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Oct 17, 2019 5:00 PM ET

Global Geochemical Services Market Size Was 1286.73 Million USD In 2018

iCrowd Newswire - Oct 17, 2019

Global Info Research offers a latest published report on Geochemical Services Market Analysis and Forecast 2019-2024 delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 158 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.

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Geochemical Services refers to the study of origin, evolution, and distribution of chemical elements on earth that are contained in rock-forming minerals and products derived from these elements. Geochemical services consist of various testing services such as sample preparation, aqua regia digest, mixed acid digest, X-ray fluorescence, hydrogeochemistry, and fire assay.


The Global Geochemical Services market size was 1286.73 million USD in 2018 and it will be 2105.63 million USD in 2024, with a CAGR of 13.2% from 2018 to 2024.


Currently, the industry is fragmented and the top players operating in this eco-system have been in the acquisition spree to expand its services in opportunistic market sector of emerging economies. Factors are expected to work in favor of the market include the development of global mining and oil & gas industry, increased environmental pollution levels, and rising numbers of scientific research organizations.


The Geochemical Services market concentration is low due to the presence of large number of service providers in the space. The top 5 players account for around 27.97% of the total share in the global market in 2018. The key players are leveraging on mergers and acquisition activities to attain the inorganic growth and gain market share. Big players are mainly targeting small deals that indicate the scarcity of the sizeable targets in the fragmented market and high price of large-scale deals that offer less scope for value creation.


Based on end uses, the market is segmented into Industrial Applications, Scientific Research, Statistical, etc. In 2018, Industrial Applications segment occupied the largest market share, 56.44%.


Based on solutions, the market is segmented into Laboratory Based and In-field Based Services. Laboratory Based is taking the most market percentage in 2018, with over 63% market share.


In terms of region, Asia Pacific is dominating the Geochemical Services market with over 38% of the total stake in 2018. The growth is driven by the stringent government regulations and standards to maintain the quality of the product. The presence of the major market players such as Bureau Veritas, Intertek Group, AGAT Laboratories, SGS SA and ALS also support the growth. The market competition may become more intense with more innovation products, acquisitions and improvement of raw material cost control and etc.

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