Key Insights
The Hydroxyl Terminated Polybutadiene (HTPB) market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 4.00% from 2025 to 2033. This growth is driven by the increasing demand for HTPB in the aerospace and defense sectors, particularly in solid propellants for rockets and missiles. The rising adoption of HTPB in various other applications, including adhesives, sealants, and elastomers, further fuels market expansion. Technological advancements leading to improved HTPB formulations with enhanced properties such as increased tensile strength and improved thermal stability are also key drivers. However, the market faces certain restraints, including fluctuating raw material prices and stringent environmental regulations surrounding the production and disposal of chemicals. Competition among established players like Cray Valley, CRS Chemicals, Evonik, Idemitsu Kosan Co Ltd, Island Pyrochemical Industries (IPI), Mach I Inc, Orion Chem Pvt Ltd, and The RCS Store is intense, leading to price pressure and the need for continuous innovation. The market is segmented by various factors like application (propellants, adhesives, etc.), grade, and region. Geographic expansion, especially in developing economies with growing industrialization, is expected to create lucrative opportunities for market players in the coming years.
The forecast period of 2025-2033 presents significant opportunities for market expansion, particularly due to increasing investments in the aerospace and defense sectors globally. The continued focus on research and development of advanced HTPB formulations with improved performance characteristics, enhanced durability, and reduced environmental impact will be vital for sustained market growth. Furthermore, strategic collaborations and mergers & acquisitions among leading players will shape the market landscape. Companies are likely to focus on enhancing their supply chain capabilities and expanding their geographical reach to gain a competitive edge. A proactive approach to addressing environmental concerns associated with HTPB production will be crucial for long-term market success. The shift towards sustainable manufacturing practices will play a significant role in shaping the future dynamics of this market.

Hydroxyl Terminated Polybutadiene Market Report: Comprehensive Analysis & Future Outlook (2019-2033)
This in-depth report provides a comprehensive analysis of the Hydroxyl Terminated Polybutadiene (HTPB) market, offering invaluable insights for industry professionals, investors, and strategic decision-makers. Covering the period from 2019 to 2033, with a base year of 2025 and a forecast period of 2025-2033, this report dissects market dynamics, growth drivers, challenges, and emerging opportunities. The study includes detailed segmentation analysis, competitive landscapes, and regional breakdowns, enabling a thorough understanding of this crucial chemical market.
Hydroxyl Terminated Polybutadiene Market Market Structure & Innovation Trends
This section analyzes the HTPB market structure, highlighting key trends driving innovation and shaping its competitive landscape. We examine market concentration, assessing the market share held by major players like Cray Valley, CRS Chemicals, Evonik, Idemitsu Kosan Co Ltd, Island Pyrochemical Industries (IPI), Mach I Inc, Orion Chem Pvt Ltd, and The RCS Store (list not exhaustive). The report delves into the impact of regulatory frameworks and the presence of product substitutes. Furthermore, it explores end-user demographics and the influence of mergers and acquisitions (M&A) activities, including an assessment of deal values and their impact on market consolidation. For instance, we analyze the xx% market share held by the top 5 players in 2025 and the impact of the xx Million M&A deal between Company A and Company B in 2024 on market dynamics. We also consider innovation drivers such as the development of novel HTPB formulations and their applications in emerging sectors.

Hydroxyl Terminated Polybutadiene Market Market Dynamics & Trends
This section provides a detailed examination of the factors driving market growth, including technological advancements, evolving consumer preferences, and competitive dynamics. We analyze the Compound Annual Growth Rate (CAGR) of the HTPB market during the forecast period (2025-2033), projected to be xx%. The report explores the impact of technological disruptions, such as the development of sustainable HTPB production methods and the adoption of advanced materials, on market penetration rates. We further investigate changes in consumer preferences toward higher-performance and environmentally friendly HTPB products. The competitive landscape is analyzed, detailing strategic initiatives undertaken by key players to maintain their market positions, including product diversification and strategic partnerships.

Dominant Regions & Segments in Hydroxyl Terminated Polybutadiene Market
This section identifies the leading regions and segments within the HTPB market. We analyze the dominance of specific geographical areas based on factors such as economic policies, infrastructure development, and consumer demand. For example, the report highlights [Region Name] as a dominant region, driven by [specific reason, e.g., robust automotive sector].
- Key Drivers in [Region Name]:
- Strong automotive industry growth
- Government support for infrastructure projects
- Increasing demand from aerospace sector
- Dominance Analysis: Detailed analysis of [Region Name]'s market share, growth trajectory, and competitive intensity. Similar analysis will be done for other key regions.
Hydroxyl Terminated Polybutadiene Market Product Innovations
This section summarizes recent product developments in the HTPB market, focusing on technological trends and their impact on market competitiveness. The analysis includes discussions of novel HTPB formulations, improved performance characteristics, and emerging applications driving the market. We examine how these innovations contribute to enhancing product durability, efficiency, and sustainability, thereby meeting evolving market demands.
Report Scope & Segmentation Analysis
This report offers a comprehensive segmentation of the HTPB market, encompassing various factors such as [mention key segmentation parameters, e.g., type, application, and region]. Each segment's growth projections, market size, and competitive dynamics are detailed. For instance, the analysis includes the projected growth of the [segment name] segment from xx Million in 2025 to xx Million in 2033.
Key Drivers of Hydroxyl Terminated Polybutadiene Market Growth
This section identifies and analyzes the key factors driving the growth of the HTPB market. Technological advancements in HTPB synthesis, increasing demand from key end-use industries (e.g., automotive, aerospace), and favorable government policies promoting the use of advanced materials are highlighted. The report explores the economic impact of these drivers and their contribution to market expansion.
Challenges in the Hydroxyl Terminated Polybutadiene Market Sector
This section addresses challenges impacting the HTPB market, including regulatory hurdles, supply chain disruptions, and intense competition. We assess the quantitative impact of these challenges on market growth and profitability. For example, the impact of fluctuating raw material prices on production costs and the effect of stringent environmental regulations on manufacturing processes are analyzed.
Emerging Opportunities in Hydroxyl Terminated Polybutadiene Market
This section highlights potential opportunities for growth in the HTPB market. The analysis includes the emergence of new applications, technological innovations leading to improved product performance, and expanding market penetration in developing economies. This also includes identifying new market segments, such as [mention potential new segments] and exploring the potential for partnerships and collaborations to expand market reach.
Leading Players in the Hydroxyl Terminated Polybutadiene Market Market
- Cray Valley
- CRS Chemicals
- Evonik
- Idemitsu Kosan Co Ltd
- Island Pyrochemical Industries (IPI)
- Mach I Inc
- Orion Chem Pvt Ltd
- The RCS Store
*List Not Exhaustive
Key Developments in Hydroxyl Terminated Polybutadiene Market Industry
- [Month, Year]: Company X launched a new HTPB formulation with improved thermal stability.
- [Month, Year]: Company Y announced a strategic partnership to expand its HTPB production capacity.
- [Month, Year]: New environmental regulations were implemented, impacting HTPB manufacturing processes.
- (Further key developments will be detailed in the full report)
Future Outlook for Hydroxyl Terminated Polybutadiene Market Market
The future of the HTPB market appears promising, driven by continued technological advancements, expanding applications in diverse sectors, and sustained growth in key regional markets. The report anticipates robust market expansion, identifying strategic opportunities for players to capitalize on emerging trends and enhance their market positions. This includes focusing on sustainable HTPB production and exploring new applications in areas such as [mention specific areas].
Hydroxyl Terminated Polybutadiene Market Segmentation
-
1. End-User Industry
- 1.1. Construction & Water Proofing
- 1.2. Aerospace & Defense
- 1.3. Electrical & Electronics
- 1.4. Automotive
- 1.5. Others (
Hydroxyl Terminated Polybutadiene Market Segmentation By Geography
-
1. Asia Pacific
- 1.1. China
- 1.2. India
- 1.3. Japan
- 1.4. South Korea
- 1.5. Rest of Asia Pacific
-
2. North America
- 2.1. United States
- 2.2. Canada
- 2.3. Mexico
-
3. Europe
- 3.1. Germany
- 3.2. United Kingdom
- 3.3. Italy
- 3.4. France
- 3.5. Rest of Europe
-
4. South America
- 4.1. Brazil
- 4.2. Argentina
- 4.3. Rest of South America
-
5. Middle East and Africa
- 5.1. Saudi Arabia
- 5.2. South Africa
- 5.3. Rest of Middle East and Africa

Hydroxyl Terminated Polybutadiene Market REPORT HIGHLIGHTS
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 4.00% from 2019-2033 |
Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. ; Growing Demand from the Construction Industry; Increasing Demand from the Aerospace & Defense Industry
- 3.3. Market Restrains
- 3.3.1. ; Growing Demand from the Construction Industry; Increasing Demand from the Aerospace & Defense Industry
- 3.4. Market Trends
- 3.4.1. Growing Demand from the Construction Industry
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Global Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by End-User Industry
- 5.1.1. Construction & Water Proofing
- 5.1.2. Aerospace & Defense
- 5.1.3. Electrical & Electronics
- 5.1.4. Automotive
- 5.1.5. Others (
- 5.2. Market Analysis, Insights and Forecast - by Region
- 5.2.1. Asia Pacific
- 5.2.2. North America
- 5.2.3. Europe
- 5.2.4. South America
- 5.2.5. Middle East and Africa
- 5.1. Market Analysis, Insights and Forecast - by End-User Industry
- 6. Asia Pacific Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by End-User Industry
- 6.1.1. Construction & Water Proofing
- 6.1.2. Aerospace & Defense
- 6.1.3. Electrical & Electronics
- 6.1.4. Automotive
- 6.1.5. Others (
- 6.1. Market Analysis, Insights and Forecast - by End-User Industry
- 7. North America Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by End-User Industry
- 7.1.1. Construction & Water Proofing
- 7.1.2. Aerospace & Defense
- 7.1.3. Electrical & Electronics
- 7.1.4. Automotive
- 7.1.5. Others (
- 7.1. Market Analysis, Insights and Forecast - by End-User Industry
- 8. Europe Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by End-User Industry
- 8.1.1. Construction & Water Proofing
- 8.1.2. Aerospace & Defense
- 8.1.3. Electrical & Electronics
- 8.1.4. Automotive
- 8.1.5. Others (
- 8.1. Market Analysis, Insights and Forecast - by End-User Industry
- 9. South America Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by End-User Industry
- 9.1.1. Construction & Water Proofing
- 9.1.2. Aerospace & Defense
- 9.1.3. Electrical & Electronics
- 9.1.4. Automotive
- 9.1.5. Others (
- 9.1. Market Analysis, Insights and Forecast - by End-User Industry
- 10. Middle East and Africa Hydroxyl Terminated Polybutadiene Market Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - by End-User Industry
- 10.1.1. Construction & Water Proofing
- 10.1.2. Aerospace & Defense
- 10.1.3. Electrical & Electronics
- 10.1.4. Automotive
- 10.1.5. Others (
- 10.1. Market Analysis, Insights and Forecast - by End-User Industry
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 Cray Valley
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 CRS Chemicals
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Evonik
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Idemitsu Kosan Co Ltd
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Island Pyrochemical Industries (IPI)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 Mach I Inc
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Orion Chem Pvt Ltd
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 The RCS Store*List Not Exhaustive
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.1 Cray Valley
List of Figures
- Figure 1: Global Hydroxyl Terminated Polybutadiene Market Revenue Breakdown (Million, %) by Region 2024 & 2032
- Figure 2: Asia Pacific Hydroxyl Terminated Polybutadiene Market Revenue (Million), by End-User Industry 2024 & 2032
- Figure 3: Asia Pacific Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by End-User Industry 2024 & 2032
- Figure 4: Asia Pacific Hydroxyl Terminated Polybutadiene Market Revenue (Million), by Country 2024 & 2032
- Figure 5: Asia Pacific Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by Country 2024 & 2032
- Figure 6: North America Hydroxyl Terminated Polybutadiene Market Revenue (Million), by End-User Industry 2024 & 2032
- Figure 7: North America Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by End-User Industry 2024 & 2032
- Figure 8: North America Hydroxyl Terminated Polybutadiene Market Revenue (Million), by Country 2024 & 2032
- Figure 9: North America Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by Country 2024 & 2032
- Figure 10: Europe Hydroxyl Terminated Polybutadiene Market Revenue (Million), by End-User Industry 2024 & 2032
- Figure 11: Europe Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by End-User Industry 2024 & 2032
- Figure 12: Europe Hydroxyl Terminated Polybutadiene Market Revenue (Million), by Country 2024 & 2032
- Figure 13: Europe Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by Country 2024 & 2032
- Figure 14: South America Hydroxyl Terminated Polybutadiene Market Revenue (Million), by End-User Industry 2024 & 2032
- Figure 15: South America Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by End-User Industry 2024 & 2032
- Figure 16: South America Hydroxyl Terminated Polybutadiene Market Revenue (Million), by Country 2024 & 2032
- Figure 17: South America Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by Country 2024 & 2032
- Figure 18: Middle East and Africa Hydroxyl Terminated Polybutadiene Market Revenue (Million), by End-User Industry 2024 & 2032
- Figure 19: Middle East and Africa Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by End-User Industry 2024 & 2032
- Figure 20: Middle East and Africa Hydroxyl Terminated Polybutadiene Market Revenue (Million), by Country 2024 & 2032
- Figure 21: Middle East and Africa Hydroxyl Terminated Polybutadiene Market Revenue Share (%), by Country 2024 & 2032
List of Tables
- Table 1: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 3: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Region 2019 & 2032
- Table 4: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 5: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Country 2019 & 2032
- Table 6: China Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 7: India Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: Japan Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: South Korea Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 10: Rest of Asia Pacific Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 11: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 12: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Country 2019 & 2032
- Table 13: United States Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Canada Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 15: Mexico Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 16: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 17: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Country 2019 & 2032
- Table 18: Germany Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 19: United Kingdom Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 20: Italy Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 21: France Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 22: Rest of Europe Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 23: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 24: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Country 2019 & 2032
- Table 25: Brazil Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 26: Argentina Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 27: Rest of South America Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 28: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by End-User Industry 2019 & 2032
- Table 29: Global Hydroxyl Terminated Polybutadiene Market Revenue Million Forecast, by Country 2019 & 2032
- Table 30: Saudi Arabia Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 31: South Africa Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 32: Rest of Middle East and Africa Hydroxyl Terminated Polybutadiene Market Revenue (Million) Forecast, by Application 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Hydroxyl Terminated Polybutadiene Market?
The projected CAGR is approximately 4.00%.
2. Which companies are prominent players in the Hydroxyl Terminated Polybutadiene Market?
Key companies in the market include Cray Valley, CRS Chemicals, Evonik, Idemitsu Kosan Co Ltd, Island Pyrochemical Industries (IPI), Mach I Inc, Orion Chem Pvt Ltd, The RCS Store*List Not Exhaustive.
3. What are the main segments of the Hydroxyl Terminated Polybutadiene Market?
The market segments include End-User Industry.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
; Growing Demand from the Construction Industry; Increasing Demand from the Aerospace & Defense Industry.
6. What are the notable trends driving market growth?
Growing Demand from the Construction Industry.
7. Are there any restraints impacting market growth?
; Growing Demand from the Construction Industry; Increasing Demand from the Aerospace & Defense Industry.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Hydroxyl Terminated Polybutadiene Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Hydroxyl Terminated Polybutadiene Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Hydroxyl Terminated Polybutadiene Market?
To stay informed about further developments, trends, and reports in the Hydroxyl Terminated Polybutadiene Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database



Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations

Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence