A leading company in the specialty chemicals sector sought to understand the marine lubricant market’s future growth prospects. It provided services to the marine industry and planned to diversify its income source. The client also wanted insights into the leading competitors and market potential.
We conducted a detailed analysis of the marine lubricant market and tracked the associated regulatory changes.
In preliminary research, we researched journals, websites, and news articles to identify the factors affecting the market. This step also helped us understand the technical side of the market, which is essential since technicality and features are among the primary factors in understanding consumer behavior.
Primary research consisted of preparing a questionnaire for industry experts and key players to understand the market's pulse and technical details. Industry experts provided insights into the market’s future, and overall, primary research aided invalidating the data extracted from secondary sources.
In this stage, we profiled key players operating in the market, focusing on their recent developments and organic and inorganic strategies.
After profiling key players and compiling their strategies and revenues, essential products were taken into consideration to zero in. The trends, estimates, and forecasts were based on the geopolitical, regulatory, and technological scenario. Qualitative data, such as explaining the regional factors and the segmentation included in the report, gave the client a fair idea about advancing in the market.
The report helped the client validating their data. It also had recommendations on how to proceed in markets with strict regulatory policies regarding the production of lubricants and the licenses required to set up the facility. The report also identified the entry barriers and, thus, highlighting the risks associated with the market, effectively helping the client make an informed decision on the progression of their plan.