Global demand for composites testing reached a market value of US$ 1.6 Billion in 2021, and is forecast to be valued at US$ 1.8 Billion in 2022, representing a Y-o-Y increase worth 12.5%.
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Fact.MR anticipates significant market potential due to the increasing application of composites in various industries such as transportation, aerospace, defense, wind energy, and building and construction that must meet stringent testing standards for composites.
Numerous high-end applications of composite materials have been explored over the past decade. The greatest advantage of composite materials is their strength and rigidity combined with lightness. By selecting an appropriate combination of reinforcement and matrix, manufacturers can create properties that precisely match the requirements for a specific structural application. This is the main benefit of using composite materials for structural parts in the automotive, aerospace and construction industries.
In recent years, huge investments have been made in the development of large, state-of-the-art composite testing facilities and other R&D projects worldwide. This has indeed brought lucrative prospects to the composites testing industry.
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Important insights from the market study
- It is estimated that the non-destructive testing method for composite materials will grow by 5.7% CAGR over the next 10 years.
- The automotive industry continues to dominate the composite testing market and is expanding at a CAGR of more than 7%.
- North America holds around 30% of the global market share, with the US being the manufacturing capital of the aerospace and defense industry in this region.
- Due to the high demand for composites from the commercial aircraft and transport industries, Europe holds almost 25% of the total market turnover in composites testing.
- The East Asia region, with its exponentially growing automotive industry, is expected to see a rapidly increasing demand for composite testing.
“It is estimated that the demand for composites testing will increase significantly in the coming years as a result of high-end applications of composites becoming more popular in key industries such as automotive, wind energy, aerospace and defense,” says an analyst from Fact.MR.
Important segments covered in Composites Testing market report
- Composites Testing of continuous fiber composites
- Composites Testing of discontinuous fiber composites
- Composites Testing of polymer matrix composites
- Composites Testing of ceramic matrix composites
- test method
- Destructive test method for testing composite materials
- Non-destructive testing method for testing composite materials
- consumer industry
- Testing of composite materials in aerospace and defense
- Testing of composite materials in transportation
- Testing of composite materials in construction
- Testing of composite materials in wind energy
- Testing of composite materials in the shipbuilding industry