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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Global Spandex Market Overview, Analysis, Drivers and market Restraints

Spandex is a synthetic fabric with a high degree of elasticity. PTMEG and MDI are used as chemical reactants to make it. It's commonly seen in bras, skin-tight clothing, gloves, gym wear, pants, and swimwear. Furthermore, because spandex is more robust and stronger, it is employed in the manufacture of orthopaedic braces and surgical hoses.

 

Drivers

The growing demand for textiles around the world is driving the expansion of the spandex industry. It's frequently employed in the production of sportswear, clothing, and casual wear. Consumers' increased disposable money is fuelling demand for a variety of textiles. In addition, the growing population base is driving up demand for textiles, which is fueling the expansion of the spandex market. The world population is predicted to exceed 8 billion by the end of 2025, according to the United States Census Bureau.

The spandex market is growing in tandem with the apparel and clothing industry's strong expansion. Growing demand for intimate wear, athletics, compression garments, and other items, as well as the introduction of a new use of spandex in denim, are projected to boost market growth once again. In 2019, the Indian textile and apparel market was predicted to be worth US$ 100 billion. India is the world's second-largest textile and garment exporter, with revenues predicted to rise to US$ 82.00 billion by 2021, up from US$ 22.95 billion in 2020.

 

Spandex Market
Spandex Market

Market Restraints

Slower economic growth in key markets like North America and Europe, which are mature and so experiencing sluggish growth. Furthermore, this situation is projected to persist over the predicted period. In addition, China, another important for spandex market, is facing a decline. All of these obstacles are projected to spandex market expansion.

The growing use of spandex replacements such as natural rubber latex (NRL) and polybutylene terephthalate (PBT) is hurting demand. Natural rubber latex is the second most common elastomeric fibre used in stretch textile applications. As a result, rising replacement usage is expected to spandex market growth.

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