Testing, Inspection, and Certification Market for the Natural Resources Industry Market Size

Natural Resources Industry Testing, Inspection, & Certification Market Analysis

The Global Natural Resource Industry Testing, Inspection, and Certification (TIC) Market is expected to grow by registering a CAGR of about 5.1% during the forecast period. Natural resources continue to be among the significant ingredient of the economic growth of the world. Over the years, the consumption of these resources has increased significantly as they are used across almost all industries in some form or other. As inspection and testing are an integral part of the quality control process, the increasing consumption of natural resources drives the demand for TIC services.

• Natural resources, such as metals, biomass, and others, continue to be used in some form or other in people's lives. The growth of the industrial sector has significantly increased the consumption rate and quantity of these resources. According to the Global Circularity Gap Report 2022, about 104.1 billion tonnes of virgin raw materials were used globally last year. As natural resources are usually in the form of ores that need to be processed to get the final product, a broad range of testing, inspection techniques, and certifications are used to confirm the quality of the product.
• For instance, metals are widely used due to their unique properties across various industries. As some of the end applications of these materials are very critical, such as aerospace, electrical wires, and others, it becomes essential to test the quality of the metals before using them. Some major tests conducted on metals include hardness, corrosion, and tensile tests, among others.
• Petrochemicals are used in a vast range of modern products, including tires, packaging, clothing, and so on. The increasing demand for these products drives the demand for petrochemicals. As certain quality is required for these products to be used across various end-use sectors, TIC services play an integral role. Some critical tests performed on petrochemical products include oil condition monitoring, bacterial test, environmental impact test, inflammability test, and so on.
• As natural resources are primarily non-renewable, overexploitation of these resources has emerged as a global concern. Also, resources such as coal, metal, an others, contribute significantly to global pollution. Hence, regulatory authorities across various regions are framing several industry standards and regulations driving the demand for testing, inspection, and certification services across the natural resource industry.
• However, these regulations vary a lot across countries, which increases the overall complexity of the testing, inspection, and certification process, especially in cases wherein these products are exported to other regions. Such factors also impact the cost and time of the entire process, prooving to be one of the significant factors challenging the growth of the market studied.
• The COVID-19 pandemic had a notable impact on the growth of the market studied. Due to the lockdown measures taken by various governments to curb the deadly virus spread, the natural resources industry had to suffer a lot as the it is labor intensive. Although the demand grew across various industries, the suppliers found it hard to match the demand. This overall reduction in the production of products, such as metals, chemicals, and others, negatively impacted the demand for TIC services. However, the natural resource industry is expected to gain traction in the next few post-pandemic years, driving the demand for TIC services.