The material testing market is currently undergoing a period of recovery and stabilization after significant losses sustained during the economic downturn, fueled by demand from traditional end-user markets.
According to new analysis from Frost & Sullivan's (News - Alert) “Analysis of the Material Testing Equipment Market,” the latest research report finds that the market earned revenues of $495.6 million in 2010. That figure is estimated to reach $591.1 million by 2015.
The year 2009 was “one of the most difficult periods for the material testing market,” explained Vijay Mathew, program manager at Frost & Sullivan. “However, demand from traditionally strong users of material testing equipment such as automotive, aerospace, primary metals and plastics have helped the industry bounce back.”
In addition to traditionally large end-user sectors, novel applications in the fields of biomedical, composites, medical devices and nanotechnology are expected to boost the market over the next several years.
Yet while new opportunities are emerging, a key challenge remains the presence of established participants in the market. According to Frost & Sullivan, this has limited the business opportunities for smaller companies.
“The material testing market comprises a range of competitors of varying size and reach,” said Mathew. “The top three market participants occupy a significant amount of market and mind share and drive critical parameters that define this market—such as price points and regulatory and standardization trends—making it difficult for emerging participants to gain a foothold.”
While both a restraint and challenge for newer and smaller material test equipment vendors, applying the focus to geographical, technological and application perspectives can help overcome the obstacle.
“With the emergence of new application markets and technology areas, niche opportunities do exist,” Mathew added. “Also, certain customers located in specific regions prefer working with local test equipment vendors rather than multinational organizations.The full report can be viewed on the Frost & Sullivan website.
Edited by Carrie Schmelkin