1.1 Methodology/Research Approach

Market Research 365 adheres to a robust and iterative research methodology aimed at achieving the highest level of accuracy and precision in market findings. This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

1.1.1 Market Size Estimation

Top-down and bottom-up approaches are used to validate the market size market and estimate the market size for Company, regions segments, product segments and application (end users).

The market estimations in this report are based on the marketed sale price of (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major companies in the market are identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from MarketResearch 365 and presented in this report.

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

1.1.2 Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from.

All the numbers arrived at in the complete market engineering process to list key information throughout the report.

1.1.3 Data Source

1.1.3.1 Secondary Source

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and Trading Economics, and News Network, Statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS (American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the Market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Table- Key Data Information from Secondary Sources

Parameters	Key Data	Sources
Market Size	Segmental value	Journals, Websites, and Press Releases
	Geographic Penetration	Annual Reports and SEC Filings
	Product Adoption Rate for Different market	Company Websites and Press Releases
Market Position of Top Company	Product Financials	Public and Paid Databases
	Geographic value Mix	Market research 365 Data Repository
	Total Company value	Company Websites and Press Releases
	Business/Segmental value Mix	Public and Paid Databases
Qualitative Analysis	Influence Factors	Annual Reports
	Market Potential	Industry Associations
	Market Risks and Opportunities	Marketresearch 365 Data Repository
	Industry Trends
	Geographical Features
	Government Policies

1.1.4 Research Limitations

In the context of this market research report, it is essential to acknowledge and communicate the research limitations that may affect the overall reliability and applicability of our findings. One of the primary limitations is the potential for data bias, as our research relies heavily on surveys and secondary data sources. The sample size was relatively small, which may limit the generalizability of our findings to a broader population. Respondents may not always provide accurate or complete information, leading to a degree of response bias. Additionally, the scope of our study is limited to a specific geographic region and time frame, which could restrict the generalizability of our conclusions to a broader market context or over a longer period. Furthermore, unforeseen market dynamics or external events may have influenced the market during the research period, which we may not have fully captured.

The impact of inflation was not considered in the market size estimation. Prices of product and services vary in each region and hence similar revenue ratio does not follow for each individual region. The weighted average price for each type has been taken into account while estimating and forecasting market revenue on a global basis. Regional weighted average price has been considered while breaking down this market by application and end-user in each region. Despite these limitations, we have strived to employ rigorous research methodologies and data triangulation to enhance the credibility of our market analysis and provide valuable insights for decision-makers.