Future Prospects of Global Laboratory Proficiency Testing Market

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Laboratory Proficiency Testing Market  The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Laboratory proficiency testing involves evaluating the performance of laboratories for a given scope of testing through inter-laboratory comparisons. It helps assess the quality and competence of laboratories by determining reproducibility and accuracy of test results. Proficiency testing products are used by laboratories to determine method validity and accuracy, and improve testing processes. Market Key Trends: One of the major trends in the laboratory proficiency testing market is the growing number of accredited medical laboratories. Accreditation assures compliance with ISO 15189 and ISO/IEC 17025 standards, which require participation in proficiency testing programs. Accordi
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Overview and Outlook of the Propylene Oxide Market

Propylene oxide is a colourless, flammable, volatile, organic liquid substance that is soluble in alcohol and ether and is similar to ether or benzene in properties. The building and infrastructure industries are the primary users of propylene oxide. Propylene oxide is used in a range of applications in the construction industry. The global Propylene Oxide market has been hampered by the COVID-19 outbreak, which has produced massive supply chain disruptions due to trade fines, social distances, and lockdowns. Due to lockdowns imposed in several nations, most manufacturers and industries were forced to shut down temporarily, causing damage to the building and construction industry as well. The prolonged construction slowdown has had a considerable influence on the worldwide propylene oxide market, with over 65 percent of construction companies suffering losses.

 

Propylene Oxide Market outlook:

Because of the strong demand for propylene oxide from end-use industries, the propylene oxide market in Asia Pacific is gaining substantial pace. Because of new advancements in infrastructure, building, and the automotive industry, propylene demand has skyrocketed. The largest contributors to propylene oxide growth are China, India, Japan, and South Korea. The reduction in taxes for small engine automobiles in China has resulted in an increase in car sales, which has fueled the expansion of the propylene oxide industry. China's automobile sector rose by 6.2 percent year over year in 2016-2017, according to the China Association of Automobile Manufacturers.


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Propylene Oxide Market


The presence of significant automotive businesses in North America, such as Ford, General Motors, and Fiat, is likely to boost automobile production over the forecast period. Furthermore, the New Building Canada Fund has set a goal of investing $10 billion in public infrastructure over a ten-year period, from 2014 to 24.

Propylene is the most essential raw material utilised in the production of propylene oxide, which is derived from crude oil. Propylene oxide demand is expanding in the Middle East due to the rapid growth of the construction and oil and gas industries. In addition, new investments in Qatar and Saudi Arabia are planned to dramatically expand hotel, stadium, retail, and public infrastructure projects in preparation for the FIFA World Cup 2022. As a result, the propylene oxide market is predicted to expand.

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