Galvanized Steel Market Report - (Growth and Size by 2031)
The Galvanized Steel 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.
The galvanized steel market report is segmented by type (hot-dipped galvanized steel and electroplate galvanized steel). The market is segmented based on the application (building and construction, automotive, wind and solar, home appliances, telecommunication, agriculture, oil and gas, and others). The global analysis is further broken down at the 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, segments, regions, and countries. The report covers market trends, as well as market dynamics such as drivers, restraints, and key opportunities. The report also covers industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the market.
Purpose of the ReportThe report Galvanized Steel 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.
Galvanized Steel Market Segmentation
Type- Hot-dipped Galvanized Steel and Electroplate Galvanized Steel
- Building and Construction
- Automotive
- Wind and Solar
- Home Appliances
- Telecommunication
- Agriculture
- Oil and Gas
Strategic Insights
Galvanized Steel Market Growth Drivers- Growth in Global Construction and Infrastructure Projects: Construction and infrastructure projects all over the world have grown tremendously over the years, and this has been attributed to the accelerating demand for galvanized steel. Galvanized steel is often used for its availability and ability to withstand the elements hence used in the construction of buildings, bridges, and other structural works. Moreover, the trend is also sustained by increasing urbanization and demand for housing in emerging countries.
- Automobile Industry's Increasing Use of Galvanized Steel for Lightweight and Safety Features: The automobile industry ranks among the leading consumers of galvanized steel owing to its lightweight and anti-corrosive features. This trend is further fueled by the growing safety concerns that advocate for car design changes in favor of lighter and fuel-efficient vehicles. One cannot fail to mention the boom in electric vehicles, which also calls for their different materials.
- Government Support and Environmental Benefits: The sales of galvanized steel have seen growth because of the changes in governments towards construction. The fact that it can be recycled and it, once it is put in place does not need that much maintenance and replacement, makes its environmental impact lower. Due to the fact that most industries and consumers are ecology friendly, it can be stated that galvanized steel is a good material fitting into the green targets.
- Advancements in Coating Technologies: The improvement of coating technologies is manifested in innovations in galvanizing techniques such as continuous hot dip galvanizing and electro-galvanizing, which will be of great help in enhancing the productivity and quality of the production of galvanized steel sheets. These improvements can be in the form of better coating adhesion, lower energy input and higher production, which will enable the manufacturers to satisfactorily cope with rising demand.
- Growing Use of Advanced High Strength Steel (AHSS) in Galvanized Products: There is an increasing trend of using advanced high strength steel within the galvanized products. Due to improved characteristics, lighter and stronger steel components are now possible thanks to AHSS. There are instances such as automotive and construction, where this is even more pronounced because strength needs to be retained whilst weight is cut down for efficiency and performance reasons.
- Shift Towards Smart Manufacturing and Industry 4.0 Technologies in Galvanized Steel Production: In the galvanized steel market, there is a shift toward the practices of smart manufacturing and the technologies enabling Industry 4.0. These include automation, data processes, and the Internet of Things (IoT) incorporated within the actual production process to enhance efficiency and minimize wastage while increasing the quality of the products produced. This trend will make it possible for manufacturers to enhance their operational capabilities to market demands in a shorter timeframe, as well as the overall functioning of the company itself.
- Market Growth Potential for Galvanized Steel in Underdeveloped Regions like Asia-Pacific and Africa: Underdeveloped regions, especially Asia-Pacific and Africa, pose a significant market growth for galvanized steel seeking. The continuous activities of industrialization, urbanization, and infrastructural enhancement in these areas imply there is also a rising need for strong construction materials. The risks associated with this market are such that organizations that are wise enough to venture into this market stand a high chance of making very high returns.
- Diversification of Galvanized Steel Applications: In the past couple of years, the global galvanized steel market has focused on increasing diversification in channels and markets. This is helping to open up new opportunities for galvanized steel in other sectors aside from construction and automotive - for instance, in the renewable energy (solar and wind energy structures), electrical appliances, and agricultural equipment industries. New applications can generate new revenue and lessen the reliance on existing markets.
- Eco-Friendly Trends in Galvanized Steel Production: For steel galvanizers, there is also a possibility of going greener, which customers and businesses are becoming very conscious of. This trend offers opportunities for galvanized steel producers who will venture into greening their products and carrying out sustainability certification. Eco-friendliness, and especially the recyclability of galvanized steel, can win over potential customers who value reduced impact on the environment and improved image of the company.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Galvanized Steel 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 Galvanized Steel 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 Galvanized Steel Market is estimated to witness a CAGR of 5% from 2023 to 2031
The growing construction and infrastructure development is driving the market growth.
POSCO, NATIONAL MATERIAL COMPANY LLC, JSW, JFE Steel Corporation, Cleveland-Cliffs Inc., Tata Steel, United States Steel Corporation, South Atlantic, Nucor, and NLMK are the key players operating in the galvanized steel market.
Based on application, the automotive segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the galvanized steel market due to its growing automotive, building and construction, and electronics industry.
The increasing use of advanced high-strength steel is expected to be the key market trends.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Galvanized Steel Market - By Product Type
1.3.2 Galvanized Steel Market - By End Product
1.3.3 Galvanized Steel Market - By End-Use Industry
1.3.4 Galvanized Steel Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. GALVANIZED STEEL 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. GALVANIZED STEEL 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. GALVANIZED STEEL MARKET - GLOBAL MARKET ANALYSIS
6.1. GALVANIZED STEEL - GLOBAL MARKET OVERVIEW
6.2. GALVANIZED STEEL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. GALVANIZED STEEL MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. ELECTRO-GALVANIZED STEEL
7.3.1. Overview
7.3.2. Electro-Galvanized Steel Market Forecast and Analysis
7.4. HOT-DIP GALVANIZED STEEL
7.4.1. Overview
7.4.2. Hot-dip Galvanized Steel Market Forecast and Analysis
8. GALVANIZED STEEL MARKET - REVENUE AND FORECASTS TO 2028 - END PRODUCT
8.1. OVERVIEW
8.2. END PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. FASTENERS
8.3.1. Overview
8.3.2. Fasteners Market Forecast and Analysis
8.4. STEEL MAIN FRAMES
8.4.1. Overview
8.4.2. Steel Main Frames Market Forecast and Analysis
8.5. CABLE SUPPORT SYSTEM
8.5.1. Overview
8.5.2. Cable Support System Market Forecast and Analysis
8.6. HAND RAILS
8.6.1. Overview
8.6.2. Hand Rails Market Forecast and Analysis
8.7. SAFETY BARRIERS
8.7.1. Overview
8.7.2. Safety Barriers Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. GALVANIZED STEEL MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
9.1. OVERVIEW
9.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. CONSTRUCTION
9.3.1. Overview
9.3.2. Construction Market Forecast and Analysis
9.4. AUTOMOTIVE
9.4.1. Overview
9.4.2. Automotive Market Forecast and Analysis
9.5. HOME APPLIANCES
9.5.1. Overview
9.5.2. Home Appliances Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. GALVANIZED STEEL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Galvanized Steel Market Overview
10.1.2 North America Galvanized Steel Market Forecasts and Analysis
10.1.3 North America Galvanized Steel Market Forecasts and Analysis - By Product Type
10.1.4 North America Galvanized Steel Market Forecasts and Analysis - By End Product
10.1.5 North America Galvanized Steel Market Forecasts and Analysis - By End-Use Industry
10.1.6 North America Galvanized Steel Market Forecasts and Analysis - By Countries
10.1.6.1 United States Galvanized Steel Market
10.1.6.1.1 United States Galvanized Steel Market by Product Type
10.1.6.1.2 United States Galvanized Steel Market by End Product
10.1.6.1.3 United States Galvanized Steel Market by End-Use Industry
10.1.6.2 Canada Galvanized Steel Market
10.1.6.2.1 Canada Galvanized Steel Market by Product Type
10.1.6.2.2 Canada Galvanized Steel Market by End Product
10.1.6.2.3 Canada Galvanized Steel Market by End-Use Industry
10.1.6.3 Mexico Galvanized Steel Market
10.1.6.3.1 Mexico Galvanized Steel Market by Product Type
10.1.6.3.2 Mexico Galvanized Steel Market by End Product
10.1.6.3.3 Mexico Galvanized Steel Market by End-Use Industry
10.2. EUROPE
10.2.1 Europe Galvanized Steel Market Overview
10.2.2 Europe Galvanized Steel Market Forecasts and Analysis
10.2.3 Europe Galvanized Steel Market Forecasts and Analysis - By Product Type
10.2.4 Europe Galvanized Steel Market Forecasts and Analysis - By End Product
10.2.5 Europe Galvanized Steel Market Forecasts and Analysis - By End-Use Industry
10.2.6 Europe Galvanized Steel Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Galvanized Steel Market
10.2.6.1.1 Germany Galvanized Steel Market by Product Type
10.2.6.1.2 Germany Galvanized Steel Market by End Product
10.2.6.1.3 Germany Galvanized Steel Market by End-Use Industry
10.2.6.2 France Galvanized Steel Market
10.2.6.2.1 France Galvanized Steel Market by Product Type
10.2.6.2.2 France Galvanized Steel Market by End Product
10.2.6.2.3 France Galvanized Steel Market by End-Use Industry
10.2.6.3 Italy Galvanized Steel Market
10.2.6.3.1 Italy Galvanized Steel Market by Product Type
10.2.6.3.2 Italy Galvanized Steel Market by End Product
10.2.6.3.3 Italy Galvanized Steel Market by End-Use Industry
10.2.6.4 United Kingdom Galvanized Steel Market
10.2.6.4.1 United Kingdom Galvanized Steel Market by Product Type
10.2.6.4.2 United Kingdom Galvanized Steel Market by End Product
10.2.6.4.3 United Kingdom Galvanized Steel Market by End-Use Industry
10.2.6.5 Russia Galvanized Steel Market
10.2.6.5.1 Russia Galvanized Steel Market by Product Type
10.2.6.5.2 Russia Galvanized Steel Market by End Product
10.2.6.5.3 Russia Galvanized Steel Market by End-Use Industry
10.2.6.6 Rest of Europe Galvanized Steel Market
10.2.6.6.1 Rest of Europe Galvanized Steel Market by Product Type
10.2.6.6.2 Rest of Europe Galvanized Steel Market by End Product
10.2.6.6.3 Rest of Europe Galvanized Steel Market by End-Use Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Galvanized Steel Market Overview
10.3.2 Asia-Pacific Galvanized Steel Market Forecasts and Analysis
10.3.3 Asia-Pacific Galvanized Steel Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Galvanized Steel Market Forecasts and Analysis - By End Product
10.3.5 Asia-Pacific Galvanized Steel Market Forecasts and Analysis - By End-Use Industry
10.3.6 Asia-Pacific Galvanized Steel Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Galvanized Steel Market
10.3.6.1.1 Australia Galvanized Steel Market by Product Type
10.3.6.1.2 Australia Galvanized Steel Market by End Product
10.3.6.1.3 Australia Galvanized Steel Market by End-Use Industry
10.3.6.2 China Galvanized Steel Market
10.3.6.2.1 China Galvanized Steel Market by Product Type
10.3.6.2.2 China Galvanized Steel Market by End Product
10.3.6.2.3 China Galvanized Steel Market by End-Use Industry
10.3.6.3 India Galvanized Steel Market
10.3.6.3.1 India Galvanized Steel Market by Product Type
10.3.6.3.2 India Galvanized Steel Market by End Product
10.3.6.3.3 India Galvanized Steel Market by End-Use Industry
10.3.6.4 Japan Galvanized Steel Market
10.3.6.4.1 Japan Galvanized Steel Market by Product Type
10.3.6.4.2 Japan Galvanized Steel Market by End Product
10.3.6.4.3 Japan Galvanized Steel Market by End-Use Industry
10.3.6.5 South Korea Galvanized Steel Market
10.3.6.5.1 South Korea Galvanized Steel Market by Product Type
10.3.6.5.2 South Korea Galvanized Steel Market by End Product
10.3.6.5.3 South Korea Galvanized Steel Market by End-Use Industry
10.3.6.6 Rest of Asia-Pacific Galvanized Steel Market
10.3.6.6.1 Rest of Asia-Pacific Galvanized Steel Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Galvanized Steel Market by End Product
10.3.6.6.3 Rest of Asia-Pacific Galvanized Steel Market by End-Use Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Galvanized Steel Market Overview
10.4.2 Middle East and Africa Galvanized Steel Market Forecasts and Analysis
10.4.3 Middle East and Africa Galvanized Steel Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Galvanized Steel Market Forecasts and Analysis - By End Product
10.4.5 Middle East and Africa Galvanized Steel Market Forecasts and Analysis - By End-Use Industry
10.4.6 Middle East and Africa Galvanized Steel Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Galvanized Steel Market
10.4.6.1.1 South Africa Galvanized Steel Market by Product Type
10.4.6.1.2 South Africa Galvanized Steel Market by End Product
10.4.6.1.3 South Africa Galvanized Steel Market by End-Use Industry
10.4.6.2 Saudi Arabia Galvanized Steel Market
10.4.6.2.1 Saudi Arabia Galvanized Steel Market by Product Type
10.4.6.2.2 Saudi Arabia Galvanized Steel Market by End Product
10.4.6.2.3 Saudi Arabia Galvanized Steel Market by End-Use Industry
10.4.6.3 U.A.E Galvanized Steel Market
10.4.6.3.1 U.A.E Galvanized Steel Market by Product Type
10.4.6.3.2 U.A.E Galvanized Steel Market by End Product
10.4.6.3.3 U.A.E Galvanized Steel Market by End-Use Industry
10.4.6.4 Rest of Middle East and Africa Galvanized Steel Market
10.4.6.4.1 Rest of Middle East and Africa Galvanized Steel Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Galvanized Steel Market by End Product
10.4.6.4.3 Rest of Middle East and Africa Galvanized Steel Market by End-Use Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Galvanized Steel Market Overview
10.5.2 South and Central America Galvanized Steel Market Forecasts and Analysis
10.5.3 South and Central America Galvanized Steel Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Galvanized Steel Market Forecasts and Analysis - By End Product
10.5.5 South and Central America Galvanized Steel Market Forecasts and Analysis - By End-Use Industry
10.5.6 South and Central America Galvanized Steel Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Galvanized Steel Market
10.5.6.1.1 Brazil Galvanized Steel Market by Product Type
10.5.6.1.2 Brazil Galvanized Steel Market by End Product
10.5.6.1.3 Brazil Galvanized Steel Market by End-Use Industry
10.5.6.2 Argentina Galvanized Steel Market
10.5.6.2.1 Argentina Galvanized Steel Market by Product Type
10.5.6.2.2 Argentina Galvanized Steel Market by End Product
10.5.6.2.3 Argentina Galvanized Steel Market by End-Use Industry
10.5.6.3 Rest of South and Central America Galvanized Steel Market
10.5.6.3.1 Rest of South and Central America Galvanized Steel Market by Product Type
10.5.6.3.2 Rest of South and Central America Galvanized Steel Market by End Product
10.5.6.3.3 Rest of South and Central America Galvanized Steel Market by End-Use 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. GALVANIZED STEEL MARKET, KEY COMPANY PROFILES
12.1. AK STEEL HOLDING 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. ANSTEEL GROUP
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. ARCELORMITTAL S.A.
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. CHINA BAOWU STEEL GROUP CORP., LTD.
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. GERDAU
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. JFE STEEL
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. JIANGSU SHAGANG GROUP COMPANY 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. NIPPON STEEL 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. POSCO
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. TATA STEEL
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. AK Steel Holding Corporation
2. Ansteel Group
3. ArcelorMittal S.A.
4. China Baowu Steel Group Corp., Ltd.
5. Gerdau
6. JFE Steel
7. Jiangsu Shagang Group Company Limited
8. Nippon Steel Corporation
9. POSCO
10. Tata Steel
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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