You know what grinds my gears? An industry analysis that is not linked to the rest of a transfer pricing document. I mean, why do an industry analysis at all if you are not going to link it to the rest of the TP document. You might as well save the time for doing the industry analysis and go home early.
As you know an industry analysis is supposed to provide information that enables the reader to better understand the industry and the environment in which the tested party operates. This means it should at least be linked to the financial analysis but preferably also to the functional analysis.
A good report should show how the functions of a company fall within the industry (i.e. value creation) and how its financial position may be (or was) influenced by the industry.