Material Testing in the Age of Globalization: Meeting International Standards
The material testing market refers to the industry involved in evaluating the properties and characteristics of materials to ensure their quality, safety, and reliability. It encompasses a wide range of sectors, including manufacturing, construction, automotive, aerospace, electronics, healthcare, and more. Material testing plays a crucial role in ensuring that materials meet regulatory standards, comply with industry specifications, and perform as intended.
The material testing 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. Growing demand for material testing in various industries is the major driver of the market. The growing industrialization is also driving the market.
The report analyzes key growth strategies adopted by the leading market players between 2015 and 2017. Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), Tinius Olsen (US), and Ametek (US) are the key players operating in the material testing market. These companies adopted various strategies, such as new product launches, mergers & acquisitions, and investments & expansions to strengthen their presence in the material testing market.
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Instron is a leading company operating in the material testing market. It has adopted new product launches as its major strategy. Introduction of new products such as TestMaster AT3 in September 2015, material testing software Bluehill in February 2017, and video extensometer AVE 2 in January 2015 strengthened the company’s product portfolio. The company earns steady revenue through its varied electrochemical and static hydraulic industrial series and is expanding its operating segments, globally. It aims to be the most valuable and reliable material testing company, globally.
Zwick Roell adopted other strategies such as, investments & expansions and mergers & acquisitions to grow in the material testing market. In November 2015, the company opened its sales and service office in Japan. This development enabled the company to further enhance its operation in the Japanese market. In October 2015, the company launched new electro-dynamic testing machine for dynamic fatigue tests and static testing of components.
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.
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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.
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