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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Sodium Metal Market Overview, drivers and Restraints

Sodium is a soft, silvery alkali metal that belongs to group 1 and has the chemical symbol Na. The electrolysis of fused caustic soda with negligible carbon and iron produces sodium metal. Sodium metal is utilised as a coolant in nuclear reactors and is also employed in the metal, chemical, paper, petroleum, soap, glass, and textile industries. In high-temperature pipes, sodium metal is also utilised as a heat transfer fluid. Baking soda, regular table salt, soaps and detergents, baking powder, and aspirin are all sodium-containing items. Furthermore, sodium metal is employed in the production of synthetic rubber.

Drivers

Growing demand for sodium metal for the manufacturing of indigo dye, which is then utilised in the dyeing of cotton yarn, is predicted to propel sodium metal's market expansion. The element sodium is an essential component in the creation of indigo dye. As a result, the developing textile sector, rising demand for denim products, and rising per capita income in developed nations are likely to drive sodium metal market expansion over the forecast period.

The Sodium Metal Market is expected to develop in tandem with the growing production of biodiesel. Sodium methylate is a critical component that is commonly utilised as a catalyst in large-scale biodiesel manufacturing. Sodium methylate is made from sodium metal or sodium hydroxide, which is then treated with methanol to yield sodium methoxide (sodium methylate). As a result, growing biodiesel production is likely to boost sodium metal market growth.

Sodium Metal Market
Sodium Metal Market

 Market Restraints

Because sodium metal is a highly reactive chemical that spontaneously combusts when exposed to water or air, market expansion is projected to be limited. Because sodium metal is difficult to store and transport, only a few companies specialise in its manufacture. As a result, this factor is projected to limit sodium metal market growth over the forecast period.

 

Increased use of alternative sodium metals, such as magnesium, as a reductant in titanium production, is projected to stifle market expansion to some extent. Because of its hazardous nature and problems, major corporations are turning to sodium metal as a substitute. As a result, market growth is projected to be hampered by the availability of substitute sodium metal.

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