Composites and Advanced Materials

According to a new market report published by Lucintel, the future of the global composites testing market looks promising with opportunities in aerospace & defense, automotive, and wind energy. The global composite testing market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $1.3 billion by 2025 with a CAGR of 3% to 5% from 2020 to 2025. The major drivers for this market are increasing aircraft deliveries, development of new composite applications in various industries, and stringent regulations & certification standards for the safety.

 

Testing of composite materials and parts are done by in house team or it is outsourced to independent third party testing companies such as Exova Group, Intertek Group, Mistras Group, Element Materials Technology, Westmoreland Mechanical Testing & Research, Matrix Composite, Instron, and ETIM Composites Testing Laboratory for a variety of static, dynamic, chemical & electrical property tests. Inhouse market is larger because most companies prefer to do most of the standard test such as tensile, compressive, shear,fatigue,impact, etc inhouse. 

 

In this market, destructive and non destructive testings are used by the OEMs/part fabricators, material manufacturers, and composites testing companies to inspect, test and evaluate materials, components, parts and system. On the basis of comprehensive research, non-destructive testing will remain the largest segment and it is also expected to witness the highest growth during the forecast period due to increasing demand for ultrasonic testing in the aerospace and defense, wind energy and automotive industry.

 

Within this market, composites testing for aerospace and defense will remain the largest segment due to growing production of aircrafts and  stringent regulation and certification standards for the aircraft safety. Wind energy segement is expected to witness the highest growth over the forecast period due to increasing demand for large efficient wind turbin blades.

 

North America will remain the largest region due to presence of aerospace & defense  OEMs and part suppliers. Asia Pacific is expected to witness the highest growth over the forecast period due to growing demand for testing from other industries, such as wind energy, transportation, building & construction, and marine. 

 

Emerging trend, which has a direct impact on the dynamics of the industry, includes gaining popularity of sherography testing in aerospace, and windenegry end use industry. 

 

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global composites testing market by end use industry, type, product and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Composites Testing Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global composites testing market by end use industry, type, product and region as follows:

 

By Sourcing Type

By End Use Industry ($M shipment analysis for 2014 to 2025):

By Type ($M shipment analysis for 2014 to 2025): 

By Product ($M shipment analysis for 2014 to 2025): 

By Region ($M shipment analysis for 2014 to 2025): 

 

This 170 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/composite-testing-market.aspx or mail at helpdesk@lucintel.com. 

 

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit  www.lucintel.com.