Paraxylene (PX) Market

Paraxylene (PX) Market Size by Application (Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT)), End-User (Polyester fiber, Packaging) Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12600
  • Published Date: Oct, 2021
  • Pages: 234
  • Category: Chemicals & Materials
  • Format: PDF
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Global paraxylene (PX) market seems to reach USD 125.35 billion by 2028, at a CAGR of 14.28% from 2021 to 2028. Global Paraxylene (PX) market is witnessing a considerable growth owing to the increase in the production in the textile industry.

Market Overview:

Naptha is the main source for producing Para Xylene. This one of the isomer of xylene. All the isomers of xylene are highly flammable and are colourless. The majority of the Paraxylene (PX) are consumed in making of polyester such as film, fibre, polyethylene terephthalate (PET) bottles and furniture. The Paraxylene (PX) are used for the production of Polyethylene Terephthalate(PET) and Polybutylene terephthalate(PBT), which is a high-performance plastic. There is a huge demand for high-performance plastics such as PBT and PET etc. in industries like automotive, electronics, construction, food and beverage etc. The increase in the production of industries like electronics, automotive, food and beverage, etc., increases the demand for high-performance plastics which in turn increases the demand for Paraxylene (PX) market. These high-performance plastics are made from purified Terephthalic Acid (PTA), which is made by causing the reaction between paraxylene(PX) and acetic acid. There is a great demand for bioplastics which is environment friendly. The rise in the demand for bioplastic market also fuel the PTA market, which in turn drive the Para Xylene market. The rise in the demand for bio-based paraxylene in PET bottles and other bioplastics applications like catering utensils are providing a great opportunity for the paraxylene (PX) market. Paraxylene is majorly used in the production of purified Terephthalic Acid (PTA) and dimethyl terephthalate(DMT), which are used in the making of polyester. There is a great demand of polyester in the emerging economies like India, Brazil, Bangladesh, etc., which in turn is driving the market. The increasing demand for cosmetic industry has increased the demand for paraxylene as it is widely used in the making of plastic bottles and containers for toiletries and other cosmetic products. The advancement in technologies has led textile industries to use PET-based fiber in the making of different types of clothing, curtains etc. The paraxylene(PX) is not good for the health of aquatic animals and is also harmful to the environment. These are the factors acting as a restraint for the market. However, bioplastics are in great demand as it is widely used now by the electronics, automotive, food and beverage etc. for the making of high-performance plastics which is propelling the PTA market which in turn is driving the Paraxylene (PX) Market.

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Market Dynamics:

Drivers:
  • The increase in the production in the textile industry

The increase in the production in the textile industry is driving the market, as polyester these days are widely used by the textile industry. With the advancement in the technologies within the textile industries, they are using PET-based fiber in the making of many different types of clothing which can be strong, wrinkle-resistant and tear-resistant, they are also used in the making of curtains and in upholstery. The expanding textile industries in the developing country like India, Brazil etc. are increasing the demand for PET market, which in turn is driving the paraxylene (PX) market. The polyester is also used in the making of abradable seals in the jet engines.

  • The surge in the production in automotive, food & beverages, construction industry

There is a great demand for high-performance plastics in the automotive, food and beverages and construction industry. The surge in the production in automotive, food and beverages and construction industry would increase the demand for high-performance plastics market which in turn increases the demand for PET and PBT etc. which in turn drives the paraxylene (PX) market. Also, there is a great demand in the personal care market, where paraxylene is widely used in the making of bottles and containers for personal care products and toiletries. They are also used in the packaging industries. So overall there is a great demand for plastics and plastic products in the market from pharmaceuticals, to automotive to food and beverage etc. So all these factors are driving the Paraxylene (PX) market.

Restraints:
  • The plastics are harmful for environments and aquatic animals

All plastic industries are now focusing on the manufacturing of biodegradable plastics using bio-made materials. This is because of the general plastics are not biodegradable, which are destroying the environment causing the greenhouse effect and global warming. This plastics are also harmful for the aquatic beings, so all these factors are acting as a restraint for the market.  The non-disposable nature of PET and also its high prices are acting as a restraint for the market. The bioplastics are in great demand because of it is biodegradable, and also it can be used the same way by the other industries in the packaging and textile industries. Thou this market is still in the developing phase, there is a huge scope of bioplastics in the market.

Opportunities:
  • The increasing demand for bioplastics.

As mentioned above, there is a great opportunity for bioplastics in the market. The general non-biodegradable plastics are harmful for nature and governments are planning to ban such products completely. There are varied applications of bioplastics from pharmaceuticals, to automotive to food and beverage etc. Bioplastics at present widely used in consumer electronics goods in the form of casing, also used in the making of circuit boards etc. Also used in touch screen computer casings, headphones, keyboards, laptops etc. they are also widely used in foodservice as application in thermoformed coffee cup lids, disposable cutlery and plates etc. They are also used in the packaging of cosmetics products, and they are also used as bioplastics caps and in the making of biodegradable products like toothbrushes, hairbrushes etc.

Segmentation Analysis:

The global Paraxylene (PX) market has been segmented based on applications, end-userand regions.

  • The application segment is divided into Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT) and other. Purified Terephthalic Acid (PTA) is accounted for the highest market share of 68.21% in 2020. This is due to the fact that it is broadly used as a precursor of PET resin production and have many application in the furniture and in the production of polyester films. This is used in the production of PET bottles and also used in the making of high-performance plastics used by automobiles, construction, food and beverage industries etc.
  • The end-user segment includes Polyester fiber and Packaging. The polyester fiber accounts for 60.12% of market share in 2020. This is due to the fact that there is a great demand for polyester fibre in emerging economies like India, Brazil, Vietnam etc. They are broadly used in the production of apparels, bed sheets, curtains etc. and in other home furnishings like draperies and upholstery.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific is accounting for the highest marketing share in 2020.

  • Asia Pacific region is having the highest market share of 34.41% in 2020. This is because of the growing textile industry in the developing region like India and China. Also, the increase in the demand of cosmetic products in the emerging economies like India, which is the youngest country of the world, is increasing the demand for paraxylene market in the region as it is widely used in the making of bottle and container for cosmetic products
  • Europe had the second-largest market share of 25.23 % in 2020. This is due to the grooming textile industry in the region. The country like Germany, Switzerland, Spain, Belgium, etc. have a textile industry with an increase in the production. The region is also considered to have great demand for organic clothing. The advanced technologies in the textile of this region are used in the making of apparel, curtains, bedsheets etc.

Asia Pacific Paraxylene (PX) Market Share in 2020 - 34.41%

 

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Competitive Analysis:

In April 2020, China National Petroleum Corp. planned to acquire petroleum exploration in Oman by buying 50% of the stake of MazoonPetrogas (BVI) Ltd. This acquisition will increase the oil reserves for the organization and would also boost the earnings.

In February 2019, Chevron signed a merger agreement with GS Caltex. Under this agreement, LNG is supplied to South Korea, where there is an emerging market.

List of Key Market Players:

  • BP
  • CNPC
  • JX Nippon Oil & Energy Corp.
  • S-Oil
  • Reliance Industries Ltd.
  • Dragon
  • NPC Iran
  • GS Caltex
  • FCFC
  • ONGC
  • Orpic
  • Jurong Aromatics Corp.
  • KPPC
  • China National Offshore Oil Corporation (CNOOC)
  • Lotte KP Chemical,
  • PTT
  • Yanbu Aramco Sinopec Refining Company Ltd.
  • Toyo
  • Pertamina
  • Teijin Fibers

Key Target Audience

  • Automotive Industries
  • Food & Beverages Industries
  • Construction industries
  • Textile Industries
  • Personal care Industries
  • Regulatory Bodies

Report Description:

  • Global Paraxylene (PX) Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global Paraxylene (PX) market is based on revenue (USD Million/Billion), volume and price. The report incorporates the market study on the basis of revenue, and volume. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global Paraxylene (PX) market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of applications, end user and regions which are deduced and formulatedon the basis of theirgrowth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to fathommarket growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global Paraxylene (PX) market. This offersvital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global Paraxylene (PX) market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development &innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which acts as a key potential for the investors. 
  • Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global Paraxylene (PX) market) is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the Paraxylene (PX) market was valued at USD 41.43 billion in 2020 and is anticipated to reach USD 125.35 billion by 2028.

Global Paraxylene (PX) market is growing at a CAGR of 14.28% during the forecast period 2021-2028.

The global Paraxylene (PX) market has been segmented based on applications, end-user and regions. Purified Terephthalic Acid (PTA) is accounted for the largest market share in 2020. Polyester fiber segment held a substantial industry share in 2020.

The Asia Pacific region emerged as the largest market for the Paraxylene (PX) .

The increase in the production in the textile industry is the key driving factors for the Paraxylene (PX) market.

The plastics are harmful for environments and aquatic animals could hamper the market growth.

The increasing demand for bioplastics will provide huge opportunities to the market.

Key players are BP, China National Offshore Oil Corporation (CNOOC), Lotte KP Chemical, PTT, Yanbu Aramco Sinopec Refining Company Ltd., CNPC, Reliance Industries.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Application
          4.3.2. Market Attractiveness Analysis By End User
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
    5.3. Restraints
    5.4. Opportunities
    5.5. Challenges

6. Global Paraxylene (PX) Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Purified Terephthalic Acid (PTA)
    6.3. Dimethyl Terephthalate (DMT)
    6.4. Others

7. Global Paraxylene (PX) Market Analysis and Forecast, By End User
    7.1. Segment Overview
    7.2. Polyester fiber
    7.3. Packaging

8. Global Paraxylene (PX) Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Paraxylene (PX) Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in Global Paraxylene (PX) Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. BP
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. China National Offshore Oil Corporation (CNOOC)
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Lotte KP Chemical
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. PTT
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Yanbu Aramco Sinopec Refining Company Ltd
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. CNPC
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. JX Nippon Oil & Energy Corp.
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. S-Oil
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Reliance Industries Ltd
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Dragon
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
    10.11. NPC Iran
          10.11.1. Business Overview
          10.11.2. Company Snapshot
          10.11.3. Company Market Share Analysis
          10.11.4. Company Product Portfolio
          10.11.5. Recent Developments
          10.11.6. SWOT Analysis
    10.12. GS Caltex
          10.12.1. Business Overview
          10.12.2. Company Snapshot
          10.12.3. Company Market Share Analysis
          10.12.4. Company Product Portfolio
          10.12.5. Recent Developments
          10.12.6. SWOT Analysis
    10.13. FCFC
          10.13.1. Business Overview
          10.13.2. Company Snapshot
          10.13.3. Company Market Share Analysis
          10.13.4. Company Product Portfolio
          10.13.5. Recent Developments
          10.13.6. SWOT Analysis
    10.14. ONGC
          10.14.1. Business Overview
          10.14.2. Company Snapshot
          10.14.3. Company Market Share Analysis
          10.14.4. Company Product Portfolio
          10.14.5. Recent Developments
          10.14.6. SWOT Analysis
    10.15. Orpic
          10.15.1. Business Overview
          10.15.2. Company Snapshot
          10.15.3. Company Market Share Analysis
          10.15.4. Company Product Portfolio
          10.15.5. Recent Developments
          10.15.6. SWOT Analysis
    10.16. Jurong Aromatics Corp
          10.16.1. Business Overview
          10.16.2. Company Snapshot
          10.16.3. Company Market Share Analysis
          10.16.4. Company Product Portfolio
          10.16.5. Recent Developments
          10.16.6. SWOT Analysis
    10.17. KPPC
          10.17.1. Business Overview
          10.17.2. Company Snapshot
          10.17.3. Company Market Share Analysis
          10.17.4. Company Product Portfolio
          10.17.5. Recent Developments
          10.17.6. SWOT Analysis
    10.18. Toyo
          10.18.1. Business Overview
          10.18.2. Company Snapshot
          10.18.3. Company Market Share Analysis
          10.18.4. Company Product Portfolio
          10.18.5. Recent Developments
          10.18.6. SWOT Analysis
    10.19. OrpicPertamina
          10.19.1. Business Overview
          10.19.2. Company Snapshot
          10.19.3. Company Market Share Analysis
          10.19.4. Company Product Portfolio
          10.19.5. Recent Developments
          10.19.6. SWOT Analysis
    10.20. Teijin Fibers
          10.20.1. Business Overview
          10.20.2. Company Snapshot
          10.20.3. Company Market Share Analysis
          10.20.4. Company Product Portfolio
          10.20.5. Recent Developments
          10.20.6. SWOT Analysis

List of Table

1. Global Paraxylene (PX)  Market, By Application , 2018–2028 (USD Billion)

2. Global Purified Terephthalic Acid (PTA)Paraxylene (PX) Market, By Region, 2018–2028 (USD Billion)

3. Global Dimethyl Terephthalate (DMT)Paraxylene (PX) Market, By Region, 2018–2028 (USD Billion)

4. Global OthersParaxylene (PX)  Market, By Region, 2018–2028 (USD Billion)

5. Global Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

6. Global Polyester fiber, Paraxylene (PX)  Market, By Region, 2018–2028 (USD Billion)

7. Global Packaging, Paraxylene (PX)  Market, By Region, 2018–2028 (USD Billion)

8. Global Paraxylene (PX)  Market, By Region, 2018–2028 (USD Billion)

9. Global Paraxylene (PX)  Market, By North America, 2018–2028 (USD Billion)

10. North America Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

11. North America Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

12. U.S. Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

13. U.S. Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

14. Canada Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

15. Canada Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

16. Mexico Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

17. Mexico Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

18. Europe Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

19. Europe Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

20. Germany Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

21. Germany Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

22. France Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

23. France Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

24. U.K. Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

25. U.K. Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

26. Italy Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

27. Italy Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

28. Spain Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

29. Spain Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

30. Asia Pacific Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

31. Asia Pacific Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

32. Japan Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

33. Japan Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

34. China Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

35. China Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

36. India Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

37. India Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

38. South America Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

39. South America Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

40. Brazil Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

41. Brazil Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

42. Middle East and Africa Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

43. Middle East and Africa Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

44. UAE Paraxylene (PX)  Market, By Application , 2018–2028 (USD Billion)

45. UAE Paraxylene (PX)  Market, By End User , 2018–2028 (USD Billion)

46. South Africa Paraxylene (PX)  Market, By Application, 2018–2028 (USD Billion)

47. South Africa Paraxylene (PX)  Market, By End User, 2018–2028 (USD Billion)

List of Figures 

1. Global Paraxylene (PX)  Market Segmentation

2. Paraxylene (PX)  Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Paraxylene (PX)  Market Attractiveness Analysis By Application 

9. Global Paraxylene (PX)  Market Attractiveness Analysis By End User  

10. Global Paraxylene (PX)  Market Attractiveness Analysis By Region

11. Global Paraxylene (PX)  Market: Dynamics

12. Global Paraxylene (PX)  Market Share By Application (2021 &2028)

13. Global Paraxylene (PX)  Market Share by End User (2021 &2028)

14. Global Paraxylene (PX)  Market Share by Regions (2021 &2028)

15. Global Paraxylene (PX)  Market Share by Company (2020)

This study forecasts revenue at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global Paraxylene (PX) market on the basis of below mentioned segments:

Global Paraxylene (PX) Market by Application:

  • Purified Terephthalic Acid (PTA)
  • Dimethyl Terephthalate (DMT)
  • Others

Global Paraxylene (PX) Market by End User:

  • Polyester Fiber
  • Packaging

Global Paraxylene (PX) Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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