Global TIC Market for Chemical Industry is Anticipated to grow at a Significant Pace and was USD 13 billion in 2020

Published Date: Sep, 2021

The TIC market for the chemical industry is expected to witness a CAGR of 3.5% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the chemical industry The chemical industry offers a wide variety of products that influence virtually every aspect of our lives. It is crucial to ensure that they are produced effectively and should comply with regulatory standards. Growing urbanization and people migrating from rural areas to urban areas are driving the growth of the TIC market for the chemical industry. Moreover, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the chemical industry. There is a need to identify and assess possible health hazards, manage risk, maintain product integrity, and meet sustainable and environmental goals, resulting in the growth of the TIC market for the chemical industry.

The COVID-19 outbreak has had an unprecedented impact on the chemical industry which has disrupted the supply chain globally. So, companies need to focus on operational efficiency, asset optimization, cost management and take strategic initiatives in major functional areas such as R&D, technology, resulting in the growth of TIC services in the chemical industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

UL, a global leader had acquired ChemADVISOR, a recognized world leader in chemical regulatory compliance and data solutions. UL’s will broaden its compliance solution services by integrating ChemADVISOR’s environmental, health, safety and transportation information and solutions, thus, help businesses navigate the ever-changing, chemical regulatory landscape.

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " TIC Market for Chemical Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Agrochemicals & Pesticides, Base & Industrial Chemicals, Dyes & Detergents, Lubricants & Greases, Nanomaterials, Petrochemicals, Polymers & Plastics, Specialty Chemicals, and Others), and Region - Global Forecast to 2027"

By service type, the testing segment holds the largest market share in the TIC market for chemical industry during the forecast period.

Based on service type, the TIC market for the chemical industry is segmented into testing, inspection, and certification. The testing segment is anticipated to hold the largest share during the forecast period as there is a need to test various verticals in the chemical industry. Petrochemical testing is performed worldwide in accordance with ASTM, ISO, IP, and other chemical industry standards and protocols. Lubricant quality-control tests provide lubricant analysis programs for large, high-quality engines and powertrains, turbines, ships, generators, offshore platforms, and other valuable machinery. Thus, chemical testing offers purity & component, trace composition, trace contamination, quality control, troubleshooting, and other chemical analysis, resulting in the growth of the TIC market for the chemical industry.

Global TIC Market for Chemical Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest) Certification

 (High CAGR)

Industry Vertical

Agrochemicals & Pesticides, Base & Industrial Chemicals, Dyes & Detergents, Lubricants & Greases, Nanomaterials, Petrochemicals, Polymers & Plastics, Specialty Chemicals, and Others

Petrochemicals  

(Significant Growth)

Dyes & Detergents (Considerable Growth)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific

(High CAGR)

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“APAC is anticipated to witness fastest-growing region during the forecast period in the TIC market for the chemical industry.”

APAC is anticipated to witness fast growth owing to widespread industrialization and urbanization in countries such as China, India, and Japan which has provided huge investment in the chemical industry. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities for growth of the TIC market for the chemical industry.

Some of the key players operating in the TIC market in the chemical industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, MISTRAS Group, ASTM, Applus+, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, MISTRAS Group, ASTM, Applus+, and DNV GL

Global TIC Market for Chemical Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Agrochemicals & Pesticides
  • Base & Industrial Chemicals
  • Dyes & Detergents
  • Lubricants & Greases
  • Nanomaterials
  • Petrochemicals
  • Polymers & Plastics
  • Specialty Chemicals
  • Others

Geographical Segmentation

TIC Market for Chemical Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Chemical Industry is Anticipated to grow at a Significant Pace and was USD 13 billion in 2020