Published on : Dec 19, 2017
Albany, New York, December 19, 2017: Global demand for chemical testing services is likely to grow at a CAGR of 5% and be worth US$ 34 Bn by the end of 2025, according to a new research report added to the repository of Market Research Hub (MRH). The report titled “Chemical Testing Services Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 – 2025” offers comprehensive insights on the future of the chemical testing services market around the globe.
The report gives readers detailed insights on the global chemical testing services segmenting the market on the basis of various parameters. On the basis of testing service type, the market has been segmented into chemical composition analysis, material testing and analysis, chemical trace analysis, elemental analysis and certification, chemical regulatory compliance testing, and ‘others’. Among these, demand for chemical regulatory compliance testing is likely to witness higher growth rate as compared to other segments. This segment is likely to grow at a CAGR of 6.2% during the forecast period 2017-2025.
Europe remains one of the leading markets for chemical testing services globally, owing to strong focus on food security approach. Government support, in terms of subsidy and adoption of innovative techniques by end-users is likely to create opportunities for global manufacturers during the assessment period. Imposition of stringent chemical norms by regulatory bodies, combined with higher awareness among end-users is likely to provide impetus to the demand for chemical testing services during the assessment period. In addition to Europe, North America and Asia Pacific excluding Japan (APEJ) are the other key markets for chemical testing services market. The adoption of the chemical testing services in North America is led by the U.S., where a growing emphasis on environmental conservation and quality of end products is fuelling demand. In contrast, demand in APEJ is on account of sheer number of end-use industries in the region. Home to two of the world most populous nations, there has been a steady increase in emphasis on quality and environmental conservation. These factors are likely to create opportunities for players looking to expand into new markets.
Demand for chemical testing services is quite formidable in the consumer goods segment, and the report projects this segment to reach a valuation of nearly US$ 20 Bn by the end of 2025. Manufacturing is the second largest end-use segment for chemical testing services globally. Some of the leading companies profiled in the report include Intertek Group Plc, Dekra SE, Aspirata Auditing Testing TÜV NORD AG, SGS SA, Bureau Veritas, TÜV Rheinland Group, UL LLC, SAI Global Limited, And Certification (Pty) Ltd, MISTRAS Group, Nippon Kaiji Kentei Kyokai, AsureQuality Limited, BSI Group, SCS Global Services, Lloyd’s Register Group Services Limited, Indocert, ASTM International, ALS LIMITED, Exova Group plc, and Eurofins Scientific
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