At 5.1% CAGR Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market To Grow with Intertek, Bureau Veritas SA, TUV Rheinland Group, SGS S.A., Underwriters Laboratories, TÜV SÜD, CTC Groupe, Eurofins Scientific, QI

Overview of Industry Rise:

The global apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market was valued at US$ 4,637.6 Mn in 2017 and is expected to exhibit a CAGR of 5.1% over the forecast period to reach US$ 7,832.4 Mn in 2027. Apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market report analyzes market based on industries such as apparels, footwear, and leather goods. According to Coherent Market Insights’ analysis, apparels segment held the largest share in 2018 in the apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market, owing to increasing disposable income, rapid urbanization, and significant growth of the apparels industry in emerging economies.

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Segmentation Analysis:

Apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market report analyzes market based on industries such as apparels, footwear, and leather goods. According to Coherent Market Insights’ analysis, apparels segment held the largest share in 2018 in the apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market, owing to increasing disposable income, rapid urbanization, and significant growth of the apparels industry in emerging economies.

TIC service providers are offering technical expertise in leather technology and restricted chemical substances in various countries in order to expand their testing laboratories across the globe. TIC service providers are also engaged in expanding their consumer base, owing to increasing demand for high quality products. For instance, in November 2017, SGS S.A., a testing, inspection and certification service provider, expanded its textile and footwear testing facilities in Bangladesh. Increasing demand for leather and textile sourcing in Bangladesh, has led to expansion of facilities that can offer chemical testing services to both local and international clients.

Competitive Analysis:

Moreover, key players in the TIC market are also focusing on expanding their market presence in the clothing industry through strategic acquisitions. For instance, in December 2015, Bureau Veritas acquired CERTEST, an Italy-based leather and apparel testing laboratory. Through this acquisition, Bureau Veritas has reinforced its market footprint in Italy, which has the presence of leading manufacturers of footwear, apparels, and leather goods. Major players operating in the global apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market include Intertek Group plc., Bureau Veritas SA, TUV Rheinland Group, SGS S.A., Underwriters Laboratories Inc., TÜV SÜD, CTC Groupe, Eurofins Scientific, QIMA, and Hohenstein.

Regional Outlook:

Europe’s apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market generated revenue of US$ 1,811.2 Mn and is expected to reach US$ 2,905.0 Mn by 2027, witnessing a CAGR of 5.2% over the forecast period. Increasing implementation of REACH regulations (European Union Regulation) regarding registration, evaluation, authorization, and restriction of chemicals that affect consumer products with regard to substance authorization according to Annex XIV or restriction according to Annex XVII has resulted in increasing demand for testing and inspection services in this region.

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Detailed Segmentation of this Market Report:

Global Apparel, footwear, and leather goods (AFL) testing inspection, and certification (TIC) Market,
By Service Type:
-Testing Services
-Chemical Testing
-Physical Testing
-Colorfastness Testing
-Others
-Third Party Audits and Inspection Services
-Certification Services

Global Apparel, footwear, and leather goods (AFL) testing inspection, and certification (TIC) Market, By Industry:
-Footwear
-ApparelsLeather Goods

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This release was published on openPR.