A new market research report by future market insights on the distillate oil testing service market includes the global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report analysed the distillate oil testing service market and provides critical insights for the forecast period of 2019–2029. As per the findings of the report, the global distillate oil testing service market is projected to experience significant growth over the forecast period due to multiple driving factors.
The global distillate oil testing service market is estimated to be valued at ~US$ 1.4 Bn in 2019, and is expected to increase at a CAGR of ~6% during the forecast period. This growth is majorly driven by the increasing usage of distillate oil testing, in the view of rapid expansion of end-use industries such as refineries, chemical, and research & academic, among others.
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“As analysis of distillate oil as per international standards and testing certification are of high importance for both domestic and international trades, distillate oil testing service providers should be looking at a period sustained demand,” says the FMI analyst.
Lucrative Growth Opportunities in South Asia
Regions such as North America and Europe are expected to hold a prominent market share in terms of value. In addition, South Asia is projected to be a high growth region for the distillate oil testing service market over the forecast period. This growth is expected to be fuelled by the rapidly expanding refineries and chemical industries, on the back of some macro factors such as increasing contribution of chemical sector to GDP growth and rapid industrialisation along with significant growth of end-use industries, increasing population, and strong presence of service providers. Moreover, regulations for environmental monitoring are increasing in South Asian countries due to rising pollution, especially in India, which in turn is likely to propel the demand for distillate oil testing services.
Chemical & Refineries to Remain Key End-Use Industries
The global market of distillate oil testing service has been segmented on the basis of test, service, sample, end use, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The FMI report also includes analysis of developing countries.
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Distillate Oil Testing Service Market: Vendor Insights
The report highlights some of the prominent market players that are holding significant market share of distillate oil testing. Some of the key players in the global distillate oil testing service market are Thermo Fisher Scientific Inc., ALS Limited, Intertek Group plc, SGS SA, BEREAU VERITAS, AmSpec, LLC, and Polytest Laboratories.