The Propylene Glycol Market is expected to register a CAGR of 4.7% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by grade (industrial grade, food grade, pharmaceutical grade). The report is segmented by source (petroleum-based and bio-based). The report further presents an analysis based on the end-use industry (food and beverages, pharmaceuticals, personal care and cosmetics, automotive, chemical, 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 the regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Propylene Glycol 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.
Propylene Glycol Market Segmentation
Grade- Industrial Grade
- Food Grade
- Pharmaceutical Grade
- Petroleum-based and Bio-based
- Food and Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Automotive
- Chemical
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Propylene Glycol Market Growth Drivers- Growth in Pharmaceutical and Cosmetic Sectors: Propylene glycol is an important ingredient in pharmaceutical formulations and cosmetic products because of its solvent, preservative, and humectant properties. The increasing demand for pharmaceutical products, such as oral medications, injections, and topical treatments, and the rise of personal care and beauty products have been the main factors driving the growth of the propylene glycol market. As the expenditures of the global healthcare and beauty industry continue to rise, propylene glycol becomes more crucial to these sectors, increasing demand.
- Rising Demand in Food and Beverage Industry: Propylene glycol is widely used in food products as a stabilizer, emulsifier, and humectant. Global increases in the consumption of processed foods, particularly in emerging markets, have increased demand for propylene glycol. Moreover, the growing interest of consumers in packaged and convenience foods, which are often preserved with preservatives to increase shelf life, has led to a steady increase in the usage of propylene glycol in the food and beverage sector.
- Increasing Demand for Deicing Fluids: Propylene glycol is a common constituent of antifreeze and deicing fluids, and it has been widely used by both the automobile and aviation industries. More demand for transportation services will boost air travel, thereby increasing the demand for deicing fluid products that contain propylene glycol. The unpredictability of winter weather patterns enhances the utilization of deicing agents.
- Shift Towards Bio-Based Propylene Glycol: The focus on sustainability and 'green' production across industry sectors has brought a greater trend towards taking up bio-based propylene glycol made from renewable sources like corn or other plant materials. The combination of consumer demand for 'greener' products, coupled with regulatory requirements aimed at a reduction in carbon footprints, is making bio-based propylene glycol another area of key development interest for the manufacturers.
- Rising Demand in Cosmetics and Personal Care: With increased awareness amongst the customers about the composition of commodities that they use, safer and more effective cosmetic additives such as propylene glycol have received a great increase in their demand. The multifaceted property of improving texture along with the functioning efficiency of skin moisturizers, shampoos, deodorants, etc, makes the other products in beauty a matter of increasing its requirement as propylene glycol also offers great versatility in. It has increased the availability of these cosmetic commodities because e-commerce platforms also boosted their demands.
- Applications Beyond Food and Pharmaceuticals: Besides propylene glycol is use in food and drugs, propylene glycol has been widely applied in hydric fluids, paints, and coatings in industry. Industrialization in new markets and innovations in other areas like aerospace and electronics have led to increased usage of products based on propylene glycol, driving the market's growth.
- Growth Opportunities in the Asia-Pacific Region: The Asia-Pacific region, especially China and India, is a good opportunity in terms of the propylene glycol market. Rapid urbanization, growing disposable income, and expansion in the food and beverage, cosmetic, and pharmaceutical industries have raised the demand for propylene glycol. An upsurge in regional manufacturing capabilities and government support further propels the growth potential of this market.
- Shift Towards Green Automotive Products: The automobile industry is shifting toward green products and processes. Propylene glycol-based coolants and antifreeze formulations are increasingly being preferred over ethylene glycol-based formulations due to the lower toxicity of the former. With the automobile industry increasingly looking at responsible practices toward the environment, propylene glycol stands to gain in this market.
- Electric Vehicle Growth and Cooling Solutions: With increasing demands for electric vehicles, efficient cooling solutions are required for the EV batteries. In such applications, the coolant must have a low freezing point and should be non-toxic in nature, as in the case of propylene glycol. The growth in the expansion of the electric vehicle market creates huge opportunities for manufacturers to capture the emerging niche for propylene glycol manufacturers and fuels further growth in the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Propylene Glycol 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 Propylene Glycol 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
Increased use in personal care and beauty products is expected to be the key market trend.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
On the basis of geography, the propylene glocol market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
Univar Solutions LLC, Dow Inc, Recochem Corp, LyondellBasell Industries Holdings BV, BASF SE, Shell Plc, ADEKA CORP, HELM AG, Oleon NV, and Chaoyang Chemicals Inc
The major factors driving the propylene glocol market are:
1. Expanding Demand in Pharmaceuticals and Cosmetics.
2. Growth in the Food & Beverage Industry.
The Propylene Glycol Market is estimated to witness a CAGR of 4.7% 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 Propylene Glycol Market - By Source
1.3.2 Propylene Glycol Market - By Grade
1.3.3 Propylene Glycol Market - By End-use Industry
1.3.4 Propylene Glycol Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PROPYLENE GLYCOL 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. PROPYLENE GLYCOL 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. PROPYLENE GLYCOL MARKET - GLOBAL MARKET ANALYSIS
6.1. PROPYLENE GLYCOL - GLOBAL MARKET OVERVIEW
6.2. PROPYLENE GLYCOL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PROPYLENE GLYCOL MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. PETROLEUM-BASED
7.3.1. Overview
7.3.2. Petroleum-Based Market Forecast and Analysis
7.4. BIO-BASED
7.4.1. Overview
7.4.2. Bio-Based Market Forecast and Analysis
8. PROPYLENE GLYCOL MARKET - REVENUE AND FORECASTS TO 2028 - GRADE
8.1. OVERVIEW
8.2. GRADE MARKET FORECASTS AND ANALYSIS
8.3. INDUSTRIAL
8.3.1. Overview
8.3.2. Industrial Market Forecast and Analysis
8.4. PHARMACEUTICAL
8.4.1. Overview
8.4.2. Pharmaceutical Market Forecast and Analysis
9. PROPYLENE GLYCOL MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
9.1. OVERVIEW
9.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. TRANSPORTATION
9.3.1. Overview
9.3.2. Transportation 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. FOOD AND BEVERAGE
9.5.1. Overview
9.5.2. Food and Beverage Market Forecast and Analysis
9.6. PHARMACEUTICALS
9.6.1. Overview
9.6.2. Pharmaceuticals Market Forecast and Analysis
9.7. COSMETICS AND PERSONAL CARE
9.7.1. Overview
9.7.2. Cosmetics and Personal Care Market Forecast and Analysis
10. PROPYLENE GLYCOL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Propylene Glycol Market Overview
10.1.2 North America Propylene Glycol Market Forecasts and Analysis
10.1.3 North America Propylene Glycol Market Forecasts and Analysis - By Source
10.1.4 North America Propylene Glycol Market Forecasts and Analysis - By Grade
10.1.5 North America Propylene Glycol Market Forecasts and Analysis - By End-use Industry
10.1.6 North America Propylene Glycol Market Forecasts and Analysis - By Countries
10.1.6.1 United States Propylene Glycol Market
10.1.6.1.1 United States Propylene Glycol Market by Source
10.1.6.1.2 United States Propylene Glycol Market by Grade
10.1.6.1.3 United States Propylene Glycol Market by End-use Industry
10.1.6.2 Canada Propylene Glycol Market
10.1.6.2.1 Canada Propylene Glycol Market by Source
10.1.6.2.2 Canada Propylene Glycol Market by Grade
10.1.6.2.3 Canada Propylene Glycol Market by End-use Industry
10.1.6.3 Mexico Propylene Glycol Market
10.1.6.3.1 Mexico Propylene Glycol Market by Source
10.1.6.3.2 Mexico Propylene Glycol Market by Grade
10.1.6.3.3 Mexico Propylene Glycol Market by End-use Industry
10.2. EUROPE
10.2.1 Europe Propylene Glycol Market Overview
10.2.2 Europe Propylene Glycol Market Forecasts and Analysis
10.2.3 Europe Propylene Glycol Market Forecasts and Analysis - By Source
10.2.4 Europe Propylene Glycol Market Forecasts and Analysis - By Grade
10.2.5 Europe Propylene Glycol Market Forecasts and Analysis - By End-use Industry
10.2.6 Europe Propylene Glycol Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Propylene Glycol Market
10.2.6.1.1 Germany Propylene Glycol Market by Source
10.2.6.1.2 Germany Propylene Glycol Market by Grade
10.2.6.1.3 Germany Propylene Glycol Market by End-use Industry
10.2.6.2 France Propylene Glycol Market
10.2.6.2.1 France Propylene Glycol Market by Source
10.2.6.2.2 France Propylene Glycol Market by Grade
10.2.6.2.3 France Propylene Glycol Market by End-use Industry
10.2.6.3 Italy Propylene Glycol Market
10.2.6.3.1 Italy Propylene Glycol Market by Source
10.2.6.3.2 Italy Propylene Glycol Market by Grade
10.2.6.3.3 Italy Propylene Glycol Market by End-use Industry
10.2.6.4 United Kingdom Propylene Glycol Market
10.2.6.4.1 United Kingdom Propylene Glycol Market by Source
10.2.6.4.2 United Kingdom Propylene Glycol Market by Grade
10.2.6.4.3 United Kingdom Propylene Glycol Market by End-use Industry
10.2.6.5 Russia Propylene Glycol Market
10.2.6.5.1 Russia Propylene Glycol Market by Source
10.2.6.5.2 Russia Propylene Glycol Market by Grade
10.2.6.5.3 Russia Propylene Glycol Market by End-use Industry
10.2.6.6 Rest of Europe Propylene Glycol Market
10.2.6.6.1 Rest of Europe Propylene Glycol Market by Source
10.2.6.6.2 Rest of Europe Propylene Glycol Market by Grade
10.2.6.6.3 Rest of Europe Propylene Glycol Market by End-use Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Propylene Glycol Market Overview
10.3.2 Asia-Pacific Propylene Glycol Market Forecasts and Analysis
10.3.3 Asia-Pacific Propylene Glycol Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Propylene Glycol Market Forecasts and Analysis - By Grade
10.3.5 Asia-Pacific Propylene Glycol Market Forecasts and Analysis - By End-use Industry
10.3.6 Asia-Pacific Propylene Glycol Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Propylene Glycol Market
10.3.6.1.1 Australia Propylene Glycol Market by Source
10.3.6.1.2 Australia Propylene Glycol Market by Grade
10.3.6.1.3 Australia Propylene Glycol Market by End-use Industry
10.3.6.2 China Propylene Glycol Market
10.3.6.2.1 China Propylene Glycol Market by Source
10.3.6.2.2 China Propylene Glycol Market by Grade
10.3.6.2.3 China Propylene Glycol Market by End-use Industry
10.3.6.3 India Propylene Glycol Market
10.3.6.3.1 India Propylene Glycol Market by Source
10.3.6.3.2 India Propylene Glycol Market by Grade
10.3.6.3.3 India Propylene Glycol Market by End-use Industry
10.3.6.4 Japan Propylene Glycol Market
10.3.6.4.1 Japan Propylene Glycol Market by Source
10.3.6.4.2 Japan Propylene Glycol Market by Grade
10.3.6.4.3 Japan Propylene Glycol Market by End-use Industry
10.3.6.5 South Korea Propylene Glycol Market
10.3.6.5.1 South Korea Propylene Glycol Market by Source
10.3.6.5.2 South Korea Propylene Glycol Market by Grade
10.3.6.5.3 South Korea Propylene Glycol Market by End-use Industry
10.3.6.6 Rest of Asia-Pacific Propylene Glycol Market
10.3.6.6.1 Rest of Asia-Pacific Propylene Glycol Market by Source
10.3.6.6.2 Rest of Asia-Pacific Propylene Glycol Market by Grade
10.3.6.6.3 Rest of Asia-Pacific Propylene Glycol Market by End-use Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Propylene Glycol Market Overview
10.4.2 Middle East and Africa Propylene Glycol Market Forecasts and Analysis
10.4.3 Middle East and Africa Propylene Glycol Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Propylene Glycol Market Forecasts and Analysis - By Grade
10.4.5 Middle East and Africa Propylene Glycol Market Forecasts and Analysis - By End-use Industry
10.4.6 Middle East and Africa Propylene Glycol Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Propylene Glycol Market
10.4.6.1.1 South Africa Propylene Glycol Market by Source
10.4.6.1.2 South Africa Propylene Glycol Market by Grade
10.4.6.1.3 South Africa Propylene Glycol Market by End-use Industry
10.4.6.2 Saudi Arabia Propylene Glycol Market
10.4.6.2.1 Saudi Arabia Propylene Glycol Market by Source
10.4.6.2.2 Saudi Arabia Propylene Glycol Market by Grade
10.4.6.2.3 Saudi Arabia Propylene Glycol Market by End-use Industry
10.4.6.3 U.A.E Propylene Glycol Market
10.4.6.3.1 U.A.E Propylene Glycol Market by Source
10.4.6.3.2 U.A.E Propylene Glycol Market by Grade
10.4.6.3.3 U.A.E Propylene Glycol Market by End-use Industry
10.4.6.4 Rest of Middle East and Africa Propylene Glycol Market
10.4.6.4.1 Rest of Middle East and Africa Propylene Glycol Market by Source
10.4.6.4.2 Rest of Middle East and Africa Propylene Glycol Market by Grade
10.4.6.4.3 Rest of Middle East and Africa Propylene Glycol Market by End-use Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Propylene Glycol Market Overview
10.5.2 South and Central America Propylene Glycol Market Forecasts and Analysis
10.5.3 South and Central America Propylene Glycol Market Forecasts and Analysis - By Source
10.5.4 South and Central America Propylene Glycol Market Forecasts and Analysis - By Grade
10.5.5 South and Central America Propylene Glycol Market Forecasts and Analysis - By End-use Industry
10.5.6 South and Central America Propylene Glycol Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Propylene Glycol Market
10.5.6.1.1 Brazil Propylene Glycol Market by Source
10.5.6.1.2 Brazil Propylene Glycol Market by Grade
10.5.6.1.3 Brazil Propylene Glycol Market by End-use Industry
10.5.6.2 Argentina Propylene Glycol Market
10.5.6.2.1 Argentina Propylene Glycol Market by Source
10.5.6.2.2 Argentina Propylene Glycol Market by Grade
10.5.6.2.3 Argentina Propylene Glycol Market by End-use Industry
10.5.6.3 Rest of South and Central America Propylene Glycol Market
10.5.6.3.1 Rest of South and Central America Propylene Glycol Market by Source
10.5.6.3.2 Rest of South and Central America Propylene Glycol Market by Grade
10.5.6.3.3 Rest of South and Central America Propylene Glycol 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. PROPYLENE GLYCOL MARKET, KEY COMPANY PROFILES
12.1. THE DOW CHEMICAL COMPANY
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. LYONDELLBASELL INDUSTRIES N.V.
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. BASF SE
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. ARCHER DANIELS MIDLAND COMPANY
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. GLOBAL BIO-CHEM TECHNOLOGY GROUP 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. DUPONT TATE AND LYLE BIO PRODUCTS COMPANY, LLC
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. HUNTSMAN CORPORATION
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. SKC 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. TEMIX OLEO S.R.L.
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. INEOS OXIDE
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. The Dow Chemical Company
2. LyondellBasell Industries N.V.
3. BASF SE
4. Archer Daniels Midland Company
5. Global Bio-chem Technology Group Co., Ltd.
6. DuPont Tate and Lyle Bio Products Company, LLC
7. Huntsman Corporation
8. SKC Co., Ltd.
9. Temix Oleo S.R.L.
10. Ineos Oxide
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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