TIC Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 19.53 Billion |
| Market Size (2029) | USD 24.17 Billion |
| CAGR (2024 - 2029) | 4.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
TIC Market Analysis
The Testing, Inspection, And Certification Market In The Metals And Minerals Industry is expected to grow from USD 19.53 billion in 2024 to USD 24.17 billion by 2029, at a CAGR of 4.30% during the forecast period (2024-2029).
Testing involves the determination of one or more characteristics of an object or system according to a specific procedure. It evaluates a product's performance, functionality, reliability, and other relevant aspects. Testing can be conducted in laboratories or on-site, and it helps identify any defects, weaknesses, or non-compliance with standards or requirements.
- Inspection entails scrutinizing a product's design, process, or installation to verify its adherence to defined standards. This process involves a detailed assessment of the product's physical characteristics, operational capabilities, and regulatory compliance. Inspections are pivotal and can occur at different junctures, such as during production, installation, or routine upkeep, guaranteeing alignment with requisite standards and guidelines.
- Certification is the process of attesting that a product, service, management system, or person complies with specific standards, regulations, or requirements. It is typically carried out by an independent third-party organization that assesses and verifies the conformity of the product or system. Certification provides assurance to consumers, businesses, and regulatory bodies that the certified entity meets the necessary quality, safety, and performance standards. Testing, inspection, and certification (TIC) services are essential for ensuring the safety, reliability, and quality of products and services across different industries. They help protect consumers, promote compliance with regulations, and contribute to the global economy.
- The increasing global demand for critical minerals is significantly driving the growth of the metals and minerals industry's testing, inspection, and certification market. The demand for critical minerals such as lithium, cobalt, and nickel is projected to increase significantly, driven by the global shift toward renewable energy technologies and electric vehicles. This surge necessitates comprehensive TIC services to ensure the quality and compliance of these materials throughout the supply chain.
- Stringent rules from government and regulatory bodies, especially in the domain of high-end industries equipment certification and energy efficiency in business, are compelling the organizations to leverage testing, inspection, and certification (TIC) services. The TIC service providers precisely tailor the certification programs and the appropriate testing procedures according to the products, enabling them to get a uniform quality standard. According to the OECD-EUIPO study, China is the top electricity producer, therefore requiring a growing need for TIC services, including outsourced services.
- In recent years, the TIC market has witnessed a proliferation of regulations, standards, and certifications across various industries. This has resulted in a more complex and interconnected supply chain involving multiple stakeholders, suppliers, manufacturers, and distributors. In addition, globalization has further amplified this complexity, with products being sourced from different regions, each subject to its own set of regulations.
- The testing and inspection industry is anticipated to be significantly affected by various geopolitical scenarios, including the Russia-Ukraine war, the China-US Tech war, and a decline in consumer spending in the semiconductor industry. The semiconductor industry has faced several challenges over the past two years, including the COVID-19 pandemic and a lack of capacity to meet growing demand. The crisis in Ukraine is the latest obstacle to arise, and it can potentially cause significant disruptions in various sectors, including the metals, energy, power, and manufacturing sectors. This could have far-reaching consequences for the industry as a whole. Russia and Ukraine play crucial roles in the global supply chain.
TIC Market Trends
Construction Industry to be the Largest End User
- The TIC market plays an important role in the construction and engineering sector. One of the most significant applications of TIC in the construction and engineering sector is the testing of construction materials. This includes evaluating the strength, durability, and composition of materials such as steel, concrete, asphalt, and aggregates. TIC ensures that these materials meet the required standards and specifications, guaranteeing the quality and structural integrity of buildings, roads, bridges, and other infrastructure.
- The construction industry utilizes TIC services to ensure that metals and materials used in building structures meet safety and performance standards. This includes testing the strength and durability of steel, concrete, and other materials. Compliance with building codes and regulations is essential to prevent structural failures and ensure the safety of occupants.
- Intertek is one such company that uses a wide range of sampling procedures and destructive and non-destructive testing methods to verify the quality, strength, and durability of construction materials like concrete, asphalt, soils, aggregates, steel, roofing, and masonry. Proper testing and construction monitoring will identify defects or weaknesses in the material, preventing rework and delays in the short term as well as costly repairs and premature failure in the long run.
- Compliance with international and local regulations is important in the construction and engineering sector. TIC services assist in ensuring that projects and structures meet the necessary legal requirements and standards. This includes obtaining certifications such as ISO standards, LEED certifications for green buildings, fire safety certificates, and building code compliance. TIC experts help navigate the complex regulatory landscape and ensure adherence to industry best practices.
- As cities expand and populations increase, there is a heightened need for housing, transportation networks, and social infrastructure. This drives construction and engineering projects, such as residential complexes, transportation systems, schools, hospitals, and commercial buildings.
- The global construction industry is expected to grow from a spending value of nearly USD 12 trillion in 2019 to USD 19.2 trillion in 2035 and is expected to grow by 3% per annum, according to the World Bank. This includes building projects in real estate, either residential or commercial, as well as infrastructure or industrial structures. According to the US Census Bureau, in May 2024, about 0.116 million home constructions started in the United States.
- According to the International Tropical Timber Organization (ITTO), India is seeing a construction boom, and India’s Union Minister for Housing and Urban Affairs has suggested that in 2025, the country is set to become the third-largest construction market globally after China and the United States. The construction sector accounts for 9% of India’s GDP and is the second-largest employer in the country. It has been estimated that the industry could grow to USD 1.4 trillion by 2025. Such trends will demand the need for TIC services during the forecast period.
Asia Pacific Expected to Witness Significant Growth
- China emerges as a swiftly advancing economy in the Asia-Pacific, making it a focal point for the TIC market's growth. Furthermore, increasing consumer awareness regarding product safety and quality is set to propel this growth, especially in equipment testing for the metals and minerals sector.
- China's status as a major producer of essential metals like steel, aluminum, and copper fuels the demand for TIC (testing, inspection, certification) services. In addition, China's swift industrialization and urbanization have spurred a rise in metal consumption, further amplifying the demand for TIC services. According to the NBS of China (National Bureau of Statistics of China), in 2023, China produced 42 million tons of primary aluminum, up from 40.21 million tons in the previous year. In 2023, China produced approximately 1.36 billion tons of steel, marking a 1.7% increase from the prior year.
- Japan's export-orient economy, especially in high-value sectors like automotive and heavy machinery, requires compliance with international standards. TIC services help ensure that the metals and minerals used in exported goods meet the necessary global standards and maintain Japan's competitiveness in the global market.
- Japan's reliance on nuclear energy means that metals and alloys used in reactors and nuclear facilities must meet extremely high safety standards, driving the demand for TIC services, as these services are essential in testing materials for radiation resistance to ensure safety in nuclear power plants.
- South Korea's well-established automotive industry, which includes significant manufacturers like Hyundai and Kia, requires extensive use of steel, aluminum, and high-strength alloys. TIC services help ensure these vehicle materials' quality, safety, and durability. South Korea is investing heavily in the development and production of EVs, driving the demand for critical battery materials like cobalt, lithium, and nickel, driving the demand for TIC services, as these services are crucial for testing the purity to meet both domestic and international regulatory standards, ensuring the reliability and safety for EV batteries.
- The growing manufacturing industry in India will drive the demand for the TIC market. The International Trade Administration reported that the manufacturing sector in India contributed 16% to 17% of the country's GDP before the pandemic. It is expected to increase through the Government of India's National Manufacturing Policy, which includes a plan to increase manufacturing's contribution to GDP to 25% by 2025.
TIC Industry Overview
The presence of well-known players in the testing, inspection, and certification market for the metals and minerals industry is anticipated to lead to heightened competition in the foreseeable future. Established market leaders, including SGS SA, Bureau Veritas, Intertek Group PLC, TUV SUD, DEKRA SE, and Eurofins Scientific SE, among others, significantly impact the overall market. These key players employ growth strategies such as solution launches, innovations, mergers and acquisitions, collaborations and partnerships, and intensive research and development to succeed in the competitive market.
Both existing and new market incumbents are adopting a digital innovation strategy. Companies are engaging in significant merger and acquisition activities that are expected to intensify European market competition. Overall, the market is expected to witness intense competitive rivalry. With high consolidation expected over the next few years, the competitive rivalry will increase further.
TIC Market Leaders
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SGS SA
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Bureau Veritas SA
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Intertek Group PLC
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TUV SUD
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DEKRA SE
*Disclaimer: Major Players sorted in no particular order
TIC Market News
- August 2024: Element Materials Technology has invested USD 13 million to bolster its Canadian operations. This investment will launch of two new laboratories in Toronto, Ontario. One of these is an advanced life sciences laboratory focusing on pharmaceutical testing. The upgraded facility boasts enhancements across various departments, such as metals testing and materials characterization, positioning Element to better cater to the surging demands of the pharmaceutical and biotechnology sectors.
- June 2024: UL Solutions Inc. announced plans to build a new facility called the Advanced Automotive and Battery Testing Center in Pyeongtaek, Gyeonggi-do, Korea. This initiative aims to enhance the existing battery testing capacity of UL Solutions in the region while also incorporating EV charger testing and various other capabilities. It is projected to commence operations in the latter part of 2025. The primary goals of this venture include bolstering Korea's EV industry, addressing the growing demand from both new and current clients, and streamlining the process of safety and performance testing as well as other related services.
- March 2024: Applus+ played a prominent role in the technical supervision of the project for the construction of the 220 kV Transmission Line Derivation L-2264 between the Ishcayucro and Raurapata substations. This project's scope encompassed the construction of a single-circuit 220 kV transmission line and a new GIS 220/33/22.9 kV substation in Raurapata. The line, with a length of 28.3 km, uses ACSR 591mm2 conductor and lattice steel structures.
TIC Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Demand For Critical Minerals
5.1.2 Government Regulations and Mandates to Ensure Product Safety and Environmental Protection
5.2 Market Restraint
5.2.1 Increase in Lead Times For Assessment Programs Due to the Growing Complexity of the Supply Chain
6. MARKET SEGMENTATION
6.1 By Operation Type
6.1.1 In-house
6.1.2 Outsourced
6.2 By Service Type
6.2.1 Testing And Inspection
6.2.2 Certification
6.3 By Material Type
6.3.1 Metals/Metal Powders
6.3.2 Composites
6.4 By End-user Industry
6.4.1 Automotive
6.4.2 Aerospace and Defense
6.4.3 Energy and Power
6.4.4 Manufacturing
6.4.5 Construction
6.4.6 Oil and Gas
6.4.7 Other End-user Industries
6.5 By Geography***
6.5.1 North America
6.5.1.1 United States
6.5.1.2 Canada
6.5.2 Europe
6.5.2.1 United Kingdom
6.5.2.2 Germany
6.5.2.3 France
6.5.3 Asia
6.5.3.1 China
6.5.3.2 Japan
6.5.3.3 South Korea
6.5.3.4 South East Asia
6.5.3.5 India
6.5.4 Australia and New Zealand
6.5.5 Latin America
6.5.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SGS SA
7.1.2 Bureau Veritas SA
7.1.3 Intertek Group PLC
7.1.4 TUV SUD
7.1.5 DEKRA SE
7.1.6 ALS Limited
7.1.7 Applus+
7.1.8 Eurofins Scientific SE
7.1.9 DNV Group AS
7.1.10 Element Materials Technology Group Limited
7.1.11 Mistras Group Inc.
7.1.12 Kiwa NV
7.1.13 UL Solutions Inc.
7.1.14 Rina SPA
7.1.15 Qima
7.1.16 Westmoreland Mechanical Testing and Research Inc.
7.1.17 Laboratory Testing Inc.
7.1.18 NSL Analytical Services Inc.
7.1.19 IMR Test Labs (Curtiss Wright Corporation)
7.1.20 Applied Technical Services LLC
- *List Not Exhaustive
8. MARKET OUTLOOK
TIC Industry Segmentation
Testing, inspection, and certification (TIC) are the processes involved in ensuring that products, services, and systems meet regulatory requirements, safety standards, and industry-specific guidelines. The study monitors the revenue generated by the sales of the testing, inspection, and certification (TIC) market in metals and minerals globally.
The TIC market for the metals and minerals industry is segmented by operation type (In-house, outsourced), by service type (testing and inspection certification), by material type (metals/metal powders, composites), by end-user industry (automotive, aerospace and defense, energy and power, manufacturing, construction, oil and gas, other end-user industries), by geography (North America [United States, Canada], Europe [United Kingdom, Germany, France, rest of Europe], Asia Pacific [China, Japan, South Korea, South East Asia, India, rest of Asia Pacific], Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.
| By Operation Type | |
| In-house | |
| Outsourced |
| By Service Type | |
| Testing And Inspection | |
| Certification |
| By Material Type | |
| Metals/Metal Powders | |
| Composites |
| By End-user Industry | |
| Automotive | |
| Aerospace and Defense | |
| Energy and Power | |
| Manufacturing | |
| Construction | |
| Oil and Gas | |
| Other End-user Industries |
| By Geography*** | |||||||
| |||||||
| |||||||
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| Australia and New Zealand | |||||||
| Latin America | |||||||
| Middle East and Africa |
TIC Market Research FAQs
How big is the TIC Market For The Metals And Minerals Industry?
The TIC Market For The Metals And Minerals Industry size is expected to reach USD 19.53 billion in 2024 and grow at a CAGR of 4.30% to reach USD 24.17 billion by 2029.
What is the current TIC Market For The Metals And Minerals Industry size?
In 2024, the TIC Market For The Metals And Minerals Industry size is expected to reach USD 19.53 billion.
Who are the key players in TIC Market For The Metals And Minerals Industry?
SGS SA, Bureau Veritas SA, Intertek Group PLC, TUV SUD and DEKRA SE are the major companies operating in the TIC Market For The Metals And Minerals Industry.
Which is the fastest growing region in TIC Market For The Metals And Minerals Industry?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in TIC Market For The Metals And Minerals Industry?
In 2024, the Asia Pacific accounts for the largest market share in TIC Market For The Metals And Minerals Industry.
What years does this TIC Market For The Metals And Minerals Industry cover, and what was the market size in 2023?
In 2023, the TIC Market For The Metals And Minerals Industry size was estimated at USD 18.69 billion. The report covers the TIC Market For The Metals And Minerals Industry historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the TIC Market For The Metals And Minerals Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
TIC Industry Report
Statistics for the 2024 TIC For The Metals And Minerals Industry market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. TIC For The Metals And Minerals Industry analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
