Global Chemical Testing Services Market Revenue Expected to Expand at a CAGR of 5.0% Between 2017 and 2025 Owing to the Increasing Demand for Chemical Regulatory Compliance Testing
Aug 03,2017 | Chemicals & Materials
Future Market Insights research delivers in-depth research on the chemical testing services market in its latest report, titled 'Chemical Testing Services Market: Global Industry Analysis and Opportunity Assessment, 2017–2025”. According to the report, the global chemical testing services market is projected to expand at a healthy CAGR of 5.0% during the forecast period in terms of revenue.
Global Chemical Testing Services Market: Overview & Analysis
A chemical testing services market is a crucial processing step for regulatory compliance and certifiers to apprehend the composition and quality of chemical materials and substances that are used in industrial processes, products, and manufacturing any end product. Moreover, a chemical testing services market requires proficiency in applying the most pertinent methodology and expert industrial knowledge. Further, various kinds of chemical analysis in chemical testing services is provided to ensure that the products are aligned with various regulations such as REACH, RoHS, and other chemical notifications. Further, for a few verticals such as agrichemical, pesticides, or pharmaceuticals, there are different chemical testing services laboratories, including the Good Laboratory Practice (GLP) and Good Manufacturing Practice (GMP).
The chemical testing services market is growing at a faster pace, as quality audits and demand recalls are receiving more publicity now than in the past, making the response to them more sensitive and urgent. With chemical testing services market providers requiring to conform to a variety of government-mandated requirements and regulatory compliances, they need to maintain strict detailed product information and quality management. In addition, special materials, production techniques, and packaging requirements force manufactures to keep stringent control over their manufacturing processes in chemical testing services market. These regulations through government and regulatory bodies are boosting the growth of the chemical testing services market.
On the basis of region, Europe is estimated to be the center market in the chemical testing services market, expected to account for 36.0% value share of the global chemical testing services market in 2017. The region continues to dominate the chemical testing services market, and is expected to continue to do so throughout the forecast period. On the basis of testing service type, the chemicals regulatory compliance chemical testing services, and the contamination detection and analysis segments are projected to exhibit CAGRs of 6.2% and 5.4%, respectively, in terms of chemical testing services market value during the forecast period. This is attributed to the increasing demand for chemical testing services certifications from top regulatory bodies such as REACH, RoHS, and others.
For More Detailed Insights on Chemical Testing Services Market Analysis
The chemical testing services market in North America, APAC, MEA, and Latin America are anticipated to contribute majorly to the global chemical testing services market. The market in APAC is expected to account for 28.5% share in terms of value in the global chemical testing services market, and be valued at US$ 9,704 Mn by 2025 end. The increasing demand for chemical testing services certifications and analysis from the consumer goods and manufacturing industry of Europe and APAC, especially China and Japan, is expected to fuel revenue growth of the market in the region. The chemical testing services market in North America is estimated to be valued at US$ 5,282 Mn by 2017 end, and projected to expand at a CAGR of 39.6% during the forecast period.
Factors such increasing demand for chemical safety and quality control, growing demand for the outsourcing of chemical testing services, increase in manufacturers and TIC providers, and partnerships to strengthen the food security approach to encourage certifications, governments are subsidizing the cost of certification, which is expected to drive revenue growth of the global chemical testing services market.
The global chemical testing services market is segmented on the basis of service type, sample type, end use, and region. By sample type, the chemical testing services market is segmented into agrochemicals & pesticides, basic & industrial chemicals, dyes & detergents, lubricants & greases, nanomaterials, petrochemicals, polymers & plastics, and specialty chemicals. Moreover, by end use, the chemical testing services market is categorized into consumer goods, environmental, and manufacturing. Key regions covered in the report are North America, Latin America, Europe, APAC, and Middle East & Africa.
The chemical testing services market report analyses the global chemical testing services market in terms of value (US$ Mn) by testing service type, sample type, end use, and region; and provides insightful information regarding the segment analysis, market trends, competitive landscape, market dynamics, market estimations, and forecast.
Chemical Testing Market: Companies
Key chemical testing services market participants covered in this report include Intertek Group Plc, Bureau Veritas, SGS SA, TÜV NORD AG, UL LLC, SAI Global Limited, SCS Global Services, TÜV Rheinland Group, MISTRAS Group, Dekra SE, BSI Group, Eurofins Scientific, and others.
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