Global Positive Material Identification Market – Industry Trends and Forecast to 2029

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Market Analysis and Size

Positive material identification has been gaining huge attention due to its ability to prevent the use of dangerous and highly hazardous chemicals. The need for PMI Testing is growing due to some of the primary problems in the oil and gas industrial sector, including accidents and damage pipe leakages, premature pipe replacements, and property damage. It is employed to verify the vital specifications of the parts used in pipes and other practical industrial applications.

Global Positive Material Identification Market was valued at USD 2783.40 million in 2021 and is expected to reach USD 4964.13 million by 2029, registering a CAGR of 7.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production and sales, and pestle analysis.

Report Scope and Market Segmentation

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Market Definition

Positive Material Identification (PMI) is the process of analyzing and identifying materials using a variety of non-destructive techniques to ensure that the intended materials are the actual materials used. It can ascertain the metallic alloy makeup of a material. It is also a tried-and-true method that may be used in a lab or field using portable instruments.

Positive Material Identification Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand of Positive Material Identification

In general, mechanical integrity failures, such as pressured system rupture, stress corrosion cracking, and flow accelerated corrosion, are prominent causes of industrial accidents in the industrial sectors. To avoid probable product failure during manufacturing, positive material identification is used. In order to prevent failure, it is highly demanded in end-user sectors like oil and gas, power generation, and pharmaceutical plants. It is used for pre-service and in-service inspection of vital parts and welds. Positive Material Identification is a frequently used non-destructive testing technique that must adhere to a number of guidelines and regulations.

Furthermore, the increase in disposable income and the increase in the purchasing power among the consumers further increase the market demand. The factors such as growing number of large-scale infrastructure projects globally and a preference to outsource PMI testing and inspection services to third-party services has also increased the market growth.

Opportunities

• Government Regulations and Increased Awareness

The regulations concerned with material mix-ups mislabeled shipments and the growing number of large-scale infrastructure projects are estimated to generate lucrative opportunities for the market, which will further expand the positive material identification market's growth rate in the future. Additionally, the growing awareness about innovative quality control techniques coupled with the declining efficiencies of aging assets and the subsequent need for operational safety will also offer numerous growth opportunities within the market.

Restraints/Challenges

• High Costs

One of the barriers to market expansion is the high cost of positive material identification. The high cost of implementation for small size manufacturing plants further increases the overall cost of positive material identification (PMI) which hinders the market growth.

• Dearth of Skilled Personnel

The installations and the handling of various operations of positive material identification (PMI) requires skilled personnel. However, the lack of skilled personnel for handling this equipment further restricts the market growth. This factor is projected to pose as a challenge for the positive material identification market over the forecast period.

This positive material identification market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the positive material identification market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Positive Material Identification Market Scope

The positive material identification market is segmented on the basis of offering, technique, form factor and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

• Equipment
• Services

Technique

• X-Ray Fluorescence (XRF)
• Optical Emission Spectrometry (OES))

 Form Factor

• Portable Analyzers
• Benchtop Analyzers

 Industry

• Oil and Gas
• Metals and Heavy Machinery
• Automotive
• Scrap Recycling
• Chemicals
• Power Generation
• Pharmaceutical

Positive Material Identification Market Regional Analysis/Insights

The positive material identification market is analyzed and market size insights and trends are provided by country, offering, technique, form factor and industry as referenced above.

The countries covered in the positive material identification market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the positive material identification market because of the growing number of large-scale infrastructure projects within the region during the forecast period of 2022 to 2029.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rapid expansion of the end-user industries like electronics, automotive, and healthcare sectors in the developing economies within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Positive Material Identification Market Share Analysis

The positive material identification market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to positive material identification market.

Some of the major players operating in the positive material identification market are

• Olympus Corporation (Japan)
• Thermo Fisher Scientific Inc (U.S.)
• Bruker (U.S.)
• Hitachi Ltd., (Japan)
• Ametek Inc., (U.S.)
• Simadzu Corporation(Japan)
• Malvern Panalytical Ltd (Netherlands)
• SGS Group (Switzerland)
• Bureau Veritas (France)
• Intertek Group plc (U.K.)
• TÜV SÜD (Germany)
• Element Materials Technology (U.K.)
• TÜV Rheinland (Germany)
• Applus Services S.A. (Spain)
• TÜV Nord Group (Germany)
• Tribogenics (U.S.)
• Torontech (Canada)
• Sciaps (U.S.)
• QSX Instruments (U.S.)
• Xenemetrix (Israel)

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