GCC Laboratory Analytical Testing Services Market Outlook and Trends 2018-2020: Initiatives to Develop Halal Clusters Beneficial for Overall Market Growth
DUBLIN, Aug. 9, 2018 /PRNewswire/ --
The "Laboratory Analytical Testing Services Market in the GCCOutlook and Trends" report has been added to ResearchAndMarkets.com's offering.
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Initiatives to develop halal clusters beneficial for overall market growth. Service segments like food, cosmetics and personal care items to benefit
While economic uncertainty will impact new projects of oil, gas and construction, the established/existing industrial base will continue to seek laboratory analytical services. Stringent enforcement of regulations and growth in local populace coupled with increase in number of expats, especially in GCC countries has translated into greater demand food and food services, which has increased opportunities for laboratory analytical services.
It will be crucial for Service Providers to offer end to end services; faster service and proximity to customer location will be an added advantage. This Industry docket provides an overview of the market, its growth path, drivers and restraints impacting it and the way forward for success in this market.
Key Topics Covered:
Scope & Limitations
Lab Analytics Market - GCC Overview
-- Currently affected by the drop in oil prices, GCC countries will need to
undergo a transformational shift to achieve desirable growth
-- In 2016, GCC market for laboratory analytical services was USD 721 Mn;
CAGR expected until 2020 is 3%
-- Top 4 end-user segments drive the demand for the top services of
material testing & analysis, chemical and microbiological analysis
-- Lab analytical service providers based out of Dubai (UAE) cater to 50+%
requirements; inclusive of those of other GCC countries
-- Growing population and increasing imports boost market growth
-- Lab analytical services market to become a USD 811 Mn opportunity by
2020
-- Initiatives to develop halal clusters beneficial for overall market
growth; service segments like food, cosmetics and personal care items to
benefit
-- Dubai-based laboratory analytical service providers to retain dominant
market standing throughout forecast period as GCC countries continue to
rely on them
-- In 2015, SGS, Intertek and Bureau Veritas constituted ~47% of the
overall market
-- 60+% share of Others translates to fragmented nature of market; intense
price wars are a common feature
-- End-user companies directly engage with laboratory service providers for
all service requirements; pertinent government entities mandate
guidelines
-- New testing techniques/testing kits are being developed to reduce time
taken to test samples
-- Pricing is derived based on number of samples and tests; usually, higher
the volume of samples, lower is cost of test
-- End-user companies expect laboratory service providers to be certified;
accreditation by the regulatory authorities renewed promptly
-- Lead time, proximity and industry references feature among the key
criteria for vendor evaluation/selection
-- Upstream material tested onsite; downstream tested in labs; additional
discounts expected by customers for more tests and samples
-- Agriculture, food & food services is the key segment to target for
analytical services
-- End users conduct various tests like chemical and micro biological
analysis as it is very important to determine foreign bodies and product
quality
-- Samples tested in-house & also outsourced to rule out variations in
results: have implications on product quality and also to avoid health
hazards
-- Most of the end users follow USEPA/USFDA/APHA regulation standards
-- Regulations expected to increase the usage of laboratory services across
end-user segments
The Industry going Forward
-- Economic uncertainty to impact new O&G & construction projects; however,
established/existing industrial base to continue laboratory analytical
services
-- Market consolidation is a key market feature; Cosmetic testing is an
emerging area
-- Scheduled plant maintenance activities to generate additional revenue;
halal, cosmetic & FMCG to be emerging sectors
Companies Mentioned
-- SGS
-- Intertek
-- Bureau Veritas
For more information about this report visit https://www.researchandmarkets.com/research/jp69ws/gcc_laboratory?w=5
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