Plastic Drums Market Dynamics - 2021 to 2031
The Plastic Drums Market is expected to register a CAGR of 4.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by product type (HDPE (high-density polyethylene) drums, PP (polypropylene) drums, LDPE (low-density polyethylene) drums, and others). The report further presents an analysis based on the end-use industry (chemicals and petrochemicals, food and beverage, pharmaceuticals, agriculture, logistics and transport, and others). The report scope covers five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America and key countries under each region. The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Plastic Drums 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.
Plastic Drums Market Segmentation
Product Type- HDPE Drums
- PP Drums
- LDPE Drums
- Chemicals and Petrochemicals
- Food and Beverage
- Pharmaceuticals
- Agriculture
- Logistics and Transport
Strategic Insights
Plastic Drums Market Growth Drivers- Global Demand for Durable and Safe Packaging Drives Plastic Drums Market: The global demand for safe, durable, and efficient packaging solutions across various industries has been the biggest driving force behind the plastic drums market. Chemical, food & beverages, pharmaceuticals, and logistics applications necessitate packaging that can be exposed to harsh conditions, contamination-sensitive products, and guarding during transportation. Plastic drums are made with superb corrosion resistance, lightweight, and high tensile strength compared with traditional metal drums. These characteristics make them especially ideal for the storage and transportation of a great many materials, such as liquids, hazard chemical materials, and bulk food products.
- Cost-Effectiveness of Plastic Drums Boosting Their Adoption in Industrial Applications: Compared with metal or fiber drums, plastic drums can be cheaper in terms of production and transport. Their lighter weight makes their handling, storage, and shipping easier and less expensive, critical to business operations in keeping overall operational costs low. Since international trade continues to expand, companies look for the best in logistics and supply chain management. Plastic drums are light in weight, reducing shipping costs and easier to handle in large quantities. It is increasingly being used in industrial applications compared to other containers.
- Sustainability and Recycling Trends Favoring Growth of the Plastic Drums Market: If regulatory agencies keep increasing pressure on decreasing waste and enhancing recycling, it is bound to be in favor of plastic drums which have recyclability and sustainability potential. Worried about plastic waste worldwide, manufacturers have been working on making highly eco-friendly and recyclable plastic drums. Faced with strict governmental and consumer demands for a greener package, many companies are now adopting biodegradable or bio-based plastics. Further, the trend toward circular economy practices-not merely among governments but also consumers-thereby witnessing the upward trend in the plastic drum market.
- Rising Demand for Intermediate Bulk Containers (IBCs) in Industrial Sectors: Intermediate Bulk Containers (IBCs) have emerged as a strong trend in the plastic drum market as their demand is growing. IBCs are significantly bigger and more productive compared to standard drums, but this size is becoming quite widely used in chemical, food & beverages, and pharmaceutical industries due to less occupying space with flexible stacking and higher storage capacity, thus mostly used in transporting in bulk. Adoption trend by IBC: Companies are going to adopt more IBCs as they rationalize their logistics and reduce packaging waste, particularly in regions where the industrial sectors are growing.
- Customization and Innovation in Plastic Drum Solutions Drive Market Growth: Manufacturers respond to market needs by offering more customized plastic drum solutions. Companies can provide drums suitable to specific industries such as food-grade drums to the food industry or tamper-evident designs for sensitive or hazardous products. Other innovations include high-performance sealing mechanisms, UV-resistant coatings, and integrations of safety features that conform to stringent regulation standards. Such product differentiation creates momentum driving the market since businesses seek packaging solutions according to their needs and make sure that products are moved and stored safely.
- Shift Toward Biodegradable and Recyclable Plastics in Drum Production: There is a strong trend of using biodegradable or recyclable plastic materials as alternatives for the production of drums as concern grows over pollution issues. Companies have been undertaking research and development for plastic drums, but this is made from bio-based polymers. This has roughly the same strength and durability as traditional plastics but with a much smaller environmental footprint. Such developments have been targeted at the growing demand for sustainable packaging solutions, mainly from companies operating within the food & beverages and chemicals sectors where such packaging trends became a new competitive advantage.
- Opportunities in Emerging Markets Drive Plastic Drum Market Growth: Growth in different industrial sectors around developing economies presents major opportunities for the plastic drum market. As countries of Asia-Pacific, Africa, and Latin America rapidly urbanize and become industrialized, demand for extremely efficient and reliable packaging solutions is soaring. This, besides manufacturing, chemicals, and logistics, is why plastic drums will most likely shoot up rapidly. Expansion and strategic partnerships with local businesses will provide manufacturers with a golden opportunity.
- Plastic Drums in the Food & Beverage Industry: Meeting Global Packaging Demands: There are some areas where the global food & beverage industry depends heavily on plastic drums, owing to their regular demand of transporting bulk liquids such as oils, syrups, and chemicals used in food production. As the global food trade is becoming increasingly raised across the world, especially in developing regions, there is an increasing need for a capable, cheap, and safe product in food packaging. Manufacturers could explore this opportunity through new innovations, with the production of food-grade plastic drums that carry the assurance of safety standards and also ensure that the fresh food items are in quality transport.
- Smart Packaging: The Future of Plastic Drums in Supply Chain Efficiency: The adoption of smart technologies such as RFID, GPS, and IoT sensors on plastic drums will also be a great opportunity. As these allow organisations to trace inventory, trace storage conditions, and improve the efficiency of the supply chain, companies can maintain an optimal level of a productive supply chain. Smart plastic drums will find markets in industries where there is a risk of hazardous material usage or the handling of high-value products that demand real-time monitoring to guarantee safety standards and regulatory compliance. With more digital supply chains and smart logistics being adopted, connected packaging solutions are also expected to increase.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Plastic Drums 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 Plastic Drums Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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 Plastic Drums Market is estimated to witness a CAGR of 4.7% from 2023 to 2031
The major factors driving the plastic drums market are:
1. Growing Demand for Safe and Durable Packaging Solutions.
2. Cost-Effectiveness and Lightweight Design.
Greif Inc, Schutz Container Systems Inc, Mauser Packaging Solutions, Berry Global Group Inc, Sonoco Products Co, Pall Corp, Ropak Manufacturing Co Inc, and Zhangjiagang King Machine Co Ltd
On the basis of geography, the plastic drums market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
A rise in the adoption of IBCs (Intermediate Bulk Containers) is expected to be the key market trend.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Plastic Drums Market - By Material Type
1.3.2 Plastic Drums Market - By End Use Industry
1.3.3 Plastic Drums Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PLASTIC DRUMS 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. PLASTIC DRUMS 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. PLASTIC DRUMS MARKET - GLOBAL MARKET ANALYSIS
6.1. PLASTIC DRUMS - GLOBAL MARKET OVERVIEW
6.2. PLASTIC DRUMS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PLASTIC DRUMS MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL TYPE
7.1. OVERVIEW
7.2. MATERIAL TYPE MARKET FORECASTS AND ANALYSIS
7.3. POLYETHYLENE (PE)
7.3.1. Overview
7.3.2. Polyethylene (PE) Market Forecast and Analysis
7.4. LDPE
7.4.1. Overview
7.4.2. LDPE Market Forecast and Analysis
7.5. LLDPE
7.5.1. Overview
7.5.2. LLDPE Market Forecast and Analysis
7.6. HDPE
7.6.1. Overview
7.6.2. HDPE Market Forecast and Analysis
7.7. POLYPROPYLENE (PP)
7.7.1. Overview
7.7.2. Polypropylene (PP) Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. PLASTIC DRUMS MARKET - REVENUE AND FORECASTS TO 2028 - END USE INDUSTRY
8.1. OVERVIEW
8.2. END USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. FOOD AND BEVERAGES
8.3.1. Overview
8.3.2. Food and Beverages Market Forecast and Analysis
8.4. CHEMICAL AND PETROCHEMICALS
8.4.1. Overview
8.4.2. Chemical and Petrochemicals Market Forecast and Analysis
8.5. BUILDING AND CONSTRUCTION
8.5.1. Overview
8.5.2. Building and Construction Market Forecast and Analysis
8.6. AGRICULTURE
8.6.1. Overview
8.6.2. Agriculture Market Forecast and Analysis
8.7. PHARMACEUTICALS
8.7.1. Overview
8.7.2. Pharmaceuticals Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. PLASTIC DRUMS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Plastic Drums Market Overview
9.1.2 North America Plastic Drums Market Forecasts and Analysis
9.1.3 North America Plastic Drums Market Forecasts and Analysis - By Material Type
9.1.4 North America Plastic Drums Market Forecasts and Analysis - By End Use Industry
9.1.5 North America Plastic Drums Market Forecasts and Analysis - By Countries
9.1.5.1 United States Plastic Drums Market
9.1.5.1.1 United States Plastic Drums Market by Material Type
9.1.5.1.2 United States Plastic Drums Market by End Use Industry
9.1.5.2 Canada Plastic Drums Market
9.1.5.2.1 Canada Plastic Drums Market by Material Type
9.1.5.2.2 Canada Plastic Drums Market by End Use Industry
9.1.5.3 Mexico Plastic Drums Market
9.1.5.3.1 Mexico Plastic Drums Market by Material Type
9.1.5.3.2 Mexico Plastic Drums Market by End Use Industry
9.2. EUROPE
9.2.1 Europe Plastic Drums Market Overview
9.2.2 Europe Plastic Drums Market Forecasts and Analysis
9.2.3 Europe Plastic Drums Market Forecasts and Analysis - By Material Type
9.2.4 Europe Plastic Drums Market Forecasts and Analysis - By End Use Industry
9.2.5 Europe Plastic Drums Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Plastic Drums Market
9.2.5.1.1 Germany Plastic Drums Market by Material Type
9.2.5.1.2 Germany Plastic Drums Market by End Use Industry
9.2.5.2 France Plastic Drums Market
9.2.5.2.1 France Plastic Drums Market by Material Type
9.2.5.2.2 France Plastic Drums Market by End Use Industry
9.2.5.3 Italy Plastic Drums Market
9.2.5.3.1 Italy Plastic Drums Market by Material Type
9.2.5.3.2 Italy Plastic Drums Market by End Use Industry
9.2.5.4 United Kingdom Plastic Drums Market
9.2.5.4.1 United Kingdom Plastic Drums Market by Material Type
9.2.5.4.2 United Kingdom Plastic Drums Market by End Use Industry
9.2.5.5 Russia Plastic Drums Market
9.2.5.5.1 Russia Plastic Drums Market by Material Type
9.2.5.5.2 Russia Plastic Drums Market by End Use Industry
9.2.5.6 Rest of Europe Plastic Drums Market
9.2.5.6.1 Rest of Europe Plastic Drums Market by Material Type
9.2.5.6.2 Rest of Europe Plastic Drums Market by End Use Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Plastic Drums Market Overview
9.3.2 Asia-Pacific Plastic Drums Market Forecasts and Analysis
9.3.3 Asia-Pacific Plastic Drums Market Forecasts and Analysis - By Material Type
9.3.4 Asia-Pacific Plastic Drums Market Forecasts and Analysis - By End Use Industry
9.3.5 Asia-Pacific Plastic Drums Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Plastic Drums Market
9.3.5.1.1 Australia Plastic Drums Market by Material Type
9.3.5.1.2 Australia Plastic Drums Market by End Use Industry
9.3.5.2 China Plastic Drums Market
9.3.5.2.1 China Plastic Drums Market by Material Type
9.3.5.2.2 China Plastic Drums Market by End Use Industry
9.3.5.3 India Plastic Drums Market
9.3.5.3.1 India Plastic Drums Market by Material Type
9.3.5.3.2 India Plastic Drums Market by End Use Industry
9.3.5.4 Japan Plastic Drums Market
9.3.5.4.1 Japan Plastic Drums Market by Material Type
9.3.5.4.2 Japan Plastic Drums Market by End Use Industry
9.3.5.5 South Korea Plastic Drums Market
9.3.5.5.1 South Korea Plastic Drums Market by Material Type
9.3.5.5.2 South Korea Plastic Drums Market by End Use Industry
9.3.5.6 Rest of Asia-Pacific Plastic Drums Market
9.3.5.6.1 Rest of Asia-Pacific Plastic Drums Market by Material Type
9.3.5.6.2 Rest of Asia-Pacific Plastic Drums Market by End Use Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Plastic Drums Market Overview
9.4.2 Middle East and Africa Plastic Drums Market Forecasts and Analysis
9.4.3 Middle East and Africa Plastic Drums Market Forecasts and Analysis - By Material Type
9.4.4 Middle East and Africa Plastic Drums Market Forecasts and Analysis - By End Use Industry
9.4.5 Middle East and Africa Plastic Drums Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Plastic Drums Market
9.4.5.1.1 South Africa Plastic Drums Market by Material Type
9.4.5.1.2 South Africa Plastic Drums Market by End Use Industry
9.4.5.2 Saudi Arabia Plastic Drums Market
9.4.5.2.1 Saudi Arabia Plastic Drums Market by Material Type
9.4.5.2.2 Saudi Arabia Plastic Drums Market by End Use Industry
9.4.5.3 U.A.E Plastic Drums Market
9.4.5.3.1 U.A.E Plastic Drums Market by Material Type
9.4.5.3.2 U.A.E Plastic Drums Market by End Use Industry
9.4.5.4 Rest of Middle East and Africa Plastic Drums Market
9.4.5.4.1 Rest of Middle East and Africa Plastic Drums Market by Material Type
9.4.5.4.2 Rest of Middle East and Africa Plastic Drums Market by End Use Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Plastic Drums Market Overview
9.5.2 South and Central America Plastic Drums Market Forecasts and Analysis
9.5.3 South and Central America Plastic Drums Market Forecasts and Analysis - By Material Type
9.5.4 South and Central America Plastic Drums Market Forecasts and Analysis - By End Use Industry
9.5.5 South and Central America Plastic Drums Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Plastic Drums Market
9.5.5.1.1 Brazil Plastic Drums Market by Material Type
9.5.5.1.2 Brazil Plastic Drums Market by End Use Industry
9.5.5.2 Argentina Plastic Drums Market
9.5.5.2.1 Argentina Plastic Drums Market by Material Type
9.5.5.2.2 Argentina Plastic Drums Market by End Use Industry
9.5.5.3 Rest of South and Central America Plastic Drums Market
9.5.5.3.1 Rest of South and Central America Plastic Drums Market by Material Type
9.5.5.3.2 Rest of South and Central America Plastic Drums Market by End Use Industry
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. PLASTIC DRUMS MARKET, KEY COMPANY PROFILES
11.1. AST PLASTIC CONTAINERS
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. CURTEC HOLDINGS B.V.
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. DELTA CONTAINERS DIRECT LIMITED
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. E-CON PACKAGING PVT LTD
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. FDL PACKAGING GROUP
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. GREIF, INC.
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. INDUSTRIAL CONTAINER SERVICES, INC.
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. MAUSER GROUP 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. SCHÜTZ GMBH AND CO. KGAA
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. SONOCO PRODUCTS COMPANY
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
1.AST Plastic Containers
2.CurTec Holdings B.V.
3.Delta Containers Direct Limited
4.E-Con Packaging Pvt Ltd
5.FDL Packaging Group
6.Greif, Inc.
7.Industrial Container Services, Inc.
8.Mauser Group B.V.
9.SCHÜTZ GmbH and Co. KGaA
10.Sonoco Products Company
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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