PUBLISHER: The Business Research Company | PRODUCT CODE: 1465832
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465832
Material analysis and testing equipment encompass a diverse array of instruments and tools employed across various industries to scrutinize the properties, characteristics, and behavior of materials. These tools play a pivotal role in quality control processes, research and development initiatives, manufacturing procedures, and ensuring adherence to industry standards.
The primary categories of material analysis and testing equipment include mechanical testing and non-destructive testing. Mechanical testing involves evaluating the physical properties of materials, such as strength and elasticity. This type of testing is conducted in various locations, including on-site testing facilities and laboratory setups. End-users of these testing methods span diverse industries, including aerospace and defense, automotive, oil and gas, electronics and semiconductors, and others.
The material analysis and testing equipment market research report is one of a series of new reports from The Business Research Company that provides material analysis and testing equipment market statistics, including material analysis and testing equipment industry global market size, regional shares, competitors with a material analysis and testing equipment market share, detailed material analysis and testing equipment market segments, market trends and opportunities, and any further data you may need to thrive in the material analysis and testing equipment industry. This material analysis and testing equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The material analysis and testing equipment market size has grown strongly in recent years. It will grow from $3.00 billion in 2023 to $3.18billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historical period can be attributed to factors such as heightened regulatory compliance, increased quality control requirements, the globalization of supply chains, and growing safety concerns.
The material analysis and testing equipment market size is expected to see strong growth in the next few years. It will grow to $3.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to the rising influence of Industry 4.0 and smart manufacturing practices, the escalating complexity of materials, a growing demand in the healthcare sector, a focus on environmental sustainability, and opportunities arising from emerging markets and infrastructure development. Key trends expected in the forecast period include technological advancements, product innovations, and collaborative partnerships.
The material analysis and testing equipment market are poised for growth, driven by the surging construction industry. The construction sector involves the planning, design, and execution of building structures, infrastructure, and related projects. Factors such as population growth, urbanization, and the demand for new housing projects contribute to the increased need for buildings and facilities. To ensure the quality, durability, and safety of materials used in construction, the industry relies on material analysis and testing equipment. These tools validate compliance with standards and specifications, ensuring the creation of robust and reliable structures. According to reports from the United States Census Bureau in September 2023, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Additionally, Oxford Economics projected substantial growth of approximately 42% in global construction output by 2030, reaching a total of US$15.2 trillion. Hence, the upward trajectory of the construction industry is a key driver behind the growth of the material analysis and testing equipment market.
Major players in the material analysis and testing equipment market are actively developing innovative products, including proprietary and advanced material testing equipment, to enhance performance and meet evolving industry demands. This equipment facilitates precise analysis and validation of materials' mechanical, thermal, and chemical properties for quality assurance and innovation across various industries. In October 2022, MP Machinery and Testing LLC, a US-based provider of material testing services, launched proprietary material testing equipment that non-destructively assesses the material properties of components and structures in service. The system incorporates advanced technologies such as miniaturized mechanical property tests, advanced fracture toughness measurement, and specialized tools such as drop tower impact test machines, shock test machines, and high-temperature and pressure reference electrodes.
In July 2023, SKC Ltd., a South Korea-based chemical materials company, successfully acquired ISC Co. Ltd. for $400 million. This strategic acquisition is aimed at expanding into the semiconductor sector, strengthening market position, and achieving long-term financial growth. ISC Co. Ltd. is a South Korea-based manufacturer specializing in semiconductor test equipment and other material analysis and testing equipment.
Major companies operating in the material analysis and testing equipment market are Thermo Fisher Scientific Inc., Carl Zeiss AG, Agilent Technologies LLC, AMETEK Incorporated, Keysight Technologies Inc., Olympus Corporation, Hitachi High-Tech Corporation, PerkinElmer Holdings Inc., MKS Instruments Inc., Shimadzu Corporation, Waters Corporation, Bruker Corporation, HORIBA Ltd., JEOL Ltd., NETZSCH Group, Mistras Group Inc., Malvern Panalytical Inc., ZwickRoell Group Inc., Rigaku Corporation, Instron (a division of ITW Inc.), Anton Paar GmbH, Tescan Inc., Thwing-Albert Corporation, Elvatech Ltd., Rheonik Messgerate GmbH
Asia-Pacific was the largest region in the material analysis and testing equipment market in 2023. The regions covered in the material analysis and testing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the material analysis and testing equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The material analysis and testing equipment market consists of sales of spectrometers, chromatographs, hardness testers, moisture analyzers, rheometers, particle size analyzers, universal testing machines (UTM), and hardness testing machines (HTM). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Material Analysis And Testing Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on material analysis and testing equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for material analysis and testing equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The material analysis and testing equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.