Material Testing Market is Expected to Experience a strong Growth during the Forecast Period
According to the latest report by IMARC Group, titled, “Material Testing Market:Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026″, the global Material Testing Market size reached a value of US$ 5.61 Billion in 2020 and expects the market to reach a value of US$ 6.9 Billion by 2026, exhibiting a CAGR of 3.51% during 2021-2026.
Material testing is used for measuring the characteristics, mechanical, and structural properties of various components. It is performed during the product development process to inspect the reliability and quality of raw materials. There are two types of material testing machines available in the market, which include single and dual column test machines. They aid in identifying defective products, provide failure analysis and specify the suitability of the materials. On account of these properties, material testing is widely used in the construction, automotive, energy, aerospace and defense, and oil and gas industries.
One of the key factors driving the global material testing market is the rise in the demand for material testing equipment in educational and research institutions. Additionally, rapid industrialization, especially in emerging economies, and expansion in the construction industry are propelling the market growth. Moreover, the widespread adoption of material testing in the medical sector for testing the integrity and adhesion capacities of raw materials is contributing to the market growth. The introduction of multi-stage testing equipment with video-capture functionalities is further creating a positive outlook for the market.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Material Testing Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Admet Inc., Ametek Inc., Applied Test Systems LLC, Illinois Tool Works Inc., Labquip, Mistras Group Inc., Mitutoyo Corporation, MTS Systems Corporation, Shimadzu Corporation, Tinius Olsen Ltd., Wirsam Scientific and ZwickRoell AG.
The report has segmented the market on the basis on region, type, material and end use industry.
Breakup by Type:
- Universal Testing Machines
- Servohydraulic Testing Machines
- Hardness Testing Machines
- Impact Testing Machines
- Non-Destructive Testing Machines
Breakup by Material:
- Metals and Alloys
- Rubber and Elastomers
- Ceramics and Composites
Breakup by End Use Industry:
- Aerospace and Defense
- Oil and Gas
- Energy and Power
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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