Market Sizing and Forecast

1. KeyChallengesinMarketForecastincurrentscenario: Themarketopportunitiesincurrentdaysarebecomingwidelydiversified andhighlyvolatileasorganizationsgloballyare consistentlyengagedin businessexpansion andrisk mitigation.Thus,predictingandforecastingthe businesspotentialbecomesan ever-complex task.There couldbe various reasonsforthisunpredictability,suchassupply chaindelays,de-risking China, changinggovernment policies,andothermacro-microfactors.For marketanalysts,theseare creatingseveralchallengesforpracticalforecast; a fewarelistedbelow. Industryshifting trendstoinfluence productinnovationand market development Thebusinessopportunitiesarewidely expandingascompaniesevolve with severalindustry-shiftingtrendssuchassustainability,advanced technologyintegration, and digitalization. Whenwe aretalkingaboutsustainability,itfollowsmultipletreads. A development withinoneindustryleadstoanopportunityor disruption in another sector. For instance, the automotive industry is respondingtosustainabilityby adoptingelectrification.Thiscreatesawide rangeofopportunitiesfordifferentindustriesanddevelopments,suchas spur ofcarbonnanomaterialsfromthechemicalsectorforthermal resistanceoroptimum designsformingfromthe mechanicalside forbattery housing andplacements. Further, when it comes to advanced technologies, the requirement of high-performing 5G chipsets creates an opportunity for adhesive manufacturerstoensurethecorefunctionalitywithin thehighlydenseand compact devices, creating a heat dissipation issue while ramping up the performance.Theunderlyingstatement:thecompaniesthesedaysarenot limited to businessmanagementandgrowthwithinthetraditionalcustomer segmentbutinstead expandbeyondtheobviousend-use. Geopoliticalscenarios todevelopunpredictablescenarios Asapartofthegeopoliticalscenario,companiesnowadaysaretrying to de-riskChinafortheiroverdependencyonrawmaterialsfromthe countryandseekingabalancedequationwhile lookingforcollaboration opportunitiesfromotherdevelopingcountriesof SoutheastAsiaandLATAM. Therecouldbe variousreasonsforit; themostapparentoneisCovid-19, followed by other key ones like political risks; rising protectionism, tradewar,social values, alignmentofESGstrategies, diversity,

2. equality, andothertechnologydisruptions; 3Dprinting,digital manufacturing,vicinity-basedcollaborations. Further, thewarin Ukraineledtothefood and fuelcrisis.Forinstance, thekey exportsfromUkraineandRussiaincludepetroleumgases,crude petroleum,andotherhydrocarbons, widelyexacerbating Europe’senergy crisis. Restrictions on exports bring inflationary and supply chain modificationpressures.Theseall factorsredirectmarketsacrossmulti- dimensions,andeventually,themarketprojectionsbecomeovercomplex. Aggressiveregulatorypoliciestocausingsuddenmarketshifts Induecourseofsustainabilitygoals, severalgovernmentsarebringing aggressive regulatorypoliciesthat hugely impactshiftingthemarket volumesfromone businesssegment toanother.TheUSstate of ConnecticutapprovedBill No.926, whichforbidsthe "sale of consumerpackaging thatcontainsper-and polyfluoroalkyl substances (PFAS)". On June 9, 2021. Governor Ted Lamont is anticipatedto quicklysignthe legislationintolawafter the statesenate passesit unanimously.Nomanufacturer,supplier,ordistributorwillbe permittedto offerPFAS-containingpackagingforsaleinthestate afterJanuary 2024.Connecticutwill join the other US states that have banned PFAS in food packaging as the fifth. This blanket banisshiftingtheentiremarketvolumeto sustainable segments.Further,the MinistryofEnvironment,ForestandClimate Change,Government of India notified the Plastic Waste Management Amendment Rules, 2021. From 1st July 2022, India banned the manufacture, import, stocking, distribution, sale, and use of identified single-use plastic items, which havelowutilityandhighlitteringpotential,acrossthecountry. Rapidlyshifting consumerawarenessleadsto undefinedmarket changes. Consumer awareness and demand are triggered by multiple parameters: sustainability,covid-19,andapplication-centric features.DuringCovid-19, wesawshiftsinconsumerspending towardshighlyessentialand value-based products while lowering spending on luxury and lifestyle products. Thishasalso definednewbusinessesbasedonlocalizationtrends. Further, someconsumergroupstendtopayanextra dime for sustainable and healthyproducts.Hence,toensure accurateforecasts,

3. businesses need preprocessing techniques such as surveys, message testing, and brand value monitoring to ensure their market share targets. Dataoverdependencyand lackof visionaryapproach Attimes,heavy relianceon the toolsandmathematicalmodelsthatdrive theforecastdon’tconsiderthe currentmarketdynamicscausingunrealistic forecasts for various market segments. For instance, over time, the processesandproduction get optimizedbecauseoftechnologyscalability andpracticalend-useadoption levels,leadingtosome pricingandmarket penetrationtrends.Further,thekeysignificant eventssuchasthe war situation,blanketbansonsomeproducts,economicslowdown,etc., should notcount thehistoricalgrowth trends.Thus,the visionary approachcomes into thepicturetobringthe closelyassociated factorsand their impactsonthe market tobethe partoftheforecast model.