Polyethylene Terephthalate (PET) Market Growth Report and Size by 2031
The Polyethylene Terephthalate (PET) 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 polyethylene terephthalate market report is segmented by type (virgin and recycled). The market is segmented based on the application (films, fabrics, sheet, and others). The market is segmented based on the end-use industry (food and beverage, automotive, electrical and electronics, 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 Polyethylene Terephthalate (PET) 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.
Polyethylene Terephthalate (PET) Market Segmentation
Type- Virgin and Recycled
- Films
- Fabrics
- Sheet
- Food and Beverage
- Automotive
- Electrical and Electronics
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Polyethylene Terephthalate (PET) Market Growth Drivers- Shift Towards Circular Economy and Sustainable Packaging: The rising need for eco-friendly and recyclable materials is one of the significant factors influencing the PET market. Individual packaging of PET containers used for beverages and food products does not distort the products held because of excellent tensile strength and barrier properties coupled with the fact that they can be recycled. As the population grows and worries regarding waste generation escalate across the culprits, PET’s strands are kept reiterating making it easy for the environmentally driven enterprises to take it up. The need to meet government policies and consumer pressure for green packaging alternatives also creates the need for PET; hence it becomes one of the basic materials driving the transition towards circular economy.
- Booming Fashion Industry: Most applications of PET are in the textile industry, where it is notably used to produce polyester, which is a synthetic filament. As the age of global fashion increases, the need for producing more PET based fibers and fabrics used for construction, upholstered furniture, and carpets all meet the demand. PET-characterized fibers are in high demand as they are very easy to maintain and cheaper, and all these are features in mass instead of haute textiles. The expansion of fast fashion and the growing demand for multi-functional fabrics with better performance qualities are key factors supporting the growth of PET consumption in this industry.
- Increasing Use of PET in Automotive Applications: In the contemporary automotive sector, Woven Polyethylene terephthalate is extensively employed in an array of applications ranging from seat fabrics, interior linings, and components under the hood; because of these factors lightweight, strong, and heat/chemical resistant. There is also an increase in the usage of lightweight materials in vehicles worldwide, along with the growth of the automobile industry, especially in developing countries, to encourage the use of PET in vehicles to improve performance of the vehicles and lower fuel consumption, as they are associated with the new trend of automobiles, known as EVs or electric vehicles, which do not have the need for such heavy materials.
- Growing Chemical Recycling: One of the most notable future perspectives of the PET industry is the popularity of closed-loop recycling systems. In order to respond to the growing needs of consumers for sustainable packaging and green materials, the technologies for recycling PET are improving each day. Furthermore, innovations aimed at chemical recycling, which means recycling PET by the disintegration of its building blocks for utilization in other products, have a high chance of realizing PET’s circularity. Global warehousing and distribution companies, along with brands and manufacturers, are putting efforts towards establishing take-back schemes, alliances with recycling companies, and improving the recyclability of PET products to meet various global recycling targets and policies.
- Growing Consumer Demand for Sustainable Alternatives and Reduced Carbon Footprint: The evolution of bio-PET, or PET produced from organic biomass such as plant sugars and corn, is a clear example. Growth remains a culture ingrained in increases in demand from customers all over the world, and the concept of bio-PET is beginning to see a direction that allows for less petroleum-based PET production. Bio-PET is manufactured similarly to PET but has a rather less carbon presence. Predictably, bio-PET advancement will continue to move progressively with the consumers’ yearning for sustainable goods and as policies governing sustainable development call for the use of green alternatives.
- Smart PET Packaging Revolutions: The PET packaging market is currently on the track of ‘smart’ packaging that amends consumer experience and enhances food safety. Smart PET packaging is inclusive of QR codes, temperature-sensitive indicators, as well as freshness sensors, which are used to ferry information on the product’s quality and storage duration in real time to the consumers. Innovations in packaging, especially in the food and drinks sector, are on the rise and hence the need for such PET intelligent packaging materials will also increase the capacity of the market.
- Emerging Economies Drive High Growth Prospects for the PET Market: The PET market is considered to have high growth prospects in emerging economies like Asia-Pacific, Latin America, and the Middle East. These regions are currently urbanizing at a very fast rate; there is increased disposable income and a change in lifestyles, leading to a rise in demand for packaged goods, textiles, and even automotive products. Growth is particularly remarkable in countries such as China, India, Brazil, and the UAE, where there is an upsurge in consumption of PET products, making it easier for manufacturers to set up their operations and venture into the market.
- Collaborations for Sustainable PET Solutions: As sustainability becomes the focus of companies in all sectors, collaborations formed with the intent of producing sustainable PET solutions become very interesting. It is likely that efforts to enhance recycling levels of PET as well as create bio-based PET will involve the cooperation of PET manufacturers, brand owners and laundry companies. With investing in sustainable technologies and green products in the form of recyclable PET coverings and biodegradable substitutes, the players are set to grow within the market since there is rising consumer demand for sustainable options.
- Advancements in Recycling Technologies: There is also considerable room for progression in technologies employed in recycling PET. It can be observed that some advancements in both the processes, termed mechanical and chemical recycling open the way for recovering PET and making it usable in other products. Such advancements would begin to address the challenges posed by conventional methods of recycling. For example, chemical recycling expands the scope of products that can be recycled into raw materials for new packs, textiles and more to include various grades of PET materials.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Polyethylene Terephthalate (PET) 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 Polyethylene Terephthalate (PET) 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 Polyethylene Terephthalate (PET) Market is estimated to witness a CAGR of 5% from 2023 to 2031
Rising demand for sustainable packaging is driving the market growth.
BASF SE, DuPont, DSM, Lanxess Corporation, SABIC, Nan Ya Plastics, Tray-Pak, Verdeco Recycling Inc., Reliance Industries Ltd, and Eastman Chemical Company are the key players operating in the polyethylene terephthalate market.
Based on type, the recycled segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the polyethylene terephthalate market due to the strong growth of the packaging industry.
Increased focus on recycling and circular economy 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
1.3.1Polyethylene Terephthalate (PET) Market - By Application
1.3.2Polyethylene Terephthalate (PET) Market - By End-Use Industry
1.3.3Polyethylene Terephthalate (PET) Market - By Region
1.3.3.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.POLYETHYLENE TEREPHTHALATE (PET) MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.POLYETHYLENE TEREPHTHALATE (PET) 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.POLYETHYLENE TEREPHTHALATE (PET) MARKET - GLOBAL MARKET ANALYSIS
6.1.POLYETHYLENE TEREPHTHALATE (PET) - GLOBAL MARKET OVERVIEW
6.2.POLYETHYLENE TEREPHTHALATE (PET) - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.POLYETHYLENE TEREPHTHALATE (PET) MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1.OVERVIEW
7.2.APPLICATION MARKET FORECASTS AND ANALYSIS
7.3.BEVERAGES
7.3.1.Overview
7.3.2.Beverages Market Forecast and Analysis
7.4.SHEET AND FILMS
7.4.1.Overview
7.4.2.Sheet and Films Market Forecast and Analysis
7.5.CONSUMER GOODS
7.5.1.Overview
7.5.2.Consumer Goods Market Forecast and Analysis
7.6.FOOD PACKAGING
7.6.1.Overview
7.6.2.Food Packaging Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.POLYETHYLENE TEREPHTHALATE (PET) MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
8.1.OVERVIEW
8.2.END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3.PACKAGING
8.3.1.Overview
8.3.2.Packaging Market Forecast and Analysis
8.4.ELECTRICAL AND ELECTRONICS
8.4.1.Overview
8.4.2.Electrical and Electronics Market Forecast and Analysis
8.5.AUTOMOTIVE
8.5.1.Overview
8.5.2.Automotive Market Forecast and Analysis
8.6.CONSTRUCTION
8.6.1.Overview
8.6.2.Construction Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.POLYETHYLENE TEREPHTHALATE (PET) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Polyethylene Terephthalate (PET) Market Overview
9.1.2North America Polyethylene Terephthalate (PET) Market Forecasts and Analysis
9.1.3North America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Application
9.1.4North America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By End-Use Industry
9.1.5North America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Countries
9.1.5.1United States Polyethylene Terephthalate (PET) Market
9.1.5.1.1United States Polyethylene Terephthalate (PET) Market by Application
9.1.5.1.2United States Polyethylene Terephthalate (PET) Market by End-Use Industry
9.1.5.2Canada Polyethylene Terephthalate (PET) Market
9.1.5.2.1Canada Polyethylene Terephthalate (PET) Market by Application
9.1.5.2.2Canada Polyethylene Terephthalate (PET) Market by End-Use Industry
9.1.5.3Mexico Polyethylene Terephthalate (PET) Market
9.1.5.3.1Mexico Polyethylene Terephthalate (PET) Market by Application
9.1.5.3.2Mexico Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.EUROPE
9.2.1Europe Polyethylene Terephthalate (PET) Market Overview
9.2.2Europe Polyethylene Terephthalate (PET) Market Forecasts and Analysis
9.2.3Europe Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Application
9.2.4Europe Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By End-Use Industry
9.2.5Europe Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Countries
9.2.5.1Germany Polyethylene Terephthalate (PET) Market
9.2.5.1.1Germany Polyethylene Terephthalate (PET) Market by Application
9.2.5.1.2Germany Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.5.2France Polyethylene Terephthalate (PET) Market
9.2.5.2.1France Polyethylene Terephthalate (PET) Market by Application
9.2.5.2.2France Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.5.3Italy Polyethylene Terephthalate (PET) Market
9.2.5.3.1Italy Polyethylene Terephthalate (PET) Market by Application
9.2.5.3.2Italy Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.5.4United Kingdom Polyethylene Terephthalate (PET) Market
9.2.5.4.1United Kingdom Polyethylene Terephthalate (PET) Market by Application
9.2.5.4.2United Kingdom Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.5.5Russia Polyethylene Terephthalate (PET) Market
9.2.5.5.1Russia Polyethylene Terephthalate (PET) Market by Application
9.2.5.5.2Russia Polyethylene Terephthalate (PET) Market by End-Use Industry
9.2.5.6Rest of Europe Polyethylene Terephthalate (PET) Market
9.2.5.6.1Rest of Europe Polyethylene Terephthalate (PET) Market by Application
9.2.5.6.2Rest of Europe Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Polyethylene Terephthalate (PET) Market Overview
9.3.2Asia-Pacific Polyethylene Terephthalate (PET) Market Forecasts and Analysis
9.3.3Asia-Pacific Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Application
9.3.4Asia-Pacific Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By End-Use Industry
9.3.5Asia-Pacific Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Countries
9.3.5.1Australia Polyethylene Terephthalate (PET) Market
9.3.5.1.1Australia Polyethylene Terephthalate (PET) Market by Application
9.3.5.1.2Australia Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.5.2China Polyethylene Terephthalate (PET) Market
9.3.5.2.1China Polyethylene Terephthalate (PET) Market by Application
9.3.5.2.2China Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.5.3India Polyethylene Terephthalate (PET) Market
9.3.5.3.1India Polyethylene Terephthalate (PET) Market by Application
9.3.5.3.2India Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.5.4Japan Polyethylene Terephthalate (PET) Market
9.3.5.4.1Japan Polyethylene Terephthalate (PET) Market by Application
9.3.5.4.2Japan Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.5.5South Korea Polyethylene Terephthalate (PET) Market
9.3.5.5.1South Korea Polyethylene Terephthalate (PET) Market by Application
9.3.5.5.2South Korea Polyethylene Terephthalate (PET) Market by End-Use Industry
9.3.5.6Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market
9.3.5.6.1Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market by Application
9.3.5.6.2Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market by End-Use Industry
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Polyethylene Terephthalate (PET) Market Overview
9.4.2Middle East and Africa Polyethylene Terephthalate (PET) Market Forecasts and Analysis
9.4.3Middle East and Africa Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Application
9.4.4Middle East and Africa Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By End-Use Industry
9.4.5Middle East and Africa Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Polyethylene Terephthalate (PET) Market
9.4.5.1.1South Africa Polyethylene Terephthalate (PET) Market by Application
9.4.5.1.2South Africa Polyethylene Terephthalate (PET) Market by End-Use Industry
9.4.5.2Saudi Arabia Polyethylene Terephthalate (PET) Market
9.4.5.2.1Saudi Arabia Polyethylene Terephthalate (PET) Market by Application
9.4.5.2.2Saudi Arabia Polyethylene Terephthalate (PET) Market by End-Use Industry
9.4.5.3U.A.E Polyethylene Terephthalate (PET) Market
9.4.5.3.1U.A.E Polyethylene Terephthalate (PET) Market by Application
9.4.5.3.2U.A.E Polyethylene Terephthalate (PET) Market by End-Use Industry
9.4.5.4Rest of Middle East and Africa Polyethylene Terephthalate (PET) Market
9.4.5.4.1Rest of Middle East and Africa Polyethylene Terephthalate (PET) Market by Application
9.4.5.4.2Rest of Middle East and Africa Polyethylene Terephthalate (PET) Market by End-Use Industry
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Polyethylene Terephthalate (PET) Market Overview
9.5.2South and Central America Polyethylene Terephthalate (PET) Market Forecasts and Analysis
9.5.3South and Central America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Application
9.5.4South and Central America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By End-Use Industry
9.5.5South and Central America Polyethylene Terephthalate (PET) Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Polyethylene Terephthalate (PET) Market
9.5.5.1.1Brazil Polyethylene Terephthalate (PET) Market by Application
9.5.5.1.2Brazil Polyethylene Terephthalate (PET) Market by End-Use Industry
9.5.5.2Argentina Polyethylene Terephthalate (PET) Market
9.5.5.2.1Argentina Polyethylene Terephthalate (PET) Market by Application
9.5.5.2.2Argentina Polyethylene Terephthalate (PET) Market by End-Use Industry
9.5.5.3Rest of South and Central America Polyethylene Terephthalate (PET) Market
9.5.5.3.1Rest of South and Central America Polyethylene Terephthalate (PET) Market by Application
9.5.5.3.2Rest of South and Central America Polyethylene Terephthalate (PET) 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.POLYETHYLENE TEREPHTHALATE (PET) MARKET, KEY COMPANY PROFILES
11.1.ALPEK S.A.B. DE C.V.
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.BASF SE
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.CHINA PETROCHEMICAL CORPORATION
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. I. DU PONT DE NEMOURS AND COMPANY
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.INDORAMA VENTURES PUBLIC COMPANY LIMITED
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.KONINKLIJKE DSM N.V.
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.LANXESS CORPORATION
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.LYONDELLBASELL INDUSTRIES N.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.MANDG GROUP
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.RTP 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
The List of Companies
- Alpek S.A.B. de C.V.
- BASF SE
- China Petrochemical Corporation
- E. I. du Pont de Nemours and Company
- Indorama Ventures Public Company Limited
- Koninklijke DSM N.V.
- LANXESS Corporation
- LyondellBasell Industries N.V.
- M&G Group
- RTP 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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