Global Tensile Testing Machine demand is anticipated to be valued at US$ 7.5 Billion in 2022, forecast to grow at a CAGR of 4.81% to be valued at US$ 12 Billion from 2022 to 2032. The transition of end-users from manual tensile testing machines to automated tensile testing machines is expected to drive the tensile testing machine market in the coming years.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 7.2 Billion |
| Expected Market Value (2022) | US$ 7.5 Billion |
| Anticipated Forecast Value (2032) | US$ 12 Billion |
| Projected Growth Rate (2022-2032) | 4.81% CAGR |
Tensile testing machines are also known as tension test machines and universal testing machines. A tensile testing machine is a piece of testing equipment that is used to determine the mechanical properties or tensile strength of specimens. It assesses a material's mechanical properties, or characteristics such as ultimate tensile strength, yield strength, elongation, and modulus.
By simply adding fixtures, tensile testing machines can also perform compression, cyclic, shear, flexure, bend, peel, and tear tests. Due to increased demand for tensile testing machines from the automotive and textile sectors, the global tensile testing machine market is expected to expand at a rapid pace during the forecast period.
The global tensile testing machine market is rapidly expanding. Factors such as the growing need for strict quality control measures in manufacturing units, the rise in demand for tensile testing in the construction and automotive sectors, and the rise in demand for hydraulic equipment are all driving the global tensile testing machine market forward.
Growing demands in several industries to improve the stability, quality, and reliability of products are some of the key factors expected to drive market growth. Furthermore, stringent regulations governing the tensile strength of materials used in construction, automotive, aerospace, and other industries are fueling market growth.
Furthermore, many end-users now prefer automatic tensile testing machines, which are fueling market growth. The rapidly expanding automotive, construction, and packaging industries, on the other hand, is expected to purchase a large number of tensile testing machines during the forecast period.
High upfront costs and a lack of technical skills among tensile testing machine instructors are expected to stymie market growth during the forecast period.
Asia Pacific was the largest market for Tensile Testing Machine and the trend is expected during the forecast period, the Asia Pacific tensile testing machine market is expected to expand rapidly. This can be attributed to rapid industrialization, the development of smart factories, and the implementation of Industry 4.0 in the region's manufacturing plants. China is an important market in Asia Pacific.
According to Future Market Insights, during the forecast period, North America is expected to account for the lion's share of the global tensile testing machine market. Factors such as strict specimen quality regulations, a rapidly expanding automotive industry, and an increase in preference for the automatic tensile testing machine are driving the growth of the market in this region.
The tensile testing machine market is crowded with local, regional, and international players. As a result, the market is fairly fragmented, and suppliers' bargaining power is limited. The level of competition among market participants is also high. Rapid technological advancements have created opportunities in the global market for tensile testing machines.
Market participants are gradually shifting their focus to merger and acquisition activities in order to develop new products and improve their existing product offerings. Some of the key participants present in the global Tensile Testing Machine market include Shimadzu Corporation ADMET, Inc., Testing Machines, Inc., MTS Systems Corporation, Illinois Tool Works Inc., Cometech Testing Machines Co., Ltd., FORM+TEST GmbH, Mecmesin Germany, Karg Industrietechnik and WPM Werkstoffprüfsysteme Leipzig GmbH among others.
| Report Attribute | Details |
| Growth Rate | CAGR of 4.81% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
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FMI projects the global Tensile Testing Machine market to expand at a 4.81% value CAGR by 2032.
Asia Pacific is expected to be the most opportunistic Tensile Testing Machine market.
Shimadzu Corporation ADMET, Inc. and Testing Machines, Inc. are some prominent Tensile Testing Machine manufacturers
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