| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9057 | Industry : Semiconductor & Electronics | Available Format :
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Page : 165 |
Global TIC Market for Mining Industry – Analysis and Forecast (2025-2030)
Industry Insight by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Precious Metals Assay, Exploration Geochemistry, Environmental Analysis, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
In the Mining Industry, The Market For Testing, Inspection, And Certification (TIC) reached a value of USD 6.8 billion in 2030, currently in the year 2023 market was valued at USD 2.9 billion with a projected compound annual growth rate (CAGR) of 2.2% from 2025 to 2030.
Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.
Globalization has led to product standardization norms and has penetrated developed technologies across various industries such as building & construction, mining, electronics, and automotive industries, etc., resulting in the growth of the TIC market during the forecast period 2023-2030. Mining is the world’s highest-risk business that is operated in remote and conflict-afflicted areas. Moreover, rapid urbanization, mandatory safety regulations, upsurge in the illicit trade of counterfeit and pirated products, advancement in networking and communication technology, the inclination of outsourcing testing, inspection, and certification services has propelled the growth of the TIC market in the mining industry. Nevertheless, TIC provides various advantages related to its credibility and image, compliance with legal and regulatory requirements, less turnover of employees, high level of cost control improvement, and fast improvement of different processes. Mining and exploration companies require TIC to know that the project is commercially, technically, and operationally viable. Moreover, companies need to minimize the risk and maintain high industry standards according to IOS 14001, OHSAS 18001, etc.
The COVID-19 pandemic resulted in a short-term decline in demand and revenue in the first quarter of 2020. Moreover, TIC is playing a crucial role by offering assurance that the products and services offered to the customers will provide safety and health standards. Business organizations in the TIC market are intensifying IT infrastructures and developing business continuity plans, implying that the testing, inspection, and certification market are holding the substantial potential to bounce back from the COVID-19 outbreak. This is due to the fact that TIC services will enhance and protect brand reputation, verify products’ safety, and enables trade.
Market Segmentation
Insight by Sourcing Type
Based on sourcing type, the TIC market for the mining industry is bifurcated into in-house and outsourced. Among the two segments, the in-house segment dominates the market and is anticipated to hold the largest share during the forecast period 2023-2030. Deploying in-house testing and inspection will offer companies to have complete control over the entire process in terms of technology, skilled personnel, and testing and measurement equipment. Moreover, it can also help manufacturers in reducing in-house compliance costs and easily respond to global market demands. Therefore, the mining industry chose in-house services over outsourced services due to the criticality of applications.
Insight by Service Type
Based on service type, the TIC market for the mining industry is segmented into testing, inspection, and certification. Among these segments, the testing segment holds the largest share in the testing, inspection, and certification market in 2020 owing to the diverse product standards, stringent regulations, increasing need for improved safety, growing industrialization, and a need to protect the brand. There is a need to have laboratory testing and automated sample preparation to assess the viability of the mining projects and to ensure the quality and integrity of commodities. Thus, companies from different industries are increasing their operational expenditure on the investment of testing equipment which offers market growth in the TIC market.
Insight by Industry Vertical
Based on industry vertical, the TIC market for the mining industry is divided into precious metals assay, exploration geochemistry, environmental analysis, and others. The introduction of sensitive, rapid throughput instrumentation has revolutionized geochemistry. TIC in the mining industry helps in exploring green or brownfield sites, assess the feasibility, set up mine operations across a wide range of geological materials containing precious, base, rare-earth, and battery metals, as well as bulk commodities, like bauxite and iron ore.
Global TIC Market for Mining Industry Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 6.8 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 6.8 Billion |
|
Growth Rate |
2.2% |
|
Segments Covered in the Report |
By Sourcing Type, By Service Type, and By Industry Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The TIC market for the mining industry is characterized by various industry trends such as growing investment in AR and VR, mounting adoption of connected devices and cloud-based technology, increasing mergers and acquisitions by the industry players, and sustained consolidation of suppliers leading to globalization.
Growth Drivers
The demand for Testing, Inspection, and Certification (TIC) services in the mining industry is expected to increase due to several factors. These include growing government regulations, industry standards, certification requirements, and the need for quality, safety, and cost-effectiveness in mining projects. Additionally, the optimization of asset performance, mechanical integrity, and regular inspections will help reduce costs, ensure compliance, and extend the useful life of mining assets.
Furthermore, manufacturing companies are increasingly focusing on offering high-quality products to improve customer retention. This emphasis on quality drives the need for interoperability testing for connected devices and the Internet of Things (IoT). Moreover, the globalization of trade and the emergence of digital technologies contribute to the rising demand for TIC services in the mining industry.
In summary, the mining industry's reliance on TIC services is expected to grow due to government regulations, industry standards, asset optimization, and the emphasis on quality and safety. Additionally, the demand for TIC services is fueled by the need for interoperability testing, globalization, and the adoption of digital technologies.
Challenges
The testing, inspection, and certification market face certain challenges like trade wars and growth fluctuations, huge investment for automation and installation of industrial safety systems, high cost of TIC owing to diverse standards and regulations globally. Mining is a risky business having a complex supply chain and strict environmental regulations. Moreover, a lack of testing facilities and skilled personnel may hamper the growth of the TIC market in the mining industry.
Opportunities
Testing, inspection, and certification is a massive market that provides lucrative opportunities in technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity. Moreover, the growing availability of advanced aerial imagery, adoption of innovative business models, shifting of mining activities in developing economies will create opportunities for the growth of TIC in the mining industry.
Geographic Overview
Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, demand for safety and product quality, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units and some are shifting their mining activities in the region. These manufacturing units manufacture products according to internationally accepted standards.
Competitive Insight
Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize the operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the growing demand for automation, remote service execution, and improved digitization.
The business enterprises have started opening development centers in new locations to enhance market penetration which helps in building business relations with customers and clients. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions to generate new revenue channels.
ALS has provided comprehensive testing solutions to clients in a wide range of industries all over the world. The company's state-of-the-art technology and innovative methodologies coupled with the strength of our international teams – ensure that we deliver the highest quality services using local expertise and personalized solutions.
Bureau Veritas is a global leader in the testing, inspection, and certification of construction consultancy services. Bureau Veritas manages risk, adds value, provides cost-effectiveness, and gives clients help at all stages of the design and construction process. They provide support throughout the mining project’s lifecycle right from exploration and procurement, to construction and operation with services that cover facilities, products, assets and processes.
Some of the key players operating in the TIC market in the mining industry: Intertek Group plc, Bureau Veritas, Alex Stewart International, SGS SA, Eurofins USA, MAXXAM, ALS Limited, DEKRA SE, Applus+, and DNV GL.
Recent Developments by Key Players
Bureau Veritas, Kayrros and OPTEL has collaborated to provide companies with a solution to help them combat deforestation. The partnership is designed to help companies comply with the European Union Deforestation Regulation (EUDR), that focus on combat deforestation caused by the import of certain products.
SGS has launched FAST Solutions (Field Analytical Services and Testing) for the metals and mining industry in North America and Australia which provides real-time data acquisition in the field by pairing with portable instrumentation and machine learning.
The TIC Market for Mining Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Sourcing Type
- In-House
- Outsourced
- By Service Type
- Testing
- Inspection
- Certification
- By Industry Vertical
- Precious Metals Assay
- Exploration Geochemistry
- Environmental Analysis
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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TIC Market for Mining Industry