Epoxy Resins Market Size 2021-2031 | Drivers and Opportunities
The Epoxy Resins 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.
Epoxy Resins Market covers analysis By Form (Solid, Liquid, Solution); Application (Paints and Coatings, Adhesives and Sealants, Composites, Others); End User Industry (Building and Construction, Consumer Goods, Aerospace, Marine, Others), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Epoxy resins comprise of four ingredients that are the monomeric resin, a hardener, an accelerator and a plasticizer. Manufacturers generally provide a standard formulation; however, the hardness and flexibility of the polymerized block can be manipulated by varying the amount of the individual components.
Purpose of the ReportThe report Epoxy Resins 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.
Epoxy Resins Market Segmentation
Form- Solid
- Liquid
- Solution
- Paints and Coatings
- Adhesives and Sealants
- Composites
- Building and Construction
- Consumer Goods
- Aerospace
- Marine
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Epoxy Resins Market Growth Drivers- Bio-Based Curing Agents Respond to Growing Sustainability Demand: Due to the high demand for sustainable and eco-friendly products in the different market segments, bio-based curing agents have been developed. Sustainability is thus gaining importance, triggering this alteration in material to accelerate innovation and offer more product lines in the epoxy curing agents' market.
- Sustainability Practices Fuel Bio-Based Epoxy Curing Agent Adoption: Indeed, sustainability practices are being emphasized across industries. And this has shown a trend towards the bio-based epoxy curing agents in lots of places. The main drives for this switch are environmental benefits and that they meet very stringent regulations.
- Customization Trends Boost Demand for Specialized Epoxy Curing Agents: As firms move toward tailor-made solutions, their need would be specific to an application; then, there would be a greater demand for specialized epoxy curing agents. Having more emphasis on customized products with special performance requirements would thereby manifest diversity in the types of offerings supplied by a manufacturer.
- Consumer Demand and Regulation Drive Bio-Based Curing Agent Development: There is rising sensibility toward sustainability factors and growing development of new bio-based curing agents. The regulatory imperatives will now be supplemented by a consumer push toward more environmentally friendly products. As a result, the development of bio-based curing agents will further enlarge the product portfolio and open up new customers looking for sustainable solutions.
- Growing Demand for Eco-Friendly Epoxy Curing Agents: With the growing importance of sustainability, demand for eco-friendly and bio-based epoxy curing agents is growing. In this scenario, manufacturers need to concentrate on developments that reduce environmental impact while still attaining performance.
- Customization Trends Driving Demand for Specialty Epoxy Curing Agents: With the trend of customizing epoxy curing agents based on their intended end applications, there is considerable interest in specialty solutions that can meet specific performance requirements. This opens up an opportunity for innovation and diversification of product lines by manufacturers.
- Epoxy Curing Agents Driving Growth in Building and Construction: Building materials are the main consumers of epoxy curing agents, mainly flooring and protective coatings. Increasing demands both in urbanizing and infrastructural development in the entire world are in anticipation of significantly augmenting the market for such demanding and high-grade materials.
- Epoxy Curing Agents Gaining Importance in the Automotive Industry: This opens new horizons for epoxy curing agents, especially in the automotive industry. The producers have thus turned to finding light yet durable material for structural and mechanical parts in an electric vehicle, and epoxy curing agents have come to increase their importance.
- Research and Development Enhancing Epoxy Curing Agent Performance: Most of the industries based on production require materials that provide high performance. With increased investment in the research and development area, more manufacturers can produce advanced epoxy curing agent with desirable properties such as faster curing speed, higher adhesion, and improved resistance toward environmental factors.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Epoxy Resins 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 Epoxy Resins 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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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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
The Epoxy Resins Market is estimated to witness a CAGR of 5% from 2023 to 2031
The growing emphasis on customized products is a key driver in the market.
BASF SE, Atul Ltd, Dow Chemical Company, Hexion Inc, Huntsman Corporation, Kukdo Chemicals Co. Ltd, Nan Ya Plastics Corporation, Olin Corporation, Solvay SA, and Techstorm Advanced Materials are some of the key players in the market.
The construction end user industry segment accounted for the largest market share in 2023.
The North America market is expected to account for the highest CAGR over the forecast period.
The rising sensibility toward sustainability factors and growing development of new bio-based curing agents is akey emerging trend in the market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Epoxy Resins Market - By Form
1.3.2 Epoxy Resins Market - By Application
1.3.3 Epoxy Resins Market - By End User Industry
1.3.4 Epoxy Resins Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. EPOXY RESINS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. EPOXY RESINS 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. EPOXY RESINS MARKET - GLOBAL MARKET ANALYSIS
6.1. EPOXY RESINS - GLOBAL MARKET OVERVIEW
6.2. EPOXY RESINS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. EPOXY RESINS MARKET - REVENUE AND FORECASTS TO 2028 - FORM
7.1. OVERVIEW
7.2. FORM MARKET FORECASTS AND ANALYSIS
7.3. SOLID
7.3.1. Overview
7.3.2. Solid Market Forecast and Analysis
7.4. LIQUID
7.4.1. Overview
7.4.2. Liquid Market Forecast and Analysis
7.5. SOLUTION
7.5.1. Overview
7.5.2. Solution Market Forecast and Analysis
8. EPOXY RESINS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PAINTS AND COATINGS
8.3.1. Overview
8.3.2. Paints and Coatings Market Forecast and Analysis
8.4. ADHESIVES AND SEALANTS
8.4.1. Overview
8.4.2. Adhesives and Sealants Market Forecast and Analysis
8.5. COMPOSITES
8.5.1. Overview
8.5.2. Composites Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. EPOXY RESINS MARKET - REVENUE AND FORECASTS TO 2028 - END USER INDUSTRY
9.1. OVERVIEW
9.2. END USER INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. BUILDING AND CONSTRUCTION
9.3.1. Overview
9.3.2. Building and Construction Market Forecast and Analysis
9.4. CONSUMER GOODS
9.4.1. Overview
9.4.2. Consumer Goods Market Forecast and Analysis
9.5. AEROSPACE
9.5.1. Overview
9.5.2. Aerospace Market Forecast and Analysis
9.6. MARINE
9.6.1. Overview
9.6.2. Marine Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. EPOXY RESINS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Epoxy Resins Market Overview
10.1.2 North America Epoxy Resins Market Forecasts and Analysis
10.1.3 North America Epoxy Resins Market Forecasts and Analysis - By Form
10.1.4 North America Epoxy Resins Market Forecasts and Analysis - By Application
10.1.5 North America Epoxy Resins Market Forecasts and Analysis - By End User Industry
10.1.6 North America Epoxy Resins Market Forecasts and Analysis - By Countries
10.1.6.1 United States Epoxy Resins Market
10.1.6.1.1 United States Epoxy Resins Market by Form
10.1.6.1.2 United States Epoxy Resins Market by Application
10.1.6.1.3 United States Epoxy Resins Market by End User Industry
10.1.6.2 Canada Epoxy Resins Market
10.1.6.2.1 Canada Epoxy Resins Market by Form
10.1.6.2.2 Canada Epoxy Resins Market by Application
10.1.6.2.3 Canada Epoxy Resins Market by End User Industry
10.1.6.3 Mexico Epoxy Resins Market
10.1.6.3.1 Mexico Epoxy Resins Market by Form
10.1.6.3.2 Mexico Epoxy Resins Market by Application
10.1.6.3.3 Mexico Epoxy Resins Market by End User Industry
10.2. EUROPE
10.2.1 Europe Epoxy Resins Market Overview
10.2.2 Europe Epoxy Resins Market Forecasts and Analysis
10.2.3 Europe Epoxy Resins Market Forecasts and Analysis - By Form
10.2.4 Europe Epoxy Resins Market Forecasts and Analysis - By Application
10.2.5 Europe Epoxy Resins Market Forecasts and Analysis - By End User Industry
10.2.6 Europe Epoxy Resins Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Epoxy Resins Market
10.2.6.1.1 Germany Epoxy Resins Market by Form
10.2.6.1.2 Germany Epoxy Resins Market by Application
10.2.6.1.3 Germany Epoxy Resins Market by End User Industry
10.2.6.2 France Epoxy Resins Market
10.2.6.2.1 France Epoxy Resins Market by Form
10.2.6.2.2 France Epoxy Resins Market by Application
10.2.6.2.3 France Epoxy Resins Market by End User Industry
10.2.6.3 Italy Epoxy Resins Market
10.2.6.3.1 Italy Epoxy Resins Market by Form
10.2.6.3.2 Italy Epoxy Resins Market by Application
10.2.6.3.3 Italy Epoxy Resins Market by End User Industry
10.2.6.4 United Kingdom Epoxy Resins Market
10.2.6.4.1 United Kingdom Epoxy Resins Market by Form
10.2.6.4.2 United Kingdom Epoxy Resins Market by Application
10.2.6.4.3 United Kingdom Epoxy Resins Market by End User Industry
10.2.6.5 Russia Epoxy Resins Market
10.2.6.5.1 Russia Epoxy Resins Market by Form
10.2.6.5.2 Russia Epoxy Resins Market by Application
10.2.6.5.3 Russia Epoxy Resins Market by End User Industry
10.2.6.6 Rest of Europe Epoxy Resins Market
10.2.6.6.1 Rest of Europe Epoxy Resins Market by Form
10.2.6.6.2 Rest of Europe Epoxy Resins Market by Application
10.2.6.6.3 Rest of Europe Epoxy Resins Market by End User Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Epoxy Resins Market Overview
10.3.2 Asia-Pacific Epoxy Resins Market Forecasts and Analysis
10.3.3 Asia-Pacific Epoxy Resins Market Forecasts and Analysis - By Form
10.3.4 Asia-Pacific Epoxy Resins Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Epoxy Resins Market Forecasts and Analysis - By End User Industry
10.3.6 Asia-Pacific Epoxy Resins Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Epoxy Resins Market
10.3.6.1.1 Australia Epoxy Resins Market by Form
10.3.6.1.2 Australia Epoxy Resins Market by Application
10.3.6.1.3 Australia Epoxy Resins Market by End User Industry
10.3.6.2 China Epoxy Resins Market
10.3.6.2.1 China Epoxy Resins Market by Form
10.3.6.2.2 China Epoxy Resins Market by Application
10.3.6.2.3 China Epoxy Resins Market by End User Industry
10.3.6.3 India Epoxy Resins Market
10.3.6.3.1 India Epoxy Resins Market by Form
10.3.6.3.2 India Epoxy Resins Market by Application
10.3.6.3.3 India Epoxy Resins Market by End User Industry
10.3.6.4 Japan Epoxy Resins Market
10.3.6.4.1 Japan Epoxy Resins Market by Form
10.3.6.4.2 Japan Epoxy Resins Market by Application
10.3.6.4.3 Japan Epoxy Resins Market by End User Industry
10.3.6.5 South Korea Epoxy Resins Market
10.3.6.5.1 South Korea Epoxy Resins Market by Form
10.3.6.5.2 South Korea Epoxy Resins Market by Application
10.3.6.5.3 South Korea Epoxy Resins Market by End User Industry
10.3.6.6 Rest of Asia-Pacific Epoxy Resins Market
10.3.6.6.1 Rest of Asia-Pacific Epoxy Resins Market by Form
10.3.6.6.2 Rest of Asia-Pacific Epoxy Resins Market by Application
10.3.6.6.3 Rest of Asia-Pacific Epoxy Resins Market by End User Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Epoxy Resins Market Overview
10.4.2 Middle East and Africa Epoxy Resins Market Forecasts and Analysis
10.4.3 Middle East and Africa Epoxy Resins Market Forecasts and Analysis - By Form
10.4.4 Middle East and Africa Epoxy Resins Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Epoxy Resins Market Forecasts and Analysis - By End User Industry
10.4.6 Middle East and Africa Epoxy Resins Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Epoxy Resins Market
10.4.6.1.1 South Africa Epoxy Resins Market by Form
10.4.6.1.2 South Africa Epoxy Resins Market by Application
10.4.6.1.3 South Africa Epoxy Resins Market by End User Industry
10.4.6.2 Saudi Arabia Epoxy Resins Market
10.4.6.2.1 Saudi Arabia Epoxy Resins Market by Form
10.4.6.2.2 Saudi Arabia Epoxy Resins Market by Application
10.4.6.2.3 Saudi Arabia Epoxy Resins Market by End User Industry
10.4.6.3 U.A.E Epoxy Resins Market
10.4.6.3.1 U.A.E Epoxy Resins Market by Form
10.4.6.3.2 U.A.E Epoxy Resins Market by Application
10.4.6.3.3 U.A.E Epoxy Resins Market by End User Industry
10.4.6.4 Rest of Middle East and Africa Epoxy Resins Market
10.4.6.4.1 Rest of Middle East and Africa Epoxy Resins Market by Form
10.4.6.4.2 Rest of Middle East and Africa Epoxy Resins Market by Application
10.4.6.4.3 Rest of Middle East and Africa Epoxy Resins Market by End User Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Epoxy Resins Market Overview
10.5.2 South and Central America Epoxy Resins Market Forecasts and Analysis
10.5.3 South and Central America Epoxy Resins Market Forecasts and Analysis - By Form
10.5.4 South and Central America Epoxy Resins Market Forecasts and Analysis - By Application
10.5.5 South and Central America Epoxy Resins Market Forecasts and Analysis - By End User Industry
10.5.6 South and Central America Epoxy Resins Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Epoxy Resins Market
10.5.6.1.1 Brazil Epoxy Resins Market by Form
10.5.6.1.2 Brazil Epoxy Resins Market by Application
10.5.6.1.3 Brazil Epoxy Resins Market by End User Industry
10.5.6.2 Argentina Epoxy Resins Market
10.5.6.2.1 Argentina Epoxy Resins Market by Form
10.5.6.2.2 Argentina Epoxy Resins Market by Application
10.5.6.2.3 Argentina Epoxy Resins Market by End User Industry
10.5.6.3 Rest of South and Central America Epoxy Resins Market
10.5.6.3.1 Rest of South and Central America Epoxy Resins Market by Form
10.5.6.3.2 Rest of South and Central America Epoxy Resins Market by Application
10.5.6.3.3 Rest of South and Central America Epoxy Resins Market by End User Industry
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. EPOXY RESINS MARKET, KEY COMPANY PROFILES
12.1. BASF SE
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. ATUL LTD.
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. DOW CHEMICAL COMPANY
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. HEXION INC.
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. HUNTSMAN 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. KUKDO CHEMICALS CO. LTD.
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. NAN YA PLASTICS 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. OLIN CORPORATION
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. SOLVAY SA
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. TECHSTORM ADVANCED MATERIALS
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. BASF SE
2. Atul Ltd.
3. Dow Chemical Company
4. Hexion Inc.
5. Huntsman Corporation
6. Kukdo Chemicals Co. Ltd.
7. Nan Ya Plastics Corporation
8. Olin Corporation
9. Solvay SA
10. Techstorm Advanced Materials
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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