The Thermic Fluids Market is expected to register a CAGR of 3% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The thermic fluids market report is segmented by product (silicone and aromatic based thermic fluids, mineral oils based thermic fluids, glycol based thermic fluids, and others). The market is segmented based on end use (oil and gas, chemicals, food and beverages, pharmaceuticals, heating ventilation and air conditioning, and others). 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, segments, regions, and countries. The report covers market trends, as well as market dynamics such as drivers, restraints, and key opportunities. The report also covers industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the market.
Purpose of the ReportThe report Thermic Fluids 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.
Thermic Fluids Market Segmentation
Product- Silicone and Aromatic Based Thermic Fluids
- Mineral Oils Based Thermic Fluids
- Glycol Based Thermic Fluids
- Oil and Gas
- Chemicals
- Food and Beverages
- Pharmaceuticals
- Heating Ventilation and Air Conditioning
Strategic Insights
Thermic Fluids Market Growth Drivers- Escalating Demand for Effective Heat Transfer Fluids: Amongst the many factors contributing to the growth of the thermic fluids market, the escalating requirement for effective heat transfer across industries is perhaps the most significant. Thermic fluids, referred to as heat transfer fluids, help maintain desired temperatures in systems that involve industrial heating and cooling as well as refrigeration. In turn, the expansion of the chemical, automotive, oil and gas and food processing industries, among others, is increasing the need for high-quality heat transfer fluids that effectively manage heat even at extreme operational temperatures. The provision of thermal control in enclosed spaces is the other reason why thermic fluids are highly regarded as it minimizes the wastage of the heat energy, resulting to improved efficiency and reliability in their work.
- Renewable Energy Sector Boosts Demand: Another notable factor that encourages the sales of thermic fluids is the rise of the renewable energy market. In this situation, for instance, solar energy thermal electricity plants employ high-temperature thermal fluids to gather and store sunlight for conversion into electrical power. Likewise, high-temperature thermal fluids are also employed in CSP systems and geothermal energy systems. With the speed of the transition to a green economy increasing nearly worldwide, it is expected that the ratios of usage of thermic fluids in renewable energy systems that operate at high temperatures and are also energy efficient will increase dramatically.
- Industrial Automation and Process Complexity Increase Demand: The modern rise of industrial automation in addition to the rising intricacy of the industrial processes, is leading to an increase in the requirement for thermic fluids. Contemporary industries like chemical processing, plastic production, and metalworking fit various devices and processes within these industries that require heating, cooling and even heat treatment to a certain degree. Thermic fluids also provide a uniform temperature for processes in which process efficiency is paramount. The emergence of productivity and automation in industries will continue to call for an increase in the use of thermic fluids for the functioning of such advanced systems.
- Sustainability Concerns Drive the Development of Environmentally Safe Thermic Fluids: One noticeable trend in the thermic fluids market is the growing concern about sustainability and accountability. Most of the classic thermic fluids have some toxic ingredients that have harmful short and long-term effects on mother nature. As environmental policies tighten, there is a clear move to come up with safe solutions for the environment that do not pose any threats to it. This has led to manufacturer’s concentrating on the use of non-biodegradable, less risky fluids. In this regard, also, it is expected that new innovations will be created whereby companies will also have to enhance the sustainability and recovery of thermic fluids.
- Emerging Technology Shapes the Future of High-Performance Thermic Fluids: The emerging technology is largely impacting how the future thermic fluids market will look like. High-performance thermic fluids for generation new generation of thermic fluids are under development with a special focus on high thermal stability, low viscosity and high heat retention. Such advanced fluids are made to work at much higher ranges which industries such as automotive and aerospace. Effective and high-performance heat transfer fluids also synthetic thermic fluids will have higher values of oxidation resistance and will last for a long time thus making them more suitable in advanced manufacturing operations. Also, fluids that can alter their properties due to changes in outside factors are now a new area of focus.
- Rising Demand for Electric and Hybrid Vehicles Boosts Thermic Fluids Market: The growing uptake in electric and hybrid vehicles is a fresh opportunity for the growth of the thermic fluids market. Such vehicles require highly advanced thermal management systems to enhance the performance of the battery, powertrain and motor. In electric vehicles (EVs) these thermic fluids are critical in ensuring that the battery operation temperatures are maintained within a certain range to avoid overheating and optimize performance. As the automotive industry embraces green energy more, the use of thermic fluids in the electric vehicle industry is likely to grow higher in demand close as EVs will increasingly be available in the market.
- Chemical and Petrochemical Industries Drive Demand: The chemical and petrochemical industries are two of the leading end-user industries with regards operatic fluids. For various applications, which include distillation, refining and polymerization, such industries call for an accurate control of temperature. Growing demands of chemical and petrochemical products in the world, particularly in the developing economy markets, present a huge thermic fluid supplier opportunity for more effective heat transfer. The growth of refineries, chemical plants, and production sites in these parts of the world gives a great opportunity for the growth of the market.
- Renewable Energy Growth Fuels Demand: Renewable energy items, including thermic liquids are increasingly used in the innovation of active solar energy surfaces and in geothermal heat energy. Solar thermal power systems are dependent on heat transfer fluids to store and convert solar energy into electric energy, while in geothermal heat energy systems, thermic fluids are employed to extract heat from the Earth. In the wake of global energy crisis, in which all forms of renewable energy are appreciably driven, it is envisaged that in this category of the market, the special thermic fluids designed to operate in these extreme applications will be sought for by the manufacturers.
- Thermic Fluids in the Food and Beverage Industry: In the food and beverage industry, there is always room for the application of thermic fluids for operations like cooking, pasteurization, and even freezing. Such operations involve a lot of temperature control, which is simplified with thermic fluids. Considering the global increase in population that seeks particularly fast food products in the developing regions, the market for thermic fluids will always be driven by the need for heat transfer solutions that maintain the safety and quality of the products. This has provided a chance for the producers to innovate and sell thermic fluids that can be used in the food and beverage industry.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Thermic Fluids 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 Thermic Fluids Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Shift toward environmentally friendly and sustainable fluids is expected to be the key market trends.
Based on end use, the oil and gas segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the thermic fluids market due to the strong growth of the oil, gas and chemicals industries in the region.
Growing demand for efficient heat transfer systems is driving the market growth.
Dow, Exxon Mobil Corporation, Eastman Chemical Company, Shell, BASF SE, Dynalene Inc, PARATHERM, MULTITHERM LLC, BP p.l.c., and Schultz are the key players operating in the thermic fluids market.
The Thermic Fluids Market is estimated to witness a CAGR of 3% 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 Thermic Fluids Market - By Products
1.3.2 Thermic Fluids Market - By Application
1.3.3 Thermic Fluids Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. THERMIC FLUIDS 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. THERMIC FLUIDS 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. THERMIC FLUIDS MARKET - GLOBAL MARKET ANALYSIS
6.1. THERMIC FLUIDS - GLOBAL MARKET OVERVIEW
6.2. THERMIC FLUIDS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. THERMIC FLUIDS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCTS
7.1. OVERVIEW
7.2. PRODUCTS MARKET FORECASTS AND ANALYSIS
7.3. SILICONE AND AROMATIC BASED FLUIDS
7.3.1. Overview
7.3.2. Silicone and Aromatic Based Fluids Market Forecast and Analysis
7.4. MINERAL OILS-BASED FLUIDS
7.4.1. Overview
7.4.2. Mineral Oils-Based Fluids Market Forecast and Analysis
7.5. GLYCOL BASED FLUIDS
7.5.1. Overview
7.5.2. Glycol Based Fluids Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. THERMIC FLUIDS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. OIL AND GAS
8.3.1. Overview
8.3.2. Oil and Gas Market Forecast and Analysis
8.4. CHEMICAL INDUSTRY
8.4.1. Overview
8.4.2. Chemical Industry Market Forecast and Analysis
8.5. CONCENTRATED SOLAR POWER
8.5.1. Overview
8.5.2. Concentrated Solar Power Market Forecast and Analysis
8.6. FOOD AND BEVERAGE
8.6.1. Overview
8.6.2. Food and Beverage Market Forecast and Analysis
8.7. PLASTIC
8.7.1. Overview
8.7.2. Plastic Market Forecast and Analysis
8.8. PHARMACEUTICALS
8.8.1. Overview
8.8.2. Pharmaceuticals Market Forecast and Analysis
8.9. HEATING, VENTING, AND AIR CONDITIONING (HVAC)
8.9.1. Overview
8.9.2. Heating, Venting, and Air Conditioning (HVAC) Market Forecast and Analysis
8.10. OTHERS
8.10.1. Overview
8.10.2. Others Market Forecast and Analysis
9. THERMIC FLUIDS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Thermic Fluids Market Overview
9.1.2 North America Thermic Fluids Market Forecasts and Analysis
9.1.3 North America Thermic Fluids Market Forecasts and Analysis - By Products
9.1.4 North America Thermic Fluids Market Forecasts and Analysis - By Application
9.1.5 North America Thermic Fluids Market Forecasts and Analysis - By Countries
9.1.5.1 United States Thermic Fluids Market
9.1.5.1.1 United States Thermic Fluids Market by Products
9.1.5.1.2 United States Thermic Fluids Market by Application
9.1.5.2 Canada Thermic Fluids Market
9.1.5.2.1 Canada Thermic Fluids Market by Products
9.1.5.2.2 Canada Thermic Fluids Market by Application
9.1.5.3 Mexico Thermic Fluids Market
9.1.5.3.1 Mexico Thermic Fluids Market by Products
9.1.5.3.2 Mexico Thermic Fluids Market by Application
9.2. EUROPE
9.2.1 Europe Thermic Fluids Market Overview
9.2.2 Europe Thermic Fluids Market Forecasts and Analysis
9.2.3 Europe Thermic Fluids Market Forecasts and Analysis - By Products
9.2.4 Europe Thermic Fluids Market Forecasts and Analysis - By Application
9.2.5 Europe Thermic Fluids Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Thermic Fluids Market
9.2.5.1.1 Germany Thermic Fluids Market by Products
9.2.5.1.2 Germany Thermic Fluids Market by Application
9.2.5.2 France Thermic Fluids Market
9.2.5.2.1 France Thermic Fluids Market by Products
9.2.5.2.2 France Thermic Fluids Market by Application
9.2.5.3 Italy Thermic Fluids Market
9.2.5.3.1 Italy Thermic Fluids Market by Products
9.2.5.3.2 Italy Thermic Fluids Market by Application
9.2.5.4 United Kingdom Thermic Fluids Market
9.2.5.4.1 United Kingdom Thermic Fluids Market by Products
9.2.5.4.2 United Kingdom Thermic Fluids Market by Application
9.2.5.5 Russia Thermic Fluids Market
9.2.5.5.1 Russia Thermic Fluids Market by Products
9.2.5.5.2 Russia Thermic Fluids Market by Application
9.2.5.6 Rest of Europe Thermic Fluids Market
9.2.5.6.1 Rest of Europe Thermic Fluids Market by Products
9.2.5.6.2 Rest of Europe Thermic Fluids Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Thermic Fluids Market Overview
9.3.2 Asia-Pacific Thermic Fluids Market Forecasts and Analysis
9.3.3 Asia-Pacific Thermic Fluids Market Forecasts and Analysis - By Products
9.3.4 Asia-Pacific Thermic Fluids Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Thermic Fluids Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Thermic Fluids Market
9.3.5.1.1 Australia Thermic Fluids Market by Products
9.3.5.1.2 Australia Thermic Fluids Market by Application
9.3.5.2 China Thermic Fluids Market
9.3.5.2.1 China Thermic Fluids Market by Products
9.3.5.2.2 China Thermic Fluids Market by Application
9.3.5.3 India Thermic Fluids Market
9.3.5.3.1 India Thermic Fluids Market by Products
9.3.5.3.2 India Thermic Fluids Market by Application
9.3.5.4 Japan Thermic Fluids Market
9.3.5.4.1 Japan Thermic Fluids Market by Products
9.3.5.4.2 Japan Thermic Fluids Market by Application
9.3.5.5 South Korea Thermic Fluids Market
9.3.5.5.1 South Korea Thermic Fluids Market by Products
9.3.5.5.2 South Korea Thermic Fluids Market by Application
9.3.5.6 Rest of Asia-Pacific Thermic Fluids Market
9.3.5.6.1 Rest of Asia-Pacific Thermic Fluids Market by Products
9.3.5.6.2 Rest of Asia-Pacific Thermic Fluids Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Thermic Fluids Market Overview
9.4.2 Middle East and Africa Thermic Fluids Market Forecasts and Analysis
9.4.3 Middle East and Africa Thermic Fluids Market Forecasts and Analysis - By Products
9.4.4 Middle East and Africa Thermic Fluids Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Thermic Fluids Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Thermic Fluids Market
9.4.5.1.1 South Africa Thermic Fluids Market by Products
9.4.5.1.2 South Africa Thermic Fluids Market by Application
9.4.5.2 Saudi Arabia Thermic Fluids Market
9.4.5.2.1 Saudi Arabia Thermic Fluids Market by Products
9.4.5.2.2 Saudi Arabia Thermic Fluids Market by Application
9.4.5.3 U.A.E Thermic Fluids Market
9.4.5.3.1 U.A.E Thermic Fluids Market by Products
9.4.5.3.2 U.A.E Thermic Fluids Market by Application
9.4.5.4 Rest of Middle East and Africa Thermic Fluids Market
9.4.5.4.1 Rest of Middle East and Africa Thermic Fluids Market by Products
9.4.5.4.2 Rest of Middle East and Africa Thermic Fluids Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Thermic Fluids Market Overview
9.5.2 South and Central America Thermic Fluids Market Forecasts and Analysis
9.5.3 South and Central America Thermic Fluids Market Forecasts and Analysis - By Products
9.5.4 South and Central America Thermic Fluids Market Forecasts and Analysis - By Application
9.5.5 South and Central America Thermic Fluids Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Thermic Fluids Market
9.5.5.1.1 Brazil Thermic Fluids Market by Products
9.5.5.1.2 Brazil Thermic Fluids Market by Application
9.5.5.2 Argentina Thermic Fluids Market
9.5.5.2.1 Argentina Thermic Fluids Market by Products
9.5.5.2.2 Argentina Thermic Fluids Market by Application
9.5.5.3 Rest of South and Central America Thermic Fluids Market
9.5.5.3.1 Rest of South and Central America Thermic Fluids Market by Products
9.5.5.3.2 Rest of South and Central America Thermic Fluids Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. THERMIC FLUIDS MARKET, KEY COMPANY PROFILES
11.1. BRITISH PETROLEUM (BP)
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DOW CHEMICAL COMPANY
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DYNALENE INC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. EXXON MOBIL
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HINDUSTAN PETROLEUM
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MULTITHERM LLC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PARATHERM CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ROYAL DUTCH SHELL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SOLUTIA INC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THERMIC FLUIDS INC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. British Petroleum (BP)
2. Dow Chemical Company
3. Dynalene Inc
4. Exxon Mobil
5. Hindustan Petroleum
6. Multitherm LLC
7. Paratherm Corporation
8. Royal Dutch Shell
9. Solutia Inc
10. Thermic Fluids 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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