subject: New Research Suggests Material Testing Market On The Rise [print this page] Early reports indicate that the material testing market is currently working positively towards recovery and stabilization thanks to an increase in demand from traditional end-user markets which shows vast improvements after the crippling losses which came as a result of the economic downturn.
New research taken from Frost & Sullivans Analysis of the Material Testing Equipment Market, suggests that the market made $495.6 million worth of revenue in 2010. Furthermore, that figure is predicted to increase to around $591.1 million by 2015.
According to Vijay Mathew, program manager at Frost & Sullivan, 2009 was one of the most difficult periods for the material testing market. However, demand from traditionally strong users of material testing equipment such as automotive, aerospace, primary metals and plastics have helped the industry bounce back he further added.
As well as the increases in demand from large end-user sectors, novel applications in the biomedical, composites and medical devices industries are expected to help increase the value of the market over the next few years.
Despite the fact that new opportunities are opening up to the market, a key challenge remains the established presence of large organisations in the market. Furthermore, Frost & Sullivan state that the market has limited opportunities for smaller companies.
The material testing market comprises a range of competitors of varying size and reach, said Vijay Mathew. The top three market participants occupy a significant amount of market and mind share and drive critical parameters that define this marketsuch as price points and regulatory and standardization trendsmaking it difficult for emerging participants to gain a foothold.
Despite the challenging conditions for smaller organisations, by applying the focus to geographical, technological and application perspectives can help to overcome these difficult challenges in the market.
With the emergence of new application markets and technology areas, niche opportunities do exist, Vijay Mathew further added. Also, certain customers located in specific regions prefer working with local test equipment vendors rather than multinational organizations Mathew went on to say.
