Market Leader - Positive Material Identification Market
The positive material identification (PMI) market is expected to reach USD 2.89 Billion by 2023 from USD 1.99 Billion in 2018, at a CAGR of 7.79% between 2018 and 2023. Some of the key factors driving this market are stringent safety regulations by governments and quality control requirements, declining efficiencies of aging assets and the subsequent need for operational safety, and innovative technological advancements in PMI equipment.
PMI is gaining popularity as metal and alloy testing method. It is used for both material identification and verification. Strict specifications regarding the product use, government safety regulations, and stringent quality control requirements are driving the demand for the PMI equipment. PMI can prevent potential product failure with the necessary metal and alloy composition analyses. In the oil and gas, power generation, and pharmaceutical plants, pre-service and in-service inspection of critical components and welds with PMI can prevent breakdown and its threatening consequences. Earlier instances of infrastructure failures such as leakages in nuclear reactors, pipeline explosions, and refinery blasts have prompted various governments worldwide to impose stringent safety regulations; thereby increasing the demand for PMI equipment and services.
The PMI equipment market for XRF is expected to grow at the highest CAGR during the forecast period. XRF is a widely preferred analytical technique for PMI owing to the portability of these analyzers. This technique uses the interface between X-rays and material to define its elemental composition. This analyzer is highly suitable for solids, liquids, and powders. Moreover, XRF analyzers are widely used and mainly referred as a fast characterization tool in many analytical labs across metallurgy, forensics, polymers, electronics, archaeology, environmental analysis, geology, and mining applications, among others.
The PMI market for the chemicals industry is expected to grow at the highest CAGR during the forecast period. Testing and inspections services are required in chemical manufacturing companies as they deal with substances such as dyes and detergents, and specialty chemicals. During the synthesis of any chemical, the associated asset, such as machinery, tanks, and pipes, need to be constantly checked for any change in its composition. Materials utilized to manufacture these machinery, tanks, and pipes need to accurate as per the requirements of the final product. Any deviations or changes in the materials associated with these assets are likely to result in a defective product. PMI analyzers are among the major equipment systems utilized in the industries such as oil and gas, and chemicals to have a regular check over components associated with these processes. These analyzers are employed in the analysis of the transmission pipeline and storage tanks, among others.
The market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Various companies in China have developed their own in-house inspection facilities, and yet the demand for PMI from the manufacturing, and oil and gas industries in this country is high. With the exploration of shale gas sites in the country, the demand for PMI-based analysis in China is expected to increase further during the forecast period. Moreover, with a drift toward the growth of the domestic manufacturing industry, India is expected to be a promising market for PMI during the forecast period. Huge spending on the military activities, transportation, and infrastructure development are driving the Indian PMI market.
Related Reports:
Positive Material Identification Market by Offering (Equipment and Services), Technique (XRF and OES), Form Factor (Portable Analyzers and Benchtop Analyzers), Industry (Chemicals, Automotive, Scrap Recycling), and Geography - Global Forecast to 2023
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