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Material Testing Market Size will grow from US$ 696.5 million in 2021 to $ 822.75 million in 2027, recording a compound annual growth rate of above 6.46%
HYDERABAD, TELANGANA, INDIA, August 24, 2022 /EINPresswire.com/ — Material Testing Market Size will grow from US$ 696.5 million in 2021 to $ 822.75 million in 2026, recording a compound annual growth rate of above 6.46% over the forecast period from 2022 to 2027.
Material testing is the measurement of characteristics and behavior of such substances as metals, and plastic under various conditions or ceramics. Material testing has five major categories: mechanical testing, testing for electrical properties, thermal properties, radiation, and biological.
Drivers:
Growing demand for aerospace and defense
The aerospace industry demanding in both quality control and new product development. Aerospace has the very highest standards of equipment and consumables, to make certain reproducibility of results and repeatability.
The Y-O-Y growing demand for the defense industry is creating the demand for market growth. Defense is a commercial industry it is involved in the development, production, and servicing of material.
Growing demand for the educational institution
The Y-O-Y growing demand for an educational institution is creating the demand for market growth. The education institution is a leading factor in the material testing market. It is owing to the applications research and developments and the student and professional researchers. The education institution along with industries cooperate for product developments to rising market growth.
Growing demand for automotive
The Y-O-Y growing demand for the automotive industry is creating demand for market growth. The automotive industry’s growth rate of the industry in the test engineers and offer the best testing solutions to increase the market growth. Rising the demand for automotive testing, they have some standards in automotive testing such as ISO, BIS, and ASTM, these standards are contained to design high-quality testing machines to perform various types of tests it measures properties and characteristics.
Restraints:
Wastage of material resources in material testing
The wastage of materials resources is the restraint the material testing. Material wastage can also is defined as the value of materials delivers and accepted on site and used a specified and accurately measures in the work.
Segmentation Analysis:
Material Testing Market – By Type:
• Hardness Test Equipment
• Universal Testing Machines
• Servohydraulic Testing Machines
Based on the type: The Universal Testing Market segment is recorded as the largest share market in the material testing market in 2022 and it is anticipated to grow significantly during the forecast period. The segment of growth is expected to increase my ability to perform tensile, and bend tests for various materials, and compression are the major reason for the high growth rate.
Material Testing Market – By End-use:
• Construction
• Automotive
• Educational Institutions
Based on the end use: The Educational Institution segment holds the largest share market in the material testing market in2022 and it is anticipated to grow significantly during the forecast period. Due to the research activities completed by the research scholars to develop high-quality materials.
Material Testing Market – By Material:
• Metal
• Plastics
• Rubber
• Elastomer
• Ceramics and Composites
Based on the material: The Ceramics and Composites segment held the largest share market in the material testing market in 2022 and it is anticipated to grow significantly during the forecast period. It has high demand from aerospace, automotive, and defense to drive the market growth.
Regional Analysis:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
The Asia Pacific is the largest growing region in the material testing market and grow significantly during the forecast period. The Asia Pacific has a high availability of countries such as China, India, Japan, Indonesia, and South Korea. The growth of the Asia Pacific in the expansion of the construction business may have a profound impact on growth in the market. The Asia Pacific is may generate good revenue.
North America is expected to grow the region in the material testing market and grow significantly during the forecast period.
Latest Industry Developments:
In January 2021, Illinois Tool Works Inc. and Amphenol Corporation announced that they have entered into an agreement under which ITW will acquire MTS Systems Corporation’s Test & Simulation business, following the closing of Amphenol’s acquisition of MTS.
In19 2022 October. Zwick Roell and their associate partners will exhibit recent developments and testing systems ranging from universal testing machines to the latest generation of materials-testing software. Zwick has also prepared comprehensive customer support packages which include test machine modernizations, inspection, preventive maintenance, calibration, and project planning.
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