According to a new market research report "Testing, Inspection and Certification (TIC) Market by Application; Petroleum, Environmental Compliance, Consumer Products, Agriculture, & Mining, and Geography - Forecast to 2020", the testing, inspection and certification (TIC) market is expected to reach $55.60 Billion by 2020, growing at a CAGR of 5.00% between 2015 and 2020.
Testing, inspection, and certification is a service industry wherein, people, flexibility, workflow, and IT systems play a major role due to which, this industry is not capital intensive. Manufacturers of product get benefited by these services to position themselves in the international market. Additionally, these services help assure consumers about the quality and safety of products.
Sectors like agriculture, and environmental are implementing new regulations and standards that have led to various growth opportunities for the TIC market in the said sectors. However, growth of TIC market may be hampering by the regional regulation and standards. Consumers are becoming more aware of health and safety related issues of consumer products which is a major winning imperative for the testing, inspection, and certification (TIC) market.
The report provides a detailed segmentation of the said market on the basis of application and geography. The TIC market has been segmented based on application into petroleum, environmental compliance, consumer products, agriculture, and mining. The market for TIC services in the petroleum sector has been further segmented into refined petroleum products, biofuels, feedstocks, petroleum cargo, and others. Environmental compliance has been further divided into soil, water, air, and occupational hygiene. Consumer products has been segmented into accessories, appliances, textiles, apparel, and footwear, food & beverage, personal care and beauty, toys and juvenile products, and others. Agriculture has been further divided into seed and crop, commodities, food safety and quality, and others. Mining has been further segmented into geo-analytics, mineral processing, mineralogy, mine site laboratory, and others. This report provides qualitative and quantitative insights pertaining to the various applications in the TIC market.
One of the objectives of the report was to analyze the market trends for various segments of the testing, inspection, and certification (TIC) market along with, forecasting their respective growth rates. Moreover, the report also includes the Porters’ Five Forces analysis, supply chain analysis, and market dynamics of the TIC market. The market dynamics include the drivers, restraints, opportunities, and challenges for the said market.
The testing, inspection, and certification market has been segmented based on geography into four regions which include North America, Europe, APAC, and Rest of the World (RoW). The report also estimates the market-size of the said regions.