- The textile industry is majorly being driven by the rising production of textiles and increasing trading of textile products.
- Chinese textile industry were estimated to be worth $274 billion in 2013.
- Tlobal TIC is expected to reach $7.2 billion by 2020, at an estimated CAGR of 4.6% between 2015 and 2020.
According to a new market research report “Textile Testing, Inspection and Certification (TIC) Market by Application (Textile Testing, Textile Inspection, Textile Certification, & Toys), and Geography – Global Forecast to 2020″, the testing, inspection, and certification (TIC) market is expected to reach $7.22 billion by 2020, growing at a CAGR of 4.6% between 2015 and 2020.
The testing, inspection, and certification (TIC) textile market is growing due to factors such as the reduction in the cost burden incurred by textile manufacturers because of outsourcing of TIC services, increase in the world wide trading of textiles, technological innovations in the textile sector, and others. However, textile products take a longer time to get approved in the overseas market, which could hamper the growth of the TIC textile market.
There has been a growing demand for testing, inspection, and certification (TIC) services in the textile sector due to the rising demand for quality and standard textile products. TIC services for textile sector comprise textile testing, textile inspection, and textile certification. Textile testing is used for testing raw materials, monitoring production, assessing the final product, and investigation of faulty material among others. Textile inspection includes visual verification (labeling and packaging) and examining the raw materials and partially finished materials of textiles. Certifications for textile products ensure that manufacturers followed the standards and quality & safety norms during the production of textile products.
The report provides a detailed insight into the TIC market which has been segmented on the basis of textile application and geography. The said market has been segmented based on textile applications as textile testing, textile inspection, textile certification, and toys. The market for textile testing has been further segmented into chemical testing (harmful substances), color fastness test parameters, physical test parameters, and others. The textile testing segment held the highest share in the overall TIC market segmented based on textile application, in 2014, due to the implementation of stringent regulations laid down by the Consumer Product Safety Improvement Act, which aims to ensure the quality and safety of textile products.
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One of the objectives of the report was to analyze the market trends for various segments of the testing, inspection, and certification (TIC) market along with, forecasting their respective growth rates. Moreover, Porter’s five forces analysis, supply chain analysis, and market dynamics of the TIC market are also included in this report. The market dynamics comprise the drivers, restraints, opportunities, and challenges for the said market.
The testing, inspection, and certification market has been segmented based on geography into four regions which include North America, Europe, APAC, and Rest of the World (RoW). The report also estimates the market-size of the said regions.
This report profiles the major players which are active in the TIC market. The key players profiled in the report are SGS Group (Switzerland), Bureau Veritas SA (France), Intertek Group Plc (U.K.), TUV SUD Group (Germany), TÜV Rheinland Group (Germany), AsiaInspection Ltd (Hong Kong), British Standards Institution (BSI) Group (U.K.), Centre Testing International (CTI) (China), Hohenstein Institute (Germany), SAI Global Ltd (Australia), TESTEX AG (Switzerland), and Eurofins Scientific (Luxembourg).