[123 Pages Report] Material Testing Market was valued at USD 610.0 Million in 2016 and is projected to reach USD 785.7 Million by 2022, at a CAGR of 4.4% during the forecast period. The high demand for material testing in various industries, such as aerospace & defense, automotive, educational institution, and construction is driving the material testing market.
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Based on end-use industry, the material testing market has been segmented into automotive, construction, educational institutions, aerospace & defense, medical devices, power, and others. Educational Institutions is the largest end-use industry, owing to the research activities carried out by research scholars to develop high-quality materials at a cost-effective price. Moreover, project funding from government and private organization to develop and analyze material quality for better suitability of specific applications increases the usage of material testing in educational institutions.
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.
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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