A new market research report by future market insights on the distillate oil testing service market includes the global industry analysis 2014 – 2018 and opportunity assessment 2019 – 2029. The report analysed the distillate oil testing service market and provides critical insights for the forecast period of 2019 – 2029. As per the findings of the report, the global distillate oil testing service market is projected to experience significant growth over the forecast period due to multiple driving factors.
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The global distillate oil testing service market is estimated to be valued at ~US$ 1.4 Bn in 2019, and is expected to increase at a CAGR of ~6% during the forecast period. This growth is majorly driven by the increasing usage of distillate oil testing, in the view of rapid expansion of end-use industries such as refineries, chemical, and research & academic, among others.
Distillate Oil Testing Service Market: Vendor Insights
The report highlights some of the prominent market players that are holding significant market share of distillate oil testing. Some of the key players in the global distillate oil testing service market are Thermo Fisher Scientific Inc., ALS Limited, Intertek Group plc, SGS SA, BEREAU VERITAS, AmSpec, LLC, and Polytest Laboratories.
Chemical & Refineries to Remain Key End-Use Industries
The global market of distillate oil testing service has been segmented on the basis of test, service, sample, end use, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The FMI report also includes analysis of developing countries.
- On the basis of test, the ash content test is expected to hold a prominent value share of the global distillate oil testing service market, because it is mandatory in most of the international standards such as ASTM, ISO.
- On the basis of service, the off-site service is expected to hold a majority share of the global distillate oil testing service market, due to increasing availability of technologically-advanced laboratory equipment.
- On the basis of sample, fuel oil sample remains highly preferred among the distillate oil testing service providers.
- On the basis of end use, the refineries and chemical industry are anticipated to be prominent in the distillate oil testing service market, due to increasing demand and production of petroleum products in recent years.
Frequently Asked Questions About Distillate Oil Testing Service Market
How is regulatory framework expected to impact the distillate oil testing service market?
Testing and inspection of distillate oil products need to conform to ASTM 396 (Standard Specification for Fuel Oil), ISO and IP standards. In addition, as safe handling of petroleum products is of paramount importance, testing services offered by market players must comply with ASTM D97-96a (petroleum products) ASTM D5853-95 (for crude oil) standards.
What are key regional trends influencing the growth of the distillate oil testing service market?
Emergence of the U.S. and Russia as a major oil exporters continues to attract huge attention from market players. Saudi Arabia’s diversification into the downstream sector and ongoing operations of large-scale refinery projects will also remain instrumental to the market growth.
Which market verticals of distillate oil testing services will have the most growth over the next 5 years?
Off-site services continue to witness higher demand as compared to on-site services, accounting for over 80% of total revenue share. Adoption by refineries has resulted in increased market share, while application in the chemical space is growing on a significant pace.
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