The Carpet Backing Material Market is expected to register a CAGR of 5% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
Carpet Backing Material Market covers analysis By Type (Primary, Secondary); Application (Hand Woven Carpets, Tufted Carpets, Needle Felt Carpets, Others); End Use (Residential, Commercial) , and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Carpet backing is defined as a bottom material on the back of the carpet. Primary carpet backing material is a pre-forged tear-resistant woven or non-woven polypropylene fabric in which yarn is tufted or stitched to make carets. These materials have a coating of latex.
Purpose of the ReportThe report Carpet Backing Material 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.
Carpet Backing Material Market Segmentation
Type- Primary
- Secondary
- Hand Woven Carpets
- Tufted Carpets
- Needle Felt Carpets
- Residential
- Commercial
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Carpet Backing Material Market Growth Drivers- Growing Demand for High-Quality Carpet Backing to Enhance Durability, Stability, and Longevity: As consumers and companies seek carpets that possess enhanced durability and performance, the demand for good-quality backing material increases. This paper explains the importance of carpet backing in allowing stability, support, and longevity to a carpet. As such, it has become an important part in not only residential usage but also commercial applications.
- Health-Conscious Consumers Driving Demand for Low-VOC, Low-Hazard Carpet Backing Materials: As consumers become increasingly aware of indoor air quality and its relationship to health, a rising interest in healthier living spaces contributes to demand in carpet backing materials. Low-VOC, low-hazard products will be of special interest to the health-conscious consumer.
- Advancements in Carpet Backing Technologies, Including Recycled and Moisture-Resistant Solutions: Advanced innovations in carpet backing technologies continue to enhance the performance characteristics of these materials. That includes such high-end solutions as recycled material-based offerings or moisture-resistant offerings that both manufacturers and consumers are interested in.
- Health-Conscious Consumers Drive Demand for Low-VOC, Low-Hazard Carpet Backing Materials: As consumers become increasingly knowledgeable about indoor air quality and its connections to health, a growing interest in healthier living spaces fuels demand for carpet backing materials. Low-VOC, low-hazard products will be of special interest to the health-conscious consumer.
- Consumers Seek Personalized, Aesthetic Carpets with Varied Styles and Colors: Increasingly, consumers demand personalized, attractive carpets. Consumers no longer settle for merely performing but want floors that also beautify their rooms. Customers demand products that are developed to be compatible with different varieties of style and colors for the carpet.
- Sustainability Trends Propel the Use of Recycled and Biodegradable Carpet Backing Materials: As the world becomes increasingly conscious of its environment, so is the effort toward sustainable and eco-friendly carpet backing materials. Manufacturers have started looking at recycled materials and working toward biodegradable options.
- Growth in Construction and Real Estate Sectors Fuels Demand for Carpet Backing Materials: Increases in construction and real estate industries will propel the carpet backing material market. The construction of new residential and commercial edifices calls for flooring solutions, including carpets with quality backing.
- Hospitality and Commercial Sectors Drive Carpet Backing Material Market Growth: Hospitality and commercial entities dominate the carpet backing material market. As hotels, offices, and retails focus more on environments that are to be inviting as well as comfortable to stay in, people prefer good quality carpets with long backings more and more.
- Emerging Markets in Asia-Pacific and Latin America Offer Significant Growth Opportunities: Emerging markets, more so in Asia-Pacific and Latin America, will provide significant growth opportunities for the carpet backings material market. Rising urbanization and increased disposable incomes will drive demand for good-quality flooring solutions, such as carpets with high-quality backs.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Carpet Backing Material 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 Carpet Backing Material 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
This text is related
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
Based on geography, Asia Pacific held the largest share of the carpet backing material market due to the growing constructuion industry in the region.
The demand for aesthetic and customized products is an emerging trend in the market.
The commercial end use segmnet accounted for the largest share in the market.
The Carpet Backing Material Market is estimated to witness a CAGR of 5% from 2023 to 2031
The increased awareness of indoor air quality is a key driver in the market.
Freudenberg Performance Materials Holding GmbH, Tarkett, Interface, Inc., Wacker Chemie AG, Balta Industries NV, Ege Carpets, Beaulieu International Group, Associated Weavers NV/SA, Shaw Industries Group, Inc., and Don and Low Ltd are some of the key players in the market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Carpet Backing Material Market - By Type
1.3.2 Carpet Backing Material Market - By Application
1.3.3 Carpet Backing Material Market - By End Use
1.3.4 Carpet Backing Material Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CARPET BACKING MATERIAL MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. CARPET BACKING MATERIAL 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. CARPET BACKING MATERIAL MARKET - GLOBAL MARKET ANALYSIS
6.1. CARPET BACKING MATERIAL - GLOBAL MARKET OVERVIEW
6.2. CARPET BACKING MATERIAL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CARPET BACKING MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. PRIMARY
7.3.1. Overview
7.3.2. Primary Market Forecast and Analysis
7.4. SECONDARY
7.4.1. Overview
7.4.2. Secondary Market Forecast and Analysis
8. CARPET BACKING MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HAND WOVEN CARPETS
8.3.1. Overview
8.3.2. Hand Woven Carpets Market Forecast and Analysis
8.4. TUFTED CARPETS
8.4.1. Overview
8.4.2. Tufted Carpets Market Forecast and Analysis
8.5. NEEDLE FELT CARPETS
8.5.1. Overview
8.5.2. Needle Felt Carpets Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. CARPET BACKING MATERIAL MARKET - REVENUE AND FORECASTS TO 2028 - END USE
9.1. OVERVIEW
9.2. END USE MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
10. CARPET BACKING MATERIAL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Carpet Backing Material Market Overview
10.1.2 North America Carpet Backing Material Market Forecasts and Analysis
10.1.3 North America Carpet Backing Material Market Forecasts and Analysis - By Type
10.1.4 North America Carpet Backing Material Market Forecasts and Analysis - By Application
10.1.5 North America Carpet Backing Material Market Forecasts and Analysis - By End Use
10.1.6 North America Carpet Backing Material Market Forecasts and Analysis - By Countries
10.1.6.1 United States Carpet Backing Material Market
10.1.6.1.1 United States Carpet Backing Material Market by Type
10.1.6.1.2 United States Carpet Backing Material Market by Application
10.1.6.1.3 United States Carpet Backing Material Market by End Use
10.1.6.2 Canada Carpet Backing Material Market
10.1.6.2.1 Canada Carpet Backing Material Market by Type
10.1.6.2.2 Canada Carpet Backing Material Market by Application
10.1.6.2.3 Canada Carpet Backing Material Market by End Use
10.1.6.3 Mexico Carpet Backing Material Market
10.1.6.3.1 Mexico Carpet Backing Material Market by Type
10.1.6.3.2 Mexico Carpet Backing Material Market by Application
10.1.6.3.3 Mexico Carpet Backing Material Market by End Use
10.2. EUROPE
10.2.1 Europe Carpet Backing Material Market Overview
10.2.2 Europe Carpet Backing Material Market Forecasts and Analysis
10.2.3 Europe Carpet Backing Material Market Forecasts and Analysis - By Type
10.2.4 Europe Carpet Backing Material Market Forecasts and Analysis - By Application
10.2.5 Europe Carpet Backing Material Market Forecasts and Analysis - By End Use
10.2.6 Europe Carpet Backing Material Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Carpet Backing Material Market
10.2.6.1.1 Germany Carpet Backing Material Market by Type
10.2.6.1.2 Germany Carpet Backing Material Market by Application
10.2.6.1.3 Germany Carpet Backing Material Market by End Use
10.2.6.2 France Carpet Backing Material Market
10.2.6.2.1 France Carpet Backing Material Market by Type
10.2.6.2.2 France Carpet Backing Material Market by Application
10.2.6.2.3 France Carpet Backing Material Market by End Use
10.2.6.3 Italy Carpet Backing Material Market
10.2.6.3.1 Italy Carpet Backing Material Market by Type
10.2.6.3.2 Italy Carpet Backing Material Market by Application
10.2.6.3.3 Italy Carpet Backing Material Market by End Use
10.2.6.4 United Kingdom Carpet Backing Material Market
10.2.6.4.1 United Kingdom Carpet Backing Material Market by Type
10.2.6.4.2 United Kingdom Carpet Backing Material Market by Application
10.2.6.4.3 United Kingdom Carpet Backing Material Market by End Use
10.2.6.5 Russia Carpet Backing Material Market
10.2.6.5.1 Russia Carpet Backing Material Market by Type
10.2.6.5.2 Russia Carpet Backing Material Market by Application
10.2.6.5.3 Russia Carpet Backing Material Market by End Use
10.2.6.6 Rest of Europe Carpet Backing Material Market
10.2.6.6.1 Rest of Europe Carpet Backing Material Market by Type
10.2.6.6.2 Rest of Europe Carpet Backing Material Market by Application
10.2.6.6.3 Rest of Europe Carpet Backing Material Market by End Use
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Carpet Backing Material Market Overview
10.3.2 Asia-Pacific Carpet Backing Material Market Forecasts and Analysis
10.3.3 Asia-Pacific Carpet Backing Material Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Carpet Backing Material Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Carpet Backing Material Market Forecasts and Analysis - By End Use
10.3.6 Asia-Pacific Carpet Backing Material Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Carpet Backing Material Market
10.3.6.1.1 Australia Carpet Backing Material Market by Type
10.3.6.1.2 Australia Carpet Backing Material Market by Application
10.3.6.1.3 Australia Carpet Backing Material Market by End Use
10.3.6.2 China Carpet Backing Material Market
10.3.6.2.1 China Carpet Backing Material Market by Type
10.3.6.2.2 China Carpet Backing Material Market by Application
10.3.6.2.3 China Carpet Backing Material Market by End Use
10.3.6.3 India Carpet Backing Material Market
10.3.6.3.1 India Carpet Backing Material Market by Type
10.3.6.3.2 India Carpet Backing Material Market by Application
10.3.6.3.3 India Carpet Backing Material Market by End Use
10.3.6.4 Japan Carpet Backing Material Market
10.3.6.4.1 Japan Carpet Backing Material Market by Type
10.3.6.4.2 Japan Carpet Backing Material Market by Application
10.3.6.4.3 Japan Carpet Backing Material Market by End Use
10.3.6.5 South Korea Carpet Backing Material Market
10.3.6.5.1 South Korea Carpet Backing Material Market by Type
10.3.6.5.2 South Korea Carpet Backing Material Market by Application
10.3.6.5.3 South Korea Carpet Backing Material Market by End Use
10.3.6.6 Rest of Asia-Pacific Carpet Backing Material Market
10.3.6.6.1 Rest of Asia-Pacific Carpet Backing Material Market by Type
10.3.6.6.2 Rest of Asia-Pacific Carpet Backing Material Market by Application
10.3.6.6.3 Rest of Asia-Pacific Carpet Backing Material Market by End Use
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Carpet Backing Material Market Overview
10.4.2 Middle East and Africa Carpet Backing Material Market Forecasts and Analysis
10.4.3 Middle East and Africa Carpet Backing Material Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Carpet Backing Material Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Carpet Backing Material Market Forecasts and Analysis - By End Use
10.4.6 Middle East and Africa Carpet Backing Material Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Carpet Backing Material Market
10.4.6.1.1 South Africa Carpet Backing Material Market by Type
10.4.6.1.2 South Africa Carpet Backing Material Market by Application
10.4.6.1.3 South Africa Carpet Backing Material Market by End Use
10.4.6.2 Saudi Arabia Carpet Backing Material Market
10.4.6.2.1 Saudi Arabia Carpet Backing Material Market by Type
10.4.6.2.2 Saudi Arabia Carpet Backing Material Market by Application
10.4.6.2.3 Saudi Arabia Carpet Backing Material Market by End Use
10.4.6.3 U.A.E Carpet Backing Material Market
10.4.6.3.1 U.A.E Carpet Backing Material Market by Type
10.4.6.3.2 U.A.E Carpet Backing Material Market by Application
10.4.6.3.3 U.A.E Carpet Backing Material Market by End Use
10.4.6.4 Rest of Middle East and Africa Carpet Backing Material Market
10.4.6.4.1 Rest of Middle East and Africa Carpet Backing Material Market by Type
10.4.6.4.2 Rest of Middle East and Africa Carpet Backing Material Market by Application
10.4.6.4.3 Rest of Middle East and Africa Carpet Backing Material Market by End Use
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Carpet Backing Material Market Overview
10.5.2 South and Central America Carpet Backing Material Market Forecasts and Analysis
10.5.3 South and Central America Carpet Backing Material Market Forecasts and Analysis - By Type
10.5.4 South and Central America Carpet Backing Material Market Forecasts and Analysis - By Application
10.5.5 South and Central America Carpet Backing Material Market Forecasts and Analysis - By End Use
10.5.6 South and Central America Carpet Backing Material Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Carpet Backing Material Market
10.5.6.1.1 Brazil Carpet Backing Material Market by Type
10.5.6.1.2 Brazil Carpet Backing Material Market by Application
10.5.6.1.3 Brazil Carpet Backing Material Market by End Use
10.5.6.2 Argentina Carpet Backing Material Market
10.5.6.2.1 Argentina Carpet Backing Material Market by Type
10.5.6.2.2 Argentina Carpet Backing Material Market by Application
10.5.6.2.3 Argentina Carpet Backing Material Market by End Use
10.5.6.3 Rest of South and Central America Carpet Backing Material Market
10.5.6.3.1 Rest of South and Central America Carpet Backing Material Market by Type
10.5.6.3.2 Rest of South and Central America Carpet Backing Material Market by Application
10.5.6.3.3 Rest of South and Central America Carpet Backing Material Market by End Use
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. CARPET BACKING MATERIAL MARKET, KEY COMPANY PROFILES
12.1. AMTICO INTERNATIONAL
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. ASSOCIATED WEAVERS EUROPE NV/SA
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. BALTA INDUSTRIES NV
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. CONTINENTAL FLOORING COMPANY
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. FELTEX CARPETS PTY LTD.
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. INTERFACE, 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. SHAW INDUSTRIES GROUP, INC.
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. TARKETT
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. THE DOW CHEMICAL COMPANY,
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. WACKER CHEMIE AG,
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Amtico International
2. Associated Weavers Europe NV/SA
3. Balta Industries NV
4. Continental Flooring Company
5. Feltex Carpets Pty Ltd.
6. Interface, Inc.
7. Shaw Industries Group, Inc.
8. Tarkett
9. The Dow Chemical Company,
10. Wacker Chemie AG,
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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