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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Cupric Chloride Market Overview, Analysis, Dynamics, Outlook and Key Players

CuCl2 is the chemical formula for cupric chloride, also known as copper (II) chloride. It's a copper salt that's light brown in colour when it's anhydrous. Due to its hygroscopic nature, anhydrous cupric chloride absorbs moisture and creates hydrous cupric chloride, which is greenish blue crystals. It has a wide range of uses and is commercially produced by chlorinating copper in the presence of water.

Market Dynamics

Cupric chloride's wide range of applications in numerous end-use sectors, such as textiles, glass & ceramics, and pesticides, as well as its use as a catalyst in organic and inorganic reactions, are important factors driving market expansion. It's also utilised in the petroleum sector as a purification agent in the production of indelible, invisible, and laundry marking inks. The above-mentioned industries' rapid growth is fueling the cupric chloride market's expansion. According to the Federation of Indian Chambers of Commerce and Industry, insecticides account for 60% of the Indian crop protection market, followed by fungicides, herbicides, and bio-pesticides.

Furthermore, due to copper's catalytic and oxidising capabilities, cupric chloride is becoming more popular as a laboratory agent. Cupric chloride is used as a catalyst in the synthesis of numerous chemical intermediates such as diols and vinyl sulfones. The global cupric chloride market is predicted to develop as a result of this.

 

Cupric Chloride Market
Cupric chloride Market

Market Outlook

In the global cupric chloride market, Asia Pacific is the market leader. The Asia Pacific region's strong expansion in industries like textiles and dyestuffs is driving growing demand for cupric chloride. Furthermore, due to low production costs and inexpensive labour, a number of prominent businesses have relocated their manufacturing operations to Asia Pacific.

In Latin America, the textile and handloom industries are well established in growing economies such as Brazil, Chile, Peru, and Argentina, which is driving increased demand for cupric chloride. Due to rising manufacturing and chemical sectors in these regions, the market in Europe and North America is experiencing considerable expansion despite sluggish economic growth in these regions.

 

 

Key Players

BASF SE, The Dow Chemical Company, Brenntag North America, Inc., Tinco Group of Companies, and SQM are some of the major competitors in the worldwide cupric chloride market.

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