Asia Pacific TIC Services Market to Exceed $80 bn by 2024

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According to the Graphical Research new growth forecast report titled “Asia Pacific Testing, Inspection, and Certification (TIC) Services Market Size By Type (In-House, Outsource), By Service (Testing, Inspection, Certification), By Application (Construction, Agriculture & Food, Life Science, Consumer Product, Transportation, Energy, Oil, Gas, & Chemical, Mining), Countries Outlook (Australia, China, India, Japan, South Korea), Industry Size, Share, Growth Trends & Forecast, 2018 – 2024”, estimated to exceed USD 80 Billion By 2024.

The Asia Pacific TIC market is driven by rapid industrialization and urbanization in developing countries including China and India. The widespread industrialization in these countries has attracted enormous investments in the transport, infrastructure, and energy sectors. This has generated numerous opportunities for market growth. In addition, the increasing demand for more durable & reliable products along with environmental safety is giving rise to advanced TIC services in the region.

The consumer products market is anticipated to grow at a CAGR of over 11% over the projected time period due to the rising safety expectations among consumers. There has been a rise in consumer spending and awareness regarding the quality and safety of consumer products. This has increased the demand for more sturdy and dependable products, forcing manufacturers to use TIC services. TIC services help to reduce the risks, ensure compliance with the defined standards, and improve the efficiency of the products by optimizing costs involved in procuring, developing, packaging, and distributing various consumer products.

The outsourcing market is predicted to attain a growth rate of over 14% during the forecast timeline. The market is driven by the increasing need among companies to lower their labor costs and increase their profitability. The organizations in the developed regions are outsourcing their TIC operations to countries with lower labor costs including India and China. It also reduces the company’s infrastructure investments and allows them to focus on their core functionality.

The vendors present in the Asia Pacific TIC market are SGS, Intertek, Applus, Bureau Veritas, Dekra, TUV SUD, and TUV Rheinland. The major players are acquiring various start-ups in the Asia Pacific region to increase their presence in the market. For instance, in February 2016, SGS acquired The Lab, a Hong Kong-based independent material testing and inspection firm. The acquisition was aimed at increasing its presence in the Asia Pacific construction material testing market. 

Segments we cover:

Asia Pacific TIC Services Market Statistics, By Providers

  • Testing
  • Inspection
  • Certification

Asia Pacific TIC Services Market Growth, By Type

  • In-house
  • Outsource

Asia Pacific TIC Services Market Trends, By Application

  • Agriculture & Food
  • Construction
  • Life Science
  • Consumer Products
  • Transportation
  • Energy
  • Oil, Gas & Chemical
  • Mining

The above information has been provided for the following countries:

  • Australia
  • China
  • India
  • Japan
  • South Korea