Global Composites Testing Market is Likely to Possess an Impressive CAGR of 7.2% Over the Next Five Years and Reach US$ 1.8 Billion in 2022, as per a New Report From Stratview Research
DETROIT, April 12, 2017 /PRNewswire/ --
Stratview Research announces the launch of a new research report on Global Composites Testing Market by Testing Type (Destructive and Non-Destructive), by Product Type (Polymer Matrix Composites, Ceramic Matrix Composites, and Metal Matrix Composites), by End-Use Industry Type (Aerospace & Defense, Transportation, Building & Construction, Wind Energy, Marine, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 - 2022.
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This market report, from Stratview Research, studies the testing market in the global composites industry over the period 2011 to 2022. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Testing Market in the Global Composites Industry: Highlights
As per Stratview Research, the global composites testing market offers an impressive CAGR of 7.2% during the forecast period of 2017 to 2022 and reach US$ 1,820 million in 2022, which offers an opportunity to the industry players to align themselves with the market growth.
There are several factors bolstering the growth of testing market in the global composites industry. The author of the report cited 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 as the major growth drivers of the market.
The global composites testing market is segmented based on testing type as destructive and non-destructive. Non-destructive testing is expected to remain the most dominant type over the next five years, driven by higher usage in a wide array of applications in the aerospace & defense, transportation, and wind energy industries. The type is also likely to grow at the highest rate during the forecast period.
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. However, ceramic matrix composites based testing market is likely to grow at the highest CAGR during the same period.
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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.
In terms of region, North America holds the largest market share in the global composite testing market, driven by mainly the US. The country is the manufacturing capital of aerospace & defense industry with the presence of several large to small composite part fabricators. 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, 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, SGS Sercovam, Henkel AG & CO. KGaA, Mistras Group Inc., and Applus+ 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 a competitive edge over other competitors.
Report Features
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 on 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:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies global composites testing market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the four ways in which the market is segmented:
Global Composites Testing Market by Testing Type:
- Destructive Testing
- Regional Analysis (NA, Europe, APAC, and RoW)
- Testing Type Analysis (Impact Testing, Fatigue Testing, Compression Testing, Flexure Testing, Tensile Testing, and Others)
- Non-Destructive Testing
- Regional Analysis (NA, Europe, APAC, and RoW)
- Testing Type Analysis (Visual Testing, Tap Testing, Ultrasonic Testing, Thermography, Radiography, Shearography, and Others)
Global Composites Testing Market by Product Type:
- Polymer Matrix Composites (Regional Analysis: NA, Europe, APAC, and RoW)
- Ceramic Matrix Composites (Regional Analysis: NA, Europe, APAC, and RoW)
- Metal Matrix Composites (Regional Analysis: NA, Europe, APAC, and RoW)
Global Composites Testing Market by End-Use Industry Type:
- Aerospace & Defense (Regional Analysis: NA, Europe, APAC, and RoW)
- Transportation (Regional Analysis: NA, Europe, APAC, and RoW)
- Building & Construction (Regional Analysis: NA, Europe, APAC, and RoW)
- Wind Energy (Regional Analysis: NA, Europe, APAC, and RoW)
- Marine (Regional Analysis: NA, Europe, APAC, and RoW)
- Others (Regional Analysis: NA, Europe, APAC, and RoW)
Global Composites Testing Market by Region:
- North America (Country Analysis: USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, UK, Russia, and Rest of the Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the world (Country Analysis: Middle East, Latin America, and Others)
Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Composites Industry
Related premium market reports in the advanced materials industry are:
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making.
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