Chemical Testing Services Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Chemical Testing Services Market grew at a CAGR of 4.2% between 2017-2021 and is estimated to be US$ 25,467.8Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.1% and is expected to reach a valuation of US$ 41,881.1Mn by 2032 end.
Chemical testing is crucial to materials science and, by extension, to various industrial, chemical, and business applications. Instrumentation improvements over time have made it possible for end users to satisfy compliance and performance needs.
End-use businesses can analyze a sample’s quality and chemical makeup through these services, particularly in determining the composition’s trace metal and impurity content. An important factor in the growth of the chemical testing services market is the rising demand for chemical testing labs in chemical analysis and quality control testing in process industries.
ChemView Consulting has analyzed that governments from different nations continuously work to boost quality through various food safety regulations and improve the export quality of chemical testing and certification of consumer items. One of the major producers of food exports worldwide in Latin America. Fresh fruits, acai berries, salmon, coffee, and other foods are among the food items from Latin America that are most frequently sent to the United States. Latin America is thus concentrating on implementing new chemical testing rules and inspection criteria for food items to meet international food standards and increase its growth prospects.
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They largely consist of chemical raw materials made from petrochemicals, basic inorganics, and intermediates used in chemical testing service processes, which raises the need for testing for chemical regulatory compliance in the global market for chemical testing services. The consumer products, environmental initiatives, and manufacturing industries use the Chemical Composition Analysis segment, mostly for auditing, inspection, testing, analysis, and certification procedures.
Segments Covered in Report
By Testing Service:
- Chemical Composition Analysis
- Chemical Trace Analysis
- Chemicals Regulatory Compliance Testing
- Contamination Detection and Analysis
- Material Testing and Analysis
- Elemental Analysis Certification
- Others
By Sample Type:
- Agrochemicals & Pesticides
- Basic & Industrial Chemicals
- Dyes & Detergents
- Lubricants & Greases
- Nanomaterial
- Petrochemicals
- Polymers & Plastics
- Specialty Chemicals
By End-Use:
- Consumers Goods
- Environmental
- Manufacturing
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Chemical Testing Services Market
- Based on the testing service, the Chemical Composition Analysis segment is anticipated to experience a CAGR of 7.4% over the projected period by service type. Basic and industrial chemicals are essential ingredients for producing goods utilized by both industry and end users, and they are typically obtained in huge amounts.
- Based on the end-use, in the future ten years, the consumer goods sector is anticipated to account for around two-thirds of the global market for chemical testing services by end-use. The demand for chemical testing services for consumer goods is expected to rise as the cosmetics, packaging, paper, detergents, food, beverage, and automotive industries expand globally. These services are now being used in the consumer goods sector because important players receive funding or discounts from public or private organizations.
- Based on the region, regarding market share for chemical testing services, the European area remained in the top spot with 28.3%. Regulations like the Restriction of Hazardous Substances (RoHS) directive and the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) program, which enforces chemical regulations domestically and internationally, are particularly responsible for the rise in the demand for chemical testing in Europe.
Competition Summary
Key companies covered in the market study are Intertek Group Plc, Bureau Veritas, SGS SA, TÜV NORD AG, UL LLC, SAI Global Limited, Aspirata Auditing Testing And Certification (Pty) Ltd, SCS Global Services, TÜV Rheinland Group, MISTRAS Group, AsureQuality Limited, Nippon Kaiji Kentei Kyokai, Dekra SE, Lloyd’s Register Group Services Limited, Indocert
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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