Composites Testing Market to Register Significant Growth of 3.06 Billion USD by 2026- Says MarketsandMarkets™
Composite testing plays a vital role across the composites supply chain and composite product life cycle. Composites used in various applications have to comply with a range of standards with regard to safety, quality, process control, regulatory compliance and performance. Resin manufacturers, additive suppliers, fiber manufacturers or end-users have to overcome these challenging standards which ultimately offer a significant commercial advantage in terms of quality. 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.
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The key companies offering composites testing are mainly involved in the investments & expansions and agreements strategies to strengthen their positions in the global composites testing market. The key players are trying to secure their market positions through fixed term agreements with composite part manufacturers and end-users. In addition, the players are expanding their composites testing lab facilities to meet the high demands from various aircraft manufacturers, especially commercial aircraft manufacturers.
From 2012 to 2016, agreements, investments & expansions and acquisitions have been the key strategies adopted by the market players. The investments & expansions strategy accounted for a share of 50.0% among others, in the global composites testing market. Agreements was the second most-preferred growth strategy, and accounted for 28.0% of the total development strategies in the global composites testing market.
The major manufacturers profiled in this report 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 & Company. KGaA (Germany). These companies have adopted various organic and inorganic growth strategies such as agreements, investments & expansions, and acquisitions to expand their global presence and increase their penetration into the global composites testing market.
Exova Group Plc. and Element Materials Technology were the major players with the maximum number of growth strategies between 2012 and 2016 in the global composites testing market. The strategies such as agreements, investments & expansions, and acquisitions adopted by them, accounted for around 58.82% of the strategies in the global composites testing market between 2012 and 2016.
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Exova Group Plc. is one of the leading companies and the largest contributor to the growth of the global composites testing market. The company accounted for the largest share of all the development activities undertaken in the composites testing market between 2012 and 2016. Exova Group Plc. expanded its market share between 2012 and 2016 by signing agreements with the commercial airline company, Airbus (France). The company provides various services such as non-destructive composites testing, polymer testing, calibration and metrology, chemistry, chemical analysis, failure analysis, and so on for composites used in the aerospace, & defense, environment, fire, food, industrial, oil & gas, pharmaceutical, and transportation industries.
Element Materials Technology has become another major player in the global composites testing market with the acquisitions of GEVA (Gesellschaft für Entwicklung und Versuch Adlershof mbH) (Germany), Delsen Testing Laboratories (U.S.), Materials Engineering Research Laboratory Limited (U.K.) in 2014, 2013 and 2012 respectively These acquisitions have made Element Materials Technology one of the leading composites testing service providers. The company is trying to enhance its services to provide for the testing of aerospace composites.
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