Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1,980.56 million | USD 3,480.74 million | 7.30% | 2022 |
The global composite testing market size was worth around USD 1,980.56 million in 2022 and is predicted to grow to around USD 3,480.74 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.30% between 2023 and 2030.
A material made up of two or more constituent materials possessing varied physical or chemical properties and is different from individual components is known as a composite material. These composites are highly used in aerospace and defense, transportation, and wind energy applications. Hence, comprehensive testing is carried out on these materials with specific standards known as composite testing. Composite testing is widely used in aerospace & defense sector to evaluate the performance and structural applications. Major commercial aircraft manufacturers such as Airbus and Boeing have developed aircraft such as Airbus A350 and Boeing 787 that constitute almost 50% of the composites in their airframe structures. Aviation giants such as National Aeronautics and Space Administration (NASA) and SpaceX widely use composite testing due to resistance fatigue & corrosion and high stiffness-to-weight ratio.
Increasing penetration of composite testing in various application and implementation of stringent regulations to improve the quality of composites are factors expected to fuel the global market growth. High-performance, lightweight, and fuel-efficient materials are in higher demand from airline companies, which contribute to the largest market share. Further, escalating demand for composites in advanced aircraft along with as low-cost carriers in order to meet the demand of increasing new-generation aircraft deliveries may boost the global market in the coming future. Conversely, lack of standardization in manufacturing technologies and other issues related to recyclability may hamper the global composite testing the market.
Report Attributes | Report Details |
---|---|
Report Name | Composite Testing Market |
Market Size in 2022 | USD 1,980.56 Million |
Market Forecast in 2030 | USD 3,480.74 Million |
Growth Rate | CAGR of 9.4% |
Number of Pages | 197 |
Key Companies Covered | Element Materials Technology, Henkel AG & CO. KGaA, Exova Group plc, Westmoreland Mechanical Testing & Research Inc., Instron, Matrix Composite Inc., ETIM Composites Testing Laboratory, Mistras Group Inc., and Intertek Group plc. |
Segments Covered | By Source Type, By Material Type, By Testing Method, By Type, By Product Type, By Application, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global composite testing market is categorized based on the application as sporting goods, aerospace & defense, electrical & electronics, wind energy, building & construction, transportation, and others. Of these, aerospace & defense segment is dominating globally.
Based on product type, the global market is divided as polymer matrix composites, continuous fiber composites, ceramic matrix composites, discontinuous fiber composites, and others. Of these, the continuous fiber composites segment accounted for the largest market share. They are extensively preferred owing to their superior performance and hence are used in high-end applications such as transportation, aerospace, and defense.
In addition, the demand is much higher for next generation aircraft & fighter planes and advanced lightweight automotive, further positively enhancing the global market growth.
Moreover, the global composite testing market is fragmented based on the testing method as non-destructive and destructive.
Europe holds the largest market chunk in the global composite testing market as high demand for composite testing in the transportation industry and commercial aircraft is witnessed. Europe is the largest hub for major composite testing service and providers. Strict regulation by the Committee for Standardization (CEN) in Europe to ensure the quality of composites is a major driving factor of the global composite testing the market. Composite testing service providers are focusing on market expansion and enhanced composites production in order to fulfill increasing demand for non-destructive testing from commercial airline companies. Moreover, penetration of composite testing is rising in the wind energy application that may drive the global market growth in future.
Global Composite Testing Market: Segment Analysis
By Region
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