Spray Foam Insulation Market Trends, Size, Analysis, Top Players 2021-2031
The Spray Foam Insulation Market is expected to register a CAGR of 5.9% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by foam type (closed-cell and open-cell). The report is further segmented by density (high, medium, and low). The report is segmented by application (wall insulation, attic insulation, roof insulation, concrete rehabilitation, and others). The report further presents an analysis based on the end-use industry (building and construction, packaging, electrical and electronics, automotive and transportation, consumer goods, medical, 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 Spray Foam Insulation 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.
Spray Foam Insulation Market Segmentation
Foam Type- Closed-cell and Open-cell
- High
- Medium
- Low
- Wall Insulation
- Attic Insulation
- Roof Insulation
- Concrete Rehabilitation
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Spray Foam Insulation Market Growth Drivers- Energy Efficiency and Sustainability Driving Spray Foam Insulation Market: The primary drivers for the spray foam insulation market are energy efficiency and sustainability. Spray foam insulation exhibits superior thermal performance and ensures a better level of air sealing than any other type of insulation. It can significantly decrease someone's energy consumption. Together with consumers, businesses, and governments becoming more conscious of carbon footprints and bills, spray foam has become the choice of insulating material for residential and commercial buildings. More importantly, increasing green building certifications and energy codes worldwide enhances the adoption of spray foam insulation.
- Growth in Global Construction and Renovation Boosting Spray Foam Demand: Robust growth in the global construction industry is mainly experienced with improvements in newly emerging markets and emphasis on improving existing infrastructure and enhancing energy efficiency in older buildings in developed economies. Spray foam insulation remains key for such renovations, particularly to improve building insulation standards in retrofitting projects. Spray foam insulation has taken the central place of renovation in residential, commercial, and industrial buildings in response to rising demands for energy-efficient and weather-resistant homes and buildings.
- Government Regulations and Incentives Fueling Adoption of Spray Foam Insulation: Governmental regulations toward building codes and energy efficiency are also on the rise, which in turn uplifts the demand for spray foam insulation. Countries are framing stringent energy efficiency standards concerning residential and commercial construction. For example, the U.S. Department of Energy (DOE) and state energy agencies offer incentives for energy-saving home improvements, even including spray foam insulation. The need to meet those energy standards has been driving contractors and property owners to take spray foam because it ensures long-term energy saving in addition to a superior type of insulation.
- Shift Towards Eco-Friendly and Sustainable Spray Foam Insulation: The current rising interest in the environment has propelled the spray foam insulation market toward more eco-friendly and sustainable types. Bio-based materials are being increasingly added into production formulations, thereby reducing the carbon footprint associated with spray foam insulation. These green alternatives utilize renewable resources such as soy or castor oils, further reducing the use of petroleum-based chemicals. This trend is based on the consumer's demand for greener, low-VOC, environmentally conscious products within the larger eco-conscious building movement.
- Expanding Applications of Spray Foam Insulation in Soundproofing: Spray foam insulation, although thermal insulation is definitely its strength, is also slowly finding application in soundproofing applications and sales in the residential as well as commercial markets. Since it has an attractive capability of establishing an envelope with an insulated sound barrier-free environment, spray foam has increasingly found its applications in multi-family housing, hotels, and office buildings. With the recent and increasing concerns about noise pollution in urban areas, this product is gaining fame as a suitable solution for enhancing indoor acoustics and comfort.
- Advancements in Spray Foam Rigs and Application Systems Enhancing Market Growth: Advancements in spray foam rigs and application systems have spurred growth in the spray foam market. Spray foam rigs and application systems have improved efficiency; spraying on the insulation has become easier with less trouble for contractors. In fact, these advancements produce shorter installation times, less waste, and better coverage-all key factors that make spray foam a cost-effective and attractive option for any insulation project.
- Opportunities for Spray Foam Insulation in Residential Retrofits: There are considerable opportunities for spray foam insulation in the residential retrofit market. Many older homes and buildings are now struggling to meet modern energy efficiency standards. They can be more thermally efficient and even save money on energy by using spray foam insulation. Older homes have, among them, issues such as air leakages, gaps in insulation, and incomplete wall and attic insulation, hence a high demand area for spray foam insulation products.
- Growth Potential in Developing Markets for Spray Foam Insulation: Increased construction and infrastructure developments in developing markets, especially Asia-Pacific, Latin America, and Africa, are strong growth opportunities for spray foam insulation. These regions are certainly experiencing increased urbanization and industrialization, which raise the demand for energy-efficient building materials. Spray foam insulation stands to effectively fulfill the energy performance requirements for new buildings in these regions, especially with rising demands for affordable, energy-efficient housing.
- Increasing Adoption of Spray Foam Insulation in Commercial and Industrial Applications: Spray foam insulation brings numerous energy and cost-of-operation savings, it is currently being evaluated for many applications by commercial and industrial users. Spray foam insulates large commercial properties, such as warehouses, factories, and retail spaces, that provide enhanced thermal insulation and air sealing, which contribute to reduced heating and cooling costs. As companies are looking to reduce their operational costs and drive toward sustainability, the future of growth for commercial spray foam insulation lies ahead.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Spray Foam Insulation 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 Spray Foam Insulation 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 adoption of spray foam for soundproofing applications 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 spray foam insulation market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
Bayer AG, BASF SE, Lapolla Industries Inc, Dow Inc, Greer Spray Foam Ltd, Berkshire Hathaway Co, Covestro AG, Rhino Linings Corp, Lapolla Industries Inc, and CertainTeed Corp
The major factors driving the spray foam insulation market are:
1. Energy Efficiency and Sustainability Demand.
2. Rising Construction and Renovation Activities.
The Spray Foam Insulation Market is estimated to witness a CAGR of 5.9% 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 Spray Foam Insulation Market - By Application
1.3.2 Spray Foam Insulation Market - By End-Use-Industry
1.3.3 Spray Foam Insulation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPRAY FOAM INSULATION 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. SPRAY FOAM INSULATION 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. SPRAY FOAM INSULATION MARKET - GLOBAL MARKET ANALYSIS
6.1. SPRAY FOAM INSULATION - GLOBAL MARKET OVERVIEW
6.2. SPRAY FOAM INSULATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPRAY FOAM INSULATION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. WALL INSULATION
7.3.1. Overview
7.3.2. Wall Insulation Market Forecast and Analysis
7.4. ROOF INSULATION
7.4.1. Overview
7.4.2. Roof Insulation Market Forecast and Analysis
7.5. CONCRETE REHABILITATION
7.5.1. Overview
7.5.2. Concrete Rehabilitation Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. SPRAY FOAM INSULATION MARKET - REVENUE AND FORECASTS TO 2028 - END-USE-INDUSTRY
8.1. OVERVIEW
8.2. END-USE-INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. BUILDING AND CONSTRUCTION
8.3.1. Overview
8.3.2. Building and Construction Market Forecast and Analysis
8.4. AUTOMOTIVE AND TRANSPORTATION
8.4.1. Overview
8.4.2. Automotive and Transportation Market Forecast and Analysis
8.5. ELECTRICALS AND ELECTRONICS
8.5.1. Overview
8.5.2. Electricals and Electronics Market Forecast and Analysis
8.6. PACKAGING
8.6.1. Overview
8.6.2. Packaging Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. SPRAY FOAM INSULATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Spray Foam Insulation Market Overview
9.1.2 North America Spray Foam Insulation Market Forecasts and Analysis
9.1.3 North America Spray Foam Insulation Market Forecasts and Analysis - By Application
9.1.4 North America Spray Foam Insulation Market Forecasts and Analysis - By End-Use-Industry
9.1.5 North America Spray Foam Insulation Market Forecasts and Analysis - By Countries
9.1.5.1 United States Spray Foam Insulation Market
9.1.5.1.1 United States Spray Foam Insulation Market by Application
9.1.5.1.2 United States Spray Foam Insulation Market by End-Use-Industry
9.1.5.2 Canada Spray Foam Insulation Market
9.1.5.2.1 Canada Spray Foam Insulation Market by Application
9.1.5.2.2 Canada Spray Foam Insulation Market by End-Use-Industry
9.1.5.3 Mexico Spray Foam Insulation Market
9.1.5.3.1 Mexico Spray Foam Insulation Market by Application
9.1.5.3.2 Mexico Spray Foam Insulation Market by End-Use-Industry
9.2. EUROPE
9.2.1 Europe Spray Foam Insulation Market Overview
9.2.2 Europe Spray Foam Insulation Market Forecasts and Analysis
9.2.3 Europe Spray Foam Insulation Market Forecasts and Analysis - By Application
9.2.4 Europe Spray Foam Insulation Market Forecasts and Analysis - By End-Use-Industry
9.2.5 Europe Spray Foam Insulation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Spray Foam Insulation Market
9.2.5.1.1 Germany Spray Foam Insulation Market by Application
9.2.5.1.2 Germany Spray Foam Insulation Market by End-Use-Industry
9.2.5.2 France Spray Foam Insulation Market
9.2.5.2.1 France Spray Foam Insulation Market by Application
9.2.5.2.2 France Spray Foam Insulation Market by End-Use-Industry
9.2.5.3 Italy Spray Foam Insulation Market
9.2.5.3.1 Italy Spray Foam Insulation Market by Application
9.2.5.3.2 Italy Spray Foam Insulation Market by End-Use-Industry
9.2.5.4 United Kingdom Spray Foam Insulation Market
9.2.5.4.1 United Kingdom Spray Foam Insulation Market by Application
9.2.5.4.2 United Kingdom Spray Foam Insulation Market by End-Use-Industry
9.2.5.5 Russia Spray Foam Insulation Market
9.2.5.5.1 Russia Spray Foam Insulation Market by Application
9.2.5.5.2 Russia Spray Foam Insulation Market by End-Use-Industry
9.2.5.6 Rest of Europe Spray Foam Insulation Market
9.2.5.6.1 Rest of Europe Spray Foam Insulation Market by Application
9.2.5.6.2 Rest of Europe Spray Foam Insulation Market by End-Use-Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Spray Foam Insulation Market Overview
9.3.2 Asia-Pacific Spray Foam Insulation Market Forecasts and Analysis
9.3.3 Asia-Pacific Spray Foam Insulation Market Forecasts and Analysis - By Application
9.3.4 Asia-Pacific Spray Foam Insulation Market Forecasts and Analysis - By End-Use-Industry
9.3.5 Asia-Pacific Spray Foam Insulation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Spray Foam Insulation Market
9.3.5.1.1 Australia Spray Foam Insulation Market by Application
9.3.5.1.2 Australia Spray Foam Insulation Market by End-Use-Industry
9.3.5.2 China Spray Foam Insulation Market
9.3.5.2.1 China Spray Foam Insulation Market by Application
9.3.5.2.2 China Spray Foam Insulation Market by End-Use-Industry
9.3.5.3 India Spray Foam Insulation Market
9.3.5.3.1 India Spray Foam Insulation Market by Application
9.3.5.3.2 India Spray Foam Insulation Market by End-Use-Industry
9.3.5.4 Japan Spray Foam Insulation Market
9.3.5.4.1 Japan Spray Foam Insulation Market by Application
9.3.5.4.2 Japan Spray Foam Insulation Market by End-Use-Industry
9.3.5.5 South Korea Spray Foam Insulation Market
9.3.5.5.1 South Korea Spray Foam Insulation Market by Application
9.3.5.5.2 South Korea Spray Foam Insulation Market by End-Use-Industry
9.3.5.6 Rest of Asia-Pacific Spray Foam Insulation Market
9.3.5.6.1 Rest of Asia-Pacific Spray Foam Insulation Market by Application
9.3.5.6.2 Rest of Asia-Pacific Spray Foam Insulation Market by End-Use-Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Spray Foam Insulation Market Overview
9.4.2 Middle East and Africa Spray Foam Insulation Market Forecasts and Analysis
9.4.3 Middle East and Africa Spray Foam Insulation Market Forecasts and Analysis - By Application
9.4.4 Middle East and Africa Spray Foam Insulation Market Forecasts and Analysis - By End-Use-Industry
9.4.5 Middle East and Africa Spray Foam Insulation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Spray Foam Insulation Market
9.4.5.1.1 South Africa Spray Foam Insulation Market by Application
9.4.5.1.2 South Africa Spray Foam Insulation Market by End-Use-Industry
9.4.5.2 Saudi Arabia Spray Foam Insulation Market
9.4.5.2.1 Saudi Arabia Spray Foam Insulation Market by Application
9.4.5.2.2 Saudi Arabia Spray Foam Insulation Market by End-Use-Industry
9.4.5.3 U.A.E Spray Foam Insulation Market
9.4.5.3.1 U.A.E Spray Foam Insulation Market by Application
9.4.5.3.2 U.A.E Spray Foam Insulation Market by End-Use-Industry
9.4.5.4 Rest of Middle East and Africa Spray Foam Insulation Market
9.4.5.4.1 Rest of Middle East and Africa Spray Foam Insulation Market by Application
9.4.5.4.2 Rest of Middle East and Africa Spray Foam Insulation Market by End-Use-Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Spray Foam Insulation Market Overview
9.5.2 South and Central America Spray Foam Insulation Market Forecasts and Analysis
9.5.3 South and Central America Spray Foam Insulation Market Forecasts and Analysis - By Application
9.5.4 South and Central America Spray Foam Insulation Market Forecasts and Analysis - By End-Use-Industry
9.5.5 South and Central America Spray Foam Insulation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Spray Foam Insulation Market
9.5.5.1.1 Brazil Spray Foam Insulation Market by Application
9.5.5.1.2 Brazil Spray Foam Insulation Market by End-Use-Industry
9.5.5.2 Argentina Spray Foam Insulation Market
9.5.5.2.1 Argentina Spray Foam Insulation Market by Application
9.5.5.2.2 Argentina Spray Foam Insulation Market by End-Use-Industry
9.5.5.3 Rest of South and Central America Spray Foam Insulation Market
9.5.5.3.1 Rest of South and Central America Spray Foam Insulation Market by Application
9.5.5.3.2 Rest of South and Central America Spray Foam Insulation 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. SPRAY FOAM INSULATION 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. BAYER MATERIAL SCIENCE
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. CERTAINTEED CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DEMILEC
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. ICYNENE INC.
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. LAPOLLA INDUSTRIES INC.
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. NCFI POLYURETHANES
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. PREMIUM SPRAY PRODUCTS
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. RHINO LININGS CORPORATION
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. THE DOW CHEMICAL COMPANY
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. BASF SE
2. Bayer Material Science
3. CertainTeed Corporation
4. Demilec
5. Icynene Inc.
6. Lapolla Industries Inc.
7. NCFI Polyurethanes
8. Premium Spray Products
9. Rhino Linings Corporation
10. The Dow Chemical Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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