NEWARK, Del, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The global chemical testing services market is predicted to showcase a steady CAGR of 5.4% during the forecast period from 2022 and 2032. The global market is anticipated to reach US$ 29,267.65 Mn in 2022 and is further projected to reach US$ 49,521.5 Mn by the end of 2032.
The global chemical testing services market registered a CAGR of 4.7% over the historic evaluation period from 2012 to 2021. The market is anticipated to witness healthy growth over the present projection period from 2022 and 2032 of around 5.4%. The growth is attributed to the rising government regulations for the manufacturing industry, specifically chemicals, paints & coatings, and food & beverages, and is projected to remain one of the key growth drivers for the global chemical testing services market in the assessment period.
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The chemical testing services market has been subjected to a specific variety of macroeconomic and industrial factors, including chemical industry growth, development of the manufacturing industry, expansion of the mining sector surging advancements in the field of nanotechnology. These industrial factors are anticipated to significantly hike growth across the forecast period.
Key Takeaways
- Governments of several countries are making continuous efforts to not just enhance the export quality of chemical testing and certification of consumer products but also improve the quality with the help of several food safety standards. Latin America is known as the most prominent food exporter in the world.
- Some of the most commonly exported food products to the U.S. from Latin America comprise fresh fruits, Aronia berries, salmon, and coffee among others. Therefore, in order to broaden its growth prospects, Latin America is concentrating on the implementation of new chemical testing regulations and inspection norms for food products to comply with international food standards.
- To successfully cater to the high international demand, the domestic market was previously neglected, although due to rising globalization, domestic food products have also been reviewed through food safety programs, testing, as well as certification. These factors are projected to support growth in the global chemical testing services market, especially in the food industry.
- Chemical testing certification in numerous industry verticals is strictly regulated by a massive number of leading chemical testing regulatory bodies, and these norms vary as per different regions. Some of the leading agencies such as REACH Regulation and RoHS Directive are known as well-established and trustworthy agencies which are majorly responsible for the testing and certification of a huge range of chemical products.
- According to chemical testing regulatory bodies, manufacturers ought to use non-hazardous chemicals in their end-use products and goods and are only allowed to send them to their consumers. The food manufacturers who receive REACH and RoHS certifications are allowed to incorporate the logo in their packaging.
- The surging participation of small and medium-sized enterprises in the global chemical testing services market is expected to show remarkable growth in the next decade owing to the ongoing innovations in services offered by several waste management companies in the market.
Competitive Landscape
The global chemical testing services market is witnessing merger and acquisition activities among various key players in order to enhance its customer base and surge its presence in untapped industries and regions. In addition to that, key market participants are focusing on launching new services and innovating their present testing procedures owing to the drastic technological shift in multiple industries and continuous development in these industries.
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More Insights into the Chemical Testing Services Market
Several key players across North America are offering in-house testing and third-party testing (outsourcing) services in the U.S. In the advent of industrialization, various companies are going through multiple hurdles driven by the increasing complexity in their operations, which is further creating unprecedented levels of supply chain risks. The North American region is expected to garner 16% of the total market share over the forecast period.
Germany is predicted to remain one of the prominent countries in the European chemical testing services market in the next ten years. Expansion of the chemical, petrochemical, plastic & polymer, and paints & coatings industries in Germany is likely to boost the chemical testing market. According to FMI, the German market is anticipated to account for around 4.6% of the global market share in the forthcoming years.
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Chemical Testing Services Market Outlook by Category
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
- Packaging & Paper
- Toys
- Cosmetics
- Detergents & Cleaning Products
- Hygiene Products
- Food Material
- Electrical and Electronic Products
- Automotive
- Environmental
- Manufacturing
By Region:
- North America
- Latin America
- East Asia
- Europe
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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