PU Sole (Footwear Polyurethane) Market Report 2031
The PU Sole (Footwear Polyurethane) Market is expected to register a CAGR of 6.6% 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 raw material (methylene diphenyl diisocyanate (MDI), toluene diphenyl diisocyanate (TDI), Polyols, and others). The report is segmented by type (insole, mid-sole, and outsole). The report further presents an analysis based on the footwear type (casual shoes, slippers and sandals, sports shoes, formal shoes, 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 PU Sole (Footwear Polyurethane) 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.
PU Sole (Footwear Polyurethane) Market Segmentation
Raw Material- Methylene Diphenyl Diisocyanate
- Toluene Diphenyl Diisocyanate
- Polyols
- Insole
- Mid-sole
- Outsole
- Casual Shoes
- Slippers and Sandals
- Sports Shoes
- Formal Shoes
- 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
PU Sole (Footwear Polyurethane) Market Growth Drivers- Comfort and Durability in Footwear: PU soles have become a popular favorite in the footwear industry because of their excellent comfort, durability, and lightweight. The PU soles are softer and more flexible than traditional rubber, which adds comfort to the wearer. Hence, they are preferred for most types of shoes, including casual, athletic, and work shoes. It is majorly comfort-driven footwear with an active lifestyle, therefore an upward thrust in consumer preference as demand for PU soles rises.
- Sustainability and Eco-Friendliness: Sustainability also presents another primary motivator for the PU sole market since it's considered to be environmentally friendlier in its character than the heavy ecological footprint associated with traditional rubber and PVC soles. Due to the rising focus on cutting down carbon emissions, employing recyclable content, and reducing environmental degradation through products, most companies have shifted their production lines toward using PU soles for footwear. Advances in bio-based polyurethanes and efforts for the development of recyclable or biodegradable materials further place the PU sole in the way forward of eco-friendly products and a brand favorite and consumer preference.
- Technological Advancements and Performance: The new innovations in PU technology improve the performance properties of PU soles. These include abrasion resistance, shock absorption properties, and water resistance, among many other qualities that increase PU soles' competitiveness in contrast with other sole materials. Comfort and high performance all makeup for demand, which is likely to rise since more new and better PU materials will come in and be used by footwear manufacturers.
- Rising Popularity of Athleisure and Active Lifestyle: The athleisure trend combines athletic wear and casual fashion and has gained much impetus to the demand for footwear sporting PU soles. The production of sneakers, sports shoes, and casual shoes, more than any other product, today focuses more on comfort and performance, rather than pure aesthetics and functionality. PU soles have been widely used in footwear of this type because they are lighter, shock-absorbing, and durable for a long time, which is all that the active lifestyle consumer wants to wear, both stylish and functional.
- E-Commerce Growth: E-commerce has transformed shopping for footwear. Online selling platforms have become prominent players in the footwear market because brands provide detailed product descriptions coupled with virtual fitting tools on their websites to help customers select the right footwear. This shift has given room for new distribution channels for PU sole footwear, which enables the brand to reach a global market. Also, with the ease of return increasing, consumers are more open to exploring new brands and styles, hence broadening the market for PU sole footwear.
- Customization and Personalization: As is in the case of style and fashion, consumers demand a highly customized and personalized look on their footwear. Almost every company incorporates customization in their shoes, either regarding color combinations or patterning, or materials. Hence the demand for PU soles would be great as there would be great scope in this regard while maintaining other crucial characteristics like comfort and strength. This factor has, therefore, significantly escalated demand in the premium and high-value footwear categories.
- Rising Disposable Income in Developing Countries: As disposable income increases in developing countries like India, China, and Latin America, the demand for quality footwear at affordable prices is rising. PU soles are very cost-effective and comfortable, so manufacturers will have a great opportunity here to capture these markets. Local manufacturers and global brands can take advantage of this trend by launching PU sole footwear that will cater to cost-conscious yet quality-driven consumers in these regions.
- Eco-Friendly Footwear Demand: The demand for environmentally friendly products will continue to go up, and this is a fabulous opportunity that can be captured through PU-based biodegradable or recyclable materials in the footwear sector. In this fast-moving market, companies investing in soles made with eco-friendly PU will appeal to these environment-conscious consumers and carve out a competitive advantage position. Eco-friendly product lines could be marketed in collaboration with green certification bodies for PU sole footwear.
- Smart Technology Integration: Smart technologies such as sensors and tracking devices in footwear are a fast-growing trend. PU soles can be the answer to this new innovation because of their versatility and lightness. The opportunities here include creating footwear that could contain smart technologies such as fitness tracking, GPS navigation, or health monitoring, which would, hence, open up new segments for PU sole footwear, especially in sports and wellness markets.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the PU Sole (Footwear Polyurethane) 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 PU Sole (Footwear Polyurethane) 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 PU Sole (Footwear Polyurethane) Market is estimated to witness a CAGR of 6.6% from 2023 to 2031
The major factors driving the PU sole (footware polyurethane) market are:
1. Growing Demand for Comfortable and Durable Footwear.
2. Sustainability and Eco-Friendly Preferences.
Lenkki Oy, Dongguan Zhiguo New Material Technology Co Ltd, Airysole Footwear Pvt Ltd, Sandeep Rubber (I) Industries, Tong Li PU Foam Mattress Co Ltd, BASF SE, Covestro AG, Dow Inc, Huntsman International LLC, and Lubrizol Corp
On the basis of geography, the PU sole (footware polyurethane) 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.
The rise of athleisure and casual footwear 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 PU Sole (footwear Polyurethane) Market - By Raw material
1.3.2 PU Sole (footwear Polyurethane) Market - By Footwear type
1.3.3 PU Sole (footwear Polyurethane) Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PU SOLE (FOOTWEAR POLYURETHANE) 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. PU SOLE (FOOTWEAR POLYURETHANE) 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. PU SOLE (FOOTWEAR POLYURETHANE) MARKET - GLOBAL MARKET ANALYSIS
6.1. PU SOLE (FOOTWEAR POLYURETHANE) - GLOBAL MARKET OVERVIEW
6.2. PU SOLE (FOOTWEAR POLYURETHANE) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PU SOLE (FOOTWEAR POLYURETHANE) MARKET - REVENUE AND FORECASTS TO 2028 - RAW MATERIAL
7.1. OVERVIEW
7.2. RAW MATERIAL MARKET FORECASTS AND ANALYSIS
7.3. MDI (METHYLENE DIPHENYL DIISOCYANATE)
7.3.1. Overview
7.3.2. MDI (Methylene Diphenyl Diisocyanate) Market Forecast and Analysis
7.4. TDI (TOLUENE DIPHENYL DIISOCYANATE)
7.4.1. Overview
7.4.2. TDI (Toluene Diphenyl Diisocyanate) Market Forecast and Analysis
7.5. POLYOLS
7.5.1. Overview
7.5.2. Polyols Market Forecast and Analysis
8. PU SOLE (FOOTWEAR POLYURETHANE) MARKET - REVENUE AND FORECASTS TO 2028 - FOOTWEAR TYPE
8.1. OVERVIEW
8.2. FOOTWEAR TYPE MARKET FORECASTS AND ANALYSIS
8.3. LEISURE
8.3.1. Overview
8.3.2. Leisure Market Forecast and Analysis
8.4. WORK AND SAFETY
8.4.1. Overview
8.4.2. Work and Safety Market Forecast and Analysis
8.5. SLIPPERS AND SANDALS
8.5.1. Overview
8.5.2. Slippers and Sandals Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. PU SOLE (FOOTWEAR POLYURETHANE) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America PU Sole (footwear Polyurethane) Market Overview
9.1.2 North America PU Sole (footwear Polyurethane) Market Forecasts and Analysis
9.1.3 North America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Raw material
9.1.4 North America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Footwear type
9.1.5 North America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Countries
9.1.5.1 Canada PU Sole (footwear Polyurethane) Market
9.1.5.1.1 Canada PU Sole (footwear Polyurethane) Market by Raw material
9.1.5.1.2 Canada PU Sole (footwear Polyurethane) Market by Footwear type
9.1.5.2 Mexico PU Sole (footwear Polyurethane) Market
9.1.5.2.1 Mexico PU Sole (footwear Polyurethane) Market by Raw material
9.1.5.2.2 Mexico PU Sole (footwear Polyurethane) Market by Footwear type
9.1.5.3 US PU Sole (footwear Polyurethane) Market
9.1.5.3.1 US PU Sole (footwear Polyurethane) Market by Raw material
9.1.5.3.2 US PU Sole (footwear Polyurethane) Market by Footwear type
9.2. EUROPE
9.2.1 Europe PU Sole (footwear Polyurethane) Market Overview
9.2.2 Europe PU Sole (footwear Polyurethane) Market Forecasts and Analysis
9.2.3 Europe PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Raw material
9.2.4 Europe PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Footwear type
9.2.5 Europe PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Countries
9.2.5.1 Germany PU Sole (footwear Polyurethane) Market
9.2.5.1.1 Germany PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.1.2 Germany PU Sole (footwear Polyurethane) Market by Footwear type
9.2.5.2 France PU Sole (footwear Polyurethane) Market
9.2.5.2.1 France PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.2.2 France PU Sole (footwear Polyurethane) Market by Footwear type
9.2.5.3 Italy PU Sole (footwear Polyurethane) Market
9.2.5.3.1 Italy PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.3.2 Italy PU Sole (footwear Polyurethane) Market by Footwear type
9.2.5.4 United Kingdom PU Sole (footwear Polyurethane) Market
9.2.5.4.1 United Kingdom PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.4.2 United Kingdom PU Sole (footwear Polyurethane) Market by Footwear type
9.2.5.5 Russia PU Sole (footwear Polyurethane) Market
9.2.5.5.1 Russia PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.5.2 Russia PU Sole (footwear Polyurethane) Market by Footwear type
9.2.5.6 Rest of Europe PU Sole (footwear Polyurethane) Market
9.2.5.6.1 Rest of Europe PU Sole (footwear Polyurethane) Market by Raw material
9.2.5.6.2 Rest of Europe PU Sole (footwear Polyurethane) Market by Footwear type
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific PU Sole (footwear Polyurethane) Market Overview
9.3.2 Asia-Pacific PU Sole (footwear Polyurethane) Market Forecasts and Analysis
9.3.3 Asia-Pacific PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Raw material
9.3.4 Asia-Pacific PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Footwear type
9.3.5 Asia-Pacific PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Countries
9.3.5.1 Australia PU Sole (footwear Polyurethane) Market
9.3.5.1.1 Australia PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.1.2 Australia PU Sole (footwear Polyurethane) Market by Footwear type
9.3.5.2 China PU Sole (footwear Polyurethane) Market
9.3.5.2.1 China PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.2.2 China PU Sole (footwear Polyurethane) Market by Footwear type
9.3.5.3 India PU Sole (footwear Polyurethane) Market
9.3.5.3.1 India PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.3.2 India PU Sole (footwear Polyurethane) Market by Footwear type
9.3.5.4 Japan PU Sole (footwear Polyurethane) Market
9.3.5.4.1 Japan PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.4.2 Japan PU Sole (footwear Polyurethane) Market by Footwear type
9.3.5.5 South Korea PU Sole (footwear Polyurethane) Market
9.3.5.5.1 South Korea PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.5.2 South Korea PU Sole (footwear Polyurethane) Market by Footwear type
9.3.5.6 Rest of Asia-Pacific PU Sole (footwear Polyurethane) Market
9.3.5.6.1 Rest of Asia-Pacific PU Sole (footwear Polyurethane) Market by Raw material
9.3.5.6.2 Rest of Asia-Pacific PU Sole (footwear Polyurethane) Market by Footwear type
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa PU Sole (footwear Polyurethane) Market Overview
9.4.2 Middle East and Africa PU Sole (footwear Polyurethane) Market Forecasts and Analysis
9.4.3 Middle East and Africa PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Raw material
9.4.4 Middle East and Africa PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Footwear type
9.4.5 Middle East and Africa PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa PU Sole (footwear Polyurethane) Market
9.4.5.1.1 South Africa PU Sole (footwear Polyurethane) Market by Raw material
9.4.5.1.2 South Africa PU Sole (footwear Polyurethane) Market by Footwear type
9.4.5.2 Saudi Arabia PU Sole (footwear Polyurethane) Market
9.4.5.2.1 Saudi Arabia PU Sole (footwear Polyurethane) Market by Raw material
9.4.5.2.2 Saudi Arabia PU Sole (footwear Polyurethane) Market by Footwear type
9.4.5.3 U.A.E PU Sole (footwear Polyurethane) Market
9.4.5.3.1 U.A.E PU Sole (footwear Polyurethane) Market by Raw material
9.4.5.3.2 U.A.E PU Sole (footwear Polyurethane) Market by Footwear type
9.4.5.4 Rest of Middle East and Africa PU Sole (footwear Polyurethane) Market
9.4.5.4.1 Rest of Middle East and Africa PU Sole (footwear Polyurethane) Market by Raw material
9.4.5.4.2 Rest of Middle East and Africa PU Sole (footwear Polyurethane) Market by Footwear type
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America PU Sole (footwear Polyurethane) Market Overview
9.5.2 South and Central America PU Sole (footwear Polyurethane) Market Forecasts and Analysis
9.5.3 South and Central America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Raw material
9.5.4 South and Central America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Footwear type
9.5.5 South and Central America PU Sole (footwear Polyurethane) Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil PU Sole (footwear Polyurethane) Market
9.5.5.1.1 Brazil PU Sole (footwear Polyurethane) Market by Raw material
9.5.5.1.2 Brazil PU Sole (footwear Polyurethane) Market by Footwear type
9.5.5.2 Argentina PU Sole (footwear Polyurethane) Market
9.5.5.2.1 Argentina PU Sole (footwear Polyurethane) Market by Raw material
9.5.5.2.2 Argentina PU Sole (footwear Polyurethane) Market by Footwear type
9.5.5.3 Rest of South and Central America PU Sole (footwear Polyurethane) Market
9.5.5.3.1 Rest of South and Central America PU Sole (footwear Polyurethane) Market by Raw material
9.5.5.3.2 Rest of South and Central America PU Sole (footwear Polyurethane) Market by Footwear type
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. PU SOLE (FOOTWEAR POLYURETHANE) MARKET, KEY COMPANY PROFILES
11.1. BASF SE
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. COIM GROUP
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. COVESTRO
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. DOWDUPONT
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. HUNTSMAN
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. INOAC CORPORATION
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
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. LUBRIZOL
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. MANALI PETROCHEMICALS
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. WANHUA CHEMICAL GROUP
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. BASF SE
2. Coim Group
3. Covestro
4. Dowdupont
5. Huntsman
6. Inoac Corporation
7. Lanxess
8. Lubrizol
9. Manali Petrochemicals
10. Wanhua Chemical Group
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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