Diethanolamine Market Drivers and Opportunities [2021-2031]
The Diethanolamine Market is expected to register a CAGR of 5.0% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The diethanolamine market is segmented into application, end use, and others. Based on application, the market is segmented into chemical intermediates, corrosion inhibitors, metalworking fluids, gas treatment, and others. Based on end use, the market is segmented into agrochemical, cosmetics and personal care, textile, pharmaceutical, paint and coating, and others. The report scope covers five 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 the regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Diethanolamine 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.
Diethanolamine Market Segmentation
Application- Chemical Intermediates
- Corrosion Inhibitors
- Metalworking Fluids
- Gas Treatment
- Agrochemical
- Cosmetics and Personal Care
- Textile
- Pharmaceutical
- Paint and Coating
Strategic Insights
Diethanolamine Market Growth Drivers- Growing Demand for Agricultural and Agrochemical Industries: The strongest growth driver of the diethanolamine market is its widespread application in herbicides, fungicides, and insecticides. Diethanolamine is an essential constituent in the manufacture of many agrochemicals, mostly in ethoxylates and surfactants' synthesis as emulsifiers and dispersing agents in pesticides and herbicides. With the rising global demand for agriculture to feed an increasing population, the requirement keeps rising steadily, and agrochemicals and diethanolamine are no exception. Additionally, as more interest in sustainable agriculture and integrated pest management is growing, fuel is added to the ever-rising demand for these formulations.
- Rising Applications in Cosmetics and Personal Care Products: Diethanolamine has immense application in personal care and cosmetics mainly because of its function as a surfactant and emulsifying agent. DEA is commonly found in products like shampoo, skin creams, lotions, and soaps that stabilize emulsions, improve foam production, and stabilize the product's texture. Growth in personal care product spending, especially among emerging markets, has become a prime driver of demand for the global diethanolamine market. In addition, shifting consumer preference toward more developed and high-quality personal care formulations demands higher DEA content for acquiring the product attributes desired.
- Industrial and Household Cleaning Products Demand: An important application for diethanolamine is in the preparation of industrial and household cleaners, including detergents, surface cleaners, and degreasers. Because it is a surfactant and wetting agent, this chemical is particularly useful for cleaning applications where it enhances the solubility of oils and greases and, thus, the efficiency of cleaning agents. Increased urbanization across the world, as well as industrial production, hence increasing demands for cleaning agents industrially and domestically, acts to fuel demand for DEA. This is accentuated by the demand for high-performance and environmentally friendly cleaning products.
- Sustainable and Green Chemistry: The interest in the use of sustainability in the chemical industry and embracing green chemistry is spreading. This impact hits the diethanolamine market in line as manufacturers and consumers become concerned about the influences chemical ingredients have on the environment. As such, there has been a recent shift in DEA toward bio-based or renewable sources, including the displacement of the use of petrochemical derivatives with plant-based feedstocks. Regulatory forces and the growing awareness of the consumer towards adverse effects such as the environment and health are triggering this trend towards greener alternatives.
- Increasing Demand in Emerging Economies: The diethanolamine market is expansive and emerging in the growth economies, largely in the Asian-Pacific, Latin American, and the Middle East region. There is an increasing demand due to rapid industrialization, urbanization, and expanding the middle-class population for personal care products, cleaning agents, and agrochemicals. In those countries - major agricultural producers - like China and India, DEA usage to formulate pesticides, herbicides, and fungicides is on the rise. Moreover, with the increasing size of the manufacturing and industrial bases of these regions, the demand for cleaning and industrial products containing DEA is rising in those regions also.
- Increasing Scrutiny by Legislations and Safety Concerns: As the diethanolamine market increases, so too does the focus of regulatory agencies on the safety of DEA in consumer products. Because of the potential toxicity of DEA, including the possible role as a precursor to nitrosamines known carcinogen-all of this have raised concerns among various environmental and health groups. Therefore, there has been increased regulation in the use of DEA in some products, particularly in cosmetics and personal care. Manufacturers develop alternative formulations and ensure that DEA-based products become safer in order to meet the stricter regulation norms observed in key markets such as the European Union and North America.
- The agrochemical industry is growing in developing areas: The growing world population along with the rising demand for food and agricultural productivity, form large opportunities in the agrochemical market for diethanolamine. Farmers across developing countries are looking to employ more modern and efficient agricultural practices with increased application of chemical inputs, including fertilizers and pesticides; the need for DEA-based agrochemical formulations is thus bound to rise. Increasing availability in these emerging markets thus presents significant growth potential for manufacturers.
- Development of Biodegradable Surfactants and Emulsifiers: The gradually growing demand for the utilization of environmentally friendly and green chemicals offers scope for the manufacture of biodegradable surfactants and emulsifiers, with DEA being an important constituent of these formulations. As consumers and industries increasingly clamor for greener products, a significant opportunity for manufacturers emerges to focus on developing DEA-based surfactants that are easier to degrade in the environment. This is also the direction that DEA suppliers can capitalize on in terms of innovation to provide more "greener" options across sectors, from personal care to industrial cleaning.
- Opportunities in Automotive and Industrial: For its industrial usage, diethanolamine is used in lubricants and cutting oils corrosion inhibitors in the automobile and manufacturing industries. As more regions continue their industrialization processes and there is increasing demand for better machinery and equipment around the globe, enormous opportunities exist for DEA in those industries. There is an increasing demand for high-performance lubricants and coolants, with the automotive industry shifting more towards electric vehicles, thereby providing a niche market for DEA-based solutions in this segment.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Diethanolamine 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 Diethanolamine 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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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Frequently Asked Questions
Shift towards sustainable and green chemistry is expected to be the key market trend.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
On the basis of geography, the diethanolamine market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
The major factors driving the diethanolamine market are:
1.Growing Demand from Agricultural and Agrochemical Industries
2. Expanding Use in Personal Care and Cosmetics Products
BASF SE, Dow, INEOS, SABIC, HELM AG, NIPPON SHOKUBAI CO., LTD., KH Chemicals, OUCC, EMCO Dyestuff, and Haihang Industry are some of the players operating in the market.
The Diethanolamine Market is estimated to witness a CAGR of 5.0% 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 Diethanolamine Market - By Application
1.3.2 Diethanolamine Market - By End-user Industry
1.3.3 Diethanolamine Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DIETHANOLAMINE 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. DIETHANOLAMINE 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. DIETHANOLAMINE MARKET - GLOBAL MARKET ANALYSIS
6.1. DIETHANOLAMINE - GLOBAL MARKET OVERVIEW
6.2. DIETHANOLAMINE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DIETHANOLAMINE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. CHEMICAL INTERMEDIATE (AGRICULTURE)
7.3.1. Overview
7.3.2. Chemical Intermediate (Agriculture) Market Forecast and Analysis
7.4. PAINTS AND COATINGS
7.4.1. Overview
7.4.2. Paints and Coatings Market Forecast and Analysis
7.5. METALWORKING FLUIDS
7.5.1. Overview
7.5.2. Metalworking Fluids Market Forecast and Analysis
7.6. TEXTILE ADDITIVES
7.6.1. Overview
7.6.2. Textile Additives Market Forecast and Analysis
7.7. GAS TREATMENT
7.7.1. Overview
7.7.2. Gas Treatment Market Forecast and Analysis
7.8. OTHER APPLICATIONS
7.8.1. Overview
7.8.2. Other Applications Market Forecast and Analysis
8. DIETHANOLAMINE MARKET - REVENUE AND FORECASTS TO 2028 - END-USER INDUSTRY
8.1. OVERVIEW
8.2. END-USER INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. AGRICULTURE
8.3.1. Overview
8.3.2. Agriculture Market Forecast and Analysis
8.4. PERSONAL CARE
8.4.1. Overview
8.4.2. Personal Care Market Forecast and Analysis
8.5. TEXTILE
8.5.1. Overview
8.5.2. Textile Market Forecast and Analysis
8.6. CONSTRUCTION
8.6.1. Overview
8.6.2. Construction Market Forecast and Analysis
8.7. COSMETICS
8.7.1. Overview
8.7.2. Cosmetics Market Forecast and Analysis
8.8. OTHER END-USER INDUSTRIES
8.8.1. Overview
8.8.2. Other End-user Industries Market Forecast and Analysis
9. DIETHANOLAMINE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Diethanolamine Market Overview
9.1.2 North America Diethanolamine Market Forecasts and Analysis
9.1.3 North America Diethanolamine Market Forecasts and Analysis - By Application
9.1.4 North America Diethanolamine Market Forecasts and Analysis - By End-user Industry
9.1.5 North America Diethanolamine Market Forecasts and Analysis - By Countries
9.1.5.1 United States Diethanolamine Market
9.1.5.1.1 United States Diethanolamine Market by Application
9.1.5.1.2 United States Diethanolamine Market by End-user Industry
9.1.5.2 Canada Diethanolamine Market
9.1.5.2.1 Canada Diethanolamine Market by Application
9.1.5.2.2 Canada Diethanolamine Market by End-user Industry
9.1.5.3 Mexico Diethanolamine Market
9.1.5.3.1 Mexico Diethanolamine Market by Application
9.1.5.3.2 Mexico Diethanolamine Market by End-user Industry
9.2. EUROPE
9.2.1 Europe Diethanolamine Market Overview
9.2.2 Europe Diethanolamine Market Forecasts and Analysis
9.2.3 Europe Diethanolamine Market Forecasts and Analysis - By Application
9.2.4 Europe Diethanolamine Market Forecasts and Analysis - By End-user Industry
9.2.5 Europe Diethanolamine Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Diethanolamine Market
9.2.5.1.1 Germany Diethanolamine Market by Application
9.2.5.1.2 Germany Diethanolamine Market by End-user Industry
9.2.5.2 France Diethanolamine Market
9.2.5.2.1 France Diethanolamine Market by Application
9.2.5.2.2 France Diethanolamine Market by End-user Industry
9.2.5.3 Italy Diethanolamine Market
9.2.5.3.1 Italy Diethanolamine Market by Application
9.2.5.3.2 Italy Diethanolamine Market by End-user Industry
9.2.5.4 United Kingdom Diethanolamine Market
9.2.5.4.1 United Kingdom Diethanolamine Market by Application
9.2.5.4.2 United Kingdom Diethanolamine Market by End-user Industry
9.2.5.5 Russia Diethanolamine Market
9.2.5.5.1 Russia Diethanolamine Market by Application
9.2.5.5.2 Russia Diethanolamine Market by End-user Industry
9.2.5.6 Rest of Europe Diethanolamine Market
9.2.5.6.1 Rest of Europe Diethanolamine Market by Application
9.2.5.6.2 Rest of Europe Diethanolamine Market by End-user Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Diethanolamine Market Overview
9.3.2 Asia-Pacific Diethanolamine Market Forecasts and Analysis
9.3.3 Asia-Pacific Diethanolamine Market Forecasts and Analysis - By Application
9.3.4 Asia-Pacific Diethanolamine Market Forecasts and Analysis - By End-user Industry
9.3.5 Asia-Pacific Diethanolamine Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Diethanolamine Market
9.3.5.1.1 Australia Diethanolamine Market by Application
9.3.5.1.2 Australia Diethanolamine Market by End-user Industry
9.3.5.2 China Diethanolamine Market
9.3.5.2.1 China Diethanolamine Market by Application
9.3.5.2.2 China Diethanolamine Market by End-user Industry
9.3.5.3 India Diethanolamine Market
9.3.5.3.1 India Diethanolamine Market by Application
9.3.5.3.2 India Diethanolamine Market by End-user Industry
9.3.5.4 Japan Diethanolamine Market
9.3.5.4.1 Japan Diethanolamine Market by Application
9.3.5.4.2 Japan Diethanolamine Market by End-user Industry
9.3.5.5 South Korea Diethanolamine Market
9.3.5.5.1 South Korea Diethanolamine Market by Application
9.3.5.5.2 South Korea Diethanolamine Market by End-user Industry
9.3.5.6 Rest of Asia-Pacific Diethanolamine Market
9.3.5.6.1 Rest of Asia-Pacific Diethanolamine Market by Application
9.3.5.6.2 Rest of Asia-Pacific Diethanolamine Market by End-user Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Diethanolamine Market Overview
9.4.2 Middle East and Africa Diethanolamine Market Forecasts and Analysis
9.4.3 Middle East and Africa Diethanolamine Market Forecasts and Analysis - By Application
9.4.4 Middle East and Africa Diethanolamine Market Forecasts and Analysis - By End-user Industry
9.4.5 Middle East and Africa Diethanolamine Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Diethanolamine Market
9.4.5.1.1 South Africa Diethanolamine Market by Application
9.4.5.1.2 South Africa Diethanolamine Market by End-user Industry
9.4.5.2 Saudi Arabia Diethanolamine Market
9.4.5.2.1 Saudi Arabia Diethanolamine Market by Application
9.4.5.2.2 Saudi Arabia Diethanolamine Market by End-user Industry
9.4.5.3 U.A.E Diethanolamine Market
9.4.5.3.1 U.A.E Diethanolamine Market by Application
9.4.5.3.2 U.A.E Diethanolamine Market by End-user Industry
9.4.5.4 Rest of Middle East and Africa Diethanolamine Market
9.4.5.4.1 Rest of Middle East and Africa Diethanolamine Market by Application
9.4.5.4.2 Rest of Middle East and Africa Diethanolamine Market by End-user Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Diethanolamine Market Overview
9.5.2 South and Central America Diethanolamine Market Forecasts and Analysis
9.5.3 South and Central America Diethanolamine Market Forecasts and Analysis - By Application
9.5.4 South and Central America Diethanolamine Market Forecasts and Analysis - By End-user Industry
9.5.5 South and Central America Diethanolamine Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Diethanolamine Market
9.5.5.1.1 Brazil Diethanolamine Market by Application
9.5.5.1.2 Brazil Diethanolamine Market by End-user Industry
9.5.5.2 Argentina Diethanolamine Market
9.5.5.2.1 Argentina Diethanolamine Market by Application
9.5.5.2.2 Argentina Diethanolamine Market by End-user Industry
9.5.5.3 Rest of South and Central America Diethanolamine Market
9.5.5.3.1 Rest of South and Central America Diethanolamine Market by Application
9.5.5.3.2 Rest of South and Central America Diethanolamine Market by End-user Industry
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. DIETHANOLAMINE MARKET, KEY COMPANY PROFILES
11.1. AIR LIQUIDE
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. BASF SE
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. EXXON MOBIL CORPORATION
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. FORMOSA PLASTICS CORPORATION
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. INEOS
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. LG CHEM
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. LINDE PLC
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. LYONDELLBASELL INDUSTRIES HOLDING BV
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. MITSUBISHI CHEMICAL CORPORATION
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. THE DOW CHEMICAL COMPANY
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
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Air Liquide
2. BASF SE
3. Exxon Mobil Corporation
4. Formosa Plastics Corporation
5. Ineos
6. LG Chem
7. Linde PLC
8. LyondellBasell Industries Holding BV
9. Mitsubishi Chemical Corporation
10. The Dow Chemical Company
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.