India Foundry Market by End-user and Type - Forecast and Analysis 2023-2027
| Published: Apr 2023 | Pages: 144 | SKU: IRTNTR41570 |
Foundry Market in India Size & Forecast
The Global Foundry Market in India size is estimated to grow at a CAGR of 10.77% between 2022 and 2027 with the market size forecast to increase by USD 15,684.57 million.
This foundry market in India report extensively covers market segmentation by End-user (automotive, electrical and construction, industrial machinery, agriculture, and others) and Type (gray iron casting, non-ferrous casting, ductile iron casting, steel casting, and malleable casting) and geography India. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growth of the market depends on several factors, including a focus on technology upgrades, make-in-India initiatives, and increasing confidence within the foundry industry.
What will be the Size of the Foundry Market In India During the Forecast Period?
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Foundry Market In India Definition
A foundry is a workshop for manufacturing metal castings, wherein the molten or liquid metal is poured into a mold made of metal, sand, or a ceramic substance. The metal casting comprises a hollow cavity of the desired shape to form geometrically complex parts when liquid metal is poured into it.
Foundry Market In India Segment Insights
End-User Insights
The market share growth by the automotive segment will be significant during the forecast period. The Indian auto parts industry has experienced strong growth since 2010. Some of the factors contributing to this are strong end-user markets, improved consumer sentiment, and a return to satisfactory liquidity in the financial system. The automotive supply industry accounts for approximately 7% of India's GDP and employs approximately 20 million people who work directly in vehicle manufacturing or other companies that supply parts. A stable government framework, improved purchasing power, a huge domestic market, and increasing infrastructure development make India a major investment destination.
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The automotive segment was valued at USD 6,147.73 million in 2017 and continued to grow until 2021. In 2022, India's automotive industry produced approximately 22.9 million vehicles, including passenger cars, commercial vehicles, tricycles, two-wheelers, and four-wheelers. However, changes in rules and regulations, such as the transition to BS-VI emission standards, are estimated to impact the industry during the forecast period. Vehicle prices have risen due to changes in emissions technology. As automobiles become lighter, the use of non-ferrous metals is increasing in automobile production processes. Additionally, increased demand for emerging mid-range vehicles in India prompted manufacturers to ramp up production. The automotive industry accounts for more than 40% of India's annual foundry capacity of 10-12 million tons. Due to the continuing trends in the automotive industry, the India Foundry industry analysis is expected to grow significantly during the forecast period.
Type Insights
Based on type, the gray iron casting segment dominates the market. Due to its several advantages and widespread usage, gray iron casting is the most common type of casting manufactured and consumed by the foundry market in India. Such factors are expected to drive the growth of the gray iron casting segment in the foundry market in India during the forecast period.
Foundry Market In India: Key Drivers, Trends, and Challenges
Focus on technology upgrades is notably driving the India Foundry Market growth. India is one of the leading countries in the market. The main reason for this is the increasing demand for metal castings from the automotive sector. In 2022, India produced approximately 22.9 million vehicles, including commercial vehicles, passenger cars, tricycles, and two-wheelers. This has increased the demand for the auto parts needed to manufacture automobiles. To meet the growing demand for metal castings in India, foundries are investing in new technology and equipment.
The automotive sector saw a significant increase in sales in 2022 compared to 2021, with 13.63%. Similarly, motorcycle sales increased by 4.7% in 2022 compared to 2021. The automotive sector has declined to some extent due to rising vehicle prices. Indian foundries are therefore expected to benefit from technology upgrades in multiple ways, including low power consumption, improved production efficiency, higher utilization rate, and higher profit margin. Such factors are anticipated to propel the growth of the market during the forecast period.
The formation of foundry clusters is a key trend influencing the India foundry market growth. The purpose of the Industrial Infrastructure Development Program (IIUS), sponsored by the Ministry of Trade and Industry (MoCI) and the Department of Industrial Policy and Promotion (DIPP), is to provide strategic interventions to improve the infrastructure of industrial clusters and their international competitiveness. Under IIUS, the Government of India provides up to 75% of the project cost for the formation of infrastructure assets within the approved cluster. Infrastructure components may include information and communication technology (ICT) related infrastructure, physical infrastructure, shared facilities, research and development, information dissemination/international marketing, quality certifications, and benchmarks.
Each cluster must form a special purpose vehicle (SPV). An SPV must be a separate legal entity incorporated under the Companies/Corporates Act to qualify. The remaining 25% of costs are expected to come from other sources and 10% from industrial units and banking/financial institutions within the cluster. Such factors are anticipated to propel the growth of the market during the forecast period.
The lack of highly skilled manpower is challenging the India foundry market growth. Foundries in India lack skilled workers such as foundry engineers, pattern makers, and maintenance electricians. Technology upgrades require investment in training facilities to educate employees on various aspects, such as Different molding methods, patterns, casting methods, and different furnace techniques. Organized, modern training facilities and the creation of regular qualification programs help foundries to use advanced technology in their foundries.
Currently, most of the workforce is opting for managerial, clerical, and managerial positions. Over 90% of Indian foundries are MSMEs, whose managers often perform functions that large foundries outsource to skilled workers. To increase utilization rates, foundries in India invest in expert technicians specifically tailored to the task, including pattern makers, hand core makers, shapers, machine core makers, primary sand technicians, and metallurgical assistants. Unless this is achieved, the full potential of the market will not be realized. Such factors are anticipated to hinder the growth of the market during the forecast period.
Who are the Major Foundry Market in India Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ashok Iron Works P Ltd: The company offers different types of iron foundries such as machined iron castings, engine heads, and transmission. It also offers iron castings for automotive, construction, locomotive, and power plants.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
A Cast Foundry, Aditya Birla Management Corp. Pvt. Ltd., Ashok Iron Works P Ltd., Brakes India Pvt. Ltd., CALMET, Cooper Corp. Pvt. Ltd., DCM Ltd., Electrosteel Castings Ltd., Fortune Foundries Pvt. Ltd., Gujarat Metal Cast Industries Pvt. Ltd., Hackforth Holding GmbH and Co. KG, Jayaswal Neco Industries Ltd., JSW STEEL Ltd., Kalyani Group, Kirloskar Ferrous Industries Ltd., Larsen and Toubro Ltd., Menon and Menod Ltd., Nelcast Ltd., Tata Sons Pvt. Ltd., and The Sanmar Group
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Foundry Market In India Customer Landscape
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Foundry Market in India Customer Landscape
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Foundry Market In India Scope |
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Report Coverage |
Details |
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Page number |
144 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.77% |
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Market growth 2023-2027 |
USD 15,684.57 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.19 |
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Regional analysis |
India |
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Performing market contribution |
India at 100% |
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Key countries |
India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A Cast Foundry, Aditya Birla Management Corp. Pvt. Ltd., Ashok Iron Works P Ltd., Brakes India Pvt. Ltd., CALMET, Cooper Corp. Pvt. Ltd., DCM Ltd., Electrosteel Castings Ltd., Fortune Foundries Pvt. Ltd., Gujarat Metal Cast Industries Pvt. Ltd., Hackforth Holding GmbH and Co. KG, Jayaswal Neco Industries Ltd., JSW STEEL Ltd., Kalyani Group, Kirloskar Ferrous Industries Ltd., Larsen and Toubro Ltd., Menon and Menod Ltd., Nelcast Ltd., Tata Sons Pvt. Ltd., and The Sanmar Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Foundry Market In India In Country Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2023 and 2027
- Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the market industry across India
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ million)
- Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ million)
- Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
- Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Foundry market in India 2017 - 2021
- Exhibit 15: Historic Market Size – Data Table on Foundry market in India 2017 - 2021 ($ million)
- 4.2 End-user Segment Analysis 2017 - 2021
- Exhibit 16: Historic Market Size – End-user Segment 2017 - 2021 ($ million)
- 4.3 Type Segment Analysis 2017 - 2021
- Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 24: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
- 6.1 Market segments
- Exhibit 25: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 26: Data Table on End-user - Market share 2022-2027 (%)
- 6.2 Comparison by End-user
- Exhibit 27: Chart on Comparison by End-user
- Exhibit 28: Data Table on Comparison by End-user
- 6.3 Automotive - Market size and forecast 2022-2027
- Exhibit 29: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 30: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 31: Chart on Automotive - Year-over-year growth 2022-2027 (%)
- Exhibit 32: Data Table on Automotive - Year-over-year growth 2022-2027 (%)
- 6.4 Electrical and construction - Market size and forecast 2022-2027
- Exhibit 33: Chart on Electrical and construction - Market size and forecast 2022-2027 ($ million)
- Exhibit 34: Data Table on Electrical and construction - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Chart on Electrical and construction - Year-over-year growth 2022-2027 (%)
- Exhibit 36: Data Table on Electrical and construction - Year-over-year growth 2022-2027 (%)
- 6.5 Industrial machinery - Market size and forecast 2022-2027
- Exhibit 37: Chart on Industrial machinery - Market size and forecast 2022-2027 ($ million)
- Exhibit 38: Data Table on Industrial machinery - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Chart on Industrial machinery - Year-over-year growth 2022-2027 (%)
- Exhibit 40: Data Table on Industrial machinery - Year-over-year growth 2022-2027 (%)
- 6.6 Agriculture - Market size and forecast 2022-2027
- Exhibit 41: Chart on Agriculture - Market size and forecast 2022-2027 ($ million)
- Exhibit 42: Data Table on Agriculture - Market size and forecast 2022-2027 ($ million)
- Exhibit 43: Chart on Agriculture - Year-over-year growth 2022-2027 (%)
- Exhibit 44: Data Table on Agriculture - Year-over-year growth 2022-2027 (%)
- 6.7 Others - Market size and forecast 2022-2027
- Exhibit 45: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 46: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 47: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 48: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.8 Market opportunity by End-user
- Exhibit 49: Market opportunity by End-user ($ million)
- Exhibit 50: Data Table on Market opportunity by End-user ($ million)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 51: Chart on Type - Market share 2022-2027 (%)
- Exhibit 52: Data Table on Type - Market share 2022-2027 (%)
- 7.2 Comparison by Type
- Exhibit 53: Chart on Comparison by Type
- Exhibit 54: Data Table on Comparison by Type
- 7.3 Gray iron casting - Market size and forecast 2022-2027
- Exhibit 55: Chart on Gray iron casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 56: Data Table on Gray iron casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Chart on Gray iron casting - Year-over-year growth 2022-2027 (%)
- Exhibit 58: Data Table on Gray iron casting - Year-over-year growth 2022-2027 (%)
- 7.4 Non-ferrous casting - Market size and forecast 2022-2027
- Exhibit 59: Chart on Non-ferrous casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 60: Data Table on Non-ferrous casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Chart on Non-ferrous casting - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Non-ferrous casting - Year-over-year growth 2022-2027 (%)
- 7.5 Ductile iron casting - Market size and forecast 2022-2027
- Exhibit 63: Chart on Ductile iron casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on Ductile iron casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on Ductile iron casting - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on Ductile iron casting - Year-over-year growth 2022-2027 (%)
- 7.6 Steel casting - Market size and forecast 2022-2027
- Exhibit 67: Chart on Steel casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 68: Data Table on Steel casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 69: Chart on Steel casting - Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on Steel casting - Year-over-year growth 2022-2027 (%)
- 7.7 Malleable casting - Market size and forecast 2022-2027
- Exhibit 71: Chart on Malleable casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on Malleable casting - Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on Malleable casting - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on Malleable casting - Year-over-year growth 2022-2027 (%)
- 7.8 Market opportunity by Type
- Exhibit 75: Market opportunity by Type ($ million)
- Exhibit 76: Data Table on Market opportunity by Type ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 78: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 79: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 80: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 81: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 82: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 83: Matrix on vendor position and classification
- 11.3 Aditya Birla Management Corp. Pvt. Ltd.
- Exhibit 84: Aditya Birla Management Corp. Pvt. Ltd. - Overview
- Exhibit 85: Aditya Birla Management Corp. Pvt. Ltd. - Product / Service
- Exhibit 86: Aditya Birla Management Corp. Pvt. Ltd. - Key offerings
- 11.4 Ashok Iron Works P Ltd.
- Exhibit 87: Ashok Iron Works P Ltd. - Overview
- Exhibit 88: Ashok Iron Works P Ltd. - Product / Service
- Exhibit 89: Ashok Iron Works P Ltd. - Key offerings
- 11.5 Cooper Corp. Pvt. Ltd.
- Exhibit 90: Cooper Corp. Pvt. Ltd. - Overview
- Exhibit 91: Cooper Corp. Pvt. Ltd. - Product / Service
- Exhibit 92: Cooper Corp. Pvt. Ltd. - Key offerings
- 11.6 DCM Ltd.
- Exhibit 93: DCM Ltd. - Overview
- Exhibit 94: DCM Ltd. - Business segments
- Exhibit 95: DCM Ltd. - Key offerings
- Exhibit 96: DCM Ltd. - Segment focus
- 11.7 Electrosteel Castings Ltd.
- Exhibit 97: Electrosteel Castings Ltd. - Overview
- Exhibit 98: Electrosteel Castings Ltd. - Product / Service
- Exhibit 99: Electrosteel Castings Ltd. - Key offerings
- 11.8 Fortune Foundries Pvt. Ltd.
- Exhibit 100: Fortune Foundries Pvt. Ltd. - Overview
- Exhibit 101: Fortune Foundries Pvt. Ltd. - Product / Service
- Exhibit 102: Fortune Foundries Pvt. Ltd. - Key offerings
- 11.9 Jayaswal Neco Industries Ltd.
- Exhibit 103: Jayaswal Neco Industries Ltd. - Overview
- Exhibit 104: Jayaswal Neco Industries Ltd. - Business segments
- Exhibit 105: Jayaswal Neco Industries Ltd. - Key offerings
- Exhibit 106: Jayaswal Neco Industries Ltd. - Segment focus
- 11.10 JSW STEEL Ltd.
- Exhibit 107: JSW STEEL Ltd. - Overview
- Exhibit 108: JSW STEEL Ltd. - Product / Service
- Exhibit 109: JSW STEEL Ltd. - Key offerings
- 11.11 Kalyani Group
- Exhibit 110: Kalyani Group - Overview
- Exhibit 111: Kalyani Group - Product / Service
- Exhibit 112: Kalyani Group - Key offerings
- 11.12 Kirloskar Ferrous Industries Ltd.
- Exhibit 113: Kirloskar Ferrous Industries Ltd. - Overview
- Exhibit 114: Kirloskar Ferrous Industries Ltd. - Business segments
- Exhibit 115: Kirloskar Ferrous Industries Ltd. - Key offerings
- Exhibit 116: Kirloskar Ferrous Industries Ltd. - Segment focus
- 11.13 Larsen and Toubro Ltd.
- Exhibit 117: Larsen and Toubro Ltd. - Overview
- Exhibit 118: Larsen and Toubro Ltd. - Business segments
- Exhibit 119: Larsen and Toubro Ltd. - Key news
- Exhibit 120: Larsen and Toubro Ltd. - Key offerings
- Exhibit 121: Larsen and Toubro Ltd. - Segment focus
- 11.14 Menon and Menod Ltd.
- Exhibit 122: Menon and Menod Ltd. - Overview
- Exhibit 123: Menon and Menod Ltd. - Product / Service
- Exhibit 124: Menon and Menod Ltd. - Key offerings
- 11.15 Nelcast Ltd.
- Exhibit 125: Nelcast Ltd. - Overview
- Exhibit 126: Nelcast Ltd. - Product / Service
- Exhibit 127: Nelcast Ltd. - Key offerings
- 11.16 Tata Sons Pvt. Ltd.
- Exhibit 128: Tata Sons Pvt. Ltd. - Overview
- Exhibit 129: Tata Sons Pvt. Ltd. - Business segments
- Exhibit 130: Tata Sons Pvt. Ltd. - Key offerings
- Exhibit 131: Tata Sons Pvt. Ltd. - Segment focus
- 11.17 The Sanmar Group
- Exhibit 132: The Sanmar Group - Overview
- Exhibit 133: The Sanmar Group - Product / Service
- Exhibit 134: The Sanmar Group - Key offerings
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 135: Inclusions checklist
- Exhibit 136: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 137: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 138: Research methodology
- Exhibit 139: Validation techniques employed for market sizing
- Exhibit 140: Information sources
- 12.5 List of abbreviations
- Exhibit 141: List of abbreviations
- Exhibit 141: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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foundry market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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