Growing Focus on Electric Vehicles Sector to Escalate Composites Testing Market Growth
According to our latest market study on “Composites Testing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – By Product Type (Polymer Matrix, Ceramic Matrix, and Metal Matrix), Testing Method [Destructive (Compression, Hardness, Tensile, Flexure, and Impact) and Non-Destructive (Visual, Tap, Ultrasonic, Thermography, Radiographic, and Shearography)], and Application (Aerospace and Defense, Transportation, Wind Energy, Building and Construction, Electrical and Electronics, and Others),” the market was valued at US$ 767.24 million in 2020 and is projected to reach US$ 972.75 million by 2028; it is expected to grow at a CAGR of 3.1% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.
Composites testing plays a crucial role across the supply chain of composites and product life cycle, which encounters challenges related to process control, quality, safety, performance, and regulatory compliance. By mitigating these challenges, composites testing would enable a significant commercial advantage in the long run. Composites are expected to adhere to meet proprietary testing standards to maintain the durability and ensure safety. Composites find application in the transport industry and the interior and exterior structural applications in aircraft, owing to their superior performance, higher strength, and excellent resistance to rupture, corrosion, and wear. They are mostly adopted across industries such as automotive, aerospace, construction, chemical, medical, energy, and materials.
Composites material is 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 vehicle weight to improve performance, lower fuel and oil 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. The US government is focusing on an ambitious climate change strategy that includes increasing investments in clean energy and switching from internal combustion engine (ICE) vehicles to the battery electric vehicle (EVs).
The key players operating in the composites esting market include Element Materials Technology (Deeside); Intertek Group plc; Henkel AG & Co. KGaA; Illinois Tool Works Inc.; MISTRAS Group; Westmoreland Mechanical Testing & Research, Ltd..; MATRIX COMPOSITES, INC.; ETIM Composites; Composites Testing Laboratory Ltd.; and Applus+ BKW.
Impact of COVID-19 Pandemic on Composites Testing Market
The ongoing COVID-19 pandemic has had a significant impact on the composites testing market. The outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disruptions in the production, as well as supply chain, have harmed the composites testing market. Various countries in North America and Europe had lockdown situations due to the COVID-19 outbreak, which led various businesses such as the automotive and aerospace sector to function in a limited way, severely affecting the composites testing market. For instance, as per the International Organization of Motor Vehicle Manufacturers, in Europe, the vehicle production in 2020 declined abruptly by 21.6%, and in America, it dropped by 22.1%. Thus, the declining production in the automotive industry negatively hampered the Composites testing market in 2020. Composites are also used in the building and construction industry. The residential sector has experienced the fastest recovery in the post-pandemic scenario. Thus, it makes significant contributions to rebound the economy and the overall construction industry. In the emergence of the pandemic, a dramatic decline in passenger traffic had negatively affected aircraft demand. Thus, the commercial aerospace sector is expected to recover slowly. As travel demand is not expected to return to pre-COVID-19 levels before 2024, it is estimated that it will take a year to achieve the normal business across industries, influencing the market dynamics for the composites testing market in North America and Europe.
The report includes the segmentation of the composites testing market as follows:
Based on product type, the composites testing market is segmented into polymer matrix, ceramic matrix, and metal matrix. In terms of testing method, the composites testing market is segmented into destructive (compression, hardness, tensile, flexure, and impact) and non-destructive (visual, tap, ultrasonic, thermography, radiographic, and shearography). Based on application, the composites testing market is segmented into aerospace and defense, transportation, wind energy, building and construction, electrical and electronics, and others. In terms of geography, the composites testing market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. North America includes countries like the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific includes China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South and Central America includes Brazil, Argentina, and the Rest of South and Central America.
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