TIC Market for Mining Industry was USD 6.5 billion in 2020, registering a CAGR of 2.2% during the forecast period 2021-2027

TIC Market for Mining Industry

The TIC market for mining industry is expected to witness a CAGR of 2.2% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the mining industry. Mining and exploration companies focus on projects’ commerciality, technicality, and operational viability which can be done by TIC service companies. Inspection, testing, safety monitoring, statuary equipment inspection, and project quality assurance, are the factors driving the growth of the TIC market in the mining industry.

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Moreover, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the building & construction industry. Nevertheless, there is a need to ensure the quality, safety, and cost-effectiveness of a mining project, ensure assets’ future reliability, and comply with regulations will provide promising opportunities for the growth of the TIC market in the mining industry.

Owing to its sustainability and digitalization, the mining industry has the potential to recover from the COVID-19 pandemic which will create opportunities for growth of TIC market for the mining industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

SGS has launched FAST Solutions (Field Analytical Services and Testing) for metals and mining industry in North America and Australia which provides real-time data acquisition in the field by pairing with portable instrumentation and machine learning.

Based on industry vertical, the TIC market for the mining industry is divided into precious metals assay, exploration geochemistry, environmental analysis, and others. Exploration geochemistry will help companies to find viable resources and optimize efficiency during the extraction process. TIC services facilitate in evaluating all forms of minerals, iron-based, non-ferrous metals, and precious metals by using various methods like trace-level analysis, high-precision analysis, and laboratory testing.

APAC is anticipated to witness fast growth owing to the rising investments, continuous government support for the development of mining and exploration, mandatory government regulations for safety and quality, and growing infrastructure projects that will drive the growth of the TIC market for the mining industry. India has offered numerous opportunities for mining companies and there is substantial scope for exploration of bauxite, iron ore, and coal.

Some of the key players operating in the TIC market in the mining industry: Intertek Group plc, Bureau Veritas, Alex Stewart International, SGS SA, Eurofins USA, MAXXAM, ALS Limited, DEKRA SE, Applus+, and DNV GL.

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