Chemical Testing Services Market Projected to Thrive with a Steady 5.4% CAGR from 2023 to 2033

Chemical Testing Services Market

Between 2023 and 2033, the chemical testing services market is projected to grow at a CAGR of 5.4% on average. By 2033, the market is projected to have a share of US$ 52.19 billion, up from its projected US$ 30.84 billion value in 2023.

The chemical testing services market plays a crucial role in ensuring the safety, quality, and compliance of various products across industries such as pharmaceuticals, food and beverages, environmental monitoring, and manufacturing. As the world becomes increasingly conscious of health, safety, and environmental concerns, the demand for accurate and reliable chemical testing services continues to grow.

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Key Points

  1. The United States market leads the North American chemical testing services market in terms of market share in North America. The United States held a healthy market share of 35.9% in 2022. The factors attributed to the growth are the restoration of research facilities along with the launch of new food and beverage items. Government-based FDA approvals with higher standards and multiple-level testing are also gaining traction for the regional market during the forecast period.
  2. The German chemical testing services market held an average market share of 8.3% in 2022. The market growth is caused by new testing methods by government and industrial authorities conducting chemical tests for purity, quality, grade, and impurity.
  3. The Indian market thrives at a healthy CAGR of 6.4% between 2023 and 2033. The growth is attributed to higher economic activities, production of drugs, and other medical-care products.
  4. The Chinese market strives at a CAGR of 5.9% between 2023 and 2033.
  5. Based on testing services, the chemical composition analysis segment held the leading market share of 21.7% in 2022.
  6. Based on end-use type, the consumer goods segment leads as it held a market share of 46.7% in 2022.

Competitive Landscape

The key suppliers focus on different types of tests, catering to different types of applications. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Recent Market Developments

  • MISTRAS Group has introduced its chemical testing services, including component testing, 3D metrology, physical testing, material-based testing, quality assurance & control (QA/QC)
  • Nippon Kaiji Kentei Kyokai has introduced physical and chemical analysis before the approval procedures such as JIS, ISO, ASTM, and domestic laws.

Top Key Players in the Global Market

  • 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

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Key Segmentation of Chemical Testing Services Market

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
  • Europe
  • Japan
  • Asia Pacific Excluding Japan
  • The Middle East and Africa

Old Source: https://www.globenewswire.com/en/news-release/2022/10/03/2526617/0/en/Chemical-Testing-Services-Market-to-reach-US-49-52-Bn-by-the-end-of-2032-Owing-to-the-Continuous-Efforts-to-Improve-Quality-of-Chemical-Testing-Future-Market-Insights.html

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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