Developed for non-aesthetic applications and function oriented, technical textiles market has been on the radar for the past several years, given its high growth potential and capacity for job creation. The market is making rapid advances with about 60% of products across the globe produced with fibers that were not marketed five decades ago. Industrial textiles are designed to feature wide spectrum of certain characteristics, making them suitable for application in extensive range of industries and use cases. Furthermore governments in various countries are devising comprehensive policies to mandate the usage of technical textiles in specific industries, as well as offering financial aid to encourage local manufacturing.
Considering this complex situation, the high growing trend, and the number of variables to be taken into account, the conduction of a detailed market analysis assume even more importance in the decision to introduce a new product into the industry. A market analysis describes the current and future market demand for your products or services, forecasting the size and growth of the demand, and it is a fundamental instrument that let you to better manage the risk and to take the opportunities.
This can be done using different forecasting techniques, in order to analyse the latest trends and dynamics in the market, general buying patterns, technological changes, and to know what competitors are doing. You might want to know which products or services are already existing within your target market, which competitors are using the most efficient marketing mix to offer these products and so forth. This will let you structuring market offers insights into the interrelationships of firms, people and products to better understand and predict consumers’ (and possibly competitors’) responses.
It is inevitable to strongly consider these aspects and conduct a market analysis before introducing a new product. Otherwise you certainly will miss out opportunities that can push your business forward or you might not see threats that can significantly weaken your business operations.
Keywords: Market analysis; strategy; SWOT analysis; PESTLE analysis; strength; weakness; opportunities; threads; PORTER’S five forces; competitors; EMPATHY map; consumer
