. The Middle East and Africa and Latin America regions, being in the low-growing nations owing to the contribution of low GDP nations, have lesser chances for market expansion. Therefore, the material testing industry in these regions is slowly developing by their nature.

Recent Developments:

• Rockwell Automation has acquired an Emulate3D engineering software developer, to digitally simulate industrial automation systems, helping Rockwell Automation to digitally simulate the material testing, hence saving time and resources.

• Newly emerging range semiconductors show deviations in quantum properties when compared to their predecessors. Upon further testing and development, these semiconductors can be properly and fully utilized in electronics like LED lights and solar panels. 

• SGS Group( a leading company in testing and certification in the world, specializing in automotive, aerospace, and medical technology sectors), employs few sets of methods for detailed inspection of materials and parts using a DSX500 opto-digital microscope from Olympus to Enhance the efficiency of testing.

Material Testing Market key players:

Major companies plying their trade in the Material Testing Market include

1) Instron (US)

2) Zwick Roell (Germany)

3) MTS Systems (US)

4) Shimadzu (Japan)

5) Tinius Olsen (US)

6) Ametek (US)

7) Aimil Ltd.

8) Humboldt Mfg. Co.

9) CMT Equipment

10) Qualitest International Inc.

11) Canopus Instruments

12) ELE International

13) Controls S.p.A.

14) OLSON INSTRUMENTS INC.