Rising Demand in Manufacturing and Nanotechnology Fuels Chemical Testing Services Market Growth to USD 52.19 billion by 2033 | FMI

The chemical testing services industry share is anticipated to thrive at an average CAGR of 5.4% between 2023 and 2033. The market is expected to have a share of USD 52.19 billion by 2033, while it is likely to be valued at USD 30.84 billion in 2023.

- A long range of industrial applications, higher involvement in research-based projects, and educational institutes implementing chemical testing operations for practical learning are supporting the higher adoption of chemical testing services.
- Newer benefits like the detection of impurities and evaluation of new materials, including the identification of alloys, are expected to flourish the market growth. Also, the easy determination of contamination sources for elimination purposes through tracing foreign particles, stains, and degradation is helping many industries. These industries include inspection, crime research, and other purely chemical sectors.
- Other than impurities and contamination spotting, these services are also used for the metal and material testing of their strength, grade, and corrosion-preventing capacity. Regulatory chemical testing also makes sure that the chemical products meet the regulatory health and safety requirements. Hence, the new food and beverage products are helping the market expansion.
- Government-based research and approval centers are expected to garner market growth. Pharmaceutical brands also adopt these testing services on a large scale. As an active part of the drug testing and approval procedure, chemical testing is important in the final drug approval.

Get an overview of drivers and challenges affecting this industry! https://www.futuremarketinsights.com/report-sample#5245502D47422D34353539

Key Points Covered in Chemical Testing Services Market Report:

- 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.
- 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.
- 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.
- The Chinese market is expected to grow at a CAGR of 5.9% between 2023 and 2033.
- Based on testing services, the chemical composition analysis segment held the leading market share of 21.7% in 2022.
Based on end-use type, the consumer goods segment leads as it held a market share of 46.7% in 2022.

Top 20 Players in Chemical Testing Services Market:

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.

The key market players involved 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
- ALS LIMITED
- ASTM International
- Exova Group plc
- BSI Group
- Eurofins Scientific

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.

Exhaustive Market Report: A Complete Study: https://www.futuremarketinsights.com/reports/chemical-testing-services-market

Market Segmentation Covered are:

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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa

Read Source: https://www.globenewswire.com/news-release/2023/08/17/2726855/0/en/Chemical-Testing-Services-Market-is-Projected-to-hit-a-worth-of-US-52-19-Billion-at-a-CAGR-of-5-4-during-the-forecast-period-2023-to-2033-Future-Market-Insights-Inc.html

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