Industrial Wax Market Growth Report and Size by 2031
The Industrial Wax 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 report presents analysis based on type (fossil based wax, synthetic based wax, and bio-based wax). The report is segmented by application (candles, packaging, coatings and polishes, hot melt adhesives, tires and rubber, cosmetics and personal care, food, and others). 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 Industrial 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.
Industrial Wax Market Segmentation
Type- Fossil Based Wax
- Synthetic Based Wax
- Bio-Based Wax
- Candles
- Packaging
- Coatings and Polishes
- Hot Melt Adhesives
- Tires and Rubber
- Cosmetics and Personal Care
- Food
Strategic Insights
Industrial Wax Market Growth Drivers- Rising Demand for Personal Care Products Boosts Industrial Wax Market: Industrial wax demand growth in the personal care and cosmetics industry contributes to one of the key drivers. The waxes are an important component in most cosmetic formulations, which provide them with texture, stability, and moisture retention. Increasing demand for quality personal care products from the consumer, therefore, increases the amount needed.
- Bio-Based Waxes Gain Popularity in Eco-Friendly Cosmetics: Bio-based waxes have been gaining increasing usage with the surge in demand for natural and organic cosmetics. Environmentally conscious consumers go for these alternatives, and hence, investor interest in making formulations of eco-friendly wax is getting encouraged. The expansion is also contributing to innovation in the industrial wax sector.
- Emerging Markets and Specialized Waxes Drive Growth in Industrial Wax Sector: Increased demand in the emerging markets for beauty and skincare products raises industrial wax demand. Increasing disposable incomes encourage consumers to spend money on high-end cosmetics, hence boosting market growth. Further contributing to this growing market is the development of specialized industrial waxes for use in specific applications such as lipsticks and creams.
- Bio-Based Waxes Emerge as Eco-Friendly Alternatives in Industrial Wax Market: Bio-based waxes are the latest emerging trends with the development in industrial wax. As consumers grow concerned about being more environment-friendly, the demand for natural petro-replacement alternatives will increase. Bio-based waxes occur naturally through plants and, therefore, become a greener alternative to consumer preferences that are increasingly adopting the eco-friendly route.
- Innovation in Bio-Based Waxes Drives Sustainability and Industry Growth: Shift towards sustainability also influences innovation in wax formulation. Both high-performance bio-based waxes for cosmetics, packaging, automotive, and other industries are continuously researched and developed. Such innovations not only make the product more attractive to market but can also facilitate compliance with increasingly stringent environmental regulations.
- Government Policies Boost Demand for Renewable and Eco-Friendly Waxes: Increasing government policies with regard to renewable material-based wax are providing an impetus to the market. Policies that focus on the reduction of carbon footprint have supported the preference for sustainable practices in industries that augment demand for bio-based products and open the window of opportunity for manufacturers to upgrade their offerings and capture new market segments.
- Technological Advances Enhance Wax Quality and Industry Applications: Technological advances are registering their significant place in the industrial wax market as growth opportunities. Bettered techniques in production include more refined processing and refined refining with higher quality advanced catalysts, thereby offering waxes of increased performance to be used in a vast range of industries.
- Specialized Wax Formulations Offer Greater Flexibility Across Industries: Specialized wax formulations for special applications is another trend with very significant importance. For instance, improvements in the chemistry of waxes today have made it possible to make waxes with specific properties such as improved thermal stability and moisture barriers. This has paved the way to greater flexibility in more applications than cosmetics, packaging, and automotive.
- Automation and Smart Manufacturing Drive Efficiency in Wax Production: Automation and smart manufacturing technologies also increase efficiency in wax production. It reduces the costs of production by eliminating unnecessary waste generation; additionally, it has streamlined processes that enhance turnaround time. This all creates the opportunity for manufacturers to respond better and faster to changing market demands with innovation and competitiveness.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Industrial 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 Industrial 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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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 Industrial Wax Market is estimated to witness a CAGR of 5% from 2023 to 2031
The growth of the personal care and cosmetics industry are driving the market growth.
ExxonMobil; Royal Dutch Shell PLC; Sinopec; Sasol Ltd.; CEPSA; Calumet Specialty Products; Gandhar Oil Refinery; The PJSC Lukoil Company; Numaligarh Refinery Ltd.; and Blended Waxes Inc are some of the key players operating in the industrial wax market
Based on type, the bio-based wax segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the industrial wax market due to the region has experienced significant industrial growth, particularly in manufacturing and construction. This surge increases the demand for industrial waxes in various applications, including coatings, adhesives, and packaging.
The growth of bio-based waxes is expected to be the key market trends.
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 Industrial Wax Market - By Type
1.3.2 Industrial Wax Market - By Application
1.3.3 Industrial Wax Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL WAX 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. INDUSTRIAL 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. INDUSTRIAL WAX MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL WAX - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL WAX - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INDUSTRIAL WAX MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. FOSSIL BASED WAX
7.3.1. Overview
7.3.2. Fossil Based Wax Market Forecast and Analysis
7.3.3. Mineral Wax Market
7.3.3.1. Overview
7.3.3.2. Mineral Wax Market Forecast and Analysis
7.3.4. Petroleum Wax Market
7.3.4.1. Overview
7.3.4.2. Petroleum Wax Market Forecast and Analysis
7.4. SYNTHETIC BASED WAX
7.4.1. Overview
7.4.2. Synthetic Based Wax Market Forecast and Analysis
7.5. BIO-BASED WAX
7.5.1. Overview
7.5.2. Bio-Based Wax Market Forecast and Analysis
8. INDUSTRIAL WAX MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CANDLES
8.3.1. Overview
8.3.2. Candles Market Forecast and Analysis
8.4. PACKAGING
8.4.1. Overview
8.4.2. Packaging Market Forecast and Analysis
8.5. COATINGS AND POLISHES
8.5.1. Overview
8.5.2. Coatings and Polishes Market Forecast and Analysis
8.6. HOT MELT ADHESIVES
8.6.1. Overview
8.6.2. Hot Melt Adhesives Market Forecast and Analysis
8.7. TIRES AND RUBBER
8.7.1. Overview
8.7.2. Tires and Rubber Market Forecast and Analysis
8.8. COSMETICS AND PERSONAL CARE
8.8.1. Overview
8.8.2. Cosmetics and Personal Care Market Forecast and Analysis
8.9. FOOD
8.9.1. Overview
8.9.2. Food Market Forecast and Analysis
8.10. OTHERS
8.10.1. Overview
8.10.2. Others Market Forecast and Analysis
9. INDUSTRIAL WAX MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Industrial Wax Market Overview
9.1.2 North America Industrial Wax Market Forecasts and Analysis
9.1.3 North America Industrial Wax Market Forecasts and Analysis - By Type
9.1.4 North America Industrial Wax Market Forecasts and Analysis - By Application
9.1.5 North America Industrial Wax Market Forecasts and Analysis - By Countries
9.1.5.1 United States Industrial Wax Market
9.1.5.1.1 United States Industrial Wax Market by Type
9.1.5.1.2 United States Industrial Wax Market by Application
9.1.5.2 Canada Industrial Wax Market
9.1.5.2.1 Canada Industrial Wax Market by Type
9.1.5.2.2 Canada Industrial Wax Market by Application
9.1.5.3 Mexico Industrial Wax Market
9.1.5.3.1 Mexico Industrial Wax Market by Type
9.1.5.3.2 Mexico Industrial Wax Market by Application
9.2. EUROPE
9.2.1 Europe Industrial Wax Market Overview
9.2.2 Europe Industrial Wax Market Forecasts and Analysis
9.2.3 Europe Industrial Wax Market Forecasts and Analysis - By Type
9.2.4 Europe Industrial Wax Market Forecasts and Analysis - By Application
9.2.5 Europe Industrial Wax Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Industrial Wax Market
9.2.5.1.1 Germany Industrial Wax Market by Type
9.2.5.1.2 Germany Industrial Wax Market by Application
9.2.5.2 France Industrial Wax Market
9.2.5.2.1 France Industrial Wax Market by Type
9.2.5.2.2 France Industrial Wax Market by Application
9.2.5.3 Italy Industrial Wax Market
9.2.5.3.1 Italy Industrial Wax Market by Type
9.2.5.3.2 Italy Industrial Wax Market by Application
9.2.5.4 United Kingdom Industrial Wax Market
9.2.5.4.1 United Kingdom Industrial Wax Market by Type
9.2.5.4.2 United Kingdom Industrial Wax Market by Application
9.2.5.5 Russia Industrial Wax Market
9.2.5.5.1 Russia Industrial Wax Market by Type
9.2.5.5.2 Russia Industrial Wax Market by Application
9.2.5.6 Rest of Europe Industrial Wax Market
9.2.5.6.1 Rest of Europe Industrial Wax Market by Type
9.2.5.6.2 Rest of Europe Industrial Wax Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Industrial Wax Market Overview
9.3.2 Asia-Pacific Industrial Wax Market Forecasts and Analysis
9.3.3 Asia-Pacific Industrial Wax Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Industrial Wax Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Industrial Wax Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Industrial Wax Market
9.3.5.1.1 Australia Industrial Wax Market by Type
9.3.5.1.2 Australia Industrial Wax Market by Application
9.3.5.2 China Industrial Wax Market
9.3.5.2.1 China Industrial Wax Market by Type
9.3.5.2.2 China Industrial Wax Market by Application
9.3.5.3 India Industrial Wax Market
9.3.5.3.1 India Industrial Wax Market by Type
9.3.5.3.2 India Industrial Wax Market by Application
9.3.5.4 Japan Industrial Wax Market
9.3.5.4.1 Japan Industrial Wax Market by Type
9.3.5.4.2 Japan Industrial Wax Market by Application
9.3.5.5 South Korea Industrial Wax Market
9.3.5.5.1 South Korea Industrial Wax Market by Type
9.3.5.5.2 South Korea Industrial Wax Market by Application
9.3.5.6 Rest of Asia-Pacific Industrial Wax Market
9.3.5.6.1 Rest of Asia-Pacific Industrial Wax Market by Type
9.3.5.6.2 Rest of Asia-Pacific Industrial Wax Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Industrial Wax Market Overview
9.4.2 Middle East and Africa Industrial Wax Market Forecasts and Analysis
9.4.3 Middle East and Africa Industrial Wax Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Industrial Wax Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Industrial Wax Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Industrial Wax Market
9.4.5.1.1 South Africa Industrial Wax Market by Type
9.4.5.1.2 South Africa Industrial Wax Market by Application
9.4.5.2 Saudi Arabia Industrial Wax Market
9.4.5.2.1 Saudi Arabia Industrial Wax Market by Type
9.4.5.2.2 Saudi Arabia Industrial Wax Market by Application
9.4.5.3 U.A.E Industrial Wax Market
9.4.5.3.1 U.A.E Industrial Wax Market by Type
9.4.5.3.2 U.A.E Industrial Wax Market by Application
9.4.5.4 Rest of Middle East and Africa Industrial Wax Market
9.4.5.4.1 Rest of Middle East and Africa Industrial Wax Market by Type
9.4.5.4.2 Rest of Middle East and Africa Industrial Wax Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Industrial Wax Market Overview
9.5.2 South and Central America Industrial Wax Market Forecasts and Analysis
9.5.3 South and Central America Industrial Wax Market Forecasts and Analysis - By Type
9.5.4 South and Central America Industrial Wax Market Forecasts and Analysis - By Application
9.5.5 South and Central America Industrial Wax Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Industrial Wax Market
9.5.5.1.1 Brazil Industrial Wax Market by Type
9.5.5.1.2 Brazil Industrial Wax Market by Application
9.5.5.2 Argentina Industrial Wax Market
9.5.5.2.1 Argentina Industrial Wax Market by Type
9.5.5.2.2 Argentina Industrial Wax Market by Application
9.5.5.3 Rest of South and Central America Industrial Wax Market
9.5.5.3.1 Rest of South and Central America Industrial Wax Market by Type
9.5.5.3.2 Rest of South and Central America Industrial Wax Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. INDUSTRIAL WAX MARKET, KEY COMPANY PROFILES
11.1. CHINA PETROCHEMICAL CORPORATION
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. EXXON MOBIL CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. HCI WAX
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. NUMALIGARH REFINERY LIMITED
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. PETRóLEO BRASILEIRO S.A. (PETROBRAS)
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PJSC LUKOIL
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SASOL LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SHELL INTERNATIONAL B.V.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. THE BLAYSON GROUP LTD
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THE INTERNATIONAL GROUP, INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- China Petrochemical Corporation
- Exxon Mobil Corporation
- HCI wax
- Numaligarh Refinery Limited
- Petroleo Brasileiro S.A. (Petrobras)
- PJSC LUKOIL
- Sasol Limited
- Shell International B.V.
- The Blayson Group Ltd
- The International Group, Inc.
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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