Market Trends of Testing, Inspection, and Certification Industry for the Natural Resources Industry
Metal and Mining Industry to Hold a Significant Market Share
- Several natural resources are primarily obtained through mining. The industry is primarily involved in extracting precious minerals and other geological materials. The rising global population and the subsequent increase in the demand for manufactured products, coupled with the rapid growth of the infrastructure sector, are among the significant factors driving the development of the mining industry. Testing, inspection, and certification (TIC) services are extensively used in the industry to identify exploration sites and quality testing of the extracted material. For various environmental and operational certifications, the sector's growth is expected to impact the TIC market positively.
- In the mining industry, various testing, inspection, and certification services are used, including environmental monitoring and assessment, accident investigation, health, safety, and environmental impact assessment, UAV photogrammetry and aerial mapping, and boiler, crusher, and gearing inspections, among others.
- The increasing investment in the mining sector, especially across developing countries, creates new opportunities for TIC service providers. For instance, in August 2022, the Mining Chamber of Mexico (Camimex) announced that the Mexican mining industry plans to invest USD 5.5 billion in 2022, 15.2% more than the investments made in the industry in 2021.
- With steel production being the key demand driver, iron ore holds a prominent share of the global mining industry. According to the data provided by US Geological Survey, in 2021, the total iron ore reserves stood at about 180 billion metric tons. Furthermore, Australia was the largest producer of iron ores, with annual production amounting to 900 million metric tons. As iron ore mining requires various TIC services, including geochemical analysis, Mobile Metal Ion (MMITM), sampling, auditing, and inspection, the demand is expected to remain high in coming years.
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Asia Pacific to Hold Significant Market Share
- The Asia-Pacific region holds a significant market share of the natural resources testing, inspection, and certification market as the area has abundant availability of natural resources. Furthermore, the rapid industrialization across the region is significantly driving the demand for resources such as metal, chemicals, biofuels, and others.
- The region has also emerged as the leading exporter of natural resources such as coal, metal, and petroleum. According to the International Energy Agency (IEA), Indonesia, the world's largest exporter of thermal coal, increased its exports by 27 Mt to 434 Mt, exporting more than twice as much as Australia (199 Mt) in 2021. As export products usually have to undergo various tests, inspections, and certifications, such trends support the growth of the market studied.
- Countries such as China, Japan, and India are among the leading steel producers, which drives the demand for iron ores in the region. According to the World Steel Association, in May 2021, steel production in China increased by about 6.6% to 99.5 Mt compared to the same period of the previous year. Similarly, India produced 9.2 Mt, 46.9% more, while Japan produced 8.4 Mt, 42.2% more, during the same period.
- Initiatives undertaken by governments across the region positively impact the demand for TIC services. For instance, in September 2021, China unveiled a new set of national targets to achieve carbon peaking by 2030 and carbon neutrality by 2060 to pursue the mining industry's transition and achieve low-carbon production. Increasing focus on developing clean energy, including hydropower, wind power, and photovoltaic, is expected to create new opportunities for the TIC service providers in the country.
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Testing, Inspection, and Certification for the Natural Resources Market Report Snapshots
- Testing, Inspection, and Certification for the Natural Resources Market Size
- Testing, Inspection, and Certification for the Natural Resources Market Share
- Testing, Inspection, and Certification for the Natural Resources Market Trends
- Testing, Inspection, and Certification for the Natural Resources Companies
