Phenolic Resins Market Trends, Share, and Growth (2021-2031)
The Phenolic Resins Market is expected to register a CAGR of 9% 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 form (powder, liquid, and others). The report is segmented by type (novolacs and resoles). The report is segmented by application (friction materials, refractories, laminates, coatings, rubber and plastics, and others). The report is segmented by end-use industry (automotive, aerospace, building and construction, packaging, furniture, electrical and electronics, 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 Phenolic Resins Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Phenolic Resins Market Segmentation
Form- Powder
- Liquid
- Novolacs and Resoles
- Friction Materials
- Refractories
- Laminates
- Coatings
- Rubber and Plastics
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Phenolic Resins Market Growth Drivers- Impact of Construction Sector Growth on Phenolic Resins Market: The development of the construction sector is one of the main factors in the growth of the phenolic resins market. Due to rapid urbanization across the globe, there is an ever-increasing need for long-lasting and high-quality building materials. Phenolic resins are appreciated because of their high tensile strength, thermal resistance, and chemical resistance, among other properties, enabling their use in different areas of construction.
- Key Applications of Phenolic Resins in the Construction Industry: More specifically, phenolic resins are largely used in the manufacture of laminates, adhesives, and thermal insulation products. Such applications are important in the contemporary building process where energy optimizations and the life of the building materials are important. Since constructors and designers are interested in materials that can resist the external environment, the strength of phenolic resins enhances their market appeal.
- Sustainability Trends Driving Innovation in the Phenolic Resins Market: Furthermore, the phenolic resins market is experiencing this trend owing to the construction industry’s focus on green construction and sustainable materials. Biobased phenolic resin inventions are also finding the light of the day as companies look for an alternative embolism that reduces their carbon footprints. These “green” materials do not only comply with the requirements but also cater for the needs of consumers who are becoming more and more concerned about the environment which is a growing trend across the globe.
- The Rise of Bio-based Phenolic Resins Driven by Sustainability Trends: This is another important trend in the phenolic resins market as the focus on sustainability, increasingly becoming a criterion for industries across the world, plays into the hands of manufacturers who emphasize renewable resources. Bio-based phenolic resins are likely to present an environmentally friendly alternative to traditional petroleum-based options - thus minimizing carbon footprints.
- Performance Parity Between Bio-based and Conventional Phenolic Resins: They show similar properties with conventional phenolic resins, for example, in terms of thermal stability and chemical resistance. This makes them have a wide range of uses that could be from adhesives and coatings to composites. Bio-based phenolic resins thus stand at an important position in securing the rising market share as industries try to include sustainable materials in their portfolios without sacrificing quality.
- Regulatory Pressures and Consumer Demand Fueling Bio-based Resin Innovation: Other factors driving innovation in this field are greater regulatory pressures and consumer demand for greener products. There is greater regulation on the use of synthetic chemicals, and governments are pushing manufacturers to invest in bio-based solutions, thereby solving not only compliance-related issues but also the change in the customer preference profile.
- Smart Manufacturing: Smart manufacturing integration can generate high growth opportunities in the phenolic resins market. The integration of advanced technologies, IoT, AI, and automation creates production optimization for manufacturers by enhancing efficiency while reducing waste. As such, it makes higher overall quality products for phenolic resins, meeting massive industry demand.
- Real-time Data Analytics and Process Control Enhancing Resin Quality: The capability of real-time data analytics allows manufacturers to follow production parameters closely so that the same quality in the resin can be ensured. Optimized process control not only reduces defect-prone occurrences but also fastens the cycles of production, allowing companies to react quickly during fluctuations in the market. It is agility that will determine which companies can easily meet the rising demand for specialized phenolic resins in various fields.
- Customization and Agility in Smart Manufacturing for Tailored Phenolic Resins: Smart manufacturing can also be used to produce specific phenolic resins tailored to each application. Companies can innovate faster by developing new technologies quickly and applying them in the process to produce an individualized product that meets certain requirements of performance. This flexibility does well with manufacturers in a global marketplace where individualization is growing by the day.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Phenolic Resins Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Phenolic Resins Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The development of bio-based phenolic resins is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the phenolic resins market, due to the rapid industrialization and urbanization in countries like China and India have significantly increased the demand for construction materials and automotive products, both of which extensively utilize phenolic resins for their durability and thermal resistance.
Based on form, the liquid segment is expected to witness the fastest growth during the forecast period
The growth of the construction industry is driving the market growth.
Keiron Chemicals; BASF SE; Hexion; Sumitomo Bakelite Co Ltd; Ashland; KOLON Industries Inc; Changshu South-East Plastic Co Ltd; DIC CORPORATION; Bostik; and Plastics Engineering Company are some of the key players operating in the phenolic resins market
The Phenolic Resins Market is estimated to witness a CAGR of 9% 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 Phenolic Resins Market - By Type
1.3.2 Phenolic Resins Market - By Application
1.3.3 Phenolic Resins Market - By End Use Industry
1.3.4 Phenolic Resins Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PHENOLIC RESINS 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. PHENOLIC RESINS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PHENOLIC RESINS MARKET - GLOBAL MARKET ANALYSIS
6.1. PHENOLIC RESINS - GLOBAL MARKET OVERVIEW
6.2. PHENOLIC RESINS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PHENOLIC RESINS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. RESOL RESIN
7.3.1. Overview
7.3.2. Resol Resin Market Forecast and Analysis
7.4. NOVOLAC RESIN
7.4.1. Overview
7.4.2. Novolac Resin Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. PHENOLIC RESINS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. WOOD ADHESIVES
8.3.1. Overview
8.3.2. Wood Adhesives Market Forecast and Analysis
8.4. LAMINATES
8.4.1. Overview
8.4.2. Laminates Market Forecast and Analysis
8.5. FOUNDRY
8.5.1. Overview
8.5.2. Foundry Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. PHENOLIC RESINS MARKET - REVENUE AND FORECASTS TO 2028 - END USE INDUSTRY
9.1. OVERVIEW
9.2. END USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. AUTOMOTIVE
9.3.1. Overview
9.3.2. Automotive Market Forecast and Analysis
9.4. BUILDING AND CONSTRUCTION
9.4.1. Overview
9.4.2. Building and Construction Market Forecast and Analysis
9.5. FURNITURE
9.5.1. Overview
9.5.2. Furniture Market Forecast and Analysis
9.6. ELECTRICAL AND ELECTRONICS
9.6.1. Overview
9.6.2. Electrical and Electronics Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. PHENOLIC RESINS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Phenolic Resins Market Overview
10.1.2 North America Phenolic Resins Market Forecasts and Analysis
10.1.3 North America Phenolic Resins Market Forecasts and Analysis - By Type
10.1.4 North America Phenolic Resins Market Forecasts and Analysis - By Application
10.1.5 North America Phenolic Resins Market Forecasts and Analysis - By End Use Industry
10.1.6 North America Phenolic Resins Market Forecasts and Analysis - By Countries
10.1.6.1 United States Phenolic Resins Market
10.1.6.1.1 United States Phenolic Resins Market by Type
10.1.6.1.2 United States Phenolic Resins Market by Application
10.1.6.1.3 United States Phenolic Resins Market by End Use Industry
10.1.6.2 Canada Phenolic Resins Market
10.1.6.2.1 Canada Phenolic Resins Market by Type
10.1.6.2.2 Canada Phenolic Resins Market by Application
10.1.6.2.3 Canada Phenolic Resins Market by End Use Industry
10.1.6.3 Mexico Phenolic Resins Market
10.1.6.3.1 Mexico Phenolic Resins Market by Type
10.1.6.3.2 Mexico Phenolic Resins Market by Application
10.1.6.3.3 Mexico Phenolic Resins Market by End Use Industry
10.2. EUROPE
10.2.1 Europe Phenolic Resins Market Overview
10.2.2 Europe Phenolic Resins Market Forecasts and Analysis
10.2.3 Europe Phenolic Resins Market Forecasts and Analysis - By Type
10.2.4 Europe Phenolic Resins Market Forecasts and Analysis - By Application
10.2.5 Europe Phenolic Resins Market Forecasts and Analysis - By End Use Industry
10.2.6 Europe Phenolic Resins Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Phenolic Resins Market
10.2.6.1.1 Germany Phenolic Resins Market by Type
10.2.6.1.2 Germany Phenolic Resins Market by Application
10.2.6.1.3 Germany Phenolic Resins Market by End Use Industry
10.2.6.2 France Phenolic Resins Market
10.2.6.2.1 France Phenolic Resins Market by Type
10.2.6.2.2 France Phenolic Resins Market by Application
10.2.6.2.3 France Phenolic Resins Market by End Use Industry
10.2.6.3 Italy Phenolic Resins Market
10.2.6.3.1 Italy Phenolic Resins Market by Type
10.2.6.3.2 Italy Phenolic Resins Market by Application
10.2.6.3.3 Italy Phenolic Resins Market by End Use Industry
10.2.6.4 United Kingdom Phenolic Resins Market
10.2.6.4.1 United Kingdom Phenolic Resins Market by Type
10.2.6.4.2 United Kingdom Phenolic Resins Market by Application
10.2.6.4.3 United Kingdom Phenolic Resins Market by End Use Industry
10.2.6.5 Russia Phenolic Resins Market
10.2.6.5.1 Russia Phenolic Resins Market by Type
10.2.6.5.2 Russia Phenolic Resins Market by Application
10.2.6.5.3 Russia Phenolic Resins Market by End Use Industry
10.2.6.6 Rest of Europe Phenolic Resins Market
10.2.6.6.1 Rest of Europe Phenolic Resins Market by Type
10.2.6.6.2 Rest of Europe Phenolic Resins Market by Application
10.2.6.6.3 Rest of Europe Phenolic Resins Market by End Use Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Phenolic Resins Market Overview
10.3.2 Asia-Pacific Phenolic Resins Market Forecasts and Analysis
10.3.3 Asia-Pacific Phenolic Resins Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Phenolic Resins Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Phenolic Resins Market Forecasts and Analysis - By End Use Industry
10.3.6 Asia-Pacific Phenolic Resins Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Phenolic Resins Market
10.3.6.1.1 Australia Phenolic Resins Market by Type
10.3.6.1.2 Australia Phenolic Resins Market by Application
10.3.6.1.3 Australia Phenolic Resins Market by End Use Industry
10.3.6.2 China Phenolic Resins Market
10.3.6.2.1 China Phenolic Resins Market by Type
10.3.6.2.2 China Phenolic Resins Market by Application
10.3.6.2.3 China Phenolic Resins Market by End Use Industry
10.3.6.3 India Phenolic Resins Market
10.3.6.3.1 India Phenolic Resins Market by Type
10.3.6.3.2 India Phenolic Resins Market by Application
10.3.6.3.3 India Phenolic Resins Market by End Use Industry
10.3.6.4 Japan Phenolic Resins Market
10.3.6.4.1 Japan Phenolic Resins Market by Type
10.3.6.4.2 Japan Phenolic Resins Market by Application
10.3.6.4.3 Japan Phenolic Resins Market by End Use Industry
10.3.6.5 South Korea Phenolic Resins Market
10.3.6.5.1 South Korea Phenolic Resins Market by Type
10.3.6.5.2 South Korea Phenolic Resins Market by Application
10.3.6.5.3 South Korea Phenolic Resins Market by End Use Industry
10.3.6.6 Rest of Asia-Pacific Phenolic Resins Market
10.3.6.6.1 Rest of Asia-Pacific Phenolic Resins Market by Type
10.3.6.6.2 Rest of Asia-Pacific Phenolic Resins Market by Application
10.3.6.6.3 Rest of Asia-Pacific Phenolic Resins Market by End Use Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Phenolic Resins Market Overview
10.4.2 Middle East and Africa Phenolic Resins Market Forecasts and Analysis
10.4.3 Middle East and Africa Phenolic Resins Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Phenolic Resins Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Phenolic Resins Market Forecasts and Analysis - By End Use Industry
10.4.6 Middle East and Africa Phenolic Resins Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Phenolic Resins Market
10.4.6.1.1 South Africa Phenolic Resins Market by Type
10.4.6.1.2 South Africa Phenolic Resins Market by Application
10.4.6.1.3 South Africa Phenolic Resins Market by End Use Industry
10.4.6.2 Saudi Arabia Phenolic Resins Market
10.4.6.2.1 Saudi Arabia Phenolic Resins Market by Type
10.4.6.2.2 Saudi Arabia Phenolic Resins Market by Application
10.4.6.2.3 Saudi Arabia Phenolic Resins Market by End Use Industry
10.4.6.3 U.A.E Phenolic Resins Market
10.4.6.3.1 U.A.E Phenolic Resins Market by Type
10.4.6.3.2 U.A.E Phenolic Resins Market by Application
10.4.6.3.3 U.A.E Phenolic Resins Market by End Use Industry
10.4.6.4 Rest of Middle East and Africa Phenolic Resins Market
10.4.6.4.1 Rest of Middle East and Africa Phenolic Resins Market by Type
10.4.6.4.2 Rest of Middle East and Africa Phenolic Resins Market by Application
10.4.6.4.3 Rest of Middle East and Africa Phenolic Resins Market by End Use Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Phenolic Resins Market Overview
10.5.2 South and Central America Phenolic Resins Market Forecasts and Analysis
10.5.3 South and Central America Phenolic Resins Market Forecasts and Analysis - By Type
10.5.4 South and Central America Phenolic Resins Market Forecasts and Analysis - By Application
10.5.5 South and Central America Phenolic Resins Market Forecasts and Analysis - By End Use Industry
10.5.6 South and Central America Phenolic Resins Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Phenolic Resins Market
10.5.6.1.1 Brazil Phenolic Resins Market by Type
10.5.6.1.2 Brazil Phenolic Resins Market by Application
10.5.6.1.3 Brazil Phenolic Resins Market by End Use Industry
10.5.6.2 Argentina Phenolic Resins Market
10.5.6.2.1 Argentina Phenolic Resins Market by Type
10.5.6.2.2 Argentina Phenolic Resins Market by Application
10.5.6.2.3 Argentina Phenolic Resins Market by End Use Industry
10.5.6.3 Rest of South and Central America Phenolic Resins Market
10.5.6.3.1 Rest of South and Central America Phenolic Resins Market by Type
10.5.6.3.2 Rest of South and Central America Phenolic Resins Market by Application
10.5.6.3.3 Rest of South and Central America Phenolic Resins 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. PHENOLIC RESINS MARKET, KEY COMPANY PROFILES
12.1. SI GROUP, INC.
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. MOMENTIVE
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. HEXION
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. SUMITOMO BAKELITE CO., LTD.
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. ASHLAND
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. KOLON INDUSTRIES, 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. CHANGSHU SOUTH-EAST PLASTIC CO., LTD
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. DIC CORPORATION
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. SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD
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. SI Group, Inc.
2. BASF SE
3. Momentive
4. Hexion
5. Sumitomo Bakelite Co., Ltd.
6. Ashland
7. KOLON Industries, Inc
8. Changshu South-East Plastic Co., Ltd
9. DIC CORPORATION
10. SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD
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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