PUNE, India, January 24, 2018 /PRNewswire/ --
The report "Material Testing Market by Type (Universal Testing Machines, Servohydraulic Testing Machines, Hardness Test Equipment), End-Use Industry (Automotive, Construction, Educational Institutions), Material, and Region - Global Forecast to 2022" published by MarketsandMarkets™, the market is estimated at USD 633.6 Million in 2017, and is projected to reach USD 785.7 Million by 2022, at a CAGR of 4.4% from 2017 to 2022.
Browse 70 market data Tables and 26 Figures spread through 123 Pages and in-depth TOC on "Material Testing Market"
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The growing demand for material testing in the educational institutions is driving the Material Testing Market. The increasing necessity to meet manufacturing standards, such as ASTM, and ISO, has resulted in high demand for material testing equipment.
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Among types, the universal testing machines segment led the Material Testing Market in 2016
Universal testing machines is the largest segment of the Material Testing Market, owing to its cheap availability and its wide usage in various industries. Moreover, it is used to test mechanical properties in various materials, such as metal, rubber, polymers, and ceramics. It is also used to perform tests such as tensile, compression, peel, bend, and puncture test in industries, such as automotive, educational, medical devices, construction, aerospace & defense, and power.
Among end-use industries, the educational institutions segment is expected to lead the Material Testing Market during the forecast period
Educational institutions is the largest segment of the Material Testing Market, owing to the increasing R&D activities carried out by the research scholars. Research is carried out by educational institutions either individually or in collaboration with the industries for better product developments.
The Material Testing Market in Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is the largest and the fastest-growing market for material testing. It is also a major market for construction, educational institution, and automotive globally. Countries in Asia Pacific are expanding their production capacities and investing in new projects due to increasing industrialization. Growing economies, increasing population, and standard of living are driving the automotive, construction, and aerospace & defense industries in the region. This, in turn, is fueling the growth of the Material Testing Market in Asia Pacific.
Key players in the Material Testing Market
Key players operating in the Material Testing Market are Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), and Tinius Olsen (US). These companies undertake dynamic business strategies to sustain their growth in the Material Testing Market.
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