Overview of the Chemical Testing Services Market
Future Market Insights’ (FMI) report on the global chemical testing services market analyses opportunities in the market, and presents updates and insights pertaining to various segments of the global chemical testing services market over the forecast period 2017–2025.
Increasing consumer preference towards products contributing to sustainable environment is leading to the increase in chemical composition analysis. Chemical composition analysis is a new introduction to the chemical testing services market, so as to improve chemical sustainability. Moreover, increasing concerns among consumers regarding environmental impact and sustainability are significantly impacting the chemical testing services market in the U.S., thereby representing a green chemical composition analysis audit services.
Consumer goods manufacturers are implementing the chemical testing services culture in their premises. As an impact of this, there has been an increase in staff training programs related to chemical handling and their processing, so as to instill better understanding of the composition of the chemical handling process among employees. This would have a positive impact for implementing successful chemical safety and testing programs, hence driving the chemical testing services market.
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Chemical testing services are a crucial processing step for regulatory compliance and certifiers to apprehend the composition and quality of chemical materials and substances that are used in industrial processes, products, and the manufacturing any end product. Moreover, chemical testing services require proficiency in applying the most pertinent methodology and expert industrial knowledge, and also are the sources to advanced chemical testing services.
Governments are making continuous efforts to not only improve the export quality of chemical testing services and certifications of consumer products, but also enhance quality through various food safety standards.
Latin America is one of the most prominent food exporters in the world. The most commonly exported food products to the U.S. are fresh fruits, acai berries, salmon, and coffee, among others. Thus, to broaden the chemical testing services market growth prospects. Latin America is focusing upon the implementation of new chemical testing service regulations and inspections for food products, so as to comply with international food standards.
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To understand consumption patterns and assess opportunities in the chemical testing services market, the report is divided into four sections, namely, by testing service type, by sample type, by end use, and by region. The report analyses the global chemical testing services market in terms of market value (US$ Mn). The report covers the global chemical testing services market performance in terms of value contribution. The report also includes FMI’s analysis of the drivers and restraints witnessed in the market. Key trends observed across the value chain are also included in the report. The chemical testing services market report highlights existing opportunities in the global market, to equip the client with crystal-clear, decision-making insights.
Many fraud cases have been identified in the food industry related to chemical certifications. The chemical testing service certifications offered to various end-user industries and the consumer goods sector have been coming across various frauds in the past few years.
For instance, in the United State, while testing food products through the chemical testing service process, they came across various frauds in testing the authenticity of a meat product involving the sampling of DNA, amplifying the genetic material with the polymerase chain reaction (PCR), and looking for certain markers.
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The subsequent sections of the report analyse the global chemical testing services market on the basis of testing service type, sample type, end use, and region, and presents a forecast for the period 2017–2025. The market is segmented as follows:
Chemical Testing Services Market by Testing Service Type:
- Chemical Composition Analysis
- Chemical Trace Analysis
Chemical Testing Services Market by Sample Type:
- Agrochemicals & Pesticides
- Basic & Industrial Chemicals
Research Methodology of the Chemical Testing Services Market
To deduce the chemical testing services market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by testing service type, by sample type, by end use, and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution by the global chemical testing services market.
The chemical testing services market report begins with sizing the base year in terms of value and volume. This forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, FMI triangulates the data via different analysis based on supply side, demand side, and dynamics of the global chemical testing services market. To develop the chemical testing services market forecast, FMI conducted a factor analysis to understand the impact of various forces/factors on the target market. However, quantifying the chemical testing services market across the abovementioned segments is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that, in an ever-fluctuating economy, we not only provide forecasts in terms of CAGR but also analyse on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand the predictability of the chemical testing services market, and identify the right opportunities.
Another key feature of this report is the analysis of the global chemical testing services market and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global chemical testing services market.
To understand key segments in terms of their growth and performance in the global chemical testing services market, Future Market Insights has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global chemical testing services market.
The report covers an in-depth analysis of all components of the value chain in the global chemical testing services market. In the final section of the report on the global chemical testing services market, a competitive landscape has been included to provide a dashboard view of global chemical testing service manufacturers, retailers, and distributors. The report contains company profiles of some key players in the market.
Chemical Testing Services Market Players Featured in this Report are as Follows:
- Intertek Group Plc
- Bureau Veritas
- SGS SA