Chemical regulatory compliance testing segment will outpace all other segments during the forecast period
The chemical regulatory compliance testing segment by testing service type is expected to outrun all other segments with respect to growth rate and reflects a CAGR of 6.2% during the period of forecast 2017-2025. The chemical composition analysis segment trails behind the chemical regulatory compliance testing segment, with a market share at the end of 2025 that is about one-third of the market share by revenue of the chemical regulatory compliance testing segment. The remaining segments are poised to grow at a steady growth rate during the period of forecast.Europe is anticipated to grow enormously reflecting a robust CAGR of 6.7% throughout the forecasted period in the chemical regulatory compliance testing segment. Following Europe, the North America regional market shows higher growth rate reaching a CAGR of 6.4% during the forecasted period and is anticipated to keep growing in the chemical regulatory compliance testing segment. Following these regions, the Asia Pacific (APAC) region shows promising growth rate and is an upcoming region in the global chemical testing services market. In the Asia Pacific region, the rising environmental and food safety measures and new ASEAN initiatives to facilitate chemical testing activities or programmes are the major driving factors for the market in this region, ultimately contributing to overall growth of the global market.
Europe dominates the market not only in the chemical regulatory compliance testing segment but the overall market as well owing to several factors. The growing partnerships between TIC providers and manufacturers in order to strengthen the food security approach in Europe is a primary aspect fuelling the growth of this market in Europe. Other factors such as subsidisation of costs by the government for certifications along with social, technological and ethical preferences are also supporting the segmental market growth in Europe. There are few trends observed in this region that have a hand in pushing the growth of the chemical testing services market in Europe. Trends such as innovation in technologies in the food processing sector, increasing traction of quality assurance schemes, and strict imposition of stringent chemical testing norms in order to reduce the instances of food borne diseases and illnesses are contributing significantly to the growth of the chemical testing services market in the Europe region.
Major opportunities and growth drivers in the global market
The global chemical testing services market is anticipated to grow at a CAGR of 5.0% during the forecast period of 2017 to 2025 and is expected to reach a market valuation of about US$ 34 Bn in 2025 from an estimated US$ 22 Bn in 2017.
The global chemical testing services market scenario has shown several opportunities to key market players of late. There is a growing demand for outsourcing of chemical services and testing becomes an essential part during the outsourcing process. Moreover, rapid industrialisation and increasing awareness among consumers has driven the global scope of the market. There is a rising demand from various companies for total quality assurance solutions. Moreover, the increasing demand for chemical safety along with quality control has spurred the growth of this market. Several frauds have been caught and it becomes imperative to conduct initial tests to avoid adulteration and deliver pure quality, thereby calling for chemical testing services. Other aspects such as increasing government initiatives and rising number of chemical testing bodies especially in Latin America also contribute to the growth of the global chemical testing services market.
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