The research starts with the extensive procurement process of data/information and statistics from company annual reports, government websites, statistics agencies, and paid databases. This information creates a base for the study. The information also helps to define the scope and to narrow down the area for study for the market. This raw information is processed and analyzed to extract crisp data points which currently affect or are likely to affect the industry during the forecast period. After analyzing the information, a proprietary statistical tool is used for market estimation and forecast, which generates the quantitative figures/sizes of the market/sub-segments in the current scenario as well as for the forecast period.
After estimating the market sizes and estimates, the numbers are verified with industry participants and key opinion leaders. The wide network of industry participants add value to the research and verify the numbers and estimates provided in the study. At the last stage of the research process, a final report is prepared, which is then published on different websites as well as distributed through various channels. The below figure contains the different stages of the research process to produce the report.
DATA MINING
Data mining is an extensive part of our research process. It involves the procurement of market data and related information from different verified and credible sources. This step helps to obtain raw information about the components of the industry and their deployment, the monetary process for different Types, the pool of market participants, and the nature of the industry and scope of the study. The data mining stage comprises both primary and secondary sources of information.
SECONDARY RESEARCH
In the secondary research process, various sources are used to identify and gather industry trends and information for the research process. We at Wantstats have access to some of the most diversified and extensive paid databases, which give us the most accurate data/information on markets sizes, components, and pricing. Mentioned below is a detailed list of sources that have been used for this study. Please note that this list is not limited to the names as mentioned; we also access other data sources depending on the need.
Market Sizing & Revenue
Qualitative Information & Trends
Company Websites
· White Papers
· Magazines
· Company Websites
· Annual Reports
· Press Releases
· Investor Presentations
· Paid Databases
· Authenticated Directories
· Independent Studies
· Internal Audit Reports & Archives
· Government and Regulatory Published Material
Annual Reports
Investor Presentations
Authenticated Directories
Hoover’s, Factiva, Bloomberg
PRIMARY RESEARCH
In the primary research process, in-depth primary interviews are conducted with the CXOs to understand the market share, customer base, pricing strategies, channel partners, and other necessary information. Besides, in-depth primary interviews are conducted with the CXOs of vendors, channel partners, and others to validate the supply-side information. In addition, various key industry participants from both the supply and demand side are interviewed to obtain qualitative and quantitative information on the market. In-depth interviews with key primary respondents, including industry professionals, subject matter experts (SMEs), industry consultants, and C-level executives of major companies, are conducted to obtain critical qualitative and quantitative information pertaining to the market, as well as to assess the prospects for market growth during the forecast period. Detailed information on these primary respondents is mentioned below.
Primary Substrate
Product Development Side Subject Matter Experts, Top Management, and CXOs
Technical Persons of Organizations Operating in the Market
Marketing and Business Development Managers, VPs, and Marketing Directors
Various Partner Consultants from the Demand and Supply Sides
PRIMARY INTERVIEWS AND INFORMATION GATHERING TECHNOLOGY
Respondents
Data Points Received
Global Amino Resin Manufacturers and Distributors
· Market Size
· Top of the Mind Key Market Players
· Direct Competitors
· Company Market Shares
· Growth Rate (%)
· Market Trends and Prominent Market Drivers
· Major Products
· Product/Service Cost
· Commercial Availability
· Regional Scenario (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
· Other Regulatory Norms
· Upcoming Technologies
Application
· Adoption of New Technology
· Acceptance Ratio
· Product Costs
· Commonly Used Products/Platform/Software
· Preferred Deployment Methods
BREAKDOWN OF PRIMARY RESPONDENTS
FORECASTING TECHNIQUES
We at Wantstats follow an extensive Technology for arriving at market estimations, which involves the use of multiple forecasting techniques as mentioned below.
Forecasting Techniques
Description
Qualitative and Quantitative Analysis
A combination of qualitative approach, i.e., primary interviews with industry experts to understand the interviewees’ opinions and judgments, more commonly known as the Delphi method, and quantitative analysis to forecast future data based on historical and current data.
Weighted Average Approach
Via this approach, future data is calculated based on the mean of the past data under the assumption that some factors affecting the market in the past will continue to have a similar impact in the future.
Drift Method
This approach is used to vary the forecast, that is increase or decrease market factor over time depending on various parameters affecting the change in the trends of the market.
Time Series Methods
Integration of several time series methods such as moving average, moving weighted average, linear prediction, and trend estimation are applied while determining the year-on-year growth rate and the compound annual growth rate of the market being studied.
Causal/Econometric Forecasting Methods
Various economic factors such as inflation rate, fiscal policies, changes in government regulations, taxes, labor costs, and interest rates are taken into consideration while determining the current market size and predicting the future market growth rate.
Judgmental Methods
This involves collection of intuitive judgment, opinions, and probability estimates from industry experts in the case of new or upcoming markets/technologies for which no prior data is available.
Regression Analysis
This Type of statistical modelling is carried out for predicting and forecasting dependent and independent variables that will directly or indirectly impact the market.
Probabilistic Forecasting
This forecasting method is carried out to assign a probability to every possible outcome ranging from the least optimistic to highly optimistic, which helps in gauging the market under stable conditions.
PESTLE Analysis
Political, economic, social, technological, legal, and environmental factors are taken into consideration while deriving the fluctuations in the growth rate of the market.
Porter’s Five Forces Analysis
By understanding the supplier-side and demand-side factors, the current market scenario can be estimated, and future market scenario predicted, which aid in deriving the growth rate of the market.
RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION
Understanding the market in terms of valuation is a crucial task. This becomes significantly important while investing in and choosing the correct business opportunities. In this regard, we at Wantstats undertake two market sizing approaches simultaneously, namely, the top-down and bottom-up approaches. In this step, we assess different data points, numeric attributes, information, and industry trends to arrive at the estimates and forecast values for the coming years. We use different mathematical models to estimate the market sizes of different economies and segments, each of which is further summed up to define the total market.
We at Wantstats employ a proprietary statistical tool for market estimations, which helps us to arrive at market size estimates and forecasts for different markets and industries.
In the bottom-up approach, the revenue of key companies and their shares in the market are assessed to deduce the market size. More than 25 key players operating in the global amino resin market are studied. The segmental revenue of each player is analyzed and the size for the global amino resin market is extracted from the segmental/product revenue with the help of secondary and primary research. The extracted size for the market is then validated with industry experts and partner consultants. This derived market size contributes to around 65%–70% of the total global market share in terms of revenue for the global amino resin market. Using the data triangulation method, the overall regional market size is estimated.
TOP-DOWN APPROACH
The overall market size is then used in the top-down procedure to estimate the size of the other sub-markets with the help of percentage splits of the market segments from secondary and primary research. The demand-side analysis is conducted, in which the expenditure of major industry players in each region is studied.
The countries considered in the scope of the global amino resin market are the US, Canada, Mexico, the UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, the Philippines, South Korea, Singapore, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others. The figure below depicts the market estimation using independent tools employed by our analysts to arrive at the sizing of the market.
Wantstats Analysis Overview
As a part of the market engineering, the both top-down and bottom-up approaches are utilized along with data triangulation models to derive and verify the market sizes and forecast over the coming years. Pricing, Trade and Market Breakdown Approach
· Market Pricing Approach
Market pricing analysis and forecast is conducted by subject matter experts by analyzing the supply-demand scenario of the market. In addition to that, the pricing is established through benchmarking suitable alternative products and regional markets. Thereafter, the figures are confirmed by conducting primary interviews with industry experts from companies across the value chain. Value addition at each step of the supply chain is collected by finding profit margin of various stakeholders in the supply chain. Primary respondents include prominent and niche participants in the market such as, raw material suppliers, manufacturers, traders, distributers, and Application across the globe.
· Net Trade Analysis Approach
Market trade analysis is formulated by mining import and exports by region. Authentic secondary by country are used, which provides import and export database for HS commodities for countries across the globe along with some paid database are used. Moreover, the import-export by region is calculated by balancing country wise production, demand, and consumption. In order to validate the overall trade detailed interviews with industry experts using a designed detailed questionnaire/discussion guide are carried out. The industry experts include the manufacturer, supplier/ distributor, exporter, importer, custom service agents at ports.
· Market Share Analysis Methodology
Market share analysis comprises the breakdown of production capacities, annual production, utilization rates, and segmental revenue of the prominent players in the market. The analysis is conducted by analysts by carrying in-depth analysis of the key financials which include revenue analysis, COGS (Cost of Goods Sold), and analysis of price offered of prominent companies active in various regions. The market share analysis is established by conducting primary interviews across the value chain with supply side industry experts as well as demand side Application, in order to advance data accuracy for market share and brand analysis.
1.2 Data Validation
Validation is the most important stage of the report making process. Validation via an intricately designed feedback process helps us to finalize the sizing estimates and forecast for the final collation. Extensive primary research is performed to verify the information. This includes telephonic & personal interviews, mails, feedback, questionnaires and polling options/answers with the group of relevant people. Validation helps to duly check the authenticity of the key industry trends, market dynamics, company market share, different business models & their conclusions.
1.3 Assumptions & Limitations
All the forecasts are done with the revenue and volume calculated under the standard assumption that the globally accepted currency - the US Dollar’s value remains constant over the next five years.
Exchange rates and currency
For conversion of various currencies to USD, average historical exchange rates were used according to the year specified. For all historical and current exchange rates required for calculations & currency conversions - OANDA - website was used in this research study.
Conversion
Niche market segments
For niche market segments where accurate data of the respective timeline was not available, the data was calculated using trend line analysis. In some instances, where mathematical and statistical models could not be applied to arrive at the number, generalization of specific related trends to that market was done
Qualitative analysis
The qualitative analysis done from the quantitative data arrived at is solely based on the understanding of the market and its trends by the team of experts involved in making this report.
Average Selling Prices (ASP)
The ASPs, wherever applied, are calculated using all kinds of suitable statistical and mathematical methods and considering external qualitative factors affecting the prices. All the calculations interconnected between the tables are done considering the finalized ASPs.
