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(EstateNewsWire.com, October 07, 2022 ) The global "Material Testing Market is estimated at USD 633.6 Million in 2017 and is projected to reach USD 785.7 Million by 2022, at a CAGR of 4.4% from 2017 to 2022. Growing demand for material testing in various industries is the major driver of the market. The growing industrialization is also driving the market.
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Among end-use industries, the educational institutions segment is expected to lead the material testing market during the forecast period
Educational institutions is the largest segment of the material testing market, owing to the increasing R&D activities carried out by the research scholars. Research is carried out by educational institutions either individually or in collaboration with the industries for better product developments.
The material testing market in Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is the largest and the fastest-growing market for material testing. It is also a major market for construction, educational institution, and automotive globally. Countries in Asia Pacific are expanding their production capacities and investing in new projects due to increasing industrialization. Growing economies, increasing population, and standard of living are driving the automotive, construction, and aerospace & defense industries in the region. This, in turn, is fueling the growth of the material testing market in Asia Pacific.
Key players in the material testing market
Key players operating in the material testing market are Instron (US), Zwick Roell (Germany), MTS Systems (US), Shimadzu (Japan), and Tinius Olsen (US). These companies undertake dynamic business strategies to sustain their growth in the material testing market.
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Browse in-depth TOC on "Material Testing Market”
70 - Market Data Tables
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Instron is a leading company operating in the material testing market. It has adopted new product launches as its major strategy. Introduction of new products such as TestMaster AT3 in September 2015, material testing software Bluehill in February 2017, and video extensometer AVE 2 in January 2015 strengthened the company’s product portfolio. The company earns steady revenue through its varied electrochemical and static hydraulic industrial series and is expanding its operating segments, globally. It aims to be the most valuable and reliable material testing company, globally.
Zwick Roell adopted other strategies such as, investments & expansions and mergers & acquisitions to grow in the material testing market. In November 2015, the company opened its sales and service office in Japan. This development enabled the company to further enhance its operation in the Japanese market. In October 2015, the company launched new electro-dynamic testing machine for dynamic fatigue tests and static testing of components. This development strengthened the company’s product portfolio.
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