TIC Market for Chemical Industry

1. Global TIC Market for Chemical Industry

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3. Global TIC Market for Chemical Industry The testing, inspection and certification market in the chemical industry was USD 13 billion in 2020, registering a CAGR of 3.5% during the forecast period 2021-2027. 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.

4. Global TIC Market for Chemical Industry Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization, huge manufacturing capabilities and exports, improved lifestyles, and increasing consumer awareness about the importance of certification. Moreover, the developed countries have their manufacturing units in the region, especially in China and India. Nevertheless, the growing middle-class population has led to the growth in private consumption and mounting demand for safety and product quality, resulting in providing opportunities in the chemical industry. 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.

5. Global TIC Market for Chemical Industry UL, a global leader had acquired ChemADVISOR, a recognized world leader in chemical regulatory compliance and data solutions. UL 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. Some of the key players operating in the TIC market in chemical industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, MISTRAS Group, ASTM, Applus+, and DNV GL.

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