Floor Wax Market Growth Report | 2021 to 2031
The Floor Wax 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 presents analysis based on product type (liquid and solid). The report is segmented by floor type (wood, concrete, and others). The report is segmented by end use (residential, commercial, industrial, and institutional). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Floor Wax 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.
Floor Wax Market Segmentation
Product Type- Liquid and Solid
- Wood
- Concrete
- Residential
- Commercial
- Industrial
- Institutional
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Floor Wax Market Growth Drivers- Rising Cleanliness Standards: The growth in the commercial floor wax market is evidently attributed to the increasing cleanliness and hygiene standards within commercial facilities. There is a great need for creating and maintaining clean and safe working environments for both employees and business clients. Such a scenario has resulted in an increased consumption of good quality products such as floor wax, which promotes cleanliness without damaging the surfaces.
- Aesthetic Appeal and Surface Protection: In the same breath, the use of floor wax in routine cleaning does more than make commercial places visually appealing; it also acts as a defense mechanism against any forms of dirt, stains, and damage. Many businesses have come to appreciate that clean and well-kept floors help in making a good impression which in turn impacts the satisfaction levels of the customers. Therefore, there is an increasing focus on the purchases of products for floor maintenance.
- Growing Demand for Floor Wax: Additionally, the outbreak of COVID-19 has raised the level of cleanliness and hygiene awareness around the world. A majority of the institutions practice very high cleaning standards which incorporate antimicrobial co-polymers as well as floor wax for the workplace. Because of this, the demand within the floor wax market is on the increase, as companies are looking for options that would help them maintain the shine of their surfaces while, at the same time, ensuring the surfaces are safe.
- Improved Adhesion and Cost-Efficiency with Nanotech-Based Floor Waxes: Floor waxes based on nanotech cutting edge is one of the foremost dynamics in the floor wax market. These new formulations use nanotechnology to extend conventional waxes' durability and functionality. Manufacturers can develop materials using nanotechnology, which are scratch and stain-resistant and do not wear easily, prolonging their use greatly.
- Rising Demand for Nanotech-Based Floor Waxes in Commercial Spaces: Rising Demand for Nanotech-Based Floor Waxes in Commercial Spaces: Due to nanotechnology, the adhesion properties are also enhanced, making it easier for this floor wax to stick to surfaces more than its counterparts. This enhancement in performance lessens the need for reapplying, which is cheaper and more convenient, especially in places of business. The need to floor space areas without worrying so much about the products is driving more and more companies towards using such products.
- Enhanced Properties for High-Traffic Areas: Advanced waxes tend to feature properties such as being waterproof and anti-microbial. This combination of properties allows the products to be aesthetically pleasing while at the same time promoting hygiene; hence will be much needed in areas that experience a lot of traffic. Thus, the demand for nanotechnology-based floor waxes is expected to grow as organizations continue to place a higher value on durability in addition to cleanliness.
- Growth Opportunities in the Floor Wax Industry with Natural and Plant-Based Waxes: The use of natural and plant-based waxes has spurred researchers to innovate. This is expected to lead to great opportunities for growth in the floor wax industry. With the changing trends, where consumers are more aware of environmental issues, there is an increasing need for green products. Therefore, manufacturers are coming up with sustainable waxes that cut down on the level of use of chemicals while ensuring healthy and safe working environments in the places of business.
- The Appeal of Biodegradable and Eco-Friendly Waxes in Sustainable Practices: These types of formulations usually contain biodegradable components, which adds to the appeal among enterprises looking to improve their sustainability practices. By introducing eco-friendly waxes with premium attributes, the companies sought to create a suitable eco-friendly cleaning practice that enhances the customer base to eco-friendly consumers. Bnefits like this assist in branding image as well as propagating demands for compliance of the concerned authorities with issues regarding green products.
- Performance and Durability of Plant-Based Waxes: In addition, compositions on the basis of proprietary waxes allow for achieving a performance level similar to that of traditional wax formulations. New developments in this area helped to increase resistance to wear, gloss, and simplicity of application. With rising awareness of the benefits of toxic-free alternatives, it is likely that the demand for plant-based floor waxes will increase considerably.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Floor Wax 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 Floor Wax 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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- 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
The development of nanotechnology-based floor waxes is expected to be the key market trends.
Based on product type, the liquid segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the floor wax market due to the region's rapid urbanization and population growth have led to an increased demand for residential and commercial construction.
The growing emphasis on hygiene and cleanliness in commercial spaces is driving the market growth.
RPM International Inc.; Guangzhou Botny Chemical Co., Ltd.; TOYOCHEM CO., LTD.; Weidinger GmbH; FIDDES and SON LTD; Liberon Ltd; Ciranova; Eastern Petroleum Private Limited; SANSUI Co.,Ltd; and Minwax Company are some of the key players operating in the floor wax market
The Floor Wax Market is estimated to witness a CAGR of 6% 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 Floor Wax Market - By Product Type
1.3.2 Floor Wax Market - By Floor Type
1.3.3 Floor Wax Market - By Application
1.3.4 Floor Wax Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FLOOR WAX 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. FLOOR WAX 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. FLOOR WAX MARKET - GLOBAL MARKET ANALYSIS
6.1. FLOOR WAX - GLOBAL MARKET OVERVIEW
6.2. FLOOR WAX - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FLOOR WAX MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. LIQUID
7.3.1. Overview
7.3.2. Liquid Market Forecast and Analysis
7.4. SOLID
7.4.1. Overview
7.4.2. Solid Market Forecast and Analysis
8. FLOOR WAX MARKET - REVENUE AND FORECASTS TO 2028 - FLOOR TYPE
8.1. OVERVIEW
8.2. FLOOR TYPE MARKET FORECASTS AND ANALYSIS
8.3. WOOD
8.3.1. Overview
8.3.2. Wood Market Forecast and Analysis
8.4. CONCRETE
8.4.1. Overview
8.4.2. Concrete Market Forecast and Analysis
8.5. OTHER
8.5.1. Overview
8.5.2. Other Market Forecast and Analysis
9. FLOOR WAX 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. FLOOR WAX MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Floor Wax Market Overview
10.1.2 North America Floor Wax Market Forecasts and Analysis
10.1.3 North America Floor Wax Market Forecasts and Analysis - By Product Type
10.1.4 North America Floor Wax Market Forecasts and Analysis - By Floor Type
10.1.5 North America Floor Wax Market Forecasts and Analysis - By Application
10.1.6 North America Floor Wax Market Forecasts and Analysis - By Countries
10.1.6.1 Canada Floor Wax Market
10.1.6.1.1 Canada Floor Wax Market by Product Type
10.1.6.1.2 Canada Floor Wax Market by Floor Type
10.1.6.1.3 Canada Floor Wax Market by Application
10.1.6.2 Mexico Floor Wax Market
10.1.6.2.1 Mexico Floor Wax Market by Product Type
10.1.6.2.2 Mexico Floor Wax Market by Floor Type
10.1.6.2.3 Mexico Floor Wax Market by Application
10.1.6.3 US Floor Wax Market
10.1.6.3.1 US Floor Wax Market by Product Type
10.1.6.3.2 US Floor Wax Market by Floor Type
10.1.6.3.3 US Floor Wax Market by Application
10.2. EUROPE
10.2.1 Europe Floor Wax Market Overview
10.2.2 Europe Floor Wax Market Forecasts and Analysis
10.2.3 Europe Floor Wax Market Forecasts and Analysis - By Product Type
10.2.4 Europe Floor Wax Market Forecasts and Analysis - By Floor Type
10.2.5 Europe Floor Wax Market Forecasts and Analysis - By Application
10.2.6 Europe Floor Wax Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Floor Wax Market
10.2.6.1.1 Germany Floor Wax Market by Product Type
10.2.6.1.2 Germany Floor Wax Market by Floor Type
10.2.6.1.3 Germany Floor Wax Market by Application
10.2.6.2 France Floor Wax Market
10.2.6.2.1 France Floor Wax Market by Product Type
10.2.6.2.2 France Floor Wax Market by Floor Type
10.2.6.2.3 France Floor Wax Market by Application
10.2.6.3 Italy Floor Wax Market
10.2.6.3.1 Italy Floor Wax Market by Product Type
10.2.6.3.2 Italy Floor Wax Market by Floor Type
10.2.6.3.3 Italy Floor Wax Market by Application
10.2.6.4 United Kingdom Floor Wax Market
10.2.6.4.1 United Kingdom Floor Wax Market by Product Type
10.2.6.4.2 United Kingdom Floor Wax Market by Floor Type
10.2.6.4.3 United Kingdom Floor Wax Market by Application
10.2.6.5 Russia Floor Wax Market
10.2.6.5.1 Russia Floor Wax Market by Product Type
10.2.6.5.2 Russia Floor Wax Market by Floor Type
10.2.6.5.3 Russia Floor Wax Market by Application
10.2.6.6 Rest of Europe Floor Wax Market
10.2.6.6.1 Rest of Europe Floor Wax Market by Product Type
10.2.6.6.2 Rest of Europe Floor Wax Market by Floor Type
10.2.6.6.3 Rest of Europe Floor Wax Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Floor Wax Market Overview
10.3.2 Asia-Pacific Floor Wax Market Forecasts and Analysis
10.3.3 Asia-Pacific Floor Wax Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Floor Wax Market Forecasts and Analysis - By Floor Type
10.3.5 Asia-Pacific Floor Wax Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Floor Wax Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Floor Wax Market
10.3.6.1.1 Australia Floor Wax Market by Product Type
10.3.6.1.2 Australia Floor Wax Market by Floor Type
10.3.6.1.3 Australia Floor Wax Market by Application
10.3.6.2 China Floor Wax Market
10.3.6.2.1 China Floor Wax Market by Product Type
10.3.6.2.2 China Floor Wax Market by Floor Type
10.3.6.2.3 China Floor Wax Market by Application
10.3.6.3 India Floor Wax Market
10.3.6.3.1 India Floor Wax Market by Product Type
10.3.6.3.2 India Floor Wax Market by Floor Type
10.3.6.3.3 India Floor Wax Market by Application
10.3.6.4 Japan Floor Wax Market
10.3.6.4.1 Japan Floor Wax Market by Product Type
10.3.6.4.2 Japan Floor Wax Market by Floor Type
10.3.6.4.3 Japan Floor Wax Market by Application
10.3.6.5 South Korea Floor Wax Market
10.3.6.5.1 South Korea Floor Wax Market by Product Type
10.3.6.5.2 South Korea Floor Wax Market by Floor Type
10.3.6.5.3 South Korea Floor Wax Market by Application
10.3.6.6 Rest of Asia-Pacific Floor Wax Market
10.3.6.6.1 Rest of Asia-Pacific Floor Wax Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Floor Wax Market by Floor Type
10.3.6.6.3 Rest of Asia-Pacific Floor Wax Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Floor Wax Market Overview
10.4.2 Middle East and Africa Floor Wax Market Forecasts and Analysis
10.4.3 Middle East and Africa Floor Wax Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Floor Wax Market Forecasts and Analysis - By Floor Type
10.4.5 Middle East and Africa Floor Wax Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Floor Wax Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Floor Wax Market
10.4.6.1.1 South Africa Floor Wax Market by Product Type
10.4.6.1.2 South Africa Floor Wax Market by Floor Type
10.4.6.1.3 South Africa Floor Wax Market by Application
10.4.6.2 Saudi Arabia Floor Wax Market
10.4.6.2.1 Saudi Arabia Floor Wax Market by Product Type
10.4.6.2.2 Saudi Arabia Floor Wax Market by Floor Type
10.4.6.2.3 Saudi Arabia Floor Wax Market by Application
10.4.6.3 U.A.E Floor Wax Market
10.4.6.3.1 U.A.E Floor Wax Market by Product Type
10.4.6.3.2 U.A.E Floor Wax Market by Floor Type
10.4.6.3.3 U.A.E Floor Wax Market by Application
10.4.6.4 Rest of Middle East and Africa Floor Wax Market
10.4.6.4.1 Rest of Middle East and Africa Floor Wax Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Floor Wax Market by Floor Type
10.4.6.4.3 Rest of Middle East and Africa Floor Wax Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Floor Wax Market Overview
10.5.2 South and Central America Floor Wax Market Forecasts and Analysis
10.5.3 South and Central America Floor Wax Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Floor Wax Market Forecasts and Analysis - By Floor Type
10.5.5 South and Central America Floor Wax Market Forecasts and Analysis - By Application
10.5.6 South and Central America Floor Wax Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Floor Wax Market
10.5.6.1.1 Brazil Floor Wax Market by Product Type
10.5.6.1.2 Brazil Floor Wax Market by Floor Type
10.5.6.1.3 Brazil Floor Wax Market by Application
10.5.6.2 Argentina Floor Wax Market
10.5.6.2.1 Argentina Floor Wax Market by Product Type
10.5.6.2.2 Argentina Floor Wax Market by Floor Type
10.5.6.2.3 Argentina Floor Wax Market by Application
10.5.6.3 Rest of South and Central America Floor Wax Market
10.5.6.3.1 Rest of South and Central America Floor Wax Market by Product Type
10.5.6.3.2 Rest of South and Central America Floor Wax Market by Floor Type
10.5.6.3.3 Rest of South and Central America Floor Wax 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. FLOOR WAX MARKET, KEY COMPANY PROFILES
12.1. 3M
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. GUANGZHOU BOTNY CHEMICAL CO. 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. SC JOHNSON PROFESSIONAL
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. GOVEL CHEMICAL CORPORATION
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. MINIWAX COMPANY
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. DURASEAL
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. NATIONAL CHEMICAL LABORATORIES INC
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. PLEDGE
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. BOTNY
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. SURIE POLEX
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
1.3M
2.Guangzhou Botny Chemical Co. Ltd.
3.SC Johnson Professional
4.Govel Chemical Corporation
5.Miniwax Company
6.Duraseal
7.National Chemical Laboratories Inc
8.Pledge
9.Botny
10.Surie Polex
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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