Automotive Foam Market Dynamics 2021-2031
The Automotive Foam Market is expected to register a CAGR of 5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Polyurethane Foams, Polystyrene Foams, Polypropylene Foam and Others). The report further presents analysis based on, Application (Interior and Exterior). Based on Based on Vehicle Type report is segmented into (Passenger Vehicles, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles and Two Wheelers and Others) The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Automotive Foam Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Automotive Foam Market Segmentation
Type- Polyurethane Foams
- Polystyrene Foams
- Polypropylene Foam and Others
- Interior and Exterior
Strategic Insights
Automotive Foam Market Growth Drivers- Rising Demand for Lightweight Materials: Automotive foams are increasingly used to reduce vehicle weight and improve fuel efficiency. Materials like polyurethane foams are commonly used in vehicle interiors for seats, headrests, and armrests, contributing to reduced overall vehicle weight while ensuring comfort and safety.
- Improved Noise, Vibration, and Harshness (NVH) Performance: The growing focus on improving vehicle comfort and reducing noise levels is driving demand for acoustic foams. These materials are used to dampen noise, vibration, and harshness (NVH) inside vehicles, making them a crucial component in enhancing the overall driving experience.
- Growing Demand for Electric and Hybrid Vehicles: The electric and hybrid vehicle market is stimulating demand for specialized automotive foams, such as those used in battery packs, thermal insulation, and noise reduction systems. Foams help improve vehicle energy efficiency, reduce sound transmission, and provide essential protection to sensitive components like batteries.
- Growth in Acoustic and Insulation Applications: As consumers demand quieter, more comfortable driving experiences, the automotive foam market will see a rise in demand for acoustic and insulation foams. These materials are used to reduce noise, vibration, and harshness (NVH), improving the overall comfort of both electric and internal combustion engine (ICE) vehicles.
- Increase in Electric Vehicle (EV) Production: The rise of electric vehicles (EVs) will drive demand for specialized automotive foams. Foams are used in EV battery packs for thermal management, as well as in interior components to provide comfort and sound insulation. The EV boom will push foam manufacturers to develop new, lightweight, and high-performance foams tailored to the needs of EVs.
- Development of Bio-Based and Sustainable Foams: Environmental sustainability trends will influence the automotive foam market. Manufacturers are likely to focus on developing bio-based foams derived from renewable resources, reducing reliance on petrochemicals and offering more eco-friendly options for vehicle interior and exterior applications.
- Increasing Demand for Noise and Vibration Dampening Solutions: With a focus on enhancing driving comfort and reducing noise, vibration, and harshness (NVH), automotive foams used in insulation and soundproofing will see increasing demand. Automotive manufacturers are incorporating foams into various vehicle parts, including doors, dashboards, and wheel wells, to meet consumer preferences for quieter cabins.
- Growth in Electric and Hybrid Vehicle Production: The expansion of the electric and hybrid vehicle markets presents an opportunity for the automotive foam industry. These vehicles often require specialized foam solutions for battery insulation, thermal management, and lightweight interior components, creating new demand for advanced foam materials tailored for EVs and HEVs.
- Development of Bio-Based and Sustainable Foams: With growing environmental concerns, manufacturers are focusing on developing eco-friendly foams made from renewable or recycled materials. These sustainable alternatives are in demand for various automotive applications, particularly as vehicle makers strive to meet increasingly stringent environmental regulations, presenting an opportunity for innovation in the foam market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Automotive Foam Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Automotive Foam Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- 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
Type, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Frequently Asked Questions
The Automotive Foam Market is estimated to witness a CAGR of 5% from 2023 to 2031
Rising demand for lightweight materials is driving the automotive foam market growth
Armacell LLC, BASF SE, Bridgestone Corporation, Fritz Nauer AG are some of the key players operating in the automotive foam market
Based on type, polyurethane foam segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the automotive foam market due to the well-established automotive industry across the region
Growth in acoustic and insulation applications is expected to be the key market trends.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Automotive Foam Market - By Type
1.3.2 Automotive Foam Market - By Application
1.3.3 Automotive Foam Market - By End-Use
1.3.4 Automotive Foam Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AUTOMOTIVE FOAM MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. AUTOMOTIVE FOAM 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. AUTOMOTIVE FOAM MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMOTIVE FOAM - GLOBAL MARKET OVERVIEW
6.2. AUTOMOTIVE FOAM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMOTIVE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. POLYURETHANE (PU) FOAM
7.3.1. Overview
7.3.2. Polyurethane (PU) Foam Market Forecast and Analysis
7.4. POLYOLEFIN FOAM (PO)
7.4.1. Overview
7.4.2. Polyolefin Foam (PO) Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. AUTOMOTIVE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. INTERIOR
8.3.1. Overview
8.3.2. Interior Market Forecast and Analysis
8.4. EXTERIOR
8.4.1. Overview
8.4.2. Exterior Market Forecast and Analysis
9. AUTOMOTIVE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
9.1. OVERVIEW
9.2. END-USE MARKET FORECASTS AND ANALYSIS
9.3. HEAVY COMMERCIAL VEHICLES (HCVS)
9.3.1. Overview
9.3.2. Heavy Commercial Vehicles (HCVs) Market Forecast and Analysis
9.4. LIGHT COMMERCIAL VEHICLES (LCVS)
9.4.1. Overview
9.4.2. Light Commercial Vehicles (LCVs) Market Forecast and Analysis
9.5. PASSENGER CARS
9.5.1. Overview
9.5.2. Passenger Cars Market Forecast and Analysis
10. AUTOMOTIVE FOAM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automotive Foam Market Overview
10.1.2 North America Automotive Foam Market Forecasts and Analysis
10.1.3 North America Automotive Foam Market Forecasts and Analysis - By Type
10.1.4 North America Automotive Foam Market Forecasts and Analysis - By Application
10.1.5 North America Automotive Foam Market Forecasts and Analysis - By End-Use
10.1.6 North America Automotive Foam Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automotive Foam Market
10.1.6.1.1 United States Automotive Foam Market by Type
10.1.6.1.2 United States Automotive Foam Market by Application
10.1.6.1.3 United States Automotive Foam Market by End-Use
10.1.6.2 Canada Automotive Foam Market
10.1.6.2.1 Canada Automotive Foam Market by Type
10.1.6.2.2 Canada Automotive Foam Market by Application
10.1.6.2.3 Canada Automotive Foam Market by End-Use
10.1.6.3 Mexico Automotive Foam Market
10.1.6.3.1 Mexico Automotive Foam Market by Type
10.1.6.3.2 Mexico Automotive Foam Market by Application
10.1.6.3.3 Mexico Automotive Foam Market by End-Use
10.2. EUROPE
10.2.1 Europe Automotive Foam Market Overview
10.2.2 Europe Automotive Foam Market Forecasts and Analysis
10.2.3 Europe Automotive Foam Market Forecasts and Analysis - By Type
10.2.4 Europe Automotive Foam Market Forecasts and Analysis - By Application
10.2.5 Europe Automotive Foam Market Forecasts and Analysis - By End-Use
10.2.6 Europe Automotive Foam Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automotive Foam Market
10.2.6.1.1 Germany Automotive Foam Market by Type
10.2.6.1.2 Germany Automotive Foam Market by Application
10.2.6.1.3 Germany Automotive Foam Market by End-Use
10.2.6.2 France Automotive Foam Market
10.2.6.2.1 France Automotive Foam Market by Type
10.2.6.2.2 France Automotive Foam Market by Application
10.2.6.2.3 France Automotive Foam Market by End-Use
10.2.6.3 Italy Automotive Foam Market
10.2.6.3.1 Italy Automotive Foam Market by Type
10.2.6.3.2 Italy Automotive Foam Market by Application
10.2.6.3.3 Italy Automotive Foam Market by End-Use
10.2.6.4 United Kingdom Automotive Foam Market
10.2.6.4.1 United Kingdom Automotive Foam Market by Type
10.2.6.4.2 United Kingdom Automotive Foam Market by Application
10.2.6.4.3 United Kingdom Automotive Foam Market by End-Use
10.2.6.5 Russia Automotive Foam Market
10.2.6.5.1 Russia Automotive Foam Market by Type
10.2.6.5.2 Russia Automotive Foam Market by Application
10.2.6.5.3 Russia Automotive Foam Market by End-Use
10.2.6.6 Rest of Europe Automotive Foam Market
10.2.6.6.1 Rest of Europe Automotive Foam Market by Type
10.2.6.6.2 Rest of Europe Automotive Foam Market by Application
10.2.6.6.3 Rest of Europe Automotive Foam Market by End-Use
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automotive Foam Market Overview
10.3.2 Asia-Pacific Automotive Foam Market Forecasts and Analysis
10.3.3 Asia-Pacific Automotive Foam Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Automotive Foam Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Automotive Foam Market Forecasts and Analysis - By End-Use
10.3.6 Asia-Pacific Automotive Foam Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automotive Foam Market
10.3.6.1.1 Australia Automotive Foam Market by Type
10.3.6.1.2 Australia Automotive Foam Market by Application
10.3.6.1.3 Australia Automotive Foam Market by End-Use
10.3.6.2 China Automotive Foam Market
10.3.6.2.1 China Automotive Foam Market by Type
10.3.6.2.2 China Automotive Foam Market by Application
10.3.6.2.3 China Automotive Foam Market by End-Use
10.3.6.3 India Automotive Foam Market
10.3.6.3.1 India Automotive Foam Market by Type
10.3.6.3.2 India Automotive Foam Market by Application
10.3.6.3.3 India Automotive Foam Market by End-Use
10.3.6.4 Japan Automotive Foam Market
10.3.6.4.1 Japan Automotive Foam Market by Type
10.3.6.4.2 Japan Automotive Foam Market by Application
10.3.6.4.3 Japan Automotive Foam Market by End-Use
10.3.6.5 South Korea Automotive Foam Market
10.3.6.5.1 South Korea Automotive Foam Market by Type
10.3.6.5.2 South Korea Automotive Foam Market by Application
10.3.6.5.3 South Korea Automotive Foam Market by End-Use
10.3.6.6 Rest of Asia-Pacific Automotive Foam Market
10.3.6.6.1 Rest of Asia-Pacific Automotive Foam Market by Type
10.3.6.6.2 Rest of Asia-Pacific Automotive Foam Market by Application
10.3.6.6.3 Rest of Asia-Pacific Automotive Foam Market by End-Use
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automotive Foam Market Overview
10.4.2 Middle East and Africa Automotive Foam Market Forecasts and Analysis
10.4.3 Middle East and Africa Automotive Foam Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Automotive Foam Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Automotive Foam Market Forecasts and Analysis - By End-Use
10.4.6 Middle East and Africa Automotive Foam Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automotive Foam Market
10.4.6.1.1 South Africa Automotive Foam Market by Type
10.4.6.1.2 South Africa Automotive Foam Market by Application
10.4.6.1.3 South Africa Automotive Foam Market by End-Use
10.4.6.2 Saudi Arabia Automotive Foam Market
10.4.6.2.1 Saudi Arabia Automotive Foam Market by Type
10.4.6.2.2 Saudi Arabia Automotive Foam Market by Application
10.4.6.2.3 Saudi Arabia Automotive Foam Market by End-Use
10.4.6.3 U.A.E Automotive Foam Market
10.4.6.3.1 U.A.E Automotive Foam Market by Type
10.4.6.3.2 U.A.E Automotive Foam Market by Application
10.4.6.3.3 U.A.E Automotive Foam Market by End-Use
10.4.6.4 Rest of Middle East and Africa Automotive Foam Market
10.4.6.4.1 Rest of Middle East and Africa Automotive Foam Market by Type
10.4.6.4.2 Rest of Middle East and Africa Automotive Foam Market by Application
10.4.6.4.3 Rest of Middle East and Africa Automotive Foam Market by End-Use
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automotive Foam Market Overview
10.5.2 South and Central America Automotive Foam Market Forecasts and Analysis
10.5.3 South and Central America Automotive Foam Market Forecasts and Analysis - By Type
10.5.4 South and Central America Automotive Foam Market Forecasts and Analysis - By Application
10.5.5 South and Central America Automotive Foam Market Forecasts and Analysis - By End-Use
10.5.6 South and Central America Automotive Foam Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automotive Foam Market
10.5.6.1.1 Brazil Automotive Foam Market by Type
10.5.6.1.2 Brazil Automotive Foam Market by Application
10.5.6.1.3 Brazil Automotive Foam Market by End-Use
10.5.6.2 Argentina Automotive Foam Market
10.5.6.2.1 Argentina Automotive Foam Market by Type
10.5.6.2.2 Argentina Automotive Foam Market by Application
10.5.6.2.3 Argentina Automotive Foam Market by End-Use
10.5.6.3 Rest of South and Central America Automotive Foam Market
10.5.6.3.1 Rest of South and Central America Automotive Foam Market by Type
10.5.6.3.2 Rest of South and Central America Automotive Foam Market by Application
10.5.6.3.3 Rest of South and Central America Automotive Foam Market by End-Use
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. AUTOMOTIVE FOAM MARKET, KEY COMPANY PROFILES
12.1. ARMACELL LLC
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. BASF SE
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. BRIDGESTONE CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. FRITZ NAUER AG
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. LEAR CORPORATION
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. RECTICEL NV
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. ROGERS CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SAINT-GOBAIN
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. THE DOW CHEMICAL COMPANY
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. WOODBRIDGE FOAM CORPORATION
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Armacell LLC
2. BASF SE
3. Bridgestone Corporation
4. Fritz Nauer AG
5. Lear Corporation
6. Recticel NV
7. Rogers Corporation
8. Saint-Gobain
9. The Dow Chemical Company
10. Woodbridge Foam Corporation
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.
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