A new report by Future Market Insights titled “Chemical Testing Services Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025” throws light on the performance of the global chemical testing services market over an eight year forecast period and provides insights on the various factors impacting the global market over the said period.
In order to facilitate ease of understanding of the market and to provide more clarity on the different aspects of the global chemical testing services market, the report segments the market on the basis of testing service, sample type, and end use. Future Market Insights performs a detailed analysis of the global chemical testing services market across the key geographies of North America, Latin America, Europe, Asia Pacific (APAC), and Middle East and Africa (MEA).
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Key takeaways from the report
The global chemical testing services market will expand at a significant growth rate of 5.0% during the forecast period, and will reach a market valuation in excess of US$ 30 Bn by the end of 2025
Chemical Regulatory Compliance Testing segment by Testing Service will dominate the global market during the assessment period, with a value CAGR of 6.2%, the highest among all the testing service types. This segment will hold a consistent value share of more than 25% throughout the forecast period
By Sample Type, the Petrochemicals segment will register the highest segmental CAGR of 5.9% during 2017 – 2025 followed by the Polymers & Plastics segment at 5.7%
Among the End Use segments, Consumer Goods will continue to dominate the global chemical testing services market throughout the forecast period in terms of value. This segment will reach a market valuation in excess of US$ 20 Bn by the end of 2025, up from an estimated US$ 15 Bn in 2017. Manufacturing will hold the second position among end use segments, recording a CAGR of 5.6% during the forecast period
The regional chemical testing services markets will witness parallel growth in terms of CAGR during the period of forecast, with APAC registering the highest CAGR of 5.3%. However, in terms of market share, Europe will lead the global market with a value share of 36% estimated to be recorded in the years 2017 and 2025
Overall market approach and differentiating strategy
The Future Market Insights report identifies a solution oriented approach in the global chemical testing services market, and key players would be well advised to strengthen partnerships with other stakeholders across the value chain for better output. Market consolidation is another approach that can be seen in the global market, where a strengthening of the integration capabilities with the existing application landscape can be witnessed on a large scale. Backward integration has also been observed to a great deal across the global chemical testing services market. Future Market Insights advises players in the global market to target emerging economies such as Asia Pacific, Latin America, and the Middle East & Africa, as these regions are likely to witness good growth potential for chemical testing services in the coming years.
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The report studies the business operations and strategies of some of the leading companies operating in the global chemical testing services market such as 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, ALS LIMITED, ASTM International, Exova Group plc, BSI Group, and Eurofins Scientific.