Dublin, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The "Testing, Inspection, and Certification Market for the Natural Resources Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Natural Resource Industry Testing, Inspection, and Certification (TIC) market is poised for substantial growth, with a projected CAGR of approximately 5.1% during the forecast period. Natural resources are vital components of the global economy and are used across various industries, contributing to their increased consumption. As quality control through inspection and testing remains crucial, the demand for TIC services in the natural resource sector is on the rise.
Key Highlights
Here are the key highlights from the Global Natural Resource Industry TIC market:
- Natural resources, including metals and biomass, are fundamental to various industries and have experienced increased consumption. For instance, in 2022, approximately 104.1 billion tonnes of virgin raw materials were used globally, emphasizing the importance of quality control through testing and inspection.
- The industrial sector's growth has led to an upsurge in the demand for metals, which are critical components in aerospace, electrical wiring, and other applications. Ensuring the quality of metals through tests like hardness, corrosion, and tensile testing is essential.
- Petrochemicals, widely used in products such as tires, packaging, and clothing, require stringent quality standards. TIC services are instrumental in conducting tests like oil condition monitoring, bacterial testing, environmental impact assessments, and inflammability tests for petrochemical products.
- Global concerns about overexploitation of non-renewable resources and their environmental impact have prompted regulatory authorities worldwide to establish industry standards and regulations, thereby increasing the demand for TIC services.
- The COVID-19 pandemic had a notable impact on the natural resource industry, leading to supply chain disruptions. However, post-pandemic years are expected to witness a resurgence in the natural resource industry, driving the demand for TIC services.
Market Trends
The Natural Resource Industry TIC market is characterized by several noteworthy trends, including:
- Metal and Mining Industry Dominance: The mining industry plays a pivotal role in the extraction of precious minerals and geological materials. Growth in this sector, driven by increased global population, infrastructure development, and investments, positively impacts the TIC market. Services like environmental monitoring, safety assessments, aerial mapping, and inspections are crucial for the mining industry.
- Asia Pacific's Significance: The Asia-Pacific region holds a significant share of the Natural Resource Industry TIC market due to abundant natural resources and rapid industrialization. Countries like China, Japan, and India are among the leading steel producers, fueling the demand for iron ore and related TIC services. Additionally, initiatives by regional governments to promote clean energy create new opportunities for TIC service providers.
Competitor Analysis
The Natural Resource Industry TIC market is growing in competition, attracting new players due to increased demand. Established TIC vendors like Bureau Veritas, SGS SA, and Intertek Group Plc are expanding their service portfolios and entering new markets, both organically and inorganically.
- In August 2022, Aramco and SABIC received independent certification for "blue" hydrogen and ammonia production from TUV Rheinland, a leading TIC agency based in Germany.
- In July 2022, SGS announced new liquefied petroleum gas (LPG) testing capabilities at its Dubai laboratory, aiming to reduce turnaround times and enhance control over testing services.
A selection of companies mentioned in this report includes
- Bureau Veritas
- SGS SA
- DEKRA SE
- Intertek Group Plc
- TUV SUD
- Kiwa NV
- Eurofins Scientific
- Applus+ Group
- CWM International
- Element Materials Technology
Conclusion
The global Natural Resource Industry TIC market is on an upward trajectory, driven by the increasing demand for natural resources across various industries and the need for quality assurance. As regulatory standards continue to evolve and sustainability gains prominence, the role of TIC services in the natural resource sector is set to expand further.
For more information about this report visit https://www.researchandmarkets.com/r/ca43yu
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