Marine Coatings Market Developments by 2031
The Marine Coatings Market is expected to register a CAGR of 3.6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Resin Type (Epoxy, Alkyd, Polyurethane, and Others). The report is also segmented based on Technology (Water-Borne and Solvent-Borne) and Application (Cargo and Passenger Ships, Bulk Carriers, Container Ships, Offshore Vessels, and Others). The report scope covers 5 regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America and key countries under each region. The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Marine Coatings Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Marine Coatings Market Segmentation
Resin Type- Epoxy
- Alkyd
- Polyurethane
- Water-Borne and Solvent-Borne
- Cargo and Passenger Ships
- Bulk Carriers
- Container Ships
- Offshore Vessels
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Marine Coatings Market Growth Drivers- Shipbuilding Growth Driving Demand for Marine Coatings:The growth of the shipbuilding industry greatly influences the marine coatings market. As international trade volume increases, new vessels are considerably in demand, which demands protection through high-quality coatings against the severe environments surrounding maritime operations. Hence, an increase in this shipbuilding is directly proportional to increased demand for diverse marine coatings that further enhances market prospects.
- Stricter Environmental Regulations: Stricter regulation in the marine environment is changing the scene for marine coatings into more environmentally friendly products. Reduced noxious emissions and harmful effluents from ships have thrust manufacturers into the innovation space to discover environmental-friendly coatings that would remain compliant and appeal to the sensitive consumers, boosting this market positively.
- Increased Maintenance Schedules: Increased frequency in the schedule for maintenance and repair activities of existing vessels forms a major factor fueling the marine coatings market. An increased desire among ship operators to prolong the life cycles of the fleets translates to more demand in the protective coating market, including anti-corrosion and antifouling solutions. This bodes well for steady market demand and growth.
- Growth of Waterborne and Eco-Friendly Marine Coatings: A significant trend in the marine coatings market is the growth of waterborne coatings that offer high performance but at much lower VOCs. Overall, 'eco-friendly' coatings are increasingly popular as they are easier to apply and do not offend acute environmental regulations, which makes them an attractive proposition to shipbuilders as well as operators.
- Demand for High-Performance Coatings in Aggressive Marine Environments: Today, there is increased demand in the marine industry for high-performance coatings that would offer better corrosion and abrasion resistance and prevent fouling. The vessels have achieved operation in more aggressive environments, so demanding coatings that are durable to ensure the long life of the ship and may help reduce the expenses attributed to frequent maintenance.
- Sustainability at the Core of Marine Coatings Innovation: Sustainability becomes the core focus in the marine coatings market. Solutions are being developed to meet requirements for minimizing environmental footprint with no compromise on performance. Regulatory pressures and consumer preferences create pressure on companies to come up with innovative product offerings that could adapt to changing demand.
- Vessel Maintenance Driving Demand for High-Quality Marine Coatings: Vessel scheduled maintenance offers a significant opportunity to the marine coatings market. Ship operators are now focusing on maintenance work to maximise the asset lifecycle of their fleets, thereby increasing their demand for high-quality coatings. This has created a prosperity channel for manufacturers to innovate and expand their product lines.
- Opportunities for Eco-Friendly Marine Coatings in Response to Environmental Concerns: As the environment and regulatory profiles continue growing in concern, there are fresh opportunities that open up for development in marine coatings as more ecofriendly products. Manufacturers can take advantage of this new trend and develop products for decreasing environmental impact as they maintain performance. This meets regulatory demands but also picks up environmentally friendly consumers.
- Technological Advances: Of particular interest in the marine coatings market is technological advance. Nanotechnology and smart coatings have the possibility to significantly enhance performance characteristics such as durability or resistance to fouling. Companies with the ability to invest in R&D of these advanced formulations will be well positioned for competitive advantage and gain share.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Marine Coatings Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Marine Coatings Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Marine Coatings Market is estimated to witness a CAGR of 3.6% from 2023 to 2031
Growth of the shipbuilding industry is driving the market growth
Expansion of scheduled maintenance activities is one of the key opportunities for the market growth.
Akzo Nobel NV, Jotun, Hempel A/S, Nippon Paint Marine Coatings Co Ltd, Axalta Coating Systems, Boreo, The Sherwin-William Company, Kansai Paint Marine Co Ltd, Mitsubishi Chemical, and Chugoku Marine Paints Ltd are among the leading players operating in the marine coatings market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Based on geography, Asia Pacific is expected to register the fastest CAGR from 2023 to 2031.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Marine Coatings Market - By Resin Type
1.3.2 Marine Coatings Market - By Product Type
1.3.3 Marine Coatings Market - By Application
1.3.4 Marine Coatings Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MARINE COATINGS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. MARINE COATINGS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MARINE COATINGS MARKET - GLOBAL MARKET ANALYSIS
6.1. MARINE COATINGS - GLOBAL MARKET OVERVIEW
6.2. MARINE COATINGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MARINE COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - RESIN TYPE
7.1. OVERVIEW
7.2. RESIN TYPE MARKET FORECASTS AND ANALYSIS
7.3. EPOXY
7.3.1. Overview
7.3.2. Epoxy Market Forecast and Analysis
7.4. POLYURETHANE
7.4.1. Overview
7.4.2. Polyurethane Market Forecast and Analysis
7.5. ALKYD
7.5.1. Overview
7.5.2. Alkyd Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. MARINE COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
8.1. OVERVIEW
8.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
8.3. ANTI-CORROSION COATINGS
8.3.1. Overview
8.3.2. Anti-corrosion coatings Market Forecast and Analysis
8.4. ANTIFOULING COATINGS
8.4.1. Overview
8.4.2. Antifouling coatings Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. MARINE COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. CARGO SHIPS
9.3.1. Overview
9.3.2. Cargo ships Market Forecast and Analysis
9.4. PASSENGER SHIPS
9.4.1. Overview
9.4.2. Passenger ships Market Forecast and Analysis
9.5. BOATS
9.5.1. Overview
9.5.2. Boats Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. MARINE COATINGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Marine Coatings Market Overview
10.1.2 North America Marine Coatings Market Forecasts and Analysis
10.1.3 North America Marine Coatings Market Forecasts and Analysis - By Resin Type
10.1.4 North America Marine Coatings Market Forecasts and Analysis - By Product Type
10.1.5 North America Marine Coatings Market Forecasts and Analysis - By Application
10.1.6 North America Marine Coatings Market Forecasts and Analysis - By Countries
10.1.6.1 United States Marine Coatings Market
10.1.6.1.1 United States Marine Coatings Market by Resin Type
10.1.6.1.2 United States Marine Coatings Market by Product Type
10.1.6.1.3 United States Marine Coatings Market by Application
10.1.6.2 Canada Marine Coatings Market
10.1.6.2.1 Canada Marine Coatings Market by Resin Type
10.1.6.2.2 Canada Marine Coatings Market by Product Type
10.1.6.2.3 Canada Marine Coatings Market by Application
10.1.6.3 Mexico Marine Coatings Market
10.1.6.3.1 Mexico Marine Coatings Market by Resin Type
10.1.6.3.2 Mexico Marine Coatings Market by Product Type
10.1.6.3.3 Mexico Marine Coatings Market by Application
10.2. EUROPE
10.2.1 Europe Marine Coatings Market Overview
10.2.2 Europe Marine Coatings Market Forecasts and Analysis
10.2.3 Europe Marine Coatings Market Forecasts and Analysis - By Resin Type
10.2.4 Europe Marine Coatings Market Forecasts and Analysis - By Product Type
10.2.5 Europe Marine Coatings Market Forecasts and Analysis - By Application
10.2.6 Europe Marine Coatings Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Marine Coatings Market
10.2.6.1.1 Germany Marine Coatings Market by Resin Type
10.2.6.1.2 Germany Marine Coatings Market by Product Type
10.2.6.1.3 Germany Marine Coatings Market by Application
10.2.6.2 France Marine Coatings Market
10.2.6.2.1 France Marine Coatings Market by Resin Type
10.2.6.2.2 France Marine Coatings Market by Product Type
10.2.6.2.3 France Marine Coatings Market by Application
10.2.6.3 Italy Marine Coatings Market
10.2.6.3.1 Italy Marine Coatings Market by Resin Type
10.2.6.3.2 Italy Marine Coatings Market by Product Type
10.2.6.3.3 Italy Marine Coatings Market by Application
10.2.6.4 United Kingdom Marine Coatings Market
10.2.6.4.1 United Kingdom Marine Coatings Market by Resin Type
10.2.6.4.2 United Kingdom Marine Coatings Market by Product Type
10.2.6.4.3 United Kingdom Marine Coatings Market by Application
10.2.6.5 Russia Marine Coatings Market
10.2.6.5.1 Russia Marine Coatings Market by Resin Type
10.2.6.5.2 Russia Marine Coatings Market by Product Type
10.2.6.5.3 Russia Marine Coatings Market by Application
10.2.6.6 Rest of Europe Marine Coatings Market
10.2.6.6.1 Rest of Europe Marine Coatings Market by Resin Type
10.2.6.6.2 Rest of Europe Marine Coatings Market by Product Type
10.2.6.6.3 Rest of Europe Marine Coatings Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Marine Coatings Market Overview
10.3.2 Asia-Pacific Marine Coatings Market Forecasts and Analysis
10.3.3 Asia-Pacific Marine Coatings Market Forecasts and Analysis - By Resin Type
10.3.4 Asia-Pacific Marine Coatings Market Forecasts and Analysis - By Product Type
10.3.5 Asia-Pacific Marine Coatings Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Marine Coatings Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Marine Coatings Market
10.3.6.1.1 Australia Marine Coatings Market by Resin Type
10.3.6.1.2 Australia Marine Coatings Market by Product Type
10.3.6.1.3 Australia Marine Coatings Market by Application
10.3.6.2 China Marine Coatings Market
10.3.6.2.1 China Marine Coatings Market by Resin Type
10.3.6.2.2 China Marine Coatings Market by Product Type
10.3.6.2.3 China Marine Coatings Market by Application
10.3.6.3 India Marine Coatings Market
10.3.6.3.1 India Marine Coatings Market by Resin Type
10.3.6.3.2 India Marine Coatings Market by Product Type
10.3.6.3.3 India Marine Coatings Market by Application
10.3.6.4 Japan Marine Coatings Market
10.3.6.4.1 Japan Marine Coatings Market by Resin Type
10.3.6.4.2 Japan Marine Coatings Market by Product Type
10.3.6.4.3 Japan Marine Coatings Market by Application
10.3.6.5 South Korea Marine Coatings Market
10.3.6.5.1 South Korea Marine Coatings Market by Resin Type
10.3.6.5.2 South Korea Marine Coatings Market by Product Type
10.3.6.5.3 South Korea Marine Coatings Market by Application
10.3.6.6 Rest of Asia-Pacific Marine Coatings Market
10.3.6.6.1 Rest of Asia-Pacific Marine Coatings Market by Resin Type
10.3.6.6.2 Rest of Asia-Pacific Marine Coatings Market by Product Type
10.3.6.6.3 Rest of Asia-Pacific Marine Coatings Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Marine Coatings Market Overview
10.4.2 Middle East and Africa Marine Coatings Market Forecasts and Analysis
10.4.3 Middle East and Africa Marine Coatings Market Forecasts and Analysis - By Resin Type
10.4.4 Middle East and Africa Marine Coatings Market Forecasts and Analysis - By Product Type
10.4.5 Middle East and Africa Marine Coatings Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Marine Coatings Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Marine Coatings Market
10.4.6.1.1 South Africa Marine Coatings Market by Resin Type
10.4.6.1.2 South Africa Marine Coatings Market by Product Type
10.4.6.1.3 South Africa Marine Coatings Market by Application
10.4.6.2 Saudi Arabia Marine Coatings Market
10.4.6.2.1 Saudi Arabia Marine Coatings Market by Resin Type
10.4.6.2.2 Saudi Arabia Marine Coatings Market by Product Type
10.4.6.2.3 Saudi Arabia Marine Coatings Market by Application
10.4.6.3 U.A.E Marine Coatings Market
10.4.6.3.1 U.A.E Marine Coatings Market by Resin Type
10.4.6.3.2 U.A.E Marine Coatings Market by Product Type
10.4.6.3.3 U.A.E Marine Coatings Market by Application
10.4.6.4 Rest of Middle East and Africa Marine Coatings Market
10.4.6.4.1 Rest of Middle East and Africa Marine Coatings Market by Resin Type
10.4.6.4.2 Rest of Middle East and Africa Marine Coatings Market by Product Type
10.4.6.4.3 Rest of Middle East and Africa Marine Coatings Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Marine Coatings Market Overview
10.5.2 South and Central America Marine Coatings Market Forecasts and Analysis
10.5.3 South and Central America Marine Coatings Market Forecasts and Analysis - By Resin Type
10.5.4 South and Central America Marine Coatings Market Forecasts and Analysis - By Product Type
10.5.5 South and Central America Marine Coatings Market Forecasts and Analysis - By Application
10.5.6 South and Central America Marine Coatings Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Marine Coatings Market
10.5.6.1.1 Brazil Marine Coatings Market by Resin Type
10.5.6.1.2 Brazil Marine Coatings Market by Product Type
10.5.6.1.3 Brazil Marine Coatings Market by Application
10.5.6.2 Argentina Marine Coatings Market
10.5.6.2.1 Argentina Marine Coatings Market by Resin Type
10.5.6.2.2 Argentina Marine Coatings Market by Product Type
10.5.6.2.3 Argentina Marine Coatings Market by Application
10.5.6.3 Rest of South and Central America Marine Coatings Market
10.5.6.3.1 Rest of South and Central America Marine Coatings Market by Resin Type
10.5.6.3.2 Rest of South and Central America Marine Coatings Market by Product Type
10.5.6.3.3 Rest of South and Central America Marine Coatings Market by Application
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. MARINE COATINGS MARKET, KEY COMPANY PROFILES
12.1. PPG INDUSTRIES
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. AKZONOBEL
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. HEMPEL
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. SHERWIN-WILLIAMS
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. JOTUN
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. CHUGOKU MARINE PAINTS
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. NIPPON PAINT
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. KANSAI PAINT
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. AXALTA
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. BASF SE
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. PPG Industries
2. AkzoNobel
3. Hempel
4. Sherwin-Williams
5. Jotun
6. Chugoku Marine Paints
7. Nippon Paint
8. Kansai Paint
9. Axalta
10. BASF SE
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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