The global tensile testing machine market is expected to expand at a fast pace during the forecast period, due to the increase in demand for tensile testing machines from sectors like automotive, and textile. The manufacturers of tensile testing equipment are concentrating on the development and improvement of advanced testing machines and equipment, so as to reach out a larger customer base and achieve a competitive edge. Developments in the steel and automobile industries are expected to positively impact the revenue generated by the market during the forecast period. The tensile testing machine market is greatly influenced by macroeconomic factors on a global basis. Requirement of a robust quality control in manufacturing facilities is predicted to be the driving force of the tensile testing machine market. Moreover, with conceptions such as Industry 4.0 and smart factories coming in the near future, testing is moving away from labs and closer to the production floor. Hence, enhancing the rate of installation of tensile testing machines. However, an acute shortage of skilled technicians for equipment operation and considerably low acceptance and implementation rate of tensile testing equipment by SMEs is expected to hinder the growth of the tensile testing equipment market in the forthcoming years.
Market scope and structure analysis
Tensile testing equipment is broadly used for the determination of tensile strength of various products such as rubbers, metals, fibres, and composites among other materials across wide variety of industries, such as automotive and construction. Tensile testing machines are also known as tension test machines. The tensile testers measure characteristics such as elongation, ultimate tensile strength, yield strength, and modulus. The growth of the market is mainly driven by the increase in emphasis on the quality of the products.
COVID-19 impact analysis
- COVID-19 pandemic has shut down the production of various products in the tensile testing equipment industry attributed to the lockdown in countries worldwide. This has hampered the growth of tensile testing equipment market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of the tensile testing equipment in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for the tensile testing equipment was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for the tensile testing equipment.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Tensile testing equipment manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- Tensile testing equipment manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top impacting factors
Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of the market players. The market players from tensile testing equipment market are anticipated to exhibit lucrative growth opportunities in the future with the rise in demand for filter products in the global market.
- Competitors in the tensile testing equipment market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, on February 28, 2017, Union Park Capital, a Boston-based private equity firm focused exclusively on lower middle-market Industrial Technology investments, announced the acquisition of United Calibration Corporation (“United”) by Industrial Physics, one of Union Park’s portfolio companies.
- The launch of new products that contain improved capabilities have been launched by the leading market players. They have taken necessary steps to improve accuracy of devices and overall functionality as well.
- Similarly, strategic partnerships and collaborations help to strengthen the base of each company and achieve mutual aspirations faster by leaning on one another’s experience, network and resources. It gives a competitive edge and allows to extend a broader range of opportunities.
Key benefits of the report
- This study presents the analytical depiction of the tensile testing equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the tensile testing equipment market share.
- The current market is quantitatively analysed to highlight the tensile testing equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed tensile testing equipment market analysis based on competitive intensity and how the competition will take shape in coming years.
Tensile Testing Equipment Market Report Highlights
By End User Industry
By Product Type
Key Market Players
Shimadzu Corporation, Tinius Olsen, Olympus Corporation, Lloyd Instruments Ltd., MTS Systems Corporation, Ametek, Inc., Zwick/Roell Testing Systems, Qualitest International Inc., Admet Inc., Instron Corporation