NEW YORK, Nov. 22, 2016 /PRNewswire/ -- "Composites testing market projected to grow at a CAGR of 6.95%"
The global composites testing market is projected to reach USD 3.06 billion by 2026, at a CAGR of 6.95% from 2016 to 2026. The major drivers stimulating the growth of the global composites testing market are, the increasing demand for light weight, fuel efficient and high performance materials from commercial airline companies, increased penetration of composites in advanced aircraft as well as low cost carriers and the high worldwide growth in the number of new generation aircraft deliveries. However, issues related to recyclability and the lack of standardization in manufacturing technologies, are restraining the growth of the composites testing market.
"Aerospace & defense applications accounted for the largest market share in the composites testing market in 2015, by value."
The use of composites is most widespread in aerospace & defense and hence there is a need to evaluate its performance its structural applications in aerospace. Aerospace designers are incorporating composite materials to make their vehicles lighter, faster, and more fuel efficient. The leading commercial aircraft manufacturers, Boeing and Airbus, have developed aircraft such as Boeing 787 and Airbus A350 which constitute more than 50% composites in their airframe structures. In addition, the aviation giants, as well as aerospace organizations such as SpaceX and National Aeronautics and Space Administration (NASA), are using composites due to their high stiffness-to-weight ratio and resistance to fatigue and corrosion. These composite materials used in aerospace applications face harsh conditions and hence must be thoroughly tested to ensure safety and reliability. As composite materials are anisotropic and inhomogeneous, complete characterization of their properties must be conducted to ensure their safety and performance in aerospace structures.
"Europe is the fastest-growing market for composites testing"
Globally, the shipment of continuous fiber composites in Europe increased owing to the high demand from aircraft and transport applications. There is a high demand for composites testing from European aircraft and automotive manufacturers due to the significant percentage of composites used in structural applications. The region is also experiencing increasing usage of composites in the wind energy application due to large wind energy capacities, which grew by 10.07% from 2014 to 2015 (as per GWEC statistics), thereby driving the composites testing services, which are essential to check the efficacy of rotor blades for maximum energy generation.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
- By designation- C Level- 30%, Director Level- 25%, and Others- 45%
- By region- North America- 30%, Europe- 25%, Asia-Pacific- 30%, Latin America- 10% and Middle East & Africa- 5%
The report provides a comprehensive analysis of company profiles, which include:
- Exova Group plc (U.K.),
- Intertek Group plc (U.K.),
- Mistras Group Inc. (U.S.),
- Element Materials Technology (U.S.),
- Westmoreland Mechanical Testing & Research Inc. (U.S.),
- Matrix Composite Inc. (U.K.) ,
- Instron (U.K.),
- ETIM Composites Testing Laboratory (France)
- Composites Testing Laboratory (Ireland)
- Henkel AG & CO. KGaA (Germany)
The report covers the global composites testing market and emphasizes the importance of composites testing in various applications. It estimates the market size and future growth potential of this market across different segments such as application, service, deployment type, user type, industry verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of the revenues of the overall composites testing market and the subsegments. This report will help stakeholders to better understand the competitive landscape and gain more insights, to better position their businesses and market strategies. The report also helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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