Composite Testing Market size is forecast to reach $2.84 billion by 2025, after growing at a CAGR of 7% during 2020-2025. Composites are having a very great performance capacity and strength and are used in the interiors and exteriors of the Aircrafts and vehicles. Composites are needed to cling to the exclusive testing guidelines of producers and other exacting composite testing norms, so as to keep up strength and guarantee security. The growth in the market is due to the increase in the usage of composites for various applications in sectors like transportation, aerospace and defence, renewable energy, medical sector and automobiles and others.
Composite Testing Market Segment Analysis - By Type
Composite Mechanical Testing held the largest share in the Composite Testing Market in 2019. This growth is mainly attributed to the increasing demand for composites in varied applications such as making of interiors in the automobiles, used in medical devices, defense and others. The addition of the high strength fibers to the polymer matrix can greatly improve the mechanical properties which include ultimate tensile strength, temperature resistance and flexural modulus.
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Composite Testing Market Segment Analysis - By Product Type
Continuous fibres held the largest share in the Composite Testing market in 2019. Continuous fibers composites are the laminated material in which the individual layer, pile or the lamina are set to orient in the directions that enhance the strength in any primary load direction. Continuous Fibers have high tensile strength and thermoplastic matrix systems of relatively low glass transition temperature, such as polypropylene/glass fibre and hence used in various applications in the automobile sector. Continuous fibre-reinforced composites the fatigue process which is described by the commencement and duplication of breaks, instead of inception and engendering. In 2019, recently the commercial sector has slowed as the risk for a downturn in global construction increases due to COVID-19 pandemic which led to temporary lockdown of all economic activities across globe.
Composite Testing Market Segment Analysis - By End Use
Automobiles Industry dominates the composites testing market growing at a CAGR of 7.5%. The new composites have combined with the general advantages of semi-crystalline thermoplastic matrix composites with respect to the molding processes, chemical resistance, damage tolerance, environmental resistance and all other recycling possibilities with the growing demand for lower cost production and a higher production rates in larger volumes market such as automotive, transportation and the construction industries. With the growing automotive industry and its demand for composites particularly in the regions of Asia-Pacific, North America and Europe. The segment is witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market. Furthermore, R&D in Composites Testing market will support the growth of the composites testing market.
Composite Testing Market Segment Analysis - Geography
Asia Pacific region held the largest share in the composite testing market in 2019 up to 40%, owing to the increasing automotive industry in the region. According to China Automotive Association, in 2018 the vehicle production has increased by 30% and the number of newly registered passenger vehicles increased by 23.14 million. The growth was attributed to its FDI policy which has favoured China’s automobile industry and has attracted many well-established foreign brands to invest in their automotive industry. Total demand for passenger cars and commercial vehicles in Japan in 2017 was 5.19 million units, an increase of 2.2% from the previous fiscal year, with sales of passenger cars and CVs, excluding mini-vehicles, totalling 3.34 million units, down 0.7% from fiscal 2016, and sales of mini-vehicles reaching 1.86 million units, up 7.9%. The commercial vehicle sector in South Korea accounts for 10% of the country’s automotive market. In 2017, there were 4.2 million vehicles manufactured in South Korea, of which 3.6 lakh vehicles were commercial vehicles. The prominent factors such as economic growth and continued high levels of infrastructure spending has augmented the sales of heavy-duty trucks and commercial vehicles in APAC region. This in turn, positively impacted the composite testing Market in the Asia Pacific region. Currently, the composite testing market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. It, in turn, has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Composite Testing Market Drivers
Rise in Demand for Composites in Aircraft Industries
Industrialization has led to the increase in demand for composites in various industries for different purposes. The rise in demand for composite testing services in advanced commercial aircrafts. These are the aircrafts with extensive applications of the composites in different structures of the aircrafts for different testing methods and for ensuring safety and performance efficiency.
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Composite Testing Market Challenges
Low R&D expenditure in the emerging markets and high maintenance cost will hamper the market to growth
Innovation is the key to developing new products, but most manufacturers are not investing much into R&D. Rather than cutting-edge technology, they invest in creating relevant technology. These factors are hampering the growth of the market.
The emergence of COVID-19 pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently, the composite testing market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn, has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Composite Testing Market. In 2019 the Composite Testing Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Composite Testing Market are Mistras Group Inc., Exova Group Plc, Intertek Group Plc, Elements Materials technology, Composite Testing Laboratories, Henkel AG& Co., Matrix Composites Inc., and Others.
Acquisitions/Technology Launches/ Product Launches
In August 2017, Researchers at North Carolina A&T University has developed a composite building material by the use of plastic and coal ash from ponds and the landfills.
In July 2017, Henkel opened the state of art test facility for composites in Japan. The composite lab in Isogo-ku, Yokohama allows automotive customers from across Asia to team up with Henkel experts to develop and test composite parts, and to establish the best process conditions to make their ideas ready for market.
Key Takeaways
Asia Pacific dominates the Composite Testing Market owing to rapid increase in Automotive sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end-use industry in Composite Testing market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Composite testing related industries has been negatively affected, thus hampering the growth of the market.
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B. Aerospace Composites Market
https://www.industryarc.com/Report/16454/aerospace-composites-market.html
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