The Duplex Stainless Steel 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.
The report is segmented by type (standard duplex stainless steel, lean duplex stainless steel, super duplex stainless steel), form (pipes and tubes, sheets, bars, fittings and flanges, others). The report further presents analysis based on application (oil and gas, chemical, marine, pulp and paper, building and construction, others). Global analysis is further broken-down at regional level and major countries. In terms of geography, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). The report offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Duplex Stainless Steel 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.
Duplex Stainless Steel Market Segmentation
Type- Standard Duplex Stainless Steel
- Lean Duplex Stainless Steel
- Super Duplex Stainless Steel
- Pipes and Tubes
- Sheets
- Bars
- Fittings and Flanges
- Oil and Gas
- Chemical
- Marine
- Pulp and Paper
- Building and Construction
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Duplex Stainless Steel Market Growth Drivers- Duplex Stainless Steel: While being highly effective in resisting corrosion, it also enables harsh industrial requirements such as offshore drilling platforms and pipelines. And with the spectacular growth that the oil and gas industry has experienced over the last few decades, those exploratory and production activities have created a severe demand for ever-durable materials like duplex stainless steel. DuplexIncreasing awareness of health and safety standards in workplaces is driving the demand for dust control mats. These mats help reduce the spread of dust and allergens, creating a cleaner and safer environment in industries like manufacturing, healthcare, and hospitality.
- Growth in Commercial and Industrial Sectors: The expanding commercial and industrial sectors, such as manufacturing plants, warehouses, and office buildings, are key drivers for the dust control mats market. These mats effectively trap dirt, moisture, and dust, improving cleanliness and reducing maintenance costs in high-traffic areas.
- Regulations on Indoor Air Quality: Governments and organizations are implementing stricter regulations regarding indoor air quality, which is boosting the demand for dust control mats. These mats help in maintaining cleaner indoor air by trapping dust particles, thereby meeting environmental and workplace hygiene standards in commercial and industrial spaces. stainless steel is increasingly required by automotive and manufacturing industries, as its beneficial properties include high strength, cost effectiveness, and corrosion resistance. These characteristics suggest the use of this material for components of vehicles, industrial equipment, or structures that require a combination of durable and safe usage. Innovative duplex technology for sustainability, through lower maintenance costs and waste, enables increased service life and better resistance to environmentally corrosive conditions. This mobility is reinforced when coupled with the industries such as construction, chemical processing, and water treatment, focused on using environmentally friendly materials.
- Duplex Stainless Steel in Renewable Energy: Here comes the effect of renewable energy projects, especially offshore wind and solar energy, which stimulate increased demand in this area for duplex stainless steel as it exhibits excellent corrosion resistance and strength that could be applied for turbine, offshore structures, and other renewable energy infrastructure applications.
- High-Performance Steel for Critical Applications: More and more industries prefer these high-performance steels for critical applications, chemical processing being one such application where durability and resistance to harsh environments are important.
- Sustainability and Recycling: With increased focus on sustainability in industries, the recycling of duplex stainless steel has become a common trend. These materials have the unique ability to be reused and recycled while conserved perfect properties; hence they are getting popular in industries that aim at carbon footprint reduction and circular economy promotion.
- Duplex Stainless Steel in Desalination: These days, the demand for natural fresh water is escalating globally. In this chain, one thing that can be relied on would be the use of duplex stainless steel, which has shown great promise against seawater corrosion, especially with the growing number of desalination plants. Hence, it is durable, more cost-effective, and ideal for constructing various parts related to the desalination process; thus, the market grows in the treatment of water.
- Industrialization in Developing Economies: With industrialization, developing economies show an increased demand for infrastructure and manufacturing materials, including duplex stainless steel. These countries, particularly within the Asia-Pacific and the Middle East region, hold great potential opportunities with regard to continuous urbanization as well as industrial projects in construction, petroleum, and gas.
- Additive Manufacturing and Duplex Stainless Steel: Every advancement in production technology, specifically in additive manufacturing (or what is now popularly called 3D printing), is expected to increase the savings and quality of duplex stainless steel. All these improvements would lead to wider market penetration across the industries, such as aerospace, automotive, and construction, thus fuelling future market growth.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Duplex Stainless Steel 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 Duplex Stainless Steel 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
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Based on geography, North America held the largest share of the duplex stainless steel market.
On the basis of geography, the duplex stainless steel market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Acerinox S.A., Allegheny Technologies Incorporated, ArcelorMittal S.A., Carpenter Technology Corporation, Daido Steel Co., Ltd., Jindal Steel, Outokumpu Oyj, POSCO Group, Sandvik Materials Technology AB, Tata Steel are the key players operating in the duplex stainless steel market.
The growing exploration and production activities in the oil and gas sector drive the demand for durable materials such as duplex stainless steel fuels market growth.
The Duplex Stainless Steel Market is estimated to witness a CAGR of 5% 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 Duplex Stainless Steel Market - By Grade
1.3.2 Duplex Stainless Steel Market - By Product form
1.3.3 Duplex Stainless Steel Market - By End use industry
1.3.4 Duplex Stainless Steel Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DUPLEX STAINLESS STEEL 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. DUPLEX STAINLESS STEEL 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. DUPLEX STAINLESS STEEL MARKET - GLOBAL MARKET ANALYSIS
6.1. DUPLEX STAINLESS STEEL - GLOBAL MARKET OVERVIEW
6.2. DUPLEX STAINLESS STEEL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DUPLEX STAINLESS STEEL MARKET - REVENUE AND FORECASTS TO 2028 - GRADE
7.1. OVERVIEW
7.2. GRADE MARKET FORECASTS AND ANALYSIS
7.3. DUPLEX
7.3.1. Overview
7.3.2. Duplex Market Forecast and Analysis
7.4. LEAN DUPLEX
7.4.1. Overview
7.4.2. Lean duplex Market Forecast and Analysis
7.5. HYPER AND SUPER DUPLEX
7.5.1. Overview
7.5.2. Hyper and super duplex Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. DUPLEX STAINLESS STEEL MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT FORM
8.1. OVERVIEW
8.2. PRODUCT FORM MARKET FORECASTS AND ANALYSIS
8.3. TUBES
8.3.1. Overview
8.3.2. Tubes Market Forecast and Analysis
8.4. PUMPS AND VALVES
8.4.1. Overview
8.4.2. Pumps and valves Market Forecast and Analysis
8.5. FITTINGS AND FLANGES
8.5.1. Overview
8.5.2. Fittings and flanges Market Forecast and Analysis
8.6. WELDING WIRES
8.6.1. Overview
8.6.2. Welding wires Market Forecast and Analysis
8.7. REBAR AND MESH
8.7.1. Overview
8.7.2. Rebar and mesh Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. DUPLEX STAINLESS STEEL MARKET - REVENUE AND FORECASTS TO 2028 - END USE INDUSTRY
9.1. OVERVIEW
9.2. END USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. OIL AND GAS INDUSTRY
9.3.1. Overview
9.3.2. Oil and gas industry Market Forecast and Analysis
9.4. DESALINATION INDUSTRY
9.4.1. Overview
9.4.2. Desalination Industry Market Forecast and Analysis
9.5. CHEMICAL INDUSTRY
9.5.1. Overview
9.5.2. Chemical industry Market Forecast and Analysis
9.6. PAPER AND PULP INDUSTRY
9.6.1. Overview
9.6.2. Paper and pulp industry Market Forecast and Analysis
9.7. CONSTRUCTION INDUSTRY
9.7.1. Overview
9.7.2. Construction industry Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. DUPLEX STAINLESS STEEL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Duplex Stainless Steel Market Overview
10.1.2 North America Duplex Stainless Steel Market Forecasts and Analysis
10.1.3 North America Duplex Stainless Steel Market Forecasts and Analysis - By Grade
10.1.4 North America Duplex Stainless Steel Market Forecasts and Analysis - By Product form
10.1.5 North America Duplex Stainless Steel Market Forecasts and Analysis - By End use industry
10.1.6 North America Duplex Stainless Steel Market Forecasts and Analysis - By Countries
10.1.6.1 Canada Duplex Stainless Steel Market
10.1.6.1.1 Canada Duplex Stainless Steel Market by Grade
10.1.6.1.2 Canada Duplex Stainless Steel Market by Product form
10.1.6.1.3 Canada Duplex Stainless Steel Market by End use industry
10.1.6.2 Mexico Duplex Stainless Steel Market
10.1.6.2.1 Mexico Duplex Stainless Steel Market by Grade
10.1.6.2.2 Mexico Duplex Stainless Steel Market by Product form
10.1.6.2.3 Mexico Duplex Stainless Steel Market by End use industry
10.1.6.3 US Duplex Stainless Steel Market
10.1.6.3.1 US Duplex Stainless Steel Market by Grade
10.1.6.3.2 US Duplex Stainless Steel Market by Product form
10.1.6.3.3 US Duplex Stainless Steel Market by End use industry
10.2. EUROPE
10.2.1 Europe Duplex Stainless Steel Market Overview
10.2.2 Europe Duplex Stainless Steel Market Forecasts and Analysis
10.2.3 Europe Duplex Stainless Steel Market Forecasts and Analysis - By Grade
10.2.4 Europe Duplex Stainless Steel Market Forecasts and Analysis - By Product form
10.2.5 Europe Duplex Stainless Steel Market Forecasts and Analysis - By End use industry
10.2.6 Europe Duplex Stainless Steel Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Duplex Stainless Steel Market
10.2.6.1.1 Germany Duplex Stainless Steel Market by Grade
10.2.6.1.2 Germany Duplex Stainless Steel Market by Product form
10.2.6.1.3 Germany Duplex Stainless Steel Market by End use industry
10.2.6.2 France Duplex Stainless Steel Market
10.2.6.2.1 France Duplex Stainless Steel Market by Grade
10.2.6.2.2 France Duplex Stainless Steel Market by Product form
10.2.6.2.3 France Duplex Stainless Steel Market by End use industry
10.2.6.3 Italy Duplex Stainless Steel Market
10.2.6.3.1 Italy Duplex Stainless Steel Market by Grade
10.2.6.3.2 Italy Duplex Stainless Steel Market by Product form
10.2.6.3.3 Italy Duplex Stainless Steel Market by End use industry
10.2.6.4 United Kingdom Duplex Stainless Steel Market
10.2.6.4.1 United Kingdom Duplex Stainless Steel Market by Grade
10.2.6.4.2 United Kingdom Duplex Stainless Steel Market by Product form
10.2.6.4.3 United Kingdom Duplex Stainless Steel Market by End use industry
10.2.6.5 Russia Duplex Stainless Steel Market
10.2.6.5.1 Russia Duplex Stainless Steel Market by Grade
10.2.6.5.2 Russia Duplex Stainless Steel Market by Product form
10.2.6.5.3 Russia Duplex Stainless Steel Market by End use industry
10.2.6.6 Rest of Europe Duplex Stainless Steel Market
10.2.6.6.1 Rest of Europe Duplex Stainless Steel Market by Grade
10.2.6.6.2 Rest of Europe Duplex Stainless Steel Market by Product form
10.2.6.6.3 Rest of Europe Duplex Stainless Steel Market by End use industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Duplex Stainless Steel Market Overview
10.3.2 Asia-Pacific Duplex Stainless Steel Market Forecasts and Analysis
10.3.3 Asia-Pacific Duplex Stainless Steel Market Forecasts and Analysis - By Grade
10.3.4 Asia-Pacific Duplex Stainless Steel Market Forecasts and Analysis - By Product form
10.3.5 Asia-Pacific Duplex Stainless Steel Market Forecasts and Analysis - By End use industry
10.3.6 Asia-Pacific Duplex Stainless Steel Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Duplex Stainless Steel Market
10.3.6.1.1 Australia Duplex Stainless Steel Market by Grade
10.3.6.1.2 Australia Duplex Stainless Steel Market by Product form
10.3.6.1.3 Australia Duplex Stainless Steel Market by End use industry
10.3.6.2 China Duplex Stainless Steel Market
10.3.6.2.1 China Duplex Stainless Steel Market by Grade
10.3.6.2.2 China Duplex Stainless Steel Market by Product form
10.3.6.2.3 China Duplex Stainless Steel Market by End use industry
10.3.6.3 India Duplex Stainless Steel Market
10.3.6.3.1 India Duplex Stainless Steel Market by Grade
10.3.6.3.2 India Duplex Stainless Steel Market by Product form
10.3.6.3.3 India Duplex Stainless Steel Market by End use industry
10.3.6.4 Japan Duplex Stainless Steel Market
10.3.6.4.1 Japan Duplex Stainless Steel Market by Grade
10.3.6.4.2 Japan Duplex Stainless Steel Market by Product form
10.3.6.4.3 Japan Duplex Stainless Steel Market by End use industry
10.3.6.5 South Korea Duplex Stainless Steel Market
10.3.6.5.1 South Korea Duplex Stainless Steel Market by Grade
10.3.6.5.2 South Korea Duplex Stainless Steel Market by Product form
10.3.6.5.3 South Korea Duplex Stainless Steel Market by End use industry
10.3.6.6 Rest of Asia-Pacific Duplex Stainless Steel Market
10.3.6.6.1 Rest of Asia-Pacific Duplex Stainless Steel Market by Grade
10.3.6.6.2 Rest of Asia-Pacific Duplex Stainless Steel Market by Product form
10.3.6.6.3 Rest of Asia-Pacific Duplex Stainless Steel Market by End use industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Duplex Stainless Steel Market Overview
10.4.2 Middle East and Africa Duplex Stainless Steel Market Forecasts and Analysis
10.4.3 Middle East and Africa Duplex Stainless Steel Market Forecasts and Analysis - By Grade
10.4.4 Middle East and Africa Duplex Stainless Steel Market Forecasts and Analysis - By Product form
10.4.5 Middle East and Africa Duplex Stainless Steel Market Forecasts and Analysis - By End use industry
10.4.6 Middle East and Africa Duplex Stainless Steel Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Duplex Stainless Steel Market
10.4.6.1.1 South Africa Duplex Stainless Steel Market by Grade
10.4.6.1.2 South Africa Duplex Stainless Steel Market by Product form
10.4.6.1.3 South Africa Duplex Stainless Steel Market by End use industry
10.4.6.2 Saudi Arabia Duplex Stainless Steel Market
10.4.6.2.1 Saudi Arabia Duplex Stainless Steel Market by Grade
10.4.6.2.2 Saudi Arabia Duplex Stainless Steel Market by Product form
10.4.6.2.3 Saudi Arabia Duplex Stainless Steel Market by End use industry
10.4.6.3 U.A.E Duplex Stainless Steel Market
10.4.6.3.1 U.A.E Duplex Stainless Steel Market by Grade
10.4.6.3.2 U.A.E Duplex Stainless Steel Market by Product form
10.4.6.3.3 U.A.E Duplex Stainless Steel Market by End use industry
10.4.6.4 Rest of Middle East and Africa Duplex Stainless Steel Market
10.4.6.4.1 Rest of Middle East and Africa Duplex Stainless Steel Market by Grade
10.4.6.4.2 Rest of Middle East and Africa Duplex Stainless Steel Market by Product form
10.4.6.4.3 Rest of Middle East and Africa Duplex Stainless Steel Market by End use industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Duplex Stainless Steel Market Overview
10.5.2 South and Central America Duplex Stainless Steel Market Forecasts and Analysis
10.5.3 South and Central America Duplex Stainless Steel Market Forecasts and Analysis - By Grade
10.5.4 South and Central America Duplex Stainless Steel Market Forecasts and Analysis - By Product form
10.5.5 South and Central America Duplex Stainless Steel Market Forecasts and Analysis - By End use industry
10.5.6 South and Central America Duplex Stainless Steel Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Duplex Stainless Steel Market
10.5.6.1.1 Brazil Duplex Stainless Steel Market by Grade
10.5.6.1.2 Brazil Duplex Stainless Steel Market by Product form
10.5.6.1.3 Brazil Duplex Stainless Steel Market by End use industry
10.5.6.2 Argentina Duplex Stainless Steel Market
10.5.6.2.1 Argentina Duplex Stainless Steel Market by Grade
10.5.6.2.2 Argentina Duplex Stainless Steel Market by Product form
10.5.6.2.3 Argentina Duplex Stainless Steel Market by End use industry
10.5.6.3 Rest of South and Central America Duplex Stainless Steel Market
10.5.6.3.1 Rest of South and Central America Duplex Stainless Steel Market by Grade
10.5.6.3.2 Rest of South and Central America Duplex Stainless Steel Market by Product form
10.5.6.3.3 Rest of South and Central America Duplex Stainless Steel Market by End use industry
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. DUPLEX STAINLESS STEEL MARKET, KEY COMPANY PROFILES
12.1. OUTOKUMPU OYJ (FINLAND)
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. TATA STEEL (INDIA)
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. JINDAL STEEL (INDIA)
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. ARCELORMITTAL S.A. (LUXEMBOURG)
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. POSCO GROUP (SOUTH KOREA)
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. ACERINOX S.A. (SPAIN)
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. SANDVIK MATERIALS TECHNOLOGY AB (SWEDEN)
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. ALLEGHENY TECHNOLOGIES INCORPORATED (U.S.)
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. DAIDO STEEL CO., LTD. (JAPAN)
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. CARPENTER TECHNOLOGY CORPORATION (U.S.)
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.Outokumpu Oyj (Finland)
2.Tata Steel (India)
3.Jindal Steel (India)
4.ArcelorMittal S.A. (Luxembourg)
5.POSCO Group (South Korea)
6.Acerinox S.A. (Spain)
7.Sandvik Materials Technology AB (Sweden)
8.Allegheny Technologies Incorporated (U.S.)
9.Daido Steel Co., Ltd. (Japan)
10.Carpenter Technology Corporation (U.S.)
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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