Composites find application in the transport industry, and the interior and exterior structural applications in automotive vehicles and aircrafts owing to its superior performance, strength, excellent resistance to rupture, corrosion, and wear. These factors have augmented the usage of composite materials which is further driving the composite testing market growth. It is used in panels, frames, interior components and other parts in the automotive industry. The surging demand for electric vehicles is further boosting the demand for composites testing as electric vehicles’ components are subjected to intense materials testing in order to develop lightweight electric vehicles. As per the International Energy Agency (IEA) report, the United States registered more than 20% of battery electric vehicle sales in 2020 as compared to 2019. As a result, the production of these vehicles is augmenting and, subsequently, the demand for composites testing is also on a rise.
Growing Focus on Electric Vehicles Sector, is Driving the Growth of Composite Testing Market
Composite materials are quite prevalent in the manufacturing of electric vehicles due to its lightweight and excellent strength-to-weight ratios. The usage of lightweight materials, such as fiber-reinforced composites, has become more prevalent as electric vehicle manufacturers strive to reduce the vehicle weight to improve performance, lower fuel consumption, and reduce emissions. Several OEMs have announced their plans to invest significantly in electric vehicles. More than ten of the largest OEMs globally have declared electrification targets for 2030 and beyond. Thus, the US government is focusing on an ambitious climate change strategy that includes increasing investments in clean energy and transforming from the internal combustion engine (ICE) vehicles towards battery powered electric vehicles (EV). For instance, in September 2021, Ford, an American multinational automobile manufacturer had announced an investment worth US$ 11.4 billion in electric vehicle plants for building the biggest manufacturing plant in Tennessee and two battery parks in Kentucky. Thus, such initiatives accelerate the production of EVs, further augmenting the demand for testing the composites, which helps drive the market growth.
Some of the key market players in the North America and Europe composite testing market include Element Materials Technology, INTERTEK GROUP PLC, Henkel AG & Company, KGAA, Applus+, Instron Corporation, Mistras Group, Westmoreland Mechanical Testing And Research, Inc., Matrix Composites, Inc., Etim Composites and Composites Testing Laboratory Ltd. among others.
