Positive Material Identification Market 2024 - Growth, Market Size, Analysis, Competitive Landscape | Olympus Corporation, Thermo Fisher Scientific Corporation, Bruker Corporation, Hitachi Ltd., Ametek Inc., Malvern Panalytical mited

Overview and Scope
Positive material identification (PMI) is a crucial non-destructive testing (NDT) technique used to confirm that the materials provided comply with the necessary norms and requirements. These are used to verify that the chemical composition of the metallic parts has the right proportion of essential elements, ensuring that material qualities like corrosion resistance satisfy the criteria. The PMI is used in many industries for quality control and safety compliance and is an essential component of production and asset integrity management.

Sizing and Forecast
The positive material identification market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to safety and quality assurance, industrial expansion , metal processing and fabrication, aerospace and defense applications, oil and gas industry growth..

The positive material identification market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to integration in pharmaceuticals, quality control in construction, global trade expansion, spectroscopy advancements, recycling industry growth.. Major trends in the forecast period include advancements in handheld devices, integration of ai and data analytics, focus on industry-specific solutions, rise of mobile and cloud integration , enhanced non-destructive testing..

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Segmentation & Regional Insights
The positive material identification market covered in this report is segmented –
1) Positive Material Identification Market By Offering: Equipment, Services
2) Positive Material Identification Market By Form Factor: Portable Analyzers, Benchtop Analyzers
3) Positive Material Identification Market By Technique: X-Ray Fluorescence (XRF) , Optical Emission Spectrometry (OES) )
4) Positive Material Identification Market By Industry: Oil and Gas, Metals and Heavy Machinery, Automotive, Scrap Recycling, Chemicals, Power Generation, Pharmaceutical

North America was the largest region in the positive material identification market share in 2023. The regions covered in the positive material identification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing oil & gas industries are expected to propel the growth of the positive material identification (PMI) market. The oil & gas industry is concerned with hydrocarbon exploration, data collection, development, drilling, production, gathering, refining, distribution, and transportation. The PMI is utilized in the oil and gas sectors for quality control and safety compliance and it is an important component of production and asset integrity management. For instance, according to a report published by the United States Energy Information Administration, which is the primary agency of the United States Federal Statistical System, natural gas output in the United States increased by 4% (4.9 billion cubic feet per day [Bcf/d]) in 2022, averaging 119 Bcf/d. Therefore, the oil & gas industries are driving the growth of the positive material identification market.

Key Industry Players
Major companies operating in the positive material identification market report are Olympus Corporation, Thermo Fisher Scientific Corporation, Bruker Corporation, Hitachi Ltd., Ametek Inc., Malvern Panalytical, SGS S.A., Bureau Veritas, Intertek Group plc., Applus+, Shimadzu Corporation, TÜV Rheinland, TÜV SÜD America, SciAps Inc., Tribogenics Inc., Agilent Technologies, PerkinElmer), HORIBA, Spectris, Anritsu, Andor Technology, Buehne, Cofatech, Corning, Danaher Corporation, Deutsche Telekom, Element Materials Technology, TUV Nord, Torontech, QSX Instruments

The positive material identification market report table of contents includes:

1. Executive Summary

2. Positive Material Identification Market Characteristics

3. Positive Material Identification Market Trends And Strategies

4. Positive Material Identification Market – Macro Economic Scenario

5. Global Positive Material Identification Market Size and Growth

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32. Global Positive Material Identification Market Competitive Benchmarking

33. Global Positive Material Identification Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Positive Material Identification Market

35. Positive Material Identification Market Future Outlook and Potential Analysis

36. Appendix