Refractory Metals Market Insights and Growth by 2031
The Refractory Metals Market is expected to register a CAGR of 4% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The refractory metals market report is segmented by type (tungsten, molybdenum, tantalum, rhenium, niobium, and others). The market is segmented based on form (sheet, plate, wires, rods, and others). The market is segmented based on end use (aerospace and defense, electronics and semiconductors, automotive, medical, chemicals, industrial, and others). 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 Refractory Metals 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.
Refractory Metals Market Segmentation
Type- Tungsten
- Molybdenum
- Tantalum
- Rhenium
- Niobium
- Others
- Sheet
- Plate
- Wires
- Rods
- Others
- Aerospace and Defense
- Electronics and Semiconductors
- Automotive
- Medical
- Chemicals
- Industrial
- Others
Strategic Insights
Refractory Metals Market Growth Drivers- Advancements in Aerospace and Defense Technologies: Tungsten, molybdenum, tantalum, niobium are some of the refractory metals that find application in aerospace and defense applications where they are being exploited for their high temperature resistance and ability to withstand extreme mechanical stresses. These metals find applications in aerospace in turbine engine parts, rocket propulsion systems, and all other extremely high-performance components that must operate under rapid transient and high loading. Such metals are forecasted to further increase demand due to the requirements for modernization of military defense technology as well as increasing requirements in space exploration with the proliferation of new and advanced aircraft.
- Electronics Industry Boosting Demand for High-Performance Refractory Metals: Another major quality contributor to the growth of the market for refractory metals is electronics companies. These metals are used for their extremely high melting points and their high electrical conductive ability in electronic applications such as semiconductors, capacitors, connectors, and so on. It is going to raise the requirement for advanced refractory metals in microelectronics due to high global demands for electronic devices such as smart devices, smartphones, and computers.
- Supporting Nuclear and Power Generation Systems: Refractory metals have become important resources in the energy field, especially in nuclear energy and power generation. Molybdenum, tungsten, and niobium are used in components for high-temperature applications such as reactor cores, heat exchangers, and turbines of power plants. The evolving requirement for renewable and nuclear energy systems and energy-efficient systems is expected to increase the demand for these metals used in such applications. The very ability of these metals to stand up in quite harsh environments makes them imperative in securing energy production equipment's reliability and durability.
- Advancements in Refractory Metal Alloys: New development of refractory metal alloys will continue to be essential to the industry as it attempts to extend the performance boundaries. Such alloys are those which, besides from being made up of refractory metals, are also containing other materials to achieve improvements in properties like strength, ductility and resistance to corrosion and thermal effects. Research and development are expected to be geared towards alloy development, which will in turn be result-oriented towards pouring novel application areas to be availed with refractory metals' presence in aerospace, electronics, power generation, and so on. Advanced alloys will further consider the specific needs of novel applications such as additive manufacturing or 3D printing and very high-temperature environments.
- Sustainability and Recycling in Refractory Metal Industries: With environmental concerns increasing and the increasing scarcity of some refractory metals (like tungsten and tantalum), this trend is increasingly being viewed as recycling and sustainable practices throughout the industry. Recycling of refractory metals from scrap materials is proving to be a great deal more efficient in reducing the environmental dependence on mining. With evolving global sustainable practices, these companies will invest in extra sustainable methods of extraction, recycling, and usage. The result will be an efficient sustainable economy model for the market of refractory metals in terms of environmental damage from primary production.
- The Role of Additive Manufacturing in Refractory Metal Production: Additive production or formation is increasingly being adopted to manufacture sophisticated three-dimensional components, which were difficult, if not possible, or very costly to produce from conventional methods. Refractory metals, such as tungsten and molybdenum, are used with 3D printing technologies for making highly specialized parts in aerospace, automotive, and electronics industries. It is expected to boost market demand for these materials in the future to print custom, high-performance components directly from refractory metals.
- Refractory Metals in Renewable Energy Applications: Refractory metals should ideally play an important role in renewable energy, particularly solar energy, wind energy, and hydrogen fuel cells; their high temperature capability and corrosion resistance makes them fit for the most demanding environments of renewable energy production. This is likely to uncover emerging markets as the world turns to sustainable energy sources.
- Refractory Metals in Aerospace and Defense: With the continuous demand for refractories being supplied in the aerospace and defense industries, such demand will continue to soar higher as the various designs offer low weight, making it a strong need for higher levels of lightweight, heat-resistant materials for aircraft, spacecraft, and missile systems. This will definitely give rise to the application of advanced materials in propulsion systems, turbines, and even heat shields, bringing opportunities for refractory metal producers. The expansion of space and the advancement into the next-generation fighter planes and commercial planes will keep refractory metal in high demand for the long haul.
- Opportunities for Refractory Metals in the Electric Vehicle Industry: The growth of electric vehicles or EVs creates new opportunities for the refractory metals industry in a future market for high-performance components such as batteries, electrical connectors, and heat management systems. Tungsten and molybdenum are the new refractory metals for production parts for electric vehicles because they have very rich endurance power under high temperatures with enhanced performance and longevity features in critical vehicle components. As the electric vehicles market increases, demand for high-performance advanced refractory materials in the manufacture of electric vehicles will also increase.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Refractory Metals 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 Refractory Metals 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 Refractory Metals Market is estimated to witness a CAGR of 4% from 2023 to 2031
Increasing demand in aerospace and defense are driving the market growth.
Elmet Technologies, QSIL SE, Plansee SE, Ultramet, Cleveland Tungsten Inc, GTP, H.C. Starck Tungsten GmbH, Kennametal Inc, Hyperion Materials and Technologies Inc, and Rhenium Alloys Inc are the key players operating in the refractory metals market.
Based on end use, the automotive segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the refractory metals market due to the strong growth of the automotive and industrial sector in the region.
Advancements in alloy development are 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
1.3.1 Refractory Metals Market - By Type
1.3.2 Refractory Metals Market - By End-Use Industry
1.3.3 Refractory Metals Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. REFRACTORY METALS 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. REFRACTORY METALS 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. REFRACTORY METALS MARKET - GLOBAL MARKET ANALYSIS
6.1. REFRACTORY METALS - GLOBAL MARKET OVERVIEW
6.2. REFRACTORY METALS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. REFRACTORY METALS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. MOLYBDENUM
7.3.1. Overview
7.3.2. Molybdenum Market Forecast and Analysis
7.4. TUNGSTEN
7.4.1. Overview
7.4.2. Tungsten Market Forecast and Analysis
7.5. NIOBIUM
7.5.1. Overview
7.5.2. Niobium Market Forecast and Analysis
7.6. TANTALUM
7.6.1. Overview
7.6.2. Tantalum Market Forecast and Analysis
7.7. RHENIUM
7.7.1. Overview
7.7.2. Rhenium Market Forecast and Analysis
8. REFRACTORY METALS MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
8.1. OVERVIEW
8.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. STEEL INDUSTRY
8.3.1. Overview
8.3.2. Steel Industry Market Forecast and Analysis
8.4. ELECTRONICS AND ELECTRICAL
8.4.1. Overview
8.4.2. Electronics and Electrical Market Forecast and Analysis
8.5. CHEMICAL INDUSTRY
8.5.1. Overview
8.5.2. Chemical Industry Market Forecast and Analysis
8.6. MEDICAL INDUSTRY
8.6.1. Overview
8.6.2. Medical Industry Market Forecast and Analysis
8.7. AEROSPACE
8.7.1. Overview
8.7.2. Aerospace Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. REFRACTORY METALS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Refractory Metals Market Overview
9.1.2 North America Refractory Metals Market Forecasts and Analysis
9.1.3 North America Refractory Metals Market Forecasts and Analysis - By Type
9.1.4 North America Refractory Metals Market Forecasts and Analysis - By End-Use Industry
9.1.5 North America Refractory Metals Market Forecasts and Analysis - By Countries
9.1.5.1 United States Refractory Metals Market
9.1.5.1.1 United States Refractory Metals Market by Type
9.1.5.1.2 United States Refractory Metals Market by End-Use Industry
9.1.5.2 Canada Refractory Metals Market
9.1.5.2.1 Canada Refractory Metals Market by Type
9.1.5.2.2 Canada Refractory Metals Market by End-Use Industry
9.1.5.3 Mexico Refractory Metals Market
9.1.5.3.1 Mexico Refractory Metals Market by Type
9.1.5.3.2 Mexico Refractory Metals Market by End-Use Industry
9.2. EUROPE
9.2.1 Europe Refractory Metals Market Overview
9.2.2 Europe Refractory Metals Market Forecasts and Analysis
9.2.3 Europe Refractory Metals Market Forecasts and Analysis - By Type
9.2.4 Europe Refractory Metals Market Forecasts and Analysis - By End-Use Industry
9.2.5 Europe Refractory Metals Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Refractory Metals Market
9.2.5.1.1 Germany Refractory Metals Market by Type
9.2.5.1.2 Germany Refractory Metals Market by End-Use Industry
9.2.5.2 France Refractory Metals Market
9.2.5.2.1 France Refractory Metals Market by Type
9.2.5.2.2 France Refractory Metals Market by End-Use Industry
9.2.5.3 Italy Refractory Metals Market
9.2.5.3.1 Italy Refractory Metals Market by Type
9.2.5.3.2 Italy Refractory Metals Market by End-Use Industry
9.2.5.4 United Kingdom Refractory Metals Market
9.2.5.4.1 United Kingdom Refractory Metals Market by Type
9.2.5.4.2 United Kingdom Refractory Metals Market by End-Use Industry
9.2.5.5 Russia Refractory Metals Market
9.2.5.5.1 Russia Refractory Metals Market by Type
9.2.5.5.2 Russia Refractory Metals Market by End-Use Industry
9.2.5.6 Rest of Europe Refractory Metals Market
9.2.5.6.1 Rest of Europe Refractory Metals Market by Type
9.2.5.6.2 Rest of Europe Refractory Metals Market by End-Use Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Refractory Metals Market Overview
9.3.2 Asia-Pacific Refractory Metals Market Forecasts and Analysis
9.3.3 Asia-Pacific Refractory Metals Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Refractory Metals Market Forecasts and Analysis - By End-Use Industry
9.3.5 Asia-Pacific Refractory Metals Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Refractory Metals Market
9.3.5.1.1 Australia Refractory Metals Market by Type
9.3.5.1.2 Australia Refractory Metals Market by End-Use Industry
9.3.5.2 China Refractory Metals Market
9.3.5.2.1 China Refractory Metals Market by Type
9.3.5.2.2 China Refractory Metals Market by End-Use Industry
9.3.5.3 India Refractory Metals Market
9.3.5.3.1 India Refractory Metals Market by Type
9.3.5.3.2 India Refractory Metals Market by End-Use Industry
9.3.5.4 Japan Refractory Metals Market
9.3.5.4.1 Japan Refractory Metals Market by Type
9.3.5.4.2 Japan Refractory Metals Market by End-Use Industry
9.3.5.5 South Korea Refractory Metals Market
9.3.5.5.1 South Korea Refractory Metals Market by Type
9.3.5.5.2 South Korea Refractory Metals Market by End-Use Industry
9.3.5.6 Rest of Asia-Pacific Refractory Metals Market
9.3.5.6.1 Rest of Asia-Pacific Refractory Metals Market by Type
9.3.5.6.2 Rest of Asia-Pacific Refractory Metals Market by End-Use Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Refractory Metals Market Overview
9.4.2 Middle East and Africa Refractory Metals Market Forecasts and Analysis
9.4.3 Middle East and Africa Refractory Metals Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Refractory Metals Market Forecasts and Analysis - By End-Use Industry
9.4.5 Middle East and Africa Refractory Metals Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Refractory Metals Market
9.4.5.1.1 South Africa Refractory Metals Market by Type
9.4.5.1.2 South Africa Refractory Metals Market by End-Use Industry
9.4.5.2 Saudi Arabia Refractory Metals Market
9.4.5.2.1 Saudi Arabia Refractory Metals Market by Type
9.4.5.2.2 Saudi Arabia Refractory Metals Market by End-Use Industry
9.4.5.3 U.A.E Refractory Metals Market
9.4.5.3.1 U.A.E Refractory Metals Market by Type
9.4.5.3.2 U.A.E Refractory Metals Market by End-Use Industry
9.4.5.4 Rest of Middle East and Africa Refractory Metals Market
9.4.5.4.1 Rest of Middle East and Africa Refractory Metals Market by Type
9.4.5.4.2 Rest of Middle East and Africa Refractory Metals Market by End-Use Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Refractory Metals Market Overview
9.5.2 South and Central America Refractory Metals Market Forecasts and Analysis
9.5.3 South and Central America Refractory Metals Market Forecasts and Analysis - By Type
9.5.4 South and Central America Refractory Metals Market Forecasts and Analysis - By End-Use Industry
9.5.5 South and Central America Refractory Metals Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Refractory Metals Market
9.5.5.1.1 Brazil Refractory Metals Market by Type
9.5.5.1.2 Brazil Refractory Metals Market by End-Use Industry
9.5.5.2 Argentina Refractory Metals Market
9.5.5.2.1 Argentina Refractory Metals Market by Type
9.5.5.2.2 Argentina Refractory Metals Market by End-Use Industry
9.5.5.3 Rest of South and Central America Refractory Metals Market
9.5.5.3.1 Rest of South and Central America Refractory Metals Market by Type
9.5.5.3.2 Rest of South and Central America Refractory Metals 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. REFRACTORY METALS MARKET, KEY COMPANY PROFILES
11.1. A.L.M.T. CORP.
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. CBMM (COMPANHIA BRASILEIRA DE METALURGIA E MINERAÇÃO)
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 MOLYBDENUM CO., LTD.
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. GLOBAL ADVANCED METALS PTY LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. GLOBAL TUNGSTEN AND POWDERS CORP.
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. H.C. STARCK GMBH
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. NINGXIA ORIENT TANTALUM INDUSTRY CO. LTD (OTIC)
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. PLANSEE SE
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. RHENIUM ALLOYS, INC.
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. TEJING TUNGSTEN, INC.
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
- A.L.M.T. Corp.
- CBMM (COMPANHIA BRASILEIRA DE METALURGIA E MINERAÇÃO)
- China Molybdenum Co., Ltd.
- Global Advanced Metals Pty Ltd
- Global Tungsten & Powders Corp.
- H.C. Starck GmbH
- Ningxia Orient Tantalum Industry Co. Ltd (OTIC)
- Plansee SE
- Rhenium Alloys, Inc.
- Tejing Tungsten, Inc.
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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