India Aluminium Market

1      INTRODUCTION

           1.1      REPORT DESCRIPTION

           1.2      RESEARCH METHODOLOGY

                         1.2.1      SECONDARY RESEARCH

                         1.2.2      DATA ANALYSIS FRAMEWORK

                         1.2.3      MARKET SIZE ESTIMATION

                         1.2.4      FORECASTING

                         1.2.5      PRIMARY RESEARCH AND DATA VALIDATION

2      INDIA ALUMINIUM MARKET – EXECUTIVE SUMMARY

           2.1.      MARKET SNAPSHOT, 2023 - 2030, MILLION USD

3      PORTER’S FIVE FORCE MODEL ANALYSIS

           3.1      BARGAINING POWER OF SUPPLIERS

           3.2      BARGAINING POWER OF BUYERS

           3.3      DEGREE OF COMPETITION

           3.4      THREAT OF SUBSTITUTE

           3.5      THREAT OF NEW ENTRANTS

4      MARKET SHARE ANALYSIS

           4.1      MARKET SHARE ANALYSIS OF TOP PROVIDERS, 2023

5      MARKET DYNAMICS

           5.1      GROWTH DRIVERS

                         5.1.1      DRIVER 1

                         5.1.2      DRIVER 2

                         5.1.3      DRIVER 3

                         5.1.4      DRIVER 4

           5.2      CHALLENGES

                         5.2.1      CHALLENGE 1

                         5.2.2      CHALLENGE 2

                         5.2.3      CHALLENGE 3

                         5.2.4      CHALLENGE 4

           5.3      OPPORTUNITIES

                         5.3.1      OPPORTUNITY 1

                         5.3.2      OPPORTUNITY 2

6       INDIA ALUMINIUM MARKET BY PRODUCT TYPE

           6.1      OVERVIEW

           6.2      FLAT-ROLLED MARKET

           6.3      CASTINGS MARKET

           6.4      EXTRUSIONS MARKET

           6.5      FORGINGS MARKET

           6.6      POWDER AND PASTE MARKET

           6.7      OTHER TYPES MARKET

7       INDIA ALUMINIUM MARKET BY TYPE

           7.1      OVERVIEW

           7.2      PRIMARY MARKET

           7.3      SECONDARY MARKET

8       INDIA ALUMINIUM MARKET BY END-USER INDUSTRY

           8.1      OVERVIEW

           8.2      TRANSPORT MARKET

           8.3      CONSUMER GOODS MARKET

           8.4      MACHINERY AND EQUIPMENT MARKET

           8.5      CONSTRUCTION MARKET

           8.6      FOIL AND PACKAGING MARKET

           8.7      ELECTRICAL ENGINEERING MARKET

           8.8      OTHERS MARKET

9     COMPANY PROFILES

           9.1     NORSK HYDRO ASA

                         9.1.1     COMPANY OVERVIEW

                         9.1.2     COMPANY SNAPSHOT

                         9.1.3     OPERATING BUSINESS SEGMENTS

                         9.1.4     PRODUCT PORTFOLIO

                         9.1.5     BUSINESS PERFORMANCE

                         9.1.6     BUSINESS SEGMENTS

                         9.1.7     GEOGRAPHIC SEGMENTS

                         9.1.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.1.9     PRIMARY MARKET COMPETITORS

           9.2     RIO TINTO

                         9.2.1     COMPANY OVERVIEW

                         9.2.2     COMPANY SNAPSHOT

                         9.2.3     OPERATING BUSINESS SEGMENTS

                         9.2.4     PRODUCT PORTFOLIO

                         9.2.5     BUSINESS PERFORMANCE

                         9.2.6     BUSINESS SEGMENTS

                         9.2.7     GEOGRAPHIC SEGMENTS

                         9.2.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.2.9     PRIMARY MARKET COMPETITORS

           9.3     VEDANTA ALUMINIUM AND POWER

                         9.3.1     COMPANY OVERVIEW

                         9.3.2     COMPANY SNAPSHOT

                         9.3.3     OPERATING BUSINESS SEGMENTS

                         9.3.4     PRODUCT PORTFOLIO

                         9.3.5     BUSINESS PERFORMANCE

                         9.3.6     BUSINESS SEGMENTS

                         9.3.7     GEOGRAPHIC SEGMENTS

                         9.3.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.3.9     PRIMARY MARKET COMPETITORS

           9.4     HINDALCO INDUSTRIES LTD.

                         9.4.1     COMPANY OVERVIEW

                         9.4.2     COMPANY SNAPSHOT

                         9.4.3     OPERATING BUSINESS SEGMENTS

                         9.4.4     PRODUCT PORTFOLIO

                         9.4.5     BUSINESS PERFORMANCE

                         9.4.6     BUSINESS SEGMENTS

                         9.4.7     GEOGRAPHIC SEGMENTS

                         9.4.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.4.9     PRIMARY MARKET COMPETITORS

           9.5     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO)

                         9.5.1     COMPANY OVERVIEW

                         9.5.2     COMPANY SNAPSHOT

                         9.5.3     OPERATING BUSINESS SEGMENTS

                         9.5.4     PRODUCT PORTFOLIO

                         9.5.5     BUSINESS PERFORMANCE

                         9.5.6     BUSINESS SEGMENTS

                         9.5.7     GEOGRAPHIC SEGMENTS

                         9.5.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.5.9     PRIMARY MARKET COMPETITORS

           9.6     JINDAL ALUMINIUM LIMITED

                         9.6.1     COMPANY OVERVIEW

                         9.6.2     COMPANY SNAPSHOT

                         9.6.3     OPERATING BUSINESS SEGMENTS

                         9.6.4     PRODUCT PORTFOLIO

                         9.6.5     BUSINESS PERFORMANCE

                         9.6.6     BUSINESS SEGMENTS

                         9.6.7     GEOGRAPHIC SEGMENTS

                         9.6.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.6.9     PRIMARY MARKET COMPETITORS

           9.7     BALCO (BHARAT ALUMINIUM COMPANY LIMITED)

                         9.7.1     COMPANY OVERVIEW

                         9.7.2     COMPANY SNAPSHOT

                         9.7.3     OPERATING BUSINESS SEGMENTS

                         9.7.4     PRODUCT PORTFOLIO

                         9.7.5     BUSINESS PERFORMANCE

                         9.7.6     BUSINESS SEGMENTS

                         9.7.7     GEOGRAPHIC SEGMENTS

                         9.7.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.7.9     PRIMARY MARKET COMPETITORS

           9.8     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML)

                         9.8.1     COMPANY OVERVIEW

                         9.8.2     COMPANY SNAPSHOT

                         9.8.3     OPERATING BUSINESS SEGMENTS

                         9.8.4     PRODUCT PORTFOLIO

                         9.8.5     BUSINESS PERFORMANCE

                         9.8.6     BUSINESS SEGMENTS

                         9.8.7     GEOGRAPHIC SEGMENTS

                         9.8.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.8.9     PRIMARY MARKET COMPETITORS

           9.9     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL)

                         9.9.1     COMPANY OVERVIEW

                         9.9.2     COMPANY SNAPSHOT

                         9.9.3     OPERATING BUSINESS SEGMENTS

                         9.9.4     PRODUCT PORTFOLIO

                         9.9.5     BUSINESS PERFORMANCE

                         9.9.6     BUSINESS SEGMENTS

                         9.9.7     GEOGRAPHIC SEGMENTS

                         9.9.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.9.9     PRIMARY MARKET COMPETITORS

           9.10     ADITYA ALUMINIUM

                         9.10.1     COMPANY OVERVIEW

                         9.10.2     COMPANY SNAPSHOT

                         9.10.3     OPERATING BUSINESS SEGMENTS

                         9.10.4     PRODUCT PORTFOLIO

                         9.10.5     BUSINESS PERFORMANCE

                         9.10.6     BUSINESS SEGMENTS

                         9.10.7     GEOGRAPHIC SEGMENTS

                         9.10.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.10.9     PRIMARY MARKET COMPETITORS

LIST OF TABLES

TABLE 1.     INDIA ALUMINIUM MARKET VALUE, BY PRODUCT TYPE, 2023-2030, (MILLION USD)

TABLE 2.     FLAT-ROLLED, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 3.     CASTINGS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 4.     EXTRUSIONS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 5.     FORGINGS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 6.     POWDER AND PASTE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 7.     OTHER TYPES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 8.     INDIA ALUMINIUM MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

TABLE 9.     PRIMARY, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 10.     SECONDARY, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 11.     INDIA ALUMINIUM MARKET VALUE, BY END-USER INDUSTRY , 2023-2030, (MILLION USD)

TABLE 12.     TRANSPORT, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 13.     CONSUMER GOODS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 14.     MACHINERY AND EQUIPMENT, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 15.     CONSTRUCTION, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 16.     FOIL AND PACKAGING, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 17.     ELECTRICAL ENGINEERING, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 18.     OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 19.     NORSK HYDRO ASA: COMPANY SNAPSHOT

TABLE 20.     NORSK HYDRO ASA: OPERATING BUSINESS SEGMENTS

TABLE 21.     NORSK HYDRO ASA: PRODUCT PORTFOLIO

TABLE 22.     NORSK HYDRO ASA: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 23.     NORSK HYDRO ASA: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 24.     NORSK HYDRO ASA: KEY STRATERGY

TABLE 25.     RIO TINTO: COMPANY SNAPSHOT

TABLE 26.     RIO TINTO: OPERATING BUSINESS SEGMENTS

TABLE 27.     RIO TINTO: PRODUCT PORTFOLIO

TABLE 28.     RIO TINTO: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 29.     RIO TINTO: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 30.     RIO TINTO: KEY STRATERGY

TABLE 31.     VEDANTA ALUMINIUM AND POWER: COMPANY SNAPSHOT

TABLE 32.     VEDANTA ALUMINIUM AND POWER: OPERATING BUSINESS SEGMENTS

TABLE 33.     VEDANTA ALUMINIUM AND POWER: PRODUCT PORTFOLIO

TABLE 34.     VEDANTA ALUMINIUM AND POWER: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 35.     VEDANTA ALUMINIUM AND POWER: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 36.     VEDANTA ALUMINIUM AND POWER: KEY STRATERGY

TABLE 37.     HINDALCO INDUSTRIES LTD.: COMPANY SNAPSHOT

TABLE 38.     HINDALCO INDUSTRIES LTD.: OPERATING BUSINESS SEGMENTS

TABLE 39.     HINDALCO INDUSTRIES LTD.: PRODUCT PORTFOLIO

TABLE 40.     HINDALCO INDUSTRIES LTD.: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 41.     HINDALCO INDUSTRIES LTD.: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 42.     HINDALCO INDUSTRIES LTD.: KEY STRATERGY

TABLE 43.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): COMPANY SNAPSHOT

TABLE 44.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): OPERATING BUSINESS SEGMENTS

TABLE 45.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): PRODUCT PORTFOLIO

TABLE 46.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 47.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 48.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): KEY STRATERGY

TABLE 49.     JINDAL ALUMINIUM LIMITED: COMPANY SNAPSHOT

TABLE 50.     JINDAL ALUMINIUM LIMITED: OPERATING BUSINESS SEGMENTS

TABLE 51.     JINDAL ALUMINIUM LIMITED: PRODUCT PORTFOLIO

TABLE 52.     JINDAL ALUMINIUM LIMITED: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 53.     JINDAL ALUMINIUM LIMITED: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 54.     JINDAL ALUMINIUM LIMITED: KEY STRATERGY

TABLE 55.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): COMPANY SNAPSHOT

TABLE 56.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): OPERATING BUSINESS SEGMENTS

TABLE 57.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): PRODUCT PORTFOLIO

TABLE 58.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 59.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 60.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): KEY STRATERGY

TABLE 61.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): COMPANY SNAPSHOT

TABLE 62.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): OPERATING BUSINESS SEGMENTS

TABLE 63.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): PRODUCT PORTFOLIO

TABLE 64.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 65.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 66.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): KEY STRATERGY

TABLE 67.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): COMPANY SNAPSHOT

TABLE 68.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): OPERATING BUSINESS SEGMENTS

TABLE 69.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): PRODUCT PORTFOLIO

TABLE 70.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 71.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 72.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): KEY STRATERGY

TABLE 73.     ADITYA ALUMINIUM: COMPANY SNAPSHOT

TABLE 74.     ADITYA ALUMINIUM: OPERATING BUSINESS SEGMENTS

TABLE 75.     ADITYA ALUMINIUM: PRODUCT PORTFOLIO

TABLE 76.     ADITYA ALUMINIUM: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 77.     ADITYA ALUMINIUM: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 78.     ADITYA ALUMINIUM: KEY STRATERGY

LIST OF FIGURES

FIGURE 1.   BARGAINING POWER OF SUPPLIERS

FIGURE 2.   BARGAINING POWER OF BUYERS

FIGURE 3.   DEGREE OF COMPETITION

FIGURE 4.   THREAT OF SUBSTITUTE

FIGURE 5.   THREAT OF NEW ENTRANTS

FIGURE 6.     INDIA ALUMINIUM MARKET VALUE, BY PRODUCT TYPE, 2023-2030, (MILLION USD)

FIGURE 7.     FLAT-ROLLED, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 8.     CASTINGS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 9.     EXTRUSIONS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 10.     FORGINGS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 11.     POWDER AND PASTE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 12.     OTHER TYPES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 13.     INDIA ALUMINIUM MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

FIGURE 14.     PRIMARY, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 15.     SECONDARY, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 16.     INDIA ALUMINIUM MARKET VALUE, BY END-USER INDUSTRY , 2023-2030, (MILLION USD)

FIGURE 17.     TRANSPORT, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 18.     CONSUMER GOODS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 19.     MACHINERY AND EQUIPMENT, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 20.     CONSTRUCTION, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 21.     FOIL AND PACKAGING, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 22.     ELECTRICAL ENGINEERING, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 23.     OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 24.     NORSK HYDRO ASA: NET SALES, (2021-2023)

FIGURE 25.     NORSK HYDRO ASA: PRIMARY MARKET COMPETITORS

FIGURE 26.     RIO TINTO: NET SALES, (2021-2023)

FIGURE 27.     RIO TINTO: PRIMARY MARKET COMPETITORS

FIGURE 28.     VEDANTA ALUMINIUM AND POWER: NET SALES, (2021-2023)

FIGURE 29.     VEDANTA ALUMINIUM AND POWER: PRIMARY MARKET COMPETITORS

FIGURE 30.     HINDALCO INDUSTRIES LTD.: NET SALES, (2021-2023)

FIGURE 31.     HINDALCO INDUSTRIES LTD.: PRIMARY MARKET COMPETITORS

FIGURE 32.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): NET SALES, (2021-2023)

FIGURE 33.     NATIONAL ALUMINIUM COMPANY LIMITED (NALCO): PRIMARY MARKET COMPETITORS

FIGURE 34.     JINDAL ALUMINIUM LIMITED: NET SALES, (2021-2023)

FIGURE 35.     JINDAL ALUMINIUM LIMITED: PRIMARY MARKET COMPETITORS

FIGURE 36.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): NET SALES, (2021-2023)

FIGURE 37.     BALCO (BHARAT ALUMINIUM COMPANY LIMITED): PRIMARY MARKET COMPETITORS

FIGURE 38.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): NET SALES, (2021-2023)

FIGURE 39.     RAJASTHAN STATE MINES & MINERALS LIMITED (RSMML): PRIMARY MARKET COMPETITORS

FIGURE 40.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): NET SALES, (2021-2023)

FIGURE 41.     UTKAL ALUMINA INTERNATIONAL LIMITED (UAIL): PRIMARY MARKET COMPETITORS

FIGURE 42.     ADITYA ALUMINIUM: NET SALES, (2021-2023)

FIGURE 43.     ADITYA ALUMINIUM: PRIMARY MARKET COMPETITORS

 

At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.

Research Landscape

We navigate the world of research with two primary approaches:

Qualitative Approach

Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.

Quantitative Research

In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.

Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.

Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.

 

Our Specialized Toolbox for Industry-Specific Market Research

We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:

Information Procurement

The stage entails acquiring market data or relevant information through various sources and methodologies.

Market Research Approach

We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.

Porters Five Forces Analysis

We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.

              

SWOT Analysis

We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.

Forecasting

We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.