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. Acc...
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Bromine Market Analysis, Overview, Drivers Market Restraints and Market Opportunities

Bromine is a naturally occurring chemical element that is largely utilised as a catalyst and synthesising agent in the manufacturing of disinfectants, flame retardants, photographic chemicals, and water disinfectants, among other things. Automobiles, agriculture, and electronics are just a few of the bromine's key end-user industries.

Drivers

Bromine market growth is expected to be aided by increased plastic demand from the automobile industry. The market is predicted to grow as the automotive sector increasingly replaces metal with plastic in the production of lightweight vehicles in response to rising environmental concerns. Furthermore, plastic is becoming increasingly used in the electronic industry for applications including wire and cables, switches, connectors, and printed circuit boards.

Bromine's market is predicted to rise due to rising demand for disinfectants and biocides. Another key reason driving bromine market expansion is the increase in oil and gas related activities such as drilling fluids. Bromine is commonly utilised in the oil and gas drilling process as a transparent brine. All of these factors are expected to boost bromine market growth throughout the forecast period.

 

Bromine Market
Bromine Market

Market Restraints

Bromine's market growth is projected to be limited by non-halogenated flame retardants. Concerns about halogenated flame retardants are boosting demand for non-halogenated alternatives. As a result, rising demand for non-halogenated flames is predicted to stifle bromine's market growth.

Bromine demand is projected to be hampered by the dangers associated with brominated substances. Bromine is poisonous by nature, which limits its use in a variety of applications.

 

Market Opportunities

Over the projection period, the chemical industry's expansion is expected to serve considerable market possibilities due to rising chemical output and consumption. The world chemicals turnover was valued at US$ 3820 billion in 2018, according to Cefic Facts & Figures 2020. From US$ 3730 billion in 2017 to US$ 3820 billion in 2018, global sales increased by 2.5 percent. As a result, bromine market expansion is expected to be fueled by growth in the chemical industry.

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