Thermoplastic Polyurethane Market
Thermoplastic Polyurethane Market Forecasts to 2030 - Global Analysis By Raw Material (Polycaprolactone, Polyether, Polyester, Diols, Polyols, Diisocyanate and Other Raw Materials), Application (Adhesives, Injection Molded Products, Extruded Products, Synthetic Leather and Other Applications), End User and By Geography
According to Stratistics MRC, the Global Thermoplastic Polyurethane Market is accounted for $3.5 billion in 2023 and is expected to reach $6.4 billion by 2030 growing at a CAGR of 9.1% during the forecast period. Thermoplastic polyurethane (TPU) is formed by processing thermoplastic elastomer using methods, such as injection, compression, and extrusion molding. It is suitable for soft engineering thermoplastic and hard rubber products. Due to its qualities including transparency, flexibility, and resistance to abrasion, oil, and grease, thermoplastic polyurethane is widely utilized in the automotive, aerospace, and medical industries. In addition, thermoplastic polyurethane is completely recyclable, biodegradable, and environmentally friendly, which makes it an effective substitute for PVC and other polymers.
According to the China Association of Automobile Manufacturers (CAAM), China includes the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced last year.
Market Dynamics:
Driver:
Rising Demand for Lightweight and Fuel-Efficient Materials
With industries such as automotive, aerospace, and consumer goods emphasizing the need for efficiency and sustainability, TPU offers a compelling solution. Its unique properties, including high strength-to-weight ratio, flexibility, and durability, make it an ideal choice for applications where weight reduction and fuel efficiency are paramount. In automotive manufacturing, for instance, TPU is utilized in components such as airbag covers, instrument panels, and interior trims, contributing to overall vehicle weight reduction and improved fuel economy.
Restraint:
Fluctuating raw material prices
TPU, a versatile polymer, relies on various raw materials such as diisocyanates and polyols, whose prices are subject to volatility influenced by factors like global demand-supply dynamics, geopolitical tensions, and fluctuations in crude oil prices. These uncertainties can disrupt production processes and hinder manufacturers' ability to forecast costs accurately, leading to challenges in maintaining competitive pricing and profit margins. However, sudden spikes in raw material prices may necessitate adjustments in product pricing or compromise on quality to mitigate the impact, potentially affecting market competitiveness and customer satisfaction.
Opportunity:
Technological advancements
As technology evolves, manufacturers are able to develop new formulations of TPU with enhanced properties such as improved durability, flexibility, and resistance to chemicals and abrasion. Advancements in processing techniques enable more efficient production methods, leading to cost reductions and increased competitiveness in the market. Furthermore, emerging technologies like additive manufacturing (3D printing) are opening up new avenues for TPU utilization in industries such as automotive, healthcare, and electronics, where customized and complex geometries can be easily achieved.
Threat:
Environmental concerns
TPU production involves the use of various chemicals, some of which can be hazardous to the environment if not properly managed. The disposal of TPU products at the end of their lifecycle poses challenges, as they often do not decompose readily and can contribute to plastic pollution. Furthermore, the energy-intensive nature of TPU manufacturing processes adds to its environmental footprint, especially if sourced from non-renewable energy sources. These elements are hampering the market growth.
Covid-19 Impact:
Initially, disruptions in the global supply chain led to shortages of raw materials and logistical challenges, affecting production and distribution networks. Demand fluctuations ensued as key end-user industries such as automotive, construction, and consumer goods experienced slowdowns or shutdowns due to lockdown measures and economic uncertainties. Disruptions in logistics and shipping further hindered the timely delivery of TPU products to customers worldwide. However, fluctuations in demand patterns further exacerbated the situation, making it challenging for suppliers to predict market needs accurately
The polycaprolactone segment is expected to be the largest during the forecast period
Polycaprolactone segment is expected to hold the largest share during the forecast period, due to high flexibility, excellent abrasion resistance, and compatibility with various additives, making it an ideal candidate for enhancing the performance of TPUs. In applications ranging from automotive parts to medical devices and consumer goods, the incorporation of PCL segments provides improved durability, elasticity, and sustainability. Moreover, the growing emphasis on eco-friendly materials has propelled the adoption of PCL-based TPUs, as they offer biodegradability without compromising on performance.
The synthetic leather segment is expected to have the highest CAGR during the forecast period
Synthetic Leather segment is expected to have the highest CAGR during the forecast period, due to its versatility, durability, and eco-friendly characteristics. The growing consumer preference for sustainable alternatives to genuine leather has further propelled the adoption of TPU in this segment. Additionally, advancements in TPU technology have led to the development of innovative formulations that enhance the performance and aesthetics of synthetic leather products, catering to diverse applications ranging from footwear and automotive interiors to upholstery and accessories.
Region with largest share:
North America region commanded the largest share of the market over the projection period. With a growing emphasis on sustainability and environmental concerns, regulations have been increasingly stringent, favoring materials like TPU which offer eco-friendly alternatives to traditional plastics. TPU's versatility, durability, and recyclability make it a preferred choice for various applications across industries such as automotive, footwear, electronics, and medical devices in the region. Additionally, initiatives promoting domestic manufacturing and reducing dependence on imports further boost the demand for TPU, driving regional growth.
Region with highest CAGR:
Asia Pacific region is projected to witness profitable growth throughout the extrapolated period because of its abrasion resistance, slip resistance, and attractive qualities. Because of their elasticity and flexibility, thermoplastic polyurethane filaments in this region allow for the production of 3D-printed items that are both flexible and long-lasting. For instance, thermoplastic polyurethane is a material to consider when making products like gaskets, phone cases, shoe bottoms, and wearables that fit precisely.
Key players in the market
Some of the key players in Thermoplastic Polyurethane market include American Polyfilm Inc, Avient Corporation, BASF SE, Covestro AG, Dongsung Corporation, Epaflex Polyurethanes SpA, Hexpol AB, Huafeng Group, Huntsman Corporation, Kuraray Co., Ltd, Lubrizol Corporation, Miracll Chemicals Co. Ltd, Sumei Chemical Co. Ltd, The Lubrizol Corporation and Tosoh Corporation.
Key Developments:
In February 2023, Covestro AG announced the construction of the largest TPU facility. This expansion is to happen in three phases. The first phase will be completed in late 2025, the final phase will be completed in 2033, and this new site will be built in Zhuhai, South China, with an annual capacity of 120 thousand tons of TPU per year after the final phase of expansion.
In January 2023, Wanhua Chemical Group Co. Ltd. announced the development of polyether-based medical-grade TPU and radiopaque-grade TPU to provide solutions for medical applications such as extrusion tubes, injection MOLDING accessories, and cast films.
In December 2022, The Lubrizol Corporation unveiled its new thermoplastic polyurethane (TPU) production line at its Songjiang manufacturing site in Shanghai, China. This action is another milestone of Lubrizol Engineered Polymers' investment in Asia Pacific, expanding the company's TPU production capacity and strengthening regional business support.
In August 2022, The Lubrizol Corporation announced a new TPU line at the Shanghai Songjiang Site. The new production line will enhance the TPU production capacity of the company and help strengthen its business in Asia-Pacific.
In April 2022, Covestro AG announced the expansion of its production capacities for thermoplastic polyurethane (TPU) Films in the Platilon range, as well as the associated infrastructure and logistics.
Raw Materials Covered:
• Polycaprolactone
• Polyether
• Polyester
• Diols
• Polyols
• Diisocyanate
• Other Raw Materials
Applications Covered:
• Adhesives
• Injection Molded Products
• Extruded Products
• Synthetic Leather
• Other Applications
End Users Covered:
• Wire & Cable
• Hose & Tubing
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Thermoplastic Polyurethane Market, By Raw Material
5.1 Introduction
5.2 Polycaprolactone
5.3 Polyether
5.4 Polyester
5.5 Diols
5.6 Polyols
5.7 Diisocyanate
5.8 Other Raw Materials
6 Global Thermoplastic Polyurethane Market, By Application
6.1 Introduction
6.2 Adhesives
6.3 Injection Molded Products
6.4 Extruded Products
6.5 Synthetic Leather
6.6 Other Applications
7 Global Thermoplastic Polyurethane Market, By End User
7.1 Introduction
7.2 Wire & Cable
7.3 Hose & Tubing
7.4 Other End Users
8 Global Thermoplastic Polyurethane Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 American Polyfilm Inc
10.2 Avient Corporation
10.3 BASF SE
10.4 Covestro AG
10.5 Dongsung Corporation
10.6 Epaflex Polyurethanes SpA
10.7 Hexpol AB
10.8 Huafeng Group
10.9 Huntsman Corporation
10.10 Kuraray Co., Ltd
10.11 Lubrizol Corporation
10.12 Miracll Chemicals Co. Ltd
10.13 Sumei Chemical Co. Ltd
10.14 The Lubrizol Corporation
10.15 Tosoh Corporation
List of Tables
1 Global Thermoplastic Polyurethane Market Outlook, By Region (2021-2030) ($MN)
2 Global Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
3 Global Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
4 Global Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
5 Global Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
6 Global Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
7 Global Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
8 Global Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
9 Global Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
10 Global Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
11 Global Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
12 Global Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
13 Global Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
14 Global Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
15 Global Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
16 Global Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
17 Global Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
18 Global Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
19 Global Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
20 North America Thermoplastic Polyurethane Market Outlook, By Country (2021-2030) ($MN)
21 North America Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
22 North America Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
23 North America Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
24 North America Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
25 North America Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
26 North America Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
27 North America Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
28 North America Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
29 North America Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
30 North America Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
31 North America Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
32 North America Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
33 North America Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
34 North America Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
35 North America Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
36 North America Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
37 North America Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
38 North America Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
39 Europe Thermoplastic Polyurethane Market Outlook, By Country (2021-2030) ($MN)
40 Europe Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
41 Europe Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
42 Europe Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
43 Europe Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
44 Europe Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
45 Europe Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
46 Europe Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
47 Europe Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
48 Europe Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
49 Europe Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
50 Europe Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
51 Europe Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
52 Europe Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
53 Europe Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
54 Europe Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
55 Europe Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
56 Europe Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
57 Europe Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
58 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Country (2021-2030) ($MN)
59 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
60 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
61 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
62 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
63 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
64 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
65 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
66 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
67 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
68 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
69 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
70 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
71 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
72 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
73 Asia Pacific Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
74 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
75 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
76 Asia Pacific Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
77 South America Thermoplastic Polyurethane Market Outlook, By Country (2021-2030) ($MN)
78 South America Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
79 South America Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
80 South America Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
81 South America Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
82 South America Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
83 South America Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
84 South America Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
85 South America Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
86 South America Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
87 South America Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
88 South America Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
89 South America Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
90 South America Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
91 South America Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
92 South America Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
93 South America Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
94 South America Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
95 South America Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
96 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Country (2021-2030) ($MN)
97 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Raw Material (2021-2030) ($MN)
98 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Polycaprolactone (2021-2030) ($MN)
99 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Polyether (2021-2030) ($MN)
100 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Polyester (2021-2030) ($MN)
101 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Diols (2021-2030) ($MN)
102 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Polyols (2021-2030) ($MN)
103 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Diisocyanate (2021-2030) ($MN)
104 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Other Raw Materials (2021-2030) ($MN)
105 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Application (2021-2030) ($MN)
106 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Adhesives (2021-2030) ($MN)
107 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Injection Molded Products (2021-2030) ($MN)
108 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Extruded Products (2021-2030) ($MN)
109 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Synthetic Leather (2021-2030) ($MN)
110 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Other Applications (2021-2030) ($MN)
111 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By End User (2021-2030) ($MN)
112 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Wire & Cable (2021-2030) ($MN)
113 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Hose & Tubing (2021-2030) ($MN)
114 Middle East & Africa Thermoplastic Polyurethane Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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