Footwear Sole Material Market Opportunities, Forecast, Size, and Analysis by 2031

Coverage: Footwear Sole Material Market covers analysis By Material (Rubber, Polyvinyl Chloride (PUC), Thermoplastic Rubber (TPR), Others); Product (Athletic, Non- Athletic); End User (Men, Women, Children) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00017976
  • Category : Chemicals and Materials
  • No. of Pages : 150
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The Footwear Sole Material Market is expected to register a CAGR of 5% 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 material type (rubber, leather, polyvinyl chloride, polyurethane and others). The report further presents analysis based on component (midsole, insole and outsole), and category (athletic and non-athletic). 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 Report

The report Footwear Sole Material 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.

Footwear Sole Material Market Segmentation

Material Type
  • Rubber
  • Leather
  • Polyvinyl Chloride
  • Polyurethane and Others
Component
  • Midsole
  • Insole and Outsole
Category
  • Athletic and Non-athletic
Geography
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Strategic Insights

Footwear Sole Material Market Growth Drivers
  • Increasing Participation in Fitness and Outdoor Activities: The rise in the trend for fitness and outdoor activities has resulted in a rise in the need for athletic & performance footwear. Customers are also looking out for shoes that are more comfortable, supportive, and last longer. This straight away impacts the types of sole materials selected. In turn, the manufacturers are coming up with latest technology sole materials that increase the traction, cushioning and overall effectiveness of the shoe which in turn enhances the growth of footwear sole material market.
  • Rising Health Awareness Among Consumers: Health awareness among consumers is rising and so is the concern regarding comfort and ergonomic design of the footwear they have to wear. This trend is quite apparent in casual and work footwear where consumers are being concerned about comfort during extended periods of use. Thus, the manufacturers are focusing on the development of the new sole materials providing better cushioning, shock absorption and arch support, which has raised a need for enhancing comfort through specialized materials.
  • Rising Focus on Environment Sustainability: The issue of sustainability is affecting the different sectors of the footwear market, including the market for sole materials. More and more consumers are paying attention to green products that are manufactured using safe for the environment raw materials. This has compelled them to start using more eco- friendly and recyclable materials in their shoe soles, like natural rubber and recycled EVA. Sustainable footwear is a trend that is pointing towards evolution in the sole material technology as the brands make efforts to cater to the environmentally friendly products demands of the consumers.
Footwear Sole Material Market Future Trends
  • Incorporation of New Overheads in Material Science: In recent years, the incorporation of new overheads in material science has led to the formation of high-performance sole materials. Use of light weight composites, modern polymers among other innovations have come into play to ameliorate the wear and tear resistance of the outsoles, flexibility as well as comfort of the shoe soles. It allows the makers to create soles which not only serve practical purposes but also are lightweight, pleasing to the eye, and suited for the changing needs of the consumers.
  • Incorporation of 3D Technology in Shoemaking: The incorporation of 3D technology in shoemaking is changing the game on how the footwear sole materials are produced. This technology supports fast design turnaround and enables the production of different sole patterns according to the preference of the consumer. It also employs less time and materials needed for molding which is ideal for brands that want to be creative and quick about the current trends in the market.
  • Innovative Footwear Designs with Smart Technology: The incorporation of smart technology in footwear is a new concept which is also impacting the sole materials market. Smart soles with sensor systems have the ability to track performance and provide details such as pressure distribution and even gait analysis. This is coupled with the trend for commercialization of new products which encourage looking into finding new specialized sole material that would be able housed electronics without compromising on either comfort or performance of the product.
Footwear Sole Material Market Opportunities
  • Development of Unique Sole Materials in Athletic Footwear: Manufacturers have a major opportunity of venturing into niche markets for the manufacturing of footwear sole materials. For instance, there is an upward growth in sourcing for more athletic footwear. Companies are able to meet market needs and support niche growth by developing unique sole material solutions for such markets.
  • Collaboration of Brands and Researchers to Launch Innovative Products: The footwear brands, material suppliers and research institutions can work together to synergize innovations in the sole material. Such cooperation leads to innovative implementation of performance and renewability improvement materials. By combining their resources and know-how, stakeholders may be able to hasten the introduction of new offerings into the market that would cater to such consumers.
  • Focusing on Customization: As personalized shop items become more sought after by consumers, it is now possible for manufacturers to produce and sell sole materials that can be changed by the user. Companies can do this by using advanced technology that enables them to provide different cushioning levels and the type of arch support, and traction designs, which the customers can choose from. Focusing on customization of products will increase the satisfaction and loyalty of the customers thereby increasing the sales of footwear sole material market.

Market Report Scope

Key Selling Points

  • Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Footwear Sole Material 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 Footwear Sole Material 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
World Geography

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

Frequently Asked Questions


Based on geography, which region held the largest share of the footwear sole material market?

Based on geography, Asia Pacific held the significant share of the footwear sole material market due to increased population and rising awareness of comfortable footwear

What is the future trend for footwear sole material market?

Advancements in material science is expected to be the key market trends

Which is the fastest growing segment based on category?

Based on category, athletic segment is expected to witness the fastest growth during the forecast period

What is the expected CAGR of the Footwear Sole Material Market?

The Footwear Sole Material Market is estimated to witness a CAGR of 5% from 2023 to 2031

What are the driving factors impacting the footwear sole material market?

Growing demand for athletic and performance footwear is driving the market growth

What are the key players operating in the footwear sole material market?

BASF SE; BRASKEM; Solvay; Covestro AG; Asahi Kasei Corporation are some of the key players operating in the footwear sole material market

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 Footwear Sole Material Market - By Material
1.3.2 Footwear Sole Material Market - By Product
1.3.3 Footwear Sole Material Market - By End User
1.3.4 Footwear Sole Material Market - By Region
1.3.4.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. FOOTWEAR SOLE MATERIAL 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. FOOTWEAR SOLE MATERIAL 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. FOOTWEAR SOLE MATERIAL MARKET - GLOBAL MARKET ANALYSIS
6.1. FOOTWEAR SOLE MATERIAL - GLOBAL MARKET OVERVIEW
6.2. FOOTWEAR SOLE MATERIAL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. FOOTWEAR SOLE MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL
7.1. OVERVIEW
7.2. MATERIAL MARKET FORECASTS AND ANALYSIS
7.3. RUBBER
7.3.1. Overview
7.3.2. Rubber Market Forecast and Analysis
7.4. POLYVINYL CHLORIDE (PUC)
7.4.1. Overview
7.4.2. Polyvinyl Chloride (PUC) Market Forecast and Analysis
7.5. THERMOPLASTIC RUBBER (TPR)
7.5.1. Overview
7.5.2. Thermoplastic Rubber (TPR) Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. FOOTWEAR SOLE MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. ATHLETIC
8.3.1. Overview
8.3.2. Athletic Market Forecast and Analysis
8.4. NON- ATHLETIC
8.4.1. Overview
8.4.2. Non- Athletic Market Forecast and Analysis
9. FOOTWEAR SOLE MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. MEN
9.3.1. Overview
9.3.2. Men Market Forecast and Analysis
9.4. WOMEN
9.4.1. Overview
9.4.2. Women Market Forecast and Analysis
9.5. CHILDREN
9.5.1. Overview
9.5.2. Children Market Forecast and Analysis

10. FOOTWEAR SOLE MATERIAL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Footwear Sole Material Market Overview
10.1.2 North America Footwear Sole Material Market Forecasts and Analysis
10.1.3 North America Footwear Sole Material Market Forecasts and Analysis - By Material
10.1.4 North America Footwear Sole Material Market Forecasts and Analysis - By Product
10.1.5 North America Footwear Sole Material Market Forecasts and Analysis - By End User
10.1.6 North America Footwear Sole Material Market Forecasts and Analysis - By Countries
10.1.6.1 United States Footwear Sole Material Market
10.1.6.1.1 United States Footwear Sole Material Market by Material
10.1.6.1.2 United States Footwear Sole Material Market by Product
10.1.6.1.3 United States Footwear Sole Material Market by End User
10.1.6.2 Canada Footwear Sole Material Market
10.1.6.2.1 Canada Footwear Sole Material Market by Material
10.1.6.2.2 Canada Footwear Sole Material Market by Product
10.1.6.2.3 Canada Footwear Sole Material Market by End User
10.1.6.3 Mexico Footwear Sole Material Market
10.1.6.3.1 Mexico Footwear Sole Material Market by Material
10.1.6.3.2 Mexico Footwear Sole Material Market by Product
10.1.6.3.3 Mexico Footwear Sole Material Market by End User
10.2. EUROPE
10.2.1 Europe Footwear Sole Material Market Overview
10.2.2 Europe Footwear Sole Material Market Forecasts and Analysis
10.2.3 Europe Footwear Sole Material Market Forecasts and Analysis - By Material
10.2.4 Europe Footwear Sole Material Market Forecasts and Analysis - By Product
10.2.5 Europe Footwear Sole Material Market Forecasts and Analysis - By End User
10.2.6 Europe Footwear Sole Material Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Footwear Sole Material Market
10.2.6.1.1 Germany Footwear Sole Material Market by Material
10.2.6.1.2 Germany Footwear Sole Material Market by Product
10.2.6.1.3 Germany Footwear Sole Material Market by End User
10.2.6.2 France Footwear Sole Material Market
10.2.6.2.1 France Footwear Sole Material Market by Material
10.2.6.2.2 France Footwear Sole Material Market by Product
10.2.6.2.3 France Footwear Sole Material Market by End User
10.2.6.3 Italy Footwear Sole Material Market
10.2.6.3.1 Italy Footwear Sole Material Market by Material
10.2.6.3.2 Italy Footwear Sole Material Market by Product
10.2.6.3.3 Italy Footwear Sole Material Market by End User
10.2.6.4 United Kingdom Footwear Sole Material Market
10.2.6.4.1 United Kingdom Footwear Sole Material Market by Material
10.2.6.4.2 United Kingdom Footwear Sole Material Market by Product
10.2.6.4.3 United Kingdom Footwear Sole Material Market by End User
10.2.6.5 Russia Footwear Sole Material Market
10.2.6.5.1 Russia Footwear Sole Material Market by Material
10.2.6.5.2 Russia Footwear Sole Material Market by Product
10.2.6.5.3 Russia Footwear Sole Material Market by End User
10.2.6.6 Rest of Europe Footwear Sole Material Market
10.2.6.6.1 Rest of Europe Footwear Sole Material Market by Material
10.2.6.6.2 Rest of Europe Footwear Sole Material Market by Product
10.2.6.6.3 Rest of Europe Footwear Sole Material Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Footwear Sole Material Market Overview
10.3.2 Asia-Pacific Footwear Sole Material Market Forecasts and Analysis
10.3.3 Asia-Pacific Footwear Sole Material Market Forecasts and Analysis - By Material
10.3.4 Asia-Pacific Footwear Sole Material Market Forecasts and Analysis - By Product
10.3.5 Asia-Pacific Footwear Sole Material Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Footwear Sole Material Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Footwear Sole Material Market
10.3.6.1.1 Australia Footwear Sole Material Market by Material
10.3.6.1.2 Australia Footwear Sole Material Market by Product
10.3.6.1.3 Australia Footwear Sole Material Market by End User
10.3.6.2 China Footwear Sole Material Market
10.3.6.2.1 China Footwear Sole Material Market by Material
10.3.6.2.2 China Footwear Sole Material Market by Product
10.3.6.2.3 China Footwear Sole Material Market by End User
10.3.6.3 India Footwear Sole Material Market
10.3.6.3.1 India Footwear Sole Material Market by Material
10.3.6.3.2 India Footwear Sole Material Market by Product
10.3.6.3.3 India Footwear Sole Material Market by End User
10.3.6.4 Japan Footwear Sole Material Market
10.3.6.4.1 Japan Footwear Sole Material Market by Material
10.3.6.4.2 Japan Footwear Sole Material Market by Product
10.3.6.4.3 Japan Footwear Sole Material Market by End User
10.3.6.5 South Korea Footwear Sole Material Market
10.3.6.5.1 South Korea Footwear Sole Material Market by Material
10.3.6.5.2 South Korea Footwear Sole Material Market by Product
10.3.6.5.3 South Korea Footwear Sole Material Market by End User
10.3.6.6 Rest of Asia-Pacific Footwear Sole Material Market
10.3.6.6.1 Rest of Asia-Pacific Footwear Sole Material Market by Material
10.3.6.6.2 Rest of Asia-Pacific Footwear Sole Material Market by Product
10.3.6.6.3 Rest of Asia-Pacific Footwear Sole Material Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Footwear Sole Material Market Overview
10.4.2 Middle East and Africa Footwear Sole Material Market Forecasts and Analysis
10.4.3 Middle East and Africa Footwear Sole Material Market Forecasts and Analysis - By Material
10.4.4 Middle East and Africa Footwear Sole Material Market Forecasts and Analysis - By Product
10.4.5 Middle East and Africa Footwear Sole Material Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Footwear Sole Material Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Footwear Sole Material Market
10.4.6.1.1 South Africa Footwear Sole Material Market by Material
10.4.6.1.2 South Africa Footwear Sole Material Market by Product
10.4.6.1.3 South Africa Footwear Sole Material Market by End User
10.4.6.2 Saudi Arabia Footwear Sole Material Market
10.4.6.2.1 Saudi Arabia Footwear Sole Material Market by Material
10.4.6.2.2 Saudi Arabia Footwear Sole Material Market by Product
10.4.6.2.3 Saudi Arabia Footwear Sole Material Market by End User
10.4.6.3 U.A.E Footwear Sole Material Market
10.4.6.3.1 U.A.E Footwear Sole Material Market by Material
10.4.6.3.2 U.A.E Footwear Sole Material Market by Product
10.4.6.3.3 U.A.E Footwear Sole Material Market by End User
10.4.6.4 Rest of Middle East and Africa Footwear Sole Material Market
10.4.6.4.1 Rest of Middle East and Africa Footwear Sole Material Market by Material
10.4.6.4.2 Rest of Middle East and Africa Footwear Sole Material Market by Product
10.4.6.4.3 Rest of Middle East and Africa Footwear Sole Material Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Footwear Sole Material Market Overview
10.5.2 South and Central America Footwear Sole Material Market Forecasts and Analysis
10.5.3 South and Central America Footwear Sole Material Market Forecasts and Analysis - By Material
10.5.4 South and Central America Footwear Sole Material Market Forecasts and Analysis - By Product
10.5.5 South and Central America Footwear Sole Material Market Forecasts and Analysis - By End User
10.5.6 South and Central America Footwear Sole Material Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Footwear Sole Material Market
10.5.6.1.1 Brazil Footwear Sole Material Market by Material
10.5.6.1.2 Brazil Footwear Sole Material Market by Product
10.5.6.1.3 Brazil Footwear Sole Material Market by End User
10.5.6.2 Argentina Footwear Sole Material Market
10.5.6.2.1 Argentina Footwear Sole Material Market by Material
10.5.6.2.2 Argentina Footwear Sole Material Market by Product
10.5.6.2.3 Argentina Footwear Sole Material Market by End User
10.5.6.3 Rest of South and Central America Footwear Sole Material Market
10.5.6.3.1 Rest of South and Central America Footwear Sole Material Market by Material
10.5.6.3.2 Rest of South and Central America Footwear Sole Material Market by Product
10.5.6.3.3 Rest of South and Central America Footwear Sole Material Market by End User

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. FOOTWEAR SOLE MATERIAL MARKET, KEY COMPANY PROFILES
12.1. ASAHI KASEI CORPORATION
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. BASF SE
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CELLULAR MOULDINGS
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. COIM GROUP
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. COVESTRO AG
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. DOWDUPONT
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. ERA POLYMERS PTY 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. HEADWAY GROUP
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. HUNTSMAN INTERNATIONAL LLC
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. INOAC CORPORATION,
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments

13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies

1. Asahi Kasei Corporation
2. BASF SE
3. Cellular Mouldings
4. Coim Group
5. Covestro AG
6. Dowdupont
7. Era Polymers Pty Limited
8. Headway Group
9. Huntsman International LLC
10. INOAC CORPORATION,

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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