Polymer Modified Bitumen (PMB) Market Size by 2031
The Polymer Modified Bitumen (PMB) Market is expected to register a CAGR of 5% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
Polymer Modified Bitumen (PMB) Market covers analysis By Product (Thermoplastic Elastomers, Plastomers); Application (Road Construction, Roof Construction), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Polymer modified bitumen or PMB is defined as a binder prepared from polymeric material which is dispersed in bitumen with improved binder performance for diversified application bases. It can be mixed by deploying the use of bitumen and crumb rubber and is significantly used to enhance the performance of binders in extreme climatic conditions. Rising demand of Polymer Modified Bitumen (PMB) in diversified application bases is expected to stipulate the growth of the market.
Purpose of the ReportThe report Polymer Modified Bitumen (PMB) 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.
Polymer Modified Bitumen (PMB) Market Segmentation
Product- Thermoplastic Elastomers
- Plastomers
- Road Construction
- Roof Construction
Strategic Insights
Polymer Modified Bitumen (PMB) Market Growth Drivers- Increasing Demand for Durable and High-Performance Road Infrastructure: One of the primary drivers for the global Polymer Modified Bitumen (PMB) market is the increasing demand for durable, high-performance road infrastructure. PMB is known for its superior properties, such as enhanced elasticity, improved resistance to aging, and better weathering performance compared to conventional bitumen. These advantages make PMB particularly valuable in applications like road construction and maintenance, where the quality of the infrastructure directly impacts traffic safety and operational efficiency. As countries, particularly in emerging markets, continue to invest in road development and improvement, the demand for PMB is expected to grow, as it is widely used to construct roads that can withstand extreme weather conditions and heavy traffic loads.
- Growing Construction and Infrastructure Activities: The ongoing expansion of infrastructure projects globally, especially in emerging economies, is another key driver for the PMB market. With urbanization and industrialization on the rise, countries are investing heavily in roads, highways, and other transportation infrastructure. PMB is often the preferred choice for road construction projects due to its excellent adhesive properties, resistance to cracking, and ability to cope with high traffic volumes. These attributes make it ideal for creating durable surfaces for highways, airports, and other high-traffic infrastructure projects. As government spending on infrastructure continues to increase, especially in countries like China, India, and other developing regions, the demand for PMB is expected to follow suit.
- Environmental and Performance Benefits: Another important driver is the growing focus on sustainability and environmental benefits. Polymer Modified Bitumen not only enhances the performance of road surfaces but also offers a more environmentally friendly alternative to traditional bitumen. PMB improves the longevity of roads, reducing the need for frequent repairs and replacements, which lowers the overall environmental impact. Moreover, the addition of polymers in bitumen enhances its ability to resist oxidation and wear, which in turn reduces the emissions of harmful pollutants into the environment. This makes PMB a more sustainable option for road construction projects, aligning with increasing regulatory pressures and growing environmental awareness in the construction and transportation industries.
- Adoption of Sustainable and Recycled Materials: One of the key future trends in the PMB market is the adoption of sustainable and recycled materials in the production of Polymer Modified Bitumen. With a growing emphasis on reducing carbon footprints and promoting sustainability, there is a significant push toward incorporating recycled materials, such as recycled asphalt pavement (RAP) and rubber from tires, into PMB formulations. These recycled materials can enhance the properties of PMB while contributing to waste reduction and energy savings. The trend of recycling and using sustainable materials will not only benefit the environment but also reduce production costs, making PMB more affordable and widely accessible.
- Technological Advancements in Polymer Blends: Another emerging trend is the continuous technological advancements in the development of polymer blends used in bitumen modification. Researchers and manufacturers are exploring new polymer materials that can further improve the performance of PMB. These advancements include polymers with enhanced temperature stability, better fatigue resistance, and increased elasticity, all of which are essential for improving the durability and performance of road surfaces. The development of more efficient and cost-effective polymer blends will likely increase the adoption of PMB in road construction and other applications, further strengthening the market.
- Growth of Warm Mix Asphalt Technologies: The rise of warm mix asphalt (WMA) technologies is another significant trend that could shape the future of the PMB market. WMA involves producing asphalt at lower temperatures than traditional hot mix asphalt, reducing energy consumption and carbon emissions during production. PMB is increasingly being used in WMA formulations, as it enhances the properties of the asphalt mixture while allowing for a more environmentally friendly production process. As the adoption of warm mix asphalt technologies continues to grow, the demand for PMB in these applications is expected to increase, driven by both environmental concerns and cost-efficiency.
- Expanding Infrastructure Development in Emerging Markets: One of the most promising opportunities for the PMB market lies in the rapid infrastructure development in emerging markets, particularly in regions like Asia-Pacific, Latin America, and Africa. As urbanization increases, these regions are investing heavily in road infrastructure, which offers significant growth potential for the PMB market. Governments in developing countries are focusing on creating durable roads and highways to support economic growth, and PMB is the ideal material to meet these needs. Companies that target emerging markets with affordable, high-quality PMB products stand to benefit from the growing demand for advanced road construction materials.
- Advancements in the Automotive Industry for Road Surface Optimization: With the automotive industry's focus on improving fuel efficiency and reducing emissions, there is an opportunity for PMB to contribute to road surface optimization. The durability and resistance to wear offered by PMB reduce the need for frequent road maintenance and repairs, which, in turn, contributes to the overall fuel efficiency of vehicles by providing smoother and more durable road surfaces. As the automotive industry increasingly looks for ways to reduce emissions, the adoption of PMB in road construction can help contribute to these sustainability goals. Manufacturers can seize this opportunity by highlighting the synergy between PMB and the automotive industry’s goals.
- Technological Innovations in Cold Mix and Cold Patching: The development of cold mix and cold patching technologies presents an opportunity for PMB to expand into maintenance and repair applications. Cold mix asphalt made with PMB can be used for road repairs in areas where hot mix asphalt is not feasible due to temperature constraints or logistical challenges. Cold patching allows for faster repairs, reducing road closure times and minimizing disruptions to traffic. This trend is particularly beneficial for infrastructure projects in remote areas or regions with challenging climates. By focusing on these technological innovations, manufacturers of PMB can tap into new markets and applications, expanding the product's reach.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Polymer Modified Bitumen (PMB) 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 Polymer Modified Bitumen (PMB) 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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Frequently Asked Questions
Favorable government initiatives is an emerging trend in the market.
The road construction application segment accounted for the largest market share in 2023.
The North America market is expected to account for the highest CAGR during the forecast period owing to the growing transportation and automotive industry in the region.
Growing demand for cold mix asphalts is a key driver in the market.
Benzene International Pte. Ltd, ExxonMobil, Gazprom NEFT, Hindustan Colas Private Limited (HINCOL), Lagan Asphalt Group, MBD Industries, Nynas AB, Royal Dutch Shell PLC, Sika AG, and Total S.A are some of the key players in the market.
The Polymer Modified Bitumen (PMB) Market is estimated to witness a CAGR of 5% 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 Polymer Modified Bitumen (PMB) Market - By Product
1.3.2 Polymer Modified Bitumen (PMB) Market - By Application
1.3.3 Polymer Modified Bitumen (PMB) Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. POLYMER MODIFIED BITUMEN (PMB) 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. POLYMER MODIFIED BITUMEN (PMB) 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. POLYMER MODIFIED BITUMEN (PMB) MARKET - GLOBAL MARKET ANALYSIS
6.1. POLYMER MODIFIED BITUMEN (PMB) - GLOBAL MARKET OVERVIEW
6.2. POLYMER MODIFIED BITUMEN (PMB) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. POLYMER MODIFIED BITUMEN (PMB) MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. THERMOPLASTIC ELASTOMERS
7.3.1. Overview
7.3.2. Thermoplastic Elastomers Market Forecast and Analysis
7.4. PLASTOMERS
7.4.1. Overview
7.4.2. Plastomers Market Forecast and Analysis
8. POLYMER MODIFIED BITUMEN (PMB) MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ROAD CONSTRUCTION
8.3.1. Overview
8.3.2. Road Construction Market Forecast and Analysis
8.4. ROOF CONSTRUCTION
8.4.1. Overview
8.4.2. Roof Construction Market Forecast and Analysis
9. POLYMER MODIFIED BITUMEN (PMB) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Polymer Modified Bitumen (PMB) Market Overview
9.1.2 North America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis
9.1.3 North America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Product
9.1.4 North America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Application
9.1.5 North America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Countries
9.1.5.1 United States Polymer Modified Bitumen (PMB) Market
9.1.5.1.1 United States Polymer Modified Bitumen (PMB) Market by Product
9.1.5.1.2 United States Polymer Modified Bitumen (PMB) Market by Application
9.1.5.2 Canada Polymer Modified Bitumen (PMB) Market
9.1.5.2.1 Canada Polymer Modified Bitumen (PMB) Market by Product
9.1.5.2.2 Canada Polymer Modified Bitumen (PMB) Market by Application
9.1.5.3 Mexico Polymer Modified Bitumen (PMB) Market
9.1.5.3.1 Mexico Polymer Modified Bitumen (PMB) Market by Product
9.1.5.3.2 Mexico Polymer Modified Bitumen (PMB) Market by Application
9.2. EUROPE
9.2.1 Europe Polymer Modified Bitumen (PMB) Market Overview
9.2.2 Europe Polymer Modified Bitumen (PMB) Market Forecasts and Analysis
9.2.3 Europe Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Product
9.2.4 Europe Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Application
9.2.5 Europe Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Polymer Modified Bitumen (PMB) Market
9.2.5.1.1 Germany Polymer Modified Bitumen (PMB) Market by Product
9.2.5.1.2 Germany Polymer Modified Bitumen (PMB) Market by Application
9.2.5.2 France Polymer Modified Bitumen (PMB) Market
9.2.5.2.1 France Polymer Modified Bitumen (PMB) Market by Product
9.2.5.2.2 France Polymer Modified Bitumen (PMB) Market by Application
9.2.5.3 Italy Polymer Modified Bitumen (PMB) Market
9.2.5.3.1 Italy Polymer Modified Bitumen (PMB) Market by Product
9.2.5.3.2 Italy Polymer Modified Bitumen (PMB) Market by Application
9.2.5.4 United Kingdom Polymer Modified Bitumen (PMB) Market
9.2.5.4.1 United Kingdom Polymer Modified Bitumen (PMB) Market by Product
9.2.5.4.2 United Kingdom Polymer Modified Bitumen (PMB) Market by Application
9.2.5.5 Russia Polymer Modified Bitumen (PMB) Market
9.2.5.5.1 Russia Polymer Modified Bitumen (PMB) Market by Product
9.2.5.5.2 Russia Polymer Modified Bitumen (PMB) Market by Application
9.2.5.6 Rest of Europe Polymer Modified Bitumen (PMB) Market
9.2.5.6.1 Rest of Europe Polymer Modified Bitumen (PMB) Market by Product
9.2.5.6.2 Rest of Europe Polymer Modified Bitumen (PMB) Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Polymer Modified Bitumen (PMB) Market Overview
9.3.2 Asia-Pacific Polymer Modified Bitumen (PMB) Market Forecasts and Analysis
9.3.3 Asia-Pacific Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Polymer Modified Bitumen (PMB) Market
9.3.5.1.1 Australia Polymer Modified Bitumen (PMB) Market by Product
9.3.5.1.2 Australia Polymer Modified Bitumen (PMB) Market by Application
9.3.5.2 China Polymer Modified Bitumen (PMB) Market
9.3.5.2.1 China Polymer Modified Bitumen (PMB) Market by Product
9.3.5.2.2 China Polymer Modified Bitumen (PMB) Market by Application
9.3.5.3 India Polymer Modified Bitumen (PMB) Market
9.3.5.3.1 India Polymer Modified Bitumen (PMB) Market by Product
9.3.5.3.2 India Polymer Modified Bitumen (PMB) Market by Application
9.3.5.4 Japan Polymer Modified Bitumen (PMB) Market
9.3.5.4.1 Japan Polymer Modified Bitumen (PMB) Market by Product
9.3.5.4.2 Japan Polymer Modified Bitumen (PMB) Market by Application
9.3.5.5 South Korea Polymer Modified Bitumen (PMB) Market
9.3.5.5.1 South Korea Polymer Modified Bitumen (PMB) Market by Product
9.3.5.5.2 South Korea Polymer Modified Bitumen (PMB) Market by Application
9.3.5.6 Rest of Asia-Pacific Polymer Modified Bitumen (PMB) Market
9.3.5.6.1 Rest of Asia-Pacific Polymer Modified Bitumen (PMB) Market by Product
9.3.5.6.2 Rest of Asia-Pacific Polymer Modified Bitumen (PMB) Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Polymer Modified Bitumen (PMB) Market Overview
9.4.2 Middle East and Africa Polymer Modified Bitumen (PMB) Market Forecasts and Analysis
9.4.3 Middle East and Africa Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Polymer Modified Bitumen (PMB) Market
9.4.5.1.1 South Africa Polymer Modified Bitumen (PMB) Market by Product
9.4.5.1.2 South Africa Polymer Modified Bitumen (PMB) Market by Application
9.4.5.2 Saudi Arabia Polymer Modified Bitumen (PMB) Market
9.4.5.2.1 Saudi Arabia Polymer Modified Bitumen (PMB) Market by Product
9.4.5.2.2 Saudi Arabia Polymer Modified Bitumen (PMB) Market by Application
9.4.5.3 Rest of Middle East and Africa Polymer Modified Bitumen (PMB) Market
9.4.5.3.1 Rest of Middle East and Africa Polymer Modified Bitumen (PMB) Market by Product
9.4.5.3.2 Rest of Middle East and Africa Polymer Modified Bitumen (PMB) Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Polymer Modified Bitumen (PMB) Market Overview
9.5.2 South and Central America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis
9.5.3 South and Central America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Product
9.5.4 South and Central America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Application
9.5.5 South and Central America Polymer Modified Bitumen (PMB) Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Polymer Modified Bitumen (PMB) Market
9.5.5.1.1 Brazil Polymer Modified Bitumen (PMB) Market by Product
9.5.5.1.2 Brazil Polymer Modified Bitumen (PMB) Market by Application
9.5.5.2 Argentina Polymer Modified Bitumen (PMB) Market
9.5.5.2.1 Argentina Polymer Modified Bitumen (PMB) Market by Product
9.5.5.2.2 Argentina Polymer Modified Bitumen (PMB) Market by Application
9.5.5.3 Rest of South and Central America Polymer Modified Bitumen (PMB) Market
9.5.5.3.1 Rest of South and Central America Polymer Modified Bitumen (PMB) Market by Product
9.5.5.3.2 Rest of South and Central America Polymer Modified Bitumen (PMB) 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. POLYMER MODIFIED BITUMEN (PMB) MARKET, KEY COMPANY PROFILES
11.1. BENZENE INTERNATIONAL PTE. LTD
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. EXXONMOBIL
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. GAZPROM NEFT
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. HINDUSTAN COLAS PRIVATE LIMITED (HINCOL)
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. LAGAN ASPHALT 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. MBD INDUSTRIES
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. NYNAS AB
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. ROYAL DUTCH SHELL PLC
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. SIKA AG
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. TOTAL S.A
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. Benzene International Pte. Ltd
2. ExxonMobil
3. Gazprom NEFT
4. Hindustan Colas Private Limited (HINCOL)
5. Lagan Asphalt Group
6. MBD Industries
7. Nynas AB
8. Royal Dutch Shell PLC
9. Sika AG
10. Total S.A
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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