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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Engineering Plastics Market Overview, Analysis, Market Drivers and Restraints

Engineering plastics are widely utilised in a variety of manufacturing industries where chemical stability, impact resistance, durability, and thermal and dimensional stability are important. Because of their high mechanical strength, engineering plastics are quickly replacing metals and wood in the construction and automobile industries. These materials lighten the vehicle's total weight and improve fuel efficiency. They're employed in the manufacture of automobile exterior and interior parts, as well as the powertrain. Due to its strong resilience to numerous environmental variables such as chemicals, high temperatures, and abrasion, engineering plastic is also employed in the electronic industry. As a result, it's an excellent material for making consumer electronics.

 

Drivers:

Engineering plastics are primarily driven by the rising automotive sector, which is fueled by rapid urbanisation. In 2018, 98.1 million automobiles were produced worldwide, according to the European Automobile Manufacturers Association. The need for engineering plastics, which are widely utilised in automotive and transportation elements such as exteriors, engines, mechanical components, interiors, fuel systems, and electric and electronic components, is increasing due to increased automobile manufacturing.

The engineering plastic market is growing due to rising demand for electronic goods such as storage batteries, computers, communication equipment, switchgear, and switchboard. Furthermore, an increase in the number of educational institutes with computer laboratories is another important factor boosting engineering plastic market growth throughout the predicted period.

 

Engineering Plastics Market
Engineering Plastics Market

Market Restraints

The market expansion of engineering plastics is projected to be hampered by high costs of engineering plastics due to raw material price fluctuations. Engineering plastics have improved qualities and need more complex processing, which affects the final cost. As a result, the high cost of engineering plastics is projected to stifle market expansion.

The market's growth is projected to be hampered by increasing investment in research activities to create plastics-alternative materials. Various firms are investing in research projects to develop alternatives for engineering plastics, such as carbon fibres, in order to lower the overall cost of manufacturing, which is expected to stifle the growth of the engineering plastic market.

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