An important part of any economic feasibility study, techno-economic evaluation and business plan is the market analysis. Market analysis allows companies to understand their position and potential in the markets. Understanding customer needs is particularly important when developing new products or when entering a new market with an existing product. This consideration is important for bio-based products where views on the desirability of environmentally products will vary across customer locations and between different customer segments. Therefore market research is a very important tool in the toolset of SUPERBIO that will be provided by NOVA, NNFCC and BCNP.
Market assessment considers the availability, volumes, capacities and trends for bio-based products as well as the competitive intensity from competing petrochemicals and alternative bio-based products. Understanding the market size allows an assessment of market share capture. The overall market can be segmented by geography and by end-user segments. A market breakdown allows geographical targeting of customers and to understand the technical and marketing requirements for the product based on customer applications. How a business proposition is viewed by investors and how an opportunity should be developed is largely dependent on market dynamics. It is important to understand growth projections both for the overall market and for specific segments, for example the fast moving consumer goods industry shows a stronger market pull for bio-based products as compared to the construction industry. Based on the market analysis, application and economic feasibility assessments can be performed and marketing strategies (e.g. Unique Selling Point, Green Premium) developed. Additionally, the market research can be part of a revenue planning exercise to evaluate the investment opportunity and convince investors.
Market profiles are built using a mixture of primary and secondary research. Secondary data is collected from databases, industry press releases, publically available market research reports, information published in peer reviewed academic journals and in trade publications. This data is verified through primary research utilising our extensive network of industry professionals via interviews and – for bigger projects - workshops. Industry analysis covers industry participants (manufacturers, suppliers, service providers, distributors etc.), and the distribution patterns displayed by the market. Industry analysis allows conclusions to be drawn on the competitive landscape of the industry and provides an opportunity to establish a company’s unique selling point or competitive advantage.