PUNE, India, November 17, 2016 /PRNewswire/ --
The report "Composites Testing Market by Testing Type (Destructive, Non-Destructive), Product Type (Continuous Fiber, Discontinuous Fiber, Polymer Matrix, Ceramic Matrix), Application (Aerospace & Defense, Transportation, Wind) & Region - Global Forecast to 2026", Published by MarketsandMarkets, the market is projected to reach USD 3.06 Billion by 2026, growing at a CAGR of 6.95%, from 2016 to 2026.
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Browse 75 market data Tables and 52 Figures spread through 143 Pages and in-depth TOC on "Composites Testing Market"
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The high penetration of composites in various high end applications and stringent regulatory norms stressing upon the quality of composites are driving the growth of the global composites testing market.
Continuous fiber composites comprise a major share in the composites testing market in terms of value
Continuous fiber composites have the largest market share in the global composites testing market. Owing to their superior performance, continuous fiber composites are extensively used in high-end applications such as aerospace & defense and transportation. Since the share of composites in these applications is very high, the market for continuous fiber composites testing is also very large as compared to the testing of other composite products. Further, the demand for continuous fiber composites is also very high from the next generation aircraft, fighter planes and advanced light weight automotive, which further increases the share in the composites testing market.
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Non-destructive testing accounted for the largest market share in the composites testing market
Non-destructive testing is done to test the composites that are mostly used in critical safety applications for example in aircraft primary structures and interior and exterior structures of transport vehicles. The non-destructive testing of such composite materials is more crucial and demanding in these high-end applications to ensure the quality of composites and safety of passengers. The high growth of the global aerospace & defense and transportation industries, coupled with the increasing penetration of composites in aircraft is driving the non-destructive composites testing market
Europe accounts for a major market share of the composites testing market
Europe accounts for the largest share in Composites Testing Market, globally. This is due to the high demand for composites from Europe's commercial aircraft and transportation industry, the presence of major composite testing service providers and the stringent regulatory norms such as, by the European Committee for Standardization (CEN) to ensure and maintain the quality of composites. The composites testing service providers in this region are focusing on capacity expansions in composites production to meet the high demand for non-destructive testing from commercial airline companies. For instance, Exova Group Plc. invested millions of Euros in Exova's aerospace composites and metals testing site in Toulouse (France) in October 2013, which is helping the company to increase its capacity to meet customer needs. Further, the penetration of composites is growing in the wind energy application in Europe, which is further driving the composites testing market in this region.
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Some of the key global players in the composites testing market are 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), Henkel AG & CO. KGaA (Germany). These players have adopted various organic and inorganic developmental strategies for the period, 2016 to 2021.
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