Artificial Stone Market SWOT Analysis by 2031
Artificial stone is a type of construction material that is commonly used to substitute natural stone surfaces on both internal and external walls. Artificial stones are made with lightweight aggregates, making them lighter than natural stones. These stones range in thickness from 2 to 4 cm and are available in a variety of styles. Artificial stones come in variety of different shapes such as round, squared blocks, rectangular bricks, tiles, or irregularly shaped.
MARKET SCOPE
The "Global Artificial Stone Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the artificial stone market with detailed market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading artificial stone market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of type, the market is segmented into ransom stone, concrete block, artificial marble, bituminous stone, and others.
- On the basis of application, the market is segmented into construction and decoration, furniture, and others
MARKET DYNAMICS
Drivers:
- The artificial stones market will be driven by an increase in demand for environmentally friendly and sustainable constriction materials.
- These stones are commonly utilised in commercial and residential construction projects for flooring, raised flooring, kitchen worktops, vanity tops, internal cladding, and bathroom furnishings. Artificial stone demand will rise as a result of these applications.
- The artificial stone market has been fueled by the growth of global building and construction industry.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The artificial stone market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the artificial stone market in these regions.
IMPACT OF COVID-19 ON ARTIFICIAL STONE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. However, due to growing recovery rates of patients across the globe and rising vaccination rates, businesses across the globe are expected to start their operations soon which will positive impact on the market growth in the coming years.
Have a question?
Shejal
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The artificial stone market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the artificial stone market in these regions.
IMPACT OF COVID-19 ON ARTIFICIAL STONE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. However, due to growing recovery rates of patients across the globe and rising vaccination rates, businesses across the globe are expected to start their operations soon which will positive impact on the market growth in the coming years.
MARKET PLAYERS
The report covers key developments in the artificial stone market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Artificial stone market are anticipated to lucrative growth opportunities in the future with the rising demand for artificial stone in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the artificial stone market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- A.St.A. WORLD-WIDE
- Classic Marble Company Pvt Ltd
- Diresco
- Granite and Marble Specialties
- LG HAUSYS
- POKARNA
- Quartzforms
- Santa Margherita S.p.a
- Silestone
- Stone Italiana S.p.A.
- Johnson Marble and Quartz
- Vicostone
- Cosentino S.A.
- Technistone S.R.O
- RMS
- Topzstone
- Viatera USA
- PLAMAR USA
- Palash Internationals
- CaesarStone Ltd.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Artificial Stone Market - By Type
1.3.2 Artificial Stone Market - By Application
1.3.3 Artificial Stone Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ARTIFICIAL STONE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. ARTIFICIAL STONE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. ARTIFICIAL STONE MARKET - GLOBAL MARKET ANALYSIS
6.1. ARTIFICIAL STONE - GLOBAL MARKET OVERVIEW
6.2. ARTIFICIAL STONE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. ARTIFICIAL STONE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. RANSOM STONE
7.3.1. Overview
7.3.2. Ransom Stone Market Forecast and Analysis
7.4. CONCRETE BLOCK
7.4.1. Overview
7.4.2. Concrete Block Market Forecast and Analysis
7.5. ARTIFICIAL MARBLE
7.5.1. Overview
7.5.2. Artificial Marble Market Forecast and Analysis
7.6. BITUMINOUS STONE
7.6.1. Overview
7.6.2. Bituminous Stone Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. ARTIFICIAL STONE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CONSTRUCTION AND DECORATION
8.3.1. Overview
8.3.2. Construction and Decoration Market Forecast and Analysis
8.4. FURNITURE
8.4.1. Overview
8.4.2. Furniture Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. ARTIFICIAL STONE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Artificial Stone Market Overview
9.1.2 North America Artificial Stone Market Forecasts and Analysis
9.1.3 North America Artificial Stone Market Forecasts and Analysis - By Type
9.1.4 North America Artificial Stone Market Forecasts and Analysis - By Application
9.1.5 North America Artificial Stone Market Forecasts and Analysis - By Countries
9.1.5.1 United States Artificial Stone Market
9.1.5.1.1 United States Artificial Stone Market by Type
9.1.5.1.2 United States Artificial Stone Market by Application
9.1.5.2 Canada Artificial Stone Market
9.1.5.2.1 Canada Artificial Stone Market by Type
9.1.5.2.2 Canada Artificial Stone Market by Application
9.1.5.3 Mexico Artificial Stone Market
9.1.5.3.1 Mexico Artificial Stone Market by Type
9.1.5.3.2 Mexico Artificial Stone Market by Application
9.2. EUROPE
9.2.1 Europe Artificial Stone Market Overview
9.2.2 Europe Artificial Stone Market Forecasts and Analysis
9.2.3 Europe Artificial Stone Market Forecasts and Analysis - By Type
9.2.4 Europe Artificial Stone Market Forecasts and Analysis - By Application
9.2.5 Europe Artificial Stone Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Artificial Stone Market
9.2.5.1.1 Germany Artificial Stone Market by Type
9.2.5.1.2 Germany Artificial Stone Market by Application
9.2.5.2 France Artificial Stone Market
9.2.5.2.1 France Artificial Stone Market by Type
9.2.5.2.2 France Artificial Stone Market by Application
9.2.5.3 Italy Artificial Stone Market
9.2.5.3.1 Italy Artificial Stone Market by Type
9.2.5.3.2 Italy Artificial Stone Market by Application
9.2.5.4 United Kingdom Artificial Stone Market
9.2.5.4.1 United Kingdom Artificial Stone Market by Type
9.2.5.4.2 United Kingdom Artificial Stone Market by Application
9.2.5.5 Russia Artificial Stone Market
9.2.5.5.1 Russia Artificial Stone Market by Type
9.2.5.5.2 Russia Artificial Stone Market by Application
9.2.5.6 Rest of Europe Artificial Stone Market
9.2.5.6.1 Rest of Europe Artificial Stone Market by Type
9.2.5.6.2 Rest of Europe Artificial Stone Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Artificial Stone Market Overview
9.3.2 Asia-Pacific Artificial Stone Market Forecasts and Analysis
9.3.3 Asia-Pacific Artificial Stone Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Artificial Stone Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Artificial Stone Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Artificial Stone Market
9.3.5.1.1 Australia Artificial Stone Market by Type
9.3.5.1.2 Australia Artificial Stone Market by Application
9.3.5.2 China Artificial Stone Market
9.3.5.2.1 China Artificial Stone Market by Type
9.3.5.2.2 China Artificial Stone Market by Application
9.3.5.3 India Artificial Stone Market
9.3.5.3.1 India Artificial Stone Market by Type
9.3.5.3.2 India Artificial Stone Market by Application
9.3.5.4 Japan Artificial Stone Market
9.3.5.4.1 Japan Artificial Stone Market by Type
9.3.5.4.2 Japan Artificial Stone Market by Application
9.3.5.5 South Korea Artificial Stone Market
9.3.5.5.1 South Korea Artificial Stone Market by Type
9.3.5.5.2 South Korea Artificial Stone Market by Application
9.3.5.6 Rest of Asia-Pacific Artificial Stone Market
9.3.5.6.1 Rest of Asia-Pacific Artificial Stone Market by Type
9.3.5.6.2 Rest of Asia-Pacific Artificial Stone Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Artificial Stone Market Overview
9.4.2 Middle East and Africa Artificial Stone Market Forecasts and Analysis
9.4.3 Middle East and Africa Artificial Stone Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Artificial Stone Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Artificial Stone Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Artificial Stone Market
9.4.5.1.1 South Africa Artificial Stone Market by Type
9.4.5.1.2 South Africa Artificial Stone Market by Application
9.4.5.2 Saudi Arabia Artificial Stone Market
9.4.5.2.1 Saudi Arabia Artificial Stone Market by Type
9.4.5.2.2 Saudi Arabia Artificial Stone Market by Application
9.4.5.3 U.A.E Artificial Stone Market
9.4.5.3.1 U.A.E Artificial Stone Market by Type
9.4.5.3.2 U.A.E Artificial Stone Market by Application
9.4.5.4 Rest of Middle East and Africa Artificial Stone Market
9.4.5.4.1 Rest of Middle East and Africa Artificial Stone Market by Type
9.4.5.4.2 Rest of Middle East and Africa Artificial Stone Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Artificial Stone Market Overview
9.5.2 South and Central America Artificial Stone Market Forecasts and Analysis
9.5.3 South and Central America Artificial Stone Market Forecasts and Analysis - By Type
9.5.4 South and Central America Artificial Stone Market Forecasts and Analysis - By Application
9.5.5 South and Central America Artificial Stone Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Artificial Stone Market
9.5.5.1.1 Brazil Artificial Stone Market by Type
9.5.5.1.2 Brazil Artificial Stone Market by Application
9.5.5.2 Argentina Artificial Stone Market
9.5.5.2.1 Argentina Artificial Stone Market by Type
9.5.5.2.2 Argentina Artificial Stone Market by Application
9.5.5.3 Rest of South and Central America Artificial Stone Market
9.5.5.3.1 Rest of South and Central America Artificial Stone Market by Type
9.5.5.3.2 Rest of South and Central America Artificial Stone Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ARTIFICIAL STONE MARKET, KEY COMPANY PROFILES
11.1. A.ST.A. WORLD-WIDE
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. CLASSIC MARBLE COMPANY PVT LTD
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DIRESCO
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GRANITE AND MARBLE SPECIALTIES
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LG HAUSYS
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. POKARNA
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. QUARTZFORMS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SANTA MARGHERITA S.P.A
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SILESTONE
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. STONE ITALIANA S.P.A.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
11.11. JOHNSON MARBLE AND QUARTZ
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
11.12. VICOSTONE
11.12.1. Key Facts
11.12.2. Business Description
11.12.3. Products and Services
11.12.4. Financial Overview
11.12.5. SWOT Analysis
11.12.6. Key Developments
11.13. COSENTINO S.A.
11.13.1. Key Facts
11.13.2. Business Description
11.13.3. Products and Services
11.13.4. Financial Overview
11.13.5. SWOT Analysis
11.13.6. Key Developments
11.14. TECHNISTONE S.R.O
11.14.1. Key Facts
11.14.2. Business Description
11.14.3. Products and Services
11.14.4. Financial Overview
11.14.5. SWOT Analysis
11.14.6. Key Developments
11.15. RMS
11.15.1. Key Facts
11.15.2. Business Description
11.15.3. Products and Services
11.15.4. Financial Overview
11.15.5. SWOT Analysis
11.15.6. Key Developments
11.16. TOPZSTONE
11.16.1. Key Facts
11.16.2. Business Description
11.16.3. Products and Services
11.16.4. Financial Overview
11.16.5. SWOT Analysis
11.16.6. Key Developments
11.17. VIATERA USA
11.17.1. Key Facts
11.17.2. Business Description
11.17.3. Products and Services
11.17.4. Financial Overview
11.17.5. SWOT Analysis
11.17.6. Key Developments
11.18. PLAMAR USA
11.18.1. Key Facts
11.18.2. Business Description
11.18.3. Products and Services
11.18.4. Financial Overview
11.18.5. SWOT Analysis
11.18.6. Key Developments
11.19. PALASH INTERNATIONAL
11.19.1. Key Facts
11.19.2. Business Description
11.19.3. Products and Services
11.19.4. Financial Overview
11.19.5. SWOT Analysis
11.19.6. Key Developments
11.20. CAESARSTONE LTD.
11.20.1. Key Facts
11.20.2. Business Description
11.20.3. Products and Services
11.20.4. Financial Overview
11.20.5. SWOT Analysis
11.20.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. A.St.A. WORLD-WIDE
2. Classic Marble Company Pvt Ltd
3. Diresco
4. Granite and Marble Specialties
5. LG HAUSYS
6. POKARNA
7. Quartzforms
8. Santa Margherita S.p.a
9. Silestone
10. Stone Italiana S.p.A.
11. Johnson Marble and Quartz
12. Vicostone
13. Cosentino S.A.
14. Technistone S.R.O
15. RMS
16. Topzstone
17. Viatera USA
18. PLAMAR USA
19. Palash International
20.CaesarStone Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.