Automotive Plastics Market Drivers [2021-2031]
The Automotive Plastics Market is expected to register a CAGR of 6% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Plastic Type (Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, HDPE, Others). The report further presents analysis based on, Application (Interior, Exterior, Under Bonnet). 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 Plastics 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 Plastics Market Segmentation
Plastic Type- Polypropylene
- Polyurethane
- Polyvinyl Chloride
- ABS
- Polyamide
- HDPE
- Others
- Interior
- Exterior
- Under Bonnet
Strategic Insights
Automotive Plastics Market Growth Drivers- Rising Demand of Electric Vehicles: The rise in fuel prices and the environmental impact of conventional gasoline vehicles have paved the way for alternative fuel vehicles across the globe. Buyers are gradually getting inclined to use battery-powered or hybrid automobiles, which is anticipated to boost the demand for electric vehicles. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of automotive paints has become more crucial.
- Government Incentives and Policies Boosting Electric Vehicle Adoption: To promote the sale of EVs, governments are providing attractive laws and incentives. Reduced selling costs, no registration fees or minimal registration fees, and free EV infrastructure charging at various charging points are a few of these incentives. Furthermore, due to various subsidies, many countries worldwide exclude import, purchase, and road taxes. These auto industry incentives have led to a rise in the manufacture of electric vehicles.
- Infrastructure Investment Supporting the Growth of Electric Vehicles: Governments have also created beneficial policies and invested heavily in infrastructure. For example, the U.S. government plans to spend US$ 87 billion on new highway construction over the next five years. Additionally, the government will be installing EV charging stations across the country to encourage the development of these automobiles. Such government initiatives also propel the demand for electric vehicles.
- Adoption of Light Weight Materials for Weight Reduction: Lightweight material development has been one of the factors harnessing the growth of the automotive plastics market. This is because manufacturers are prioritizing fuel economy and lowering emissions, lightweight plastics are quite ideal. These materials assist in lowering the overall weight of the vehicle which leads to better performance and greater energy efficiency which are going to be more and more in demand by consumers and regulators as time goes by.
- Novel Polymer Technologies Enhancing Performance and Safety in Lightweight Plastics: In addition, novel polymer technologies are also giving rise to lightweight but high performing plastics. These developments come in handy by lightening the weight without compromising or even increasing safety and durability of the products. This means, that automotive designers can accommodate these materials within body parts, furniture, and even accessories stimulating the expansion of the market.
- Sustainability and Environmental Benefits Boosting Adoption of Lightweight Materials: In addition, due to the current automotive trends, there is a growing concern on the effect of the manufacturing process of such components on the environment, and therefore, the use of light weighted materials is often regarded as a green practice. Whereby a good number of these plastics can be repeated alleviating the environmental burden issues in the vehicle manufacturing processes. As manufacturers understand the issues surrounding environmentally sustainable products, the use of lightweight materials is likely to increase and consequently make them a significant trend in automotive design.
- Design Flexibility through Plastic Materials: The increase in vehicle weight reduction and improved material characteristics offers the automotive plastic market plenty of growth opportunities. The new-age polymers have given the power of imaginations to the producers to create shapes and forms which would have been difficult with the earlier materials. This ability promotes making vehicles with designs that are not only sleek but also appealing, improving their function and attractiveness.
- Improved Safety and Comfort Through Advanced Automotive Plastics: Also, better adaptability of the automotive plastic helps in increased utility and comfort of the users. High-tech polymers used for vehicle parts can also be designed to be impact proof; thus protecting them from getting damaged in case of an accident. This increases the safety of the vehicle, as well as allows for some design freedom in the project of the vehicle interior - for example, curved shapes and built-in elements can be used more, which expands the design.
- Lightweight and Flexible Plastics Enhancing Performance and Sustainability in Vehicles: Also, with the global automotive industry moving towards electric and plug-in hybrid vehicles which tend to be heavier, the concept of using lightweight materials becomes more applicable. Lightweight materials especially flexible plastics allow making of parts that have thinner profiles than before without compromising their structural efficiency. This trend not only improves the fuel economy but also borders on manufacturers quest for performance enhancement and environmental conservation.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Automotive Plastics 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 Plastics 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.
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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
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
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to country scope.
Frequently Asked Questions
#Adoption of Light Weight Materials for Weight Reduction is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the automotive plastics market due to the well-established automotive industry across the region
Based on type, polyurethane segment is expected to witness the fastest growth during the forecast period
Growing demand for electric vehicles is driving the market growth
Adient plc., BASF SE, Borealis AG are some of the key players operating in the automotive plastics market
The Automotive Plastics Market is estimated to witness a CAGR of 6% from 2023 to 2031
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 Plastics Market - By Plastic Type
1.3.2 Automotive Plastics Market - By Application
1.3.3 Automotive Plastics Market - By Vehicle Type
1.3.4 Automotive Plastics Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AUTOMOTIVE PLASTICS 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. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AUTOMOTIVE PLASTICS 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. AUTOMOTIVE PLASTICS MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMOTIVE PLASTICS - GLOBAL MARKET OVERVIEW
6.2. AUTOMOTIVE PLASTICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMOTIVE PLASTICS MARKET - REVENUE AND FORECASTS TO 2028 - PLASTIC TYPE
7.1. OVERVIEW
7.2. PLASTIC TYPE MARKET FORECASTS AND ANALYSIS
7.3. POLYPROPYLENE
7.3.1. Overview
7.3.2. Polypropylene Market Forecast and Analysis
7.4. POLYURETHANE
7.4.1. Overview
7.4.2. Polyurethane Market Forecast and Analysis
7.5. POLYVINYL CHLORIDE
7.5.1. Overview
7.5.2. Polyvinyl Chloride Market Forecast and Analysis
7.6. ABS
7.6.1. Overview
7.6.2. ABS Market Forecast and Analysis
7.7. POLYAMIDE
7.7.1. Overview
7.7.2. Polyamide Market Forecast and Analysis
7.8. HDPE
7.8.1. Overview
7.8.2. HDPE Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. AUTOMOTIVE PLASTICS 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
8.5. UNDER BONNET
8.5.1. Overview
8.5.2. Under Bonnet Market Forecast and Analysis
9. AUTOMOTIVE PLASTICS MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE TYPE
9.1. OVERVIEW
9.2. VEHICLE TYPE MARKET FORECASTS AND ANALYSIS
9.3. PASSENGER CARS
9.3.1. Overview
9.3.2. Passenger Cars 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. HEAVY COMMERCIAL VEHICLES (HCVS)
9.5.1. Overview
9.5.2. Heavy Commercial Vehicles (HCVs) Market Forecast and Analysis
10. AUTOMOTIVE PLASTICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automotive Plastics Market Overview
10.1.2 North America Automotive Plastics Market Forecasts and Analysis
10.1.3 North America Automotive Plastics Market Forecasts and Analysis - By Plastic Type
10.1.4 North America Automotive Plastics Market Forecasts and Analysis - By Application
10.1.5 North America Automotive Plastics Market Forecasts and Analysis - By Vehicle Type
10.1.6 North America Automotive Plastics Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automotive Plastics Market
10.1.6.1.1 United States Automotive Plastics Market by Plastic Type
10.1.6.1.2 United States Automotive Plastics Market by Application
10.1.6.1.3 United States Automotive Plastics Market by Vehicle Type
10.1.6.2 Canada Automotive Plastics Market
10.1.6.2.1 Canada Automotive Plastics Market by Plastic Type
10.1.6.2.2 Canada Automotive Plastics Market by Application
10.1.6.2.3 Canada Automotive Plastics Market by Vehicle Type
10.1.6.3 Mexico Automotive Plastics Market
10.1.6.3.1 Mexico Automotive Plastics Market by Plastic Type
10.1.6.3.2 Mexico Automotive Plastics Market by Application
10.1.6.3.3 Mexico Automotive Plastics Market by Vehicle Type
10.2. EUROPE
10.2.1 Europe Automotive Plastics Market Overview
10.2.2 Europe Automotive Plastics Market Forecasts and Analysis
10.2.3 Europe Automotive Plastics Market Forecasts and Analysis - By Plastic Type
10.2.4 Europe Automotive Plastics Market Forecasts and Analysis - By Application
10.2.5 Europe Automotive Plastics Market Forecasts and Analysis - By Vehicle Type
10.2.6 Europe Automotive Plastics Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automotive Plastics Market
10.2.6.1.1 Germany Automotive Plastics Market by Plastic Type
10.2.6.1.2 Germany Automotive Plastics Market by Application
10.2.6.1.3 Germany Automotive Plastics Market by Vehicle Type
10.2.6.2 France Automotive Plastics Market
10.2.6.2.1 France Automotive Plastics Market by Plastic Type
10.2.6.2.2 France Automotive Plastics Market by Application
10.2.6.2.3 France Automotive Plastics Market by Vehicle Type
10.2.6.3 Italy Automotive Plastics Market
10.2.6.3.1 Italy Automotive Plastics Market by Plastic Type
10.2.6.3.2 Italy Automotive Plastics Market by Application
10.2.6.3.3 Italy Automotive Plastics Market by Vehicle Type
10.2.6.4 United Kingdom Automotive Plastics Market
10.2.6.4.1 United Kingdom Automotive Plastics Market by Plastic Type
10.2.6.4.2 United Kingdom Automotive Plastics Market by Application
10.2.6.4.3 United Kingdom Automotive Plastics Market by Vehicle Type
10.2.6.5 Russia Automotive Plastics Market
10.2.6.5.1 Russia Automotive Plastics Market by Plastic Type
10.2.6.5.2 Russia Automotive Plastics Market by Application
10.2.6.5.3 Russia Automotive Plastics Market by Vehicle Type
10.2.6.6 Rest of Europe Automotive Plastics Market
10.2.6.6.1 Rest of Europe Automotive Plastics Market by Plastic Type
10.2.6.6.2 Rest of Europe Automotive Plastics Market by Application
10.2.6.6.3 Rest of Europe Automotive Plastics Market by Vehicle Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automotive Plastics Market Overview
10.3.2 Asia-Pacific Automotive Plastics Market Forecasts and Analysis
10.3.3 Asia-Pacific Automotive Plastics Market Forecasts and Analysis - By Plastic Type
10.3.4 Asia-Pacific Automotive Plastics Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Automotive Plastics Market Forecasts and Analysis - By Vehicle Type
10.3.6 Asia-Pacific Automotive Plastics Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automotive Plastics Market
10.3.6.1.1 Australia Automotive Plastics Market by Plastic Type
10.3.6.1.2 Australia Automotive Plastics Market by Application
10.3.6.1.3 Australia Automotive Plastics Market by Vehicle Type
10.3.6.2 China Automotive Plastics Market
10.3.6.2.1 China Automotive Plastics Market by Plastic Type
10.3.6.2.2 China Automotive Plastics Market by Application
10.3.6.2.3 China Automotive Plastics Market by Vehicle Type
10.3.6.3 India Automotive Plastics Market
10.3.6.3.1 India Automotive Plastics Market by Plastic Type
10.3.6.3.2 India Automotive Plastics Market by Application
10.3.6.3.3 India Automotive Plastics Market by Vehicle Type
10.3.6.4 Japan Automotive Plastics Market
10.3.6.4.1 Japan Automotive Plastics Market by Plastic Type
10.3.6.4.2 Japan Automotive Plastics Market by Application
10.3.6.4.3 Japan Automotive Plastics Market by Vehicle Type
10.3.6.5 South Korea Automotive Plastics Market
10.3.6.5.1 South Korea Automotive Plastics Market by Plastic Type
10.3.6.5.2 South Korea Automotive Plastics Market by Application
10.3.6.5.3 South Korea Automotive Plastics Market by Vehicle Type
10.3.6.6 Rest of Asia-Pacific Automotive Plastics Market
10.3.6.6.1 Rest of Asia-Pacific Automotive Plastics Market by Plastic Type
10.3.6.6.2 Rest of Asia-Pacific Automotive Plastics Market by Application
10.3.6.6.3 Rest of Asia-Pacific Automotive Plastics Market by Vehicle Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automotive Plastics Market Overview
10.4.2 Middle East and Africa Automotive Plastics Market Forecasts and Analysis
10.4.3 Middle East and Africa Automotive Plastics Market Forecasts and Analysis - By Plastic Type
10.4.4 Middle East and Africa Automotive Plastics Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Automotive Plastics Market Forecasts and Analysis - By Vehicle Type
10.4.6 Middle East and Africa Automotive Plastics Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automotive Plastics Market
10.4.6.1.1 South Africa Automotive Plastics Market by Plastic Type
10.4.6.1.2 South Africa Automotive Plastics Market by Application
10.4.6.1.3 South Africa Automotive Plastics Market by Vehicle Type
10.4.6.2 Saudi Arabia Automotive Plastics Market
10.4.6.2.1 Saudi Arabia Automotive Plastics Market by Plastic Type
10.4.6.2.2 Saudi Arabia Automotive Plastics Market by Application
10.4.6.2.3 Saudi Arabia Automotive Plastics Market by Vehicle Type
10.4.6.3 U.A.E Automotive Plastics Market
10.4.6.3.1 U.A.E Automotive Plastics Market by Plastic Type
10.4.6.3.2 U.A.E Automotive Plastics Market by Application
10.4.6.3.3 U.A.E Automotive Plastics Market by Vehicle Type
10.4.6.4 Rest of Middle East and Africa Automotive Plastics Market
10.4.6.4.1 Rest of Middle East and Africa Automotive Plastics Market by Plastic Type
10.4.6.4.2 Rest of Middle East and Africa Automotive Plastics Market by Application
10.4.6.4.3 Rest of Middle East and Africa Automotive Plastics Market by Vehicle Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automotive Plastics Market Overview
10.5.2 South and Central America Automotive Plastics Market Forecasts and Analysis
10.5.3 South and Central America Automotive Plastics Market Forecasts and Analysis - By Plastic Type
10.5.4 South and Central America Automotive Plastics Market Forecasts and Analysis - By Application
10.5.5 South and Central America Automotive Plastics Market Forecasts and Analysis - By Vehicle Type
10.5.6 South and Central America Automotive Plastics Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automotive Plastics Market
10.5.6.1.1 Brazil Automotive Plastics Market by Plastic Type
10.5.6.1.2 Brazil Automotive Plastics Market by Application
10.5.6.1.3 Brazil Automotive Plastics Market by Vehicle Type
10.5.6.2 Argentina Automotive Plastics Market
10.5.6.2.1 Argentina Automotive Plastics Market by Plastic Type
10.5.6.2.2 Argentina Automotive Plastics Market by Application
10.5.6.2.3 Argentina Automotive Plastics Market by Vehicle Type
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 PLASTICS MARKET, KEY COMPANY PROFILES
12.1. ADIENT PLC.
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. BOREALIS AG
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. COMPAGNIE PLASTIC OMNIUM SE
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. COVESTRO AG
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. EVONIK INDUSTRIES AG
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. LEAR 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. MAGNA INTERNATIONAL INC.
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. SABIC
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. TEIJIN LIMITED.
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.Adient plc.
2.BASF SE
3.Borealis AG
4.Compagnie Plastic Omnium SE
5.Covestro AG
6.Evonik Industries AG
7.Lear Corporation
8.Magna International Inc.
9.SABIC
10.TEIJIN LIMITED.
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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