The global chemical testing services market accounts for around 40% to 45% of the global application testing services industry.
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 Million in 2022 and is further projected to reach US$ 49,521.5 Million 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
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.
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:
By Sample Type:
By End Use:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 03, 2023