The Composite Decking and Railing Market is expected to register a CAGR of 7.1% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Type (Capped and Uncapped). The report is also segmented by Resin Type (Polyethylene, Polypropylene, Polyvinyl Chloride, and Others) and Application (Residential and Non-Residential). The report scope covers 5 regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America and key countries under each region. 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 Composite Decking and Railing 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.
Composite Decking and Railing Market Segmentation
Type- Capped
- Uncapped
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Residential
- Non-Residential
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Composite Decking and Railing Market Growth Drivers- Sustainability in Construction: The growing focus on sustainable development practices in construction is one of the key factors responsible for the rise in demand for composite decking and railing industry. Eco-friendly alternatives to conventional wood-based products are being sought after by the consumers and the builders. Composite materials, which are in most cases composed of recycled plastics and wood fibers, are in these lightweight product innovations, thus also increasing their effectiveness in the market.
- Low Maintenance Appeal: The composite products for decking and railing systems are becoming more popular as they require less maintenance than the conventional wood systems do. Repair does not include the use of stains, sealers, or paints on a regular basis thus saving both time and money for the homeowner. This ease of use appeals to such busy consumers and heightens the appetite for composite solutions within the residential projects.
- Innovations in Performance and Aesthetics: Improvements to the performance and looks of the deck and railing systems incorporating composites are being achieved through innovations in the manufacturing processes and raw materials. Developments like capped composites that help to protect from moisture and UV light, are making these products more tough and attractive. This ongoing development is also contributing to the expansion of the economy since clients are looking for better class products.
- Sustainability and Easy Maintenance: The composite decking and railing market is on an upward trajectory. This trend is also driven by the rising consumer demand for sustainable and easy-maintenance outdoor materials leading to more investments in composite materials.
- Technological Advancements: Beautiful composite decking and railing structures are attainable with modern technology. The introduction of capped composites, for instance, which has high moisture and UV resistance, is a great marketing strategy to make these products attractive to the customers. This is imperative in order to stay relevant in this particular industry which is changing rapidly.
- Outdoor Living Spaces: More people want to maximize the potential of their yards by adding furnishings or lounges. Homeowners are turning to installing decks and patios to have fun and entertain. This has led to greater interest in attractive and useful composite decking and railing systems. The further the outdoor places come to the inside of the house, the more the demand for these products .
- Expansion of Residential Construction: The composite decking and railing market also benefits from the increasing expansion of residential construction. There is an increasing incorporation of composite materials within new structures as more home owners look for long-lasting and low maintenance outdoor solutions. This trend is projected to generate significant appetitive for composite products over the years.
- Environmental Consciousness: This development has also been made by a rising environmental consciousness. There is an increase in the need for sustainable building materials. Composite decking and railing products are primarily made using recycled waste materials. This opens a window for manufacturers to promote the products as an eco-friendly option for customers and here proposes positive growth to the market.
- Personalization and Design Innovation: Personalization of outdoor features has become a common trend and therefore opportunities for new innovative design of composite decking and railing products crop up. This enables the manufacturer to sell the product in such a way that there are different colors and textures of the same product. Companies can embrace the innate human craving for beauty by offering different looks and so gain an edge and a bigger part of the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Composite Decking and Railing 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 Composite Decking and Railing 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.
REGIONAL FRAMEWORK
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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
Based on geography, Asia Pacific held the largest share of the composite decking and railing market.
A shift towards outdoor living spaces is likely to remain the key trend in the market.
Trex Company Inc, UPM Biocomposites, Advanced Environmental Recycling Technologies Inc, TAMKO Building Products Inc, and TimberTech are among the leading players operating in the composite decking and railing market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Growing demand for sustainable building materials is driving the market growth
The Composite Decking and Railing Market is estimated to witness a CAGR of 7.1% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Composite Decking And Railing Market - By Type
1.3.2 Composite Decking And Railing Market - By Resin Type
1.3.3 Composite Decking And Railing Market - By Application
1.3.4 Composite Decking And Railing Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. COMPOSITE DECKING AND RAILING 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. COMPOSITE DECKING AND RAILING 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. COMPOSITE DECKING AND RAILING MARKET - GLOBAL MARKET ANALYSIS
6.1. COMPOSITE DECKING AND RAILING - GLOBAL MARKET OVERVIEW
6.2. COMPOSITE DECKING AND RAILING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. COMPOSITE DECKING AND RAILING MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CAPPED
7.3.1. Overview
7.3.2. Capped Market Forecast and Analysis
7.4. UNCAPPED
7.4.1. Overview
7.4.2. Uncapped Market Forecast and Analysis
8. COMPOSITE DECKING AND RAILING MARKET - REVENUE AND FORECASTS TO 2028 - RESIN TYPE
8.1. OVERVIEW
8.2. RESIN TYPE MARKET FORECASTS AND ANALYSIS
8.3. POLYETHYLENE
8.3.1. Overview
8.3.2. Polyethylene Market Forecast and Analysis
8.4. POLYPROPYLENE
8.4.1. Overview
8.4.2. Polypropylene Market Forecast and Analysis
8.5. POLYVINYLCHLORIDE
8.5.1. Overview
8.5.2. Polyvinylchloride Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. COMPOSITE DECKING AND RAILING MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. NON-RESIDENTIAL
9.4.1. Overview
9.4.2. Non-Residential Market Forecast and Analysis
10. COMPOSITE DECKING AND RAILING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Composite Decking And Railing Market Overview
10.1.2 North America Composite Decking And Railing Market Forecasts and Analysis
10.1.3 North America Composite Decking And Railing Market Forecasts and Analysis - By Type
10.1.4 North America Composite Decking And Railing Market Forecasts and Analysis - By Resin Type
10.1.5 North America Composite Decking And Railing Market Forecasts and Analysis - By Application
10.1.6 North America Composite Decking And Railing Market Forecasts and Analysis - By Countries
10.1.6.1 United States Composite Decking And Railing Market
10.1.6.1.1 United States Composite Decking And Railing Market by Type
10.1.6.1.2 United States Composite Decking And Railing Market by Resin Type
10.1.6.1.3 United States Composite Decking And Railing Market by Application
10.1.6.2 Canada Composite Decking And Railing Market
10.1.6.2.1 Canada Composite Decking And Railing Market by Type
10.1.6.2.2 Canada Composite Decking And Railing Market by Resin Type
10.1.6.2.3 Canada Composite Decking And Railing Market by Application
10.1.6.3 Mexico Composite Decking And Railing Market
10.1.6.3.1 Mexico Composite Decking And Railing Market by Type
10.1.6.3.2 Mexico Composite Decking And Railing Market by Resin Type
10.1.6.3.3 Mexico Composite Decking And Railing Market by Application
10.2. EUROPE
10.2.1 Europe Composite Decking And Railing Market Overview
10.2.2 Europe Composite Decking And Railing Market Forecasts and Analysis
10.2.3 Europe Composite Decking And Railing Market Forecasts and Analysis - By Type
10.2.4 Europe Composite Decking And Railing Market Forecasts and Analysis - By Resin Type
10.2.5 Europe Composite Decking And Railing Market Forecasts and Analysis - By Application
10.2.6 Europe Composite Decking And Railing Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Composite Decking And Railing Market
10.2.6.1.1 Germany Composite Decking And Railing Market by Type
10.2.6.1.2 Germany Composite Decking And Railing Market by Resin Type
10.2.6.1.3 Germany Composite Decking And Railing Market by Application
10.2.6.2 France Composite Decking And Railing Market
10.2.6.2.1 France Composite Decking And Railing Market by Type
10.2.6.2.2 France Composite Decking And Railing Market by Resin Type
10.2.6.2.3 France Composite Decking And Railing Market by Application
10.2.6.3 Italy Composite Decking And Railing Market
10.2.6.3.1 Italy Composite Decking And Railing Market by Type
10.2.6.3.2 Italy Composite Decking And Railing Market by Resin Type
10.2.6.3.3 Italy Composite Decking And Railing Market by Application
10.2.6.4 United Kingdom Composite Decking And Railing Market
10.2.6.4.1 United Kingdom Composite Decking And Railing Market by Type
10.2.6.4.2 United Kingdom Composite Decking And Railing Market by Resin Type
10.2.6.4.3 United Kingdom Composite Decking And Railing Market by Application
10.2.6.5 Russia Composite Decking And Railing Market
10.2.6.5.1 Russia Composite Decking And Railing Market by Type
10.2.6.5.2 Russia Composite Decking And Railing Market by Resin Type
10.2.6.5.3 Russia Composite Decking And Railing Market by Application
10.2.6.6 Rest of Europe Composite Decking And Railing Market
10.2.6.6.1 Rest of Europe Composite Decking And Railing Market by Type
10.2.6.6.2 Rest of Europe Composite Decking And Railing Market by Resin Type
10.2.6.6.3 Rest of Europe Composite Decking And Railing Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Composite Decking And Railing Market Overview
10.3.2 Asia-Pacific Composite Decking And Railing Market Forecasts and Analysis
10.3.3 Asia-Pacific Composite Decking And Railing Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Composite Decking And Railing Market Forecasts and Analysis - By Resin Type
10.3.5 Asia-Pacific Composite Decking And Railing Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Composite Decking And Railing Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Composite Decking And Railing Market
10.3.6.1.1 Australia Composite Decking And Railing Market by Type
10.3.6.1.2 Australia Composite Decking And Railing Market by Resin Type
10.3.6.1.3 Australia Composite Decking And Railing Market by Application
10.3.6.2 China Composite Decking And Railing Market
10.3.6.2.1 China Composite Decking And Railing Market by Type
10.3.6.2.2 China Composite Decking And Railing Market by Resin Type
10.3.6.2.3 China Composite Decking And Railing Market by Application
10.3.6.3 India Composite Decking And Railing Market
10.3.6.3.1 India Composite Decking And Railing Market by Type
10.3.6.3.2 India Composite Decking And Railing Market by Resin Type
10.3.6.3.3 India Composite Decking And Railing Market by Application
10.3.6.4 Japan Composite Decking And Railing Market
10.3.6.4.1 Japan Composite Decking And Railing Market by Type
10.3.6.4.2 Japan Composite Decking And Railing Market by Resin Type
10.3.6.4.3 Japan Composite Decking And Railing Market by Application
10.3.6.5 South Korea Composite Decking And Railing Market
10.3.6.5.1 South Korea Composite Decking And Railing Market by Type
10.3.6.5.2 South Korea Composite Decking And Railing Market by Resin Type
10.3.6.5.3 South Korea Composite Decking And Railing Market by Application
10.3.6.6 Rest of Asia-Pacific Composite Decking And Railing Market
10.3.6.6.1 Rest of Asia-Pacific Composite Decking And Railing Market by Type
10.3.6.6.2 Rest of Asia-Pacific Composite Decking And Railing Market by Resin Type
10.3.6.6.3 Rest of Asia-Pacific Composite Decking And Railing Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Composite Decking And Railing Market Overview
10.4.2 Middle East and Africa Composite Decking And Railing Market Forecasts and Analysis
10.4.3 Middle East and Africa Composite Decking And Railing Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Composite Decking And Railing Market Forecasts and Analysis - By Resin Type
10.4.5 Middle East and Africa Composite Decking And Railing Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Composite Decking And Railing Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Composite Decking And Railing Market
10.4.6.1.1 South Africa Composite Decking And Railing Market by Type
10.4.6.1.2 South Africa Composite Decking And Railing Market by Resin Type
10.4.6.1.3 South Africa Composite Decking And Railing Market by Application
10.4.6.2 Saudi Arabia Composite Decking And Railing Market
10.4.6.2.1 Saudi Arabia Composite Decking And Railing Market by Type
10.4.6.2.2 Saudi Arabia Composite Decking And Railing Market by Resin Type
10.4.6.2.3 Saudi Arabia Composite Decking And Railing Market by Application
10.4.6.3 U.A.E Composite Decking And Railing Market
10.4.6.3.1 U.A.E Composite Decking And Railing Market by Type
10.4.6.3.2 U.A.E Composite Decking And Railing Market by Resin Type
10.4.6.3.3 U.A.E Composite Decking And Railing Market by Application
10.4.6.4 Rest of Middle East and Africa Composite Decking And Railing Market
10.4.6.4.1 Rest of Middle East and Africa Composite Decking And Railing Market by Type
10.4.6.4.2 Rest of Middle East and Africa Composite Decking And Railing Market by Resin Type
10.4.6.4.3 Rest of Middle East and Africa Composite Decking And Railing Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Composite Decking And Railing Market Overview
10.5.2 South and Central America Composite Decking And Railing Market Forecasts and Analysis
10.5.3 South and Central America Composite Decking And Railing Market Forecasts and Analysis - By Type
10.5.4 South and Central America Composite Decking And Railing Market Forecasts and Analysis - By Resin Type
10.5.5 South and Central America Composite Decking And Railing Market Forecasts and Analysis - By Application
10.5.6 South and Central America Composite Decking And Railing Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Composite Decking And Railing Market
10.5.6.1.1 Brazil Composite Decking And Railing Market by Type
10.5.6.1.2 Brazil Composite Decking And Railing Market by Resin Type
10.5.6.1.3 Brazil Composite Decking And Railing Market by Application
10.5.6.2 Argentina Composite Decking And Railing Market
10.5.6.2.1 Argentina Composite Decking And Railing Market by Type
10.5.6.2.2 Argentina Composite Decking And Railing Market by Resin Type
10.5.6.2.3 Argentina Composite Decking And Railing Market by Application
10.5.6.3 Rest of South and Central America Composite Decking And Railing Market
10.5.6.3.1 Rest of South and Central America Composite Decking And Railing Market by Type
10.5.6.3.2 Rest of South and Central America Composite Decking And Railing Market by Resin Type
10.5.6.3.3 Rest of South and Central America Composite Decking And Railing Market by Application
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. COMPOSITE DECKING AND RAILING MARKET, KEY COMPANY PROFILES
12.1. ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC. (AERT)
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. AXION INTERNATIONAL, INC.
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. FIBERON LLC
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. GREEN BAY DECKING, LLC
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. INTEGRITY COMPOSITES LLC
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. TAMKO BUILDING PRODUCTS LLC
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. TIMBERTECH LIMITED
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. TREX COMPANY, 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. UNIVERSAL FOREST PRODUCTS, INC. (UFPI)
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. UPM BIOCOMPOSITES
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
1. Advanced Environmental Recycling Technologies, Inc. (AERT)
2. Axion International, Inc.
3. Fiberon LLC
4. Green Bay Decking, LLC
5. Integrity Composites LLC
6. TAMKO Building Products LLC
7. TimberTech Limited
8. Trex Company, Inc.
9. Universal Forest Products, Inc. (UFPI)
10. UPM Biocomposites
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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