South East Asia TIC market size is estimated to reach $4.7 billion by 2030, growing at a CAGR of 4.82% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “South East Asia TIC Market – By Type (Outsourcing, In-house), By Types of Services (Testing Services, Inspection Services, Certification Services), By End-Users (Agriculture, Automotive, Food and Beverage, Consumers (Textile, Cosmetic, Toys, Apparel, Furniture, Stationary, Hand Tools), Medical & Life Science, Marine, Manufacturing, Building & Infrastructure, Industrial Equipment, Retail, Rail, E-Commerce, Meteorology, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”. The growth of the South East Asia TIC Market is fuelled by the rapid growth of consumer electronics industry, rising demand of food testing and inspection and safety regulations and standards imposed by global and regional government bodies.
Indonesia accounted for significant market share in 2023:
Indonesia held the largest South East Asia TIC market share with 20.9% of the overall market in 2023. Indonesia’s economy relies heavily on exports of crude oil and natural gas (887,000 barrels per day in 2022, making it the world’s seventh-largest liquefied natural gas exporter), along with a well-established manufacturing industry, agriculture, and mining. This creates significant opportunities for the Testing, Inspection and Certification (TIC) market. A surge in railway infrastructure projects is fueling the demand for quality testing, electromagnetic testing, and related inspection services for rail components used in construction. For instance, the Indonesian government announced a multibillion-dollar railway project in January 2022, estimated at $7.9 billion. These projects will require railway operators to comply with regulations, which will further transform the TIC industry in Southeast Asia.
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South East Asia TIC Market Growth Drivers:
Rising Demand of Food Testing and Inspection is Driving the Growth of the South East Asia TIC Market:
The rising demand for food testing, driven by increased import/export activities and food safety concerns, is boosting the adoption of testing, inspection, and certification (TIC) services in Southeast Asia. The food industry, highly regulated for quality and safety, is experiencing increased product recalls due to contamination or undeclared allergens. Agricultural trade is also rising, driven by population growth, supporting TIC market growth. The World Bank reported a 1.3% population growth in the Philippines from 2019-2020. In 2021, Indonesia’s agricultural imports reached over $24 billion, a 26% increase from 2020, driven by high demand for various food products. Five suppliers—China, Australia, the U.S., Brazil, and India—dominated 57.8% of these imports, boosting food testing services and market growth.
Standards Imposed by Global and Regional Government Bodies is Propelling the Growth of the South East Asia TIC Industry:
The South East Asia Testing, Inspection, and Certification (TIC) market is experiencing significant growth driven by stringent regulatory requirements across various industries. Governments are enforcing rigorous standards to ensure consumer safety, product quality, and environmental protection. This regulatory environment particularly affects industries like pharmaceuticals, food, automotive, and electronics, necessitating comprehensive TIC services for compliance with international standards. The demand for TIC services is further propelled by increasing regulations in medical device safety, such as FDA approvals and local certifications like the Philippines FDA’s CMDN and CMDR certificates. These regulations aim to enhance market access and ensure product safety, fostering demand for specialized TIC services in the region.
Scope of Report:
|
Report Metric |
Details |
|
Market size available for years |
2022–2030 |
|
Base year considered |
2023 |
|
Forecast period |
2024–2030 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Type, Types of Services, End-Users, and Region |
|
Geographies covered |
Indonesia, Malaysia, Singapore, Philippines, Thailand, Vietnam, Others (Myanmar, Laos, Cambodia, Brunei, Timor-Leste). |
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Companies covered |
Key 10 players covered, include SGS SA, Bureau Veritas, Intertek, DNV GL, TUV SUD AG, ALS GLOBAL, DEKRA SE, Eurofins, Cast Laboratories PTE LTD, Singapore Laboratory Services PTE LTD. |
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Recent Developments:
- In December 2022, Intertek, a leading Total Quality Assurance provider to industries, announced the launch of Intertek Green R&D, an innovative integrated solution that ensures the sustainability, quality and safety attributes of a product are maintained.
- In June 2022, DNV launched the MyISRS digital self-assessment tool. The service is estimated to aid organizations to run an online independent high-level survey for quality assessing applications. Some of the key industries in South East Asia that can benefit from the service include oil and gas, chemicals, utilities, power generation, telecommunication, pharmaceutics, transport, food, and beverage, and maritime.
South East Asia TIC Market: Competitive Landscape
Key companies profiled in the South East Asia TIC Market are SGS SA, Bureau Veritas, Intertek, DNV GL, TUV SUD AG, ALS GLOBAL, DEKRA SE, Eurofins, Cast Laboratories PTE LTD, Singapore Laboratory Services PTE LTD.
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IndustryARC
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Contact Information:
Mr. Venkat Reddy Email: [email protected] USA: (+1) 518-282-4727
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