The Spray Polyurethane Foam 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 (open-cell foam and closed-cell foam) and application (insulation, roofing, sealant and others). The report further presents analysis based on end-use industry [building and construction (residential, commercial, industrial, others), manufacturing, agriculture, marine and others]. The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Spray Polyurethane Foam 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 Polyurethane Foam Market Segmentation
Type- Open-Cell Foam and Closed-Cell Foam
- Insulation
- Roofing
- Sealant and Others
- Building and Construction
- Manufacturing
- Agriculture
- Marine and Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Spray Polyurethane Foam Market Growth Drivers- increasing Energy Efficiency in Buildings: The development of the spray polyurethane foam market is mainly driven by energy efficiency in buildings. SPF has provided superior insulation to bring down enormously electricity costs due to heating and cooling. Both residential and commercial sectors are now looking for sound energy-use efficient insulation systems as there is a rise in energy prices, alongside the growing environmental concern. This demand has noted in regions that experience extreme weather conditions, where the indoor temperature requires maintenance for optimal comfort.
- Strong Growth in the Construction Industry: The global construction industry is experiencing strong buoyancy fuelled by urbanization, with infrastructure and renovation works coming up. Spray polyurethane foam has found increasing use in new constructions and retrofits due to its lightweight and easy application. The fact that the material can be applied easily to fit irregular-shaped constructs and fill gaps has opened up a wide area for its use, such as insulation of walls, roofs, and attics. This increases construction activity, which forms a significant demand factor for SPF.
- Focus on Health, Safety, and Indoor Air Quality: There is serious awareness building on the health and safety standards to be met by building materials, especially their direct indoor air quality and environmental impacts. Spray polyurethane foam has the accolade of being one of the materials that seal up air-tight spaces and can improve indoor air quality because of reduced infiltration of pollutants and allergens. SPF products are also made to meet stringent regulatory requirements, making themselves much more appealing to builders and consumers by understanding the health and safety issues that might be involved in their projects.
- Eco-Friendly Advancements: New advancements in SPF formulations are recently being translated into improved eco-performance formulations. Manufacturers are ever decreasing the volatile organic compounds or VOCs in their formulas, thus making the SPF much safer for both applicator and consumer. Water-blown foam technology movement is gaining momentum since it impacts the environment less and achieves the same performance standards. This developmental chain enables industries the ensure trends and consumer preferences concerning sustainability.
- Integration with Smart Technologies: As smart technologies come to the construction industry, the spray polyurethane foam markets will be relevant to the economies. Smart building technologies that measure and monitor the energy consumed in indoor environmental conditions propel the trend. Thus, it is possible to integrate the SPF with such intelligent systems, thereby encouraging energy efficiency and optimal performance. One excellent example is the integration of SPF with temperature and humidity sensors, resulting in better building climate control and energy management.
- Strategic Partnerships and Market Growth: The spray polyurethane foam industry is now seeing an increase in strategic partnerships among manufacturers, contractors, and technology providers. Most of these collaborations seek to improve product development, enhance application techniques, and expand market reach for the companies involved. Companies working together can complement each other in innovation and promotion of the benefits of SPF. This trend is causing a more competitive landscape and growth in the market.
- Customization for Specific Applications: Manufacturers can develop specific spray polyurethane foam products for every application required for industries. For example, there can be the case of formulating products for agricultural buildings, cold storage structures, or industrial insulation. This will help to be produced specifically for them. Customization would improve SPF performance and take an edge over the competition in a niche market.
- Expansion in Emerging Markets: Spray polyurethane foam market has potential for further advancement in the developing world, specifically in Asia-Pacific, Latin America, and Africa. With the growing urbanization rate and improvements in these areas in infrastructure, the need for better insulation and roofing products is expected to be higher. Companies would use this by setting up local manufacturing facilities and partnering with domestic distributors to visit such potential markets.
- Applications in Renewable Energy: SPF gives way to many possibilities for future applications in renewable energy, like insulations for solar panels, insulated wind turbine components, or energy-efficient buildings. By marketing SPF advantages in support of renewable energy, manufacturers can access expanding markets measuring consumption for sustainability and energy efficiency.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Spray Polyurethane Foam 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 Polyurethane Foam 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
Innovations in SPF formulations is expected to be the key market trends
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 polyurethane foam market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
BASF SE; Dow Chemical Company; Covestro AG; AkzoNobel NV; DuPont de Nemours Inc are some of the key players operating in the spray polyurethane foam market
Growing demand for energy efficiency is driving the market growth
The Spray Polyurethane Foam 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 Spray Polyurethane Foam Market - By Product
1.3.2 Spray Polyurethane Foam Market - By Construction Type
1.3.3 Spray Polyurethane Foam Market - By Application
1.3.4 Spray Polyurethane Foam Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPRAY POLYURETHANE FOAM 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. SPRAY POLYURETHANE FOAM 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 POLYURETHANE FOAM MARKET - GLOBAL MARKET ANALYSIS
6.1. SPRAY POLYURETHANE FOAM - GLOBAL MARKET OVERVIEW
6.2. SPRAY POLYURETHANE FOAM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPRAY POLYURETHANE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OPEN CELL FOAM
7.3.1. Overview
7.3.2. Open Cell Foam Market Forecast and Analysis
7.4. CLOSED CELL FOAM
7.4.1. Overview
7.4.2. Closed Cell foam Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. SPRAY POLYURETHANE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - CONSTRUCTION TYPE
8.1. OVERVIEW
8.2. CONSTRUCTION TYPE MARKET FORECASTS AND ANALYSIS
8.3. COMMERCIAL
8.3.1. Overview
8.3.2. Commercial Market Forecast and Analysis
8.4. RESIDENTIAL
8.4.1. Overview
8.4.2. Residential Market Forecast and Analysis
9. SPRAY POLYURETHANE FOAM MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL WALLS
9.3.1. Overview
9.3.2. Residential Walls Market Forecast and Analysis
9.4. RESIDENTIAL ROOFING
9.4.1. Overview
9.4.2. Residential Roofing Market Forecast and Analysis
9.5. COMMERCIAL WALLS
9.5.1. Overview
9.5.2. Commercial Walls Market Forecast and Analysis
9.6. COMMERCIAL ROOFING
9.6.1. Overview
9.6.2. Commercial Roofing Market Forecast and Analysis
10. SPRAY POLYURETHANE FOAM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Spray Polyurethane Foam Market Overview
10.1.2 North America Spray Polyurethane Foam Market Forecasts and Analysis
10.1.3 North America Spray Polyurethane Foam Market Forecasts and Analysis - By Product
10.1.4 North America Spray Polyurethane Foam Market Forecasts and Analysis - By Construction Type
10.1.5 North America Spray Polyurethane Foam Market Forecasts and Analysis - By Application
10.1.6 North America Spray Polyurethane Foam Market Forecasts and Analysis - By Countries
10.1.6.1 United States Spray Polyurethane Foam Market
10.1.6.1.1 United States Spray Polyurethane Foam Market by Product
10.1.6.1.2 United States Spray Polyurethane Foam Market by Construction Type
10.1.6.1.3 United States Spray Polyurethane Foam Market by Application
10.1.6.2 Canada Spray Polyurethane Foam Market
10.1.6.2.1 Canada Spray Polyurethane Foam Market by Product
10.1.6.2.2 Canada Spray Polyurethane Foam Market by Construction Type
10.1.6.2.3 Canada Spray Polyurethane Foam Market by Application
10.1.6.3 Mexico Spray Polyurethane Foam Market
10.1.6.3.1 Mexico Spray Polyurethane Foam Market by Product
10.1.6.3.2 Mexico Spray Polyurethane Foam Market by Construction Type
10.1.6.3.3 Mexico Spray Polyurethane Foam Market by Application
10.2. EUROPE
10.2.1 Europe Spray Polyurethane Foam Market Overview
10.2.2 Europe Spray Polyurethane Foam Market Forecasts and Analysis
10.2.3 Europe Spray Polyurethane Foam Market Forecasts and Analysis - By Product
10.2.4 Europe Spray Polyurethane Foam Market Forecasts and Analysis - By Construction Type
10.2.5 Europe Spray Polyurethane Foam Market Forecasts and Analysis - By Application
10.2.6 Europe Spray Polyurethane Foam Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Spray Polyurethane Foam Market
10.2.6.1.1 Germany Spray Polyurethane Foam Market by Product
10.2.6.1.2 Germany Spray Polyurethane Foam Market by Construction Type
10.2.6.1.3 Germany Spray Polyurethane Foam Market by Application
10.2.6.2 France Spray Polyurethane Foam Market
10.2.6.2.1 France Spray Polyurethane Foam Market by Product
10.2.6.2.2 France Spray Polyurethane Foam Market by Construction Type
10.2.6.2.3 France Spray Polyurethane Foam Market by Application
10.2.6.3 Italy Spray Polyurethane Foam Market
10.2.6.3.1 Italy Spray Polyurethane Foam Market by Product
10.2.6.3.2 Italy Spray Polyurethane Foam Market by Construction Type
10.2.6.3.3 Italy Spray Polyurethane Foam Market by Application
10.2.6.4 United Kingdom Spray Polyurethane Foam Market
10.2.6.4.1 United Kingdom Spray Polyurethane Foam Market by Product
10.2.6.4.2 United Kingdom Spray Polyurethane Foam Market by Construction Type
10.2.6.4.3 United Kingdom Spray Polyurethane Foam Market by Application
10.2.6.5 Russia Spray Polyurethane Foam Market
10.2.6.5.1 Russia Spray Polyurethane Foam Market by Product
10.2.6.5.2 Russia Spray Polyurethane Foam Market by Construction Type
10.2.6.5.3 Russia Spray Polyurethane Foam Market by Application
10.2.6.6 Rest of Europe Spray Polyurethane Foam Market
10.2.6.6.1 Rest of Europe Spray Polyurethane Foam Market by Product
10.2.6.6.2 Rest of Europe Spray Polyurethane Foam Market by Construction Type
10.2.6.6.3 Rest of Europe Spray Polyurethane Foam Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Spray Polyurethane Foam Market Overview
10.3.2 Asia-Pacific Spray Polyurethane Foam Market Forecasts and Analysis
10.3.3 Asia-Pacific Spray Polyurethane Foam Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Spray Polyurethane Foam Market Forecasts and Analysis - By Construction Type
10.3.5 Asia-Pacific Spray Polyurethane Foam Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Spray Polyurethane Foam Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Spray Polyurethane Foam Market
10.3.6.1.1 Australia Spray Polyurethane Foam Market by Product
10.3.6.1.2 Australia Spray Polyurethane Foam Market by Construction Type
10.3.6.1.3 Australia Spray Polyurethane Foam Market by Application
10.3.6.2 China Spray Polyurethane Foam Market
10.3.6.2.1 China Spray Polyurethane Foam Market by Product
10.3.6.2.2 China Spray Polyurethane Foam Market by Construction Type
10.3.6.2.3 China Spray Polyurethane Foam Market by Application
10.3.6.3 India Spray Polyurethane Foam Market
10.3.6.3.1 India Spray Polyurethane Foam Market by Product
10.3.6.3.2 India Spray Polyurethane Foam Market by Construction Type
10.3.6.3.3 India Spray Polyurethane Foam Market by Application
10.3.6.4 Japan Spray Polyurethane Foam Market
10.3.6.4.1 Japan Spray Polyurethane Foam Market by Product
10.3.6.4.2 Japan Spray Polyurethane Foam Market by Construction Type
10.3.6.4.3 Japan Spray Polyurethane Foam Market by Application
10.3.6.5 South Korea Spray Polyurethane Foam Market
10.3.6.5.1 South Korea Spray Polyurethane Foam Market by Product
10.3.6.5.2 South Korea Spray Polyurethane Foam Market by Construction Type
10.3.6.5.3 South Korea Spray Polyurethane Foam Market by Application
10.3.6.6 Rest of Asia-Pacific Spray Polyurethane Foam Market
10.3.6.6.1 Rest of Asia-Pacific Spray Polyurethane Foam Market by Product
10.3.6.6.2 Rest of Asia-Pacific Spray Polyurethane Foam Market by Construction Type
10.3.6.6.3 Rest of Asia-Pacific Spray Polyurethane Foam Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Spray Polyurethane Foam Market Overview
10.4.2 Middle East and Africa Spray Polyurethane Foam Market Forecasts and Analysis
10.4.3 Middle East and Africa Spray Polyurethane Foam Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Spray Polyurethane Foam Market Forecasts and Analysis - By Construction Type
10.4.5 Middle East and Africa Spray Polyurethane Foam Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Spray Polyurethane Foam Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Spray Polyurethane Foam Market
10.4.6.1.1 South Africa Spray Polyurethane Foam Market by Product
10.4.6.1.2 South Africa Spray Polyurethane Foam Market by Construction Type
10.4.6.1.3 South Africa Spray Polyurethane Foam Market by Application
10.4.6.2 Saudi Arabia Spray Polyurethane Foam Market
10.4.6.2.1 Saudi Arabia Spray Polyurethane Foam Market by Product
10.4.6.2.2 Saudi Arabia Spray Polyurethane Foam Market by Construction Type
10.4.6.2.3 Saudi Arabia Spray Polyurethane Foam Market by Application
10.4.6.3 U.A.E Spray Polyurethane Foam Market
10.4.6.3.1 U.A.E Spray Polyurethane Foam Market by Product
10.4.6.3.2 U.A.E Spray Polyurethane Foam Market by Construction Type
10.4.6.3.3 U.A.E Spray Polyurethane Foam Market by Application
10.4.6.4 Rest of Middle East and Africa Spray Polyurethane Foam Market
10.4.6.4.1 Rest of Middle East and Africa Spray Polyurethane Foam Market by Product
10.4.6.4.2 Rest of Middle East and Africa Spray Polyurethane Foam Market by Construction Type
10.4.6.4.3 Rest of Middle East and Africa Spray Polyurethane Foam Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Spray Polyurethane Foam Market Overview
10.5.2 South and Central America Spray Polyurethane Foam Market Forecasts and Analysis
10.5.3 South and Central America Spray Polyurethane Foam Market Forecasts and Analysis - By Product
10.5.4 South and Central America Spray Polyurethane Foam Market Forecasts and Analysis - By Construction Type
10.5.5 South and Central America Spray Polyurethane Foam Market Forecasts and Analysis - By Application
10.5.6 South and Central America Spray Polyurethane Foam Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Spray Polyurethane Foam Market
10.5.6.1.1 Brazil Spray Polyurethane Foam Market by Product
10.5.6.1.2 Brazil Spray Polyurethane Foam Market by Construction Type
10.5.6.1.3 Brazil Spray Polyurethane Foam Market by Application
10.5.6.2 Argentina Spray Polyurethane Foam Market
10.5.6.2.1 Argentina Spray Polyurethane Foam Market by Product
10.5.6.2.2 Argentina Spray Polyurethane Foam Market by Construction Type
10.5.6.2.3 Argentina Spray Polyurethane Foam Market by Application
10.5.6.3 Rest of South and Central America Spray Polyurethane Foam Market
10.5.6.3.1 Rest of South and Central America Spray Polyurethane Foam Market by Product
10.5.6.3.2 Rest of South and Central America Spray Polyurethane Foam Market by Construction Type
10.5.6.3.3 Rest of South and Central America Spray Polyurethane Foam Market by Application
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. SPRAY POLYURETHANE FOAM MARKET, KEY COMPANY PROFILES
12.1. BASF SE
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. CERTAINTEED
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. COVESTRO AG
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. CUFCA
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. DUPONT DE NEMOURS, INC.
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. HUNTSMAN INTERNATIONAL LLC
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. LAPOLLA INDUSTRIES 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. NCFI POLYURETHANES INC.
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. RHINO LININGS 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. SPECIALTY PRODUCTS INC
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. BASF SE
2. CertainTeed
3. Covestro AG
4. CUFCA
5. DuPont de Nemours, Inc.
6. Huntsman International LLC
7. Lapolla Industries Inc.
8. NCFI Polyurethanes Inc.
9. Rhino Linings Corporation
10. Specialty Products Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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