Tungsten Market Developments by 2031
MARKET OVERVIEW
Tungsten, commonly called wolfram is a heavy, durable, and robust metal that can withstand high temperatures and wear. Tungsten is widely used in manufacturing steel alloys, electrical equipment, and cutting tools. Tungsten offers a range of benefits such as high density, strength, heat and wear resistance, high melting point, and excellent conductivity of electricity and heat. The tungsten market is experiencing growth due to the rising demand for tungsten-based products in various sectors, such as aerospace, automotive, construction, and manufacturing.
MARKET SCOPE
The "Global Tungsten Market Analysis to 2031" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the tungsten market with detailed market segmentation by application, end-use, and geography. The report provides key statistics on the market status of the leading tungsten market players and offers key trends and opportunities in the tungsten market.
MARKET SEGMENTATION
- Based on application, the tungsten market is segmented into tungsten carbide, metal alloys, mill products, chemicals, and others.
- Based on end-use, the tungsten market is segmented into automotive parts, aerospace components, drilling, boring & cutting equipment, logging equipment, electrical & electronics appliances, and others.
MARKET DYNAMICS
Drivers
- High demand for tungsten in the mining industry owing to its properties such as high melting point and hardness is the key factor driving the tungsten market growth.
- Moreover, increasing usage of tungsten carbide in cutting tools and precision equipment is also boosting the product demand
- Additionally, the growing usage of tungsten in metal alloys is also projected to propel the tungsten market growth over the forecast period.
Restraints
- Rising demand and supply gap would act as a restrain for the growth of the tungsten market over the coming years.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The tungsten market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the tungsten market in these regions.
IMPACT OF COVID-19 ON THE TUNGSTEN MARKET
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. A shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. A few companies have already announced possible delays in product deliveries and slump in future sales of their products.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The tungsten market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the tungsten market in these regions.
IMPACT OF COVID-19 ON THE TUNGSTEN MARKET
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. A shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. A few companies have already announced possible delays in product deliveries and slump in future sales of their products.
MARKET PLAYERS
The report covers key developments in the tungsten market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnerships & collaborations. These activities have paved way for the expansion of business and the customer base of market players. The market payers from the tungsten market are anticipated to have lucrative growth opportunities in the future with the rising demand for tungsten in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the tungsten market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last 3 years, and the key development in the past five years.
- Plansee Group
- ATTL Advanced Materials Co.,Ltd.
- Zigong Xingyu Cemented Carbide Dies&Tools Co.,Ltd.
- Edgetech Industries LLC.
- Metal Cutting Corporation
- Ed Fagan Inc.
- WOLFMET
- Xiamen Tungsten Company
- China Minmetals Corporation
- Chongyi ZhangYuan Tungsten Company
- Global Tungsten & Powders Corporation
- Wolfram Bergbau-und Hutten AG
- H.C. Starck
- Guangdong Xianglu Tungsten Company
- Japan New Metals Company
- Soloro
- Specialty Metals Resources SA
- Wolfram Company JSC
- W Resource
- Tungsten Mining NL
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Tungsten Market - By Application
1.3.2 Tungsten Market - By End-Use
1.3.3 Tungsten Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. TUNGSTEN 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. TUNGSTEN 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. TUNGSTEN MARKET - GLOBAL MARKET ANALYSIS
6.1. TUNGSTEN - GLOBAL MARKET OVERVIEW
6.2. TUNGSTEN - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. TUNGSTEN MARKET - REVENUE AND FORECASTS TO 2028 – APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. TUNGSTEN CARBIDES
7.3.1. Overview
7.3.2. Tungsten Carbides Market Forecast and Analysis
7.4. METAL ALLOYS
7.4.1. Overview
7.4.2. Metal Alloys Market Forecast and Analysis
7.5. MILL PRODUCTS
7.5.1. Overview
7.5.2. Mill Products Market Forecast and Analysis
7.6. CHEMICALS
7.6.1. Overview
7.6.2. Chemicals Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. TUNGSTEN MARKET - REVENUE AND FORECASTS TO 2028 – END-USE
8.1. OVERVIEW
8.2. END-USE MARKET FORECASTS AND ANALYSIS
8.3. AUTOMOTIVE PARTS
8.3.1. Overview
8.3.2. Automotive Parts Market Forecast and Analysis
8.4. AEROSPACE COMPONENTS
8.4.1. Overview
8.4.2. Aerospace Components Market Forecast and Analysis
8.5. DRILLING
8.5.1. Overview
8.5.2. Drilling Market Forecast and Analysis
8.6. BORING AND CUTTING EQUIPMENT
8.6.1. Overview
8.6.2. Boring and Cutting Equipment Market Forecast and Analysis
8.7. LOGGING EQUIPMENT
8.7.1. Overview
8.7.2. Logging Equipment Market Forecast and Analysis
8.8. ELECTRICAL AND ELECTRONICS APPLIANCES
8.8.1. Overview
8.8.2. Electrical and Electronics Appliances Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. TUNGSTEN MARKET REVENUE AND FORECASTS TO 2028 – GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Tungsten Market Overview
9.1.2 North America Tungsten Market Forecasts and Analysis
9.1.3 North America Tungsten Market Forecasts and Analysis - By Application
9.1.4 North America Tungsten Market Forecasts and Analysis - By End-Use
9.1.5 North America Tungsten Market Forecasts and Analysis - By Countries
9.1.5.1 United States Tungsten Market
9.1.5.1.1 United States Tungsten Market by Application
9.1.5.1.2 United States Tungsten Market by End-Use
9.1.5.2 Canada Tungsten Market
9.1.5.2.1 Canada Tungsten Market by Application
9.1.5.2.2 Canada Tungsten Market by End-Use
9.1.5.3 Mexico Tungsten Market
9.1.5.3.1 Mexico Tungsten Market by Application
9.1.5.3.2 Mexico Tungsten Market by End-Use
9.2. EUROPE
9.2.1 Europe Tungsten Market Overview
9.2.2 Europe Tungsten Market Forecasts and Analysis
9.2.3 Europe Tungsten Market Forecasts and Analysis - By Application
9.2.4 Europe Tungsten Market Forecasts and Analysis - By End-Use
9.2.5 Europe Tungsten Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Tungsten Market
9.2.5.1.1 Germany Tungsten Market by Application
9.2.5.1.2 Germany Tungsten Market by End-Use
9.2.5.2 France Tungsten Market
9.2.5.2.1 France Tungsten Market by Application
9.2.5.2.2 France Tungsten Market by End-Use
9.2.5.3 Italy Tungsten Market
9.2.5.3.1 Italy Tungsten Market by Application
9.2.5.3.2 Italy Tungsten Market by End-Use
9.2.5.4 United Kingdom Tungsten Market
9.2.5.4.1 United Kingdom Tungsten Market by Application
9.2.5.4.2 United Kingdom Tungsten Market by End-Use
9.2.5.5 Russia Tungsten Market
9.2.5.5.1 Russia Tungsten Market by Application
9.2.5.5.2 Russia Tungsten Market by End-Use
9.2.5.6 Rest of Europe Tungsten Market
9.2.5.6.1 Rest of Europe Tungsten Market by Application
9.2.5.6.2 Rest of Europe Tungsten Market by End-Use
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Tungsten Market Overview
9.3.2 Asia-Pacific Tungsten Market Forecasts and Analysis
9.3.3 Asia-Pacific Tungsten Market Forecasts and Analysis - By Application
9.3.4 Asia-Pacific Tungsten Market Forecasts and Analysis - By End-Use
9.3.5 Asia-Pacific Tungsten Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Tungsten Market
9.3.5.1.1 Australia Tungsten Market by Application
9.3.5.1.2 Australia Tungsten Market by End-Use
9.3.5.2 China Tungsten Market
9.3.5.2.1 China Tungsten Market by Application
9.3.5.2.2 China Tungsten Market by End-Use
9.3.5.3 India Tungsten Market
9.3.5.3.1 India Tungsten Market by Application
9.3.5.3.2 India Tungsten Market by End-Use
9.3.5.4 Japan Tungsten Market
9.3.5.4.1 Japan Tungsten Market by Application
9.3.5.4.2 Japan Tungsten Market by End-Use
9.3.5.5 Rest of Asia-Pacific Tungsten Market
9.3.5.5.1 Rest of Asia-Pacific Tungsten Market by Application
9.3.5.5.2 Rest of Asia-Pacific Tungsten Market by End-Use
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Tungsten Market Overview
9.4.2 Middle East and Africa Tungsten Market Forecasts and Analysis
9.4.3 Middle East and Africa Tungsten Market Forecasts and Analysis - By Application
9.4.4 Middle East and Africa Tungsten Market Forecasts and Analysis - By End-Use
9.4.5 Middle East and Africa Tungsten Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Tungsten Market
9.4.5.1.1 South Africa Tungsten Market by Application
9.4.5.1.2 South Africa Tungsten Market by End-Use
9.4.5.2 Saudi Arabia Tungsten Market
9.4.5.2.1 Saudi Arabia Tungsten Market by Application
9.4.5.2.2 Saudi Arabia Tungsten Market by End-Use
9.4.5.3 U.A.E Tungsten Market
9.4.5.3.1 U.A.E Tungsten Market by Application
9.4.5.3.2 U.A.E Tungsten Market by End-Use
9.4.5.4 Rest of Middle East and Africa Tungsten Market
9.4.5.4.1 Rest of Middle East and Africa Tungsten Market by Application
9.4.5.4.2 Rest of Middle East and Africa Tungsten Market by End-Use
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Tungsten Market Overview
9.5.2 South and Central America Tungsten Market Forecasts and Analysis
9.5.3 South and Central America Tungsten Market Forecasts and Analysis - By Application
9.5.4 South and Central America Tungsten Market Forecasts and Analysis - By End-Use
9.5.5 South and Central America Tungsten Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Tungsten Market
9.5.5.1.1 Brazil Tungsten Market by Application
9.5.5.1.2 Brazil Tungsten Market by End-Use
9.5.5.2 Argentina Tungsten Market
9.5.5.2.1 Argentina Tungsten Market by Application
9.5.5.2.2 Argentina Tungsten Market by End-Use
9.5.5.3 Rest of South and Central America Tungsten Market
9.5.5.3.1 Rest of South and Central America Tungsten Market by Application
9.5.5.3.2 Rest of South and Central America Tungsten Market by End-Use
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL TUNGSTEN MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
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. TUNGSTEN MARKET, KEY COMPANY PROFILES
12.1. PLANSEE GROUP
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. ATTL ADVANCED MATERIALS CO.,LTD.
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. ZIGONG XINGYU CEMENTED CARBIDE DIES AND TOOLS CO.,LTD.
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. EDGETECH INDUSTRIES LLC.
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. METAL CUTTING CORPORATION
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. ED FAGAN INC.
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. WOLFMET
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. XIAMEN TUNGSTEN COMPANY
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. CHINA MINMETALS CORPORATION
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. CHONGYI ZHANGYUAN TUNGSTEN COMPANY
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
12.11. GLOBAL TUNGSTEN AND POWDERS CORPORATION
12.11.1. Key Facts
12.11.2. Business Description
12.11.3. Products and Services
12.11.4. Financial Overview
12.11.5. SWOT Analysis
12.11.6. Key Developments
12.12. WOLFRAM BERGBAU-UND HUTTEN AG
12.12.1. Key Facts
12.12.2. Business Description
12.12.3. Products and Services
12.12.4. Financial Overview
12.12.5. SWOT Analysis
12.12.6. Key Developments
12.13. H.C. STARCK
12.13.1. Key Facts
12.13.2. Business Description
12.13.3. Products and Services
12.13.4. Financial Overview
12.13.5. SWOT Analysis
12.13.6. Key Developments
12.14. GUANGDONG XIANGLU TUNGSTEN COMPANY
12.14.1. Key Facts
12.14.2. Business Description
12.14.3. Products and Services
12.14.4. Financial Overview
12.14.5. SWOT Analysis
12.14.6. Key Developments
12.15. JAPAN NEW METALS COMPANY
12.15.1. Key Facts
12.15.2. Business Description
12.15.3. Products and Services
12.15.4. Financial Overview
12.15.5. SWOT Analysis
12.15.6. Key Developments
12.16. SOLORO
12.16.1. Key Facts
12.16.2. Business Description
12.16.3. Products and Services
12.16.4. Financial Overview
12.16.5. SWOT Analysis
12.16.6. Key Developments
12.17. SPECIALTY METALS RESOURCES SA
12.17.1. Key Facts
12.17.2. Business Description
12.17.3. Products and Services
12.17.4. Financial Overview
12.17.5. SWOT Analysis
12.17.6. Key Developments
12.18. WOLFRAM COMPANY JSC
12.18.1. Key Facts
12.18.2. Business Description
12.18.3. Products and Services
12.18.4. Financial Overview
12.18.5. SWOT Analysis
12.18.6. Key Developments
12.19. W RESOURCE
12.19.1. Key Facts
12.19.2. Business Description
12.19.3. Products and Services
12.19.4. Financial Overview
12.19.5. SWOT Analysis
12.19.6. Key Developments
12.20. TUNGSTEN MINING NL
12.20.1. Key Facts
12.20.2. Business Description
12.20.3. Products and Services
12.20.4. Financial Overview
12.20.5. SWOT Analysis
12.20.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
- Plansee Group
- ATTL Advanced Materials Co.,Ltd.
- Zigong Xingyu Cemented Carbide Dies&Tools Co.,Ltd.
- Edgetech Industries LLC.
- Metal Cutting Corporation
- Ed Fagan Inc.
- WOLFMET
- Xiamen Tungsten Company
- China Minmetals Corporation
- Chongyi ZhangYuan Tungsten Company
- Global Tungsten & Powders Corporation
- Wolfram Bergbau-und Hutten AG
- H.C. Starck
- Guangdong Xianglu Tungsten Company
- Japan New Metals Company
- Soloro
- Specialty Metals Resources SA
- Wolfram Company JSC
- W Resource
- Tungsten Mining NL
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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