A recent report from Future Market Insights analyzes the global distillate oil testing service market, covering industry trends from 2014 to 2018 and offering a forecast from 2019 to 2029. According to the report, the distillate oil testing service market is expected to witness substantial growth over the forecast period, driven by various key factors.
Valued at approximately USD 1.4 billion in 2019, the global market for distillate oil testing services is projected to expand at a compound annual growth rate (CAGR) of around 6%. This growth is primarily attributed to the rising demand for distillate oil testing, especially with the rapid expansion of end-use sectors such as refineries, chemicals, and research institutions.
Key Takeaways on the Global Distillate Oil Testing Service Market
- Market Dominance by Key Players: Leading companies like Thermo Fisher Scientific Inc. and SGS SA collectively account for approximately 37% of the global distillate oil testing market revenue, leveraging their scale and expertise to maintain significant market influence.
- Focus on Time and Efficiency: Efficiency is a crucial driver, with players such as SGS providing mobile field laboratory services for onsite testing and reporting, supporting quick and effective analysis for oil and gas producers.
- Government Approvals for Expanded Service Scope: Service providers are actively seeking government endorsements to broaden their reach. Intertek Group Plc, for example, secured approval from the Basque Government in Spain to conduct legal audits on occupational risk prevention, enabling further service diversification.
- Geographic Expansion Targets: Market stakeholders are focusing on countries with active refinery projects, such as Mexico and Saudi Arabia. These regions are prioritizing refinery upgrades and construction to enhance domestic energy production.
- Mexico’s National Refining Plan: The Mexican government’s National Refining Plan aims for energy self-sufficiency by 2022, with substantial investments in upgrading Pemex’s existing refineries and constructing a new facility in Dos Bocas, presenting notable opportunities for distillate oil testing services.
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.
Key Segment
By Test Type
- Ash Content
- Pour Point
- Flashpoint
- Oxidation Stability
- Others
By Service Type
- Off-Site
- On-Site
By Sample Type
- Fuel Oil
- Lube Oil
- Vacuum Gas Oil
- Residual Fuel
- Others
By End Use
- Refineries
- Chemical
- Research & Academic
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/distillate-oil-testing-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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