Powder Coatings Market Dynamics 2021-2031
The Powder Coating Market is expected to register a CAGR of 5% 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 (thermoset, thermoplastic), coating technology (electrostatic spray, fluidized bed). The report further presents analysis based on application (building and construction, automotive, electronics appliances, furniture, general industrial, others). Global analysis is further broken-down at regional level and major countries. In terms of geography, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). The report offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Powder Coating 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.
Powder Coating Market Segmentation
Resin type- Thermoset
- Thermoplastic
- Electrostatic Spray
- Fluidized Bed
- Building and Construction
- Automotive
- Electronics Appliances
- Furniture
- General Industrial
- Others
- 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
Powder Coating Market Growth Drivers- Environmental Regulations Drive Adoption: The adoption of powder coatings is fast-tracked due to stringent environmental regulations especially those concerned with volatile organic compound emissions. Given that powder coatings contain little or no volatile organic pollutants, they are gaining popularity in the automotive industry, construction, and the production of goods for consumers where the need to protect the environment is a key issue.
- Durability and Performance: Powder coatings are highly resistant to scratching, corrosion, and fading, which makes them suitable for use in harsh environments. This, and the fact that the cost of such performance is reasonable, is a driving force and especially in the automotive, architectural and kitchenware sectors where decorative and durable coatings are needed.
- Aesthetic Appeal: An increase in aesthetic appeal in several sectors for instance automotive, furniture and architecture has created a corresponding increase in the use of powder coatings. The fact that they can be finished in many bright colours and different textures propels the growth of the market in both commercial and consumer use.
- Environmental Awareness Drives Growth: The increase in environmental awareness amongst consumers has led to the growth in the use of environmentally friendly powder coating. Basing on this, powder coating manufacturers are producing low VOC and water-based powder coatings in accordance with the worldwide green building revolution and the many environmental regulations leveling in many sectors.
- Customization in Powder Coatings: The other emerging trend is the need for customized powder coating solutions in terms of their textures, colors and finishes. Innovations including but not limited to metallic and matte and textured coatings are being widely adopted in the automobile and architecture and furniture sectors where the functionality and beauty of the products are paramount.
- Advanced Powder Coatings: The advent of advanced powder coatings, namely self-healing powders or anti-microbial powders, is becoming another key development. These coatings are incorporated with other forms of functionality such as those that combat wearing, corrosion or even bacteria which is a priority in the case of automobiles, medical facilities and industrial machinery.
- Increased Infrastructure Demand: With the advent of new infrastructure projects all around the globe, there is a constant rise in the application of tough and more weather resistant coatings on structures like buildings, bridges, and other infrastructures. Coating systems based on powder coatings present a better defense from the weather hence manufacturers have a great potential of supplying coating systems for construction and other infrastructural projects.
- Electric Vehicle Market: The increasing popularity of electric vehicles (EVs) presents an alternative market opportunity for the powder coating industry. Manufacturers of EVs look for ways to coat an automotive part that is light, rigid, and environmentally safe which opens doors for these particular types of powder coatings.
- Consumer Products Trend: The rising trend among consumers regarding the need for quality and stylish consumer products includes powdered coating materials appliances, furniture, and electronics creating an embrace for powdered coating materials. This is an opportunity that manufacturers can exploit by providing tailored durable finishes coatings of wide range of functional and decorative designs.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Powder Coating 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 Powder Coating 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 Powder Coating Market is estimated to witness a CAGR of 5% from 2023 to 2031
As they contain little to no volatile organic compounds, powder coatings are becoming the preferred choice in industries like automotive, construction, and consumer goods, where eco-compliance is essential. Thus, wide application scope drives the market growth.
The increasing demand for water-based and low-VOC powder coating is driven by environmental regulations and consumer preference for sustainable products acts as a key trend in the market.
PPG Industries, Inc, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems, LLC, Jotun A/S, Arkema S.A., zigmapaints.com, Prominent Powder Pvt. Ltd., Tulip Paints, The Powder Coating Institute are the key players operating in the powder coating market.
Based on geography, North America held the largest share of the powder coating market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Powder Coatings Market - By Resin type
1.3.2 Powder Coatings Market - By Coating Technology
1.3.3 Powder Coatings Market - By End Use Industry
1.3.4 Powder Coatings Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. POWDER 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. POWDER 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. POWDER COATINGS MARKET - GLOBAL MARKET ANALYSIS
6.1. POWDER COATINGS - GLOBAL MARKET OVERVIEW
6.2. POWDER COATINGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. POWDER COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - RESIN TYPE
7.1. OVERVIEW
7.2. RESIN TYPE MARKET FORECASTS AND ANALYSIS
7.3. THERMOSET
7.3.1. Overview
7.3.2. Thermoset Market Forecast and Analysis
7.4. THERMOPLASTIC
7.4.1. Overview
7.4.2. Thermoplastic Market Forecast and Analysis
8. POWDER COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - COATING TECHNOLOGY
8.1. OVERVIEW
8.2. COATING TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. ELECTROSTATIC SPRAY
8.3.1. Overview
8.3.2. Electrostatic Spray Market Forecast and Analysis
8.4. FLUIDIZED BED
8.4.1. Overview
8.4.2. Fluidized Bed Market Forecast and Analysis
9. POWDER COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - END USE INDUSTRY
9.1. OVERVIEW
9.2. END USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. APPLIANCES
9.3.1. Overview
9.3.2. Appliances Market Forecast and Analysis
9.4. AUTOMOTIVE
9.4.1. Overview
9.4.2. Automotive Market Forecast and Analysis
9.5. GENERAL INDUSTRIAL
9.5.1. Overview
9.5.2. General Industrial Market Forecast and Analysis
9.6. ARCHITECTURE
9.6.1. Overview
9.6.2. Architecture Market Forecast and Analysis
9.7. FURNITURE
9.7.1. Overview
9.7.2. Furniture Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. POWDER COATINGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Powder Coatings Market Overview
10.1.2 North America Powder Coatings Market Forecasts and Analysis
10.1.3 North America Powder Coatings Market Forecasts and Analysis - By Resin type
10.1.4 North America Powder Coatings Market Forecasts and Analysis - By Coating Technology
10.1.5 North America Powder Coatings Market Forecasts and Analysis - By End Use Industry
10.1.6 North America Powder Coatings Market Forecasts and Analysis - By Countries
10.1.6.1 United States Powder Coatings Market
10.1.6.1.1 United States Powder Coatings Market by Resin type
10.1.6.1.2 United States Powder Coatings Market by Coating Technology
10.1.6.1.3 United States Powder Coatings Market by End Use Industry
10.1.6.2 Canada Powder Coatings Market
10.1.6.2.1 Canada Powder Coatings Market by Resin type
10.1.6.2.2 Canada Powder Coatings Market by Coating Technology
10.1.6.2.3 Canada Powder Coatings Market by End Use Industry
10.1.6.3 Mexico Powder Coatings Market
10.1.6.3.1 Mexico Powder Coatings Market by Resin type
10.1.6.3.2 Mexico Powder Coatings Market by Coating Technology
10.1.6.3.3 Mexico Powder Coatings Market by End Use Industry
10.2. EUROPE
10.2.1 Europe Powder Coatings Market Overview
10.2.2 Europe Powder Coatings Market Forecasts and Analysis
10.2.3 Europe Powder Coatings Market Forecasts and Analysis - By Resin type
10.2.4 Europe Powder Coatings Market Forecasts and Analysis - By Coating Technology
10.2.5 Europe Powder Coatings Market Forecasts and Analysis - By End Use Industry
10.2.6 Europe Powder Coatings Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Powder Coatings Market
10.2.6.1.1 Germany Powder Coatings Market by Resin type
10.2.6.1.2 Germany Powder Coatings Market by Coating Technology
10.2.6.1.3 Germany Powder Coatings Market by End Use Industry
10.2.6.2 France Powder Coatings Market
10.2.6.2.1 France Powder Coatings Market by Resin type
10.2.6.2.2 France Powder Coatings Market by Coating Technology
10.2.6.2.3 France Powder Coatings Market by End Use Industry
10.2.6.3 Italy Powder Coatings Market
10.2.6.3.1 Italy Powder Coatings Market by Resin type
10.2.6.3.2 Italy Powder Coatings Market by Coating Technology
10.2.6.3.3 Italy Powder Coatings Market by End Use Industry
10.2.6.4 United Kingdom Powder Coatings Market
10.2.6.4.1 United Kingdom Powder Coatings Market by Resin type
10.2.6.4.2 United Kingdom Powder Coatings Market by Coating Technology
10.2.6.4.3 United Kingdom Powder Coatings Market by End Use Industry
10.2.6.5 Russia Powder Coatings Market
10.2.6.5.1 Russia Powder Coatings Market by Resin type
10.2.6.5.2 Russia Powder Coatings Market by Coating Technology
10.2.6.5.3 Russia Powder Coatings Market by End Use Industry
10.2.6.6 Rest of Europe Powder Coatings Market
10.2.6.6.1 Rest of Europe Powder Coatings Market by Resin type
10.2.6.6.2 Rest of Europe Powder Coatings Market by Coating Technology
10.2.6.6.3 Rest of Europe Powder Coatings Market by End Use Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Powder Coatings Market Overview
10.3.2 Asia-Pacific Powder Coatings Market Forecasts and Analysis
10.3.3 Asia-Pacific Powder Coatings Market Forecasts and Analysis - By Resin type
10.3.4 Asia-Pacific Powder Coatings Market Forecasts and Analysis - By Coating Technology
10.3.5 Asia-Pacific Powder Coatings Market Forecasts and Analysis - By End Use Industry
10.3.6 Asia-Pacific Powder Coatings Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Powder Coatings Market
10.3.6.1.1 Australia Powder Coatings Market by Resin type
10.3.6.1.2 Australia Powder Coatings Market by Coating Technology
10.3.6.1.3 Australia Powder Coatings Market by End Use Industry
10.3.6.2 China Powder Coatings Market
10.3.6.2.1 China Powder Coatings Market by Resin type
10.3.6.2.2 China Powder Coatings Market by Coating Technology
10.3.6.2.3 China Powder Coatings Market by End Use Industry
10.3.6.3 India Powder Coatings Market
10.3.6.3.1 India Powder Coatings Market by Resin type
10.3.6.3.2 India Powder Coatings Market by Coating Technology
10.3.6.3.3 India Powder Coatings Market by End Use Industry
10.3.6.4 Japan Powder Coatings Market
10.3.6.4.1 Japan Powder Coatings Market by Resin type
10.3.6.4.2 Japan Powder Coatings Market by Coating Technology
10.3.6.4.3 Japan Powder Coatings Market by End Use Industry
10.3.6.5 South Korea Powder Coatings Market
10.3.6.5.1 South Korea Powder Coatings Market by Resin type
10.3.6.5.2 South Korea Powder Coatings Market by Coating Technology
10.3.6.5.3 South Korea Powder Coatings Market by End Use Industry
10.3.6.6 Rest of Asia-Pacific Powder Coatings Market
10.3.6.6.1 Rest of Asia-Pacific Powder Coatings Market by Resin type
10.3.6.6.2 Rest of Asia-Pacific Powder Coatings Market by Coating Technology
10.3.6.6.3 Rest of Asia-Pacific Powder Coatings Market by End Use Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Powder Coatings Market Overview
10.4.2 Middle East and Africa Powder Coatings Market Forecasts and Analysis
10.4.3 Middle East and Africa Powder Coatings Market Forecasts and Analysis - By Resin type
10.4.4 Middle East and Africa Powder Coatings Market Forecasts and Analysis - By Coating Technology
10.4.5 Middle East and Africa Powder Coatings Market Forecasts and Analysis - By End Use Industry
10.4.6 Middle East and Africa Powder Coatings Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Powder Coatings Market
10.4.6.1.1 South Africa Powder Coatings Market by Resin type
10.4.6.1.2 South Africa Powder Coatings Market by Coating Technology
10.4.6.1.3 South Africa Powder Coatings Market by End Use Industry
10.4.6.2 Saudi Arabia Powder Coatings Market
10.4.6.2.1 Saudi Arabia Powder Coatings Market by Resin type
10.4.6.2.2 Saudi Arabia Powder Coatings Market by Coating Technology
10.4.6.2.3 Saudi Arabia Powder Coatings Market by End Use Industry
10.4.6.3 U.A.E Powder Coatings Market
10.4.6.3.1 U.A.E Powder Coatings Market by Resin type
10.4.6.3.2 U.A.E Powder Coatings Market by Coating Technology
10.4.6.3.3 U.A.E Powder Coatings Market by End Use Industry
10.4.6.4 Rest of Middle East and Africa Powder Coatings Market
10.4.6.4.1 Rest of Middle East and Africa Powder Coatings Market by Resin type
10.4.6.4.2 Rest of Middle East and Africa Powder Coatings Market by Coating Technology
10.4.6.4.3 Rest of Middle East and Africa Powder Coatings Market by End Use Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Powder Coatings Market Overview
10.5.2 South and Central America Powder Coatings Market Forecasts and Analysis
10.5.3 South and Central America Powder Coatings Market Forecasts and Analysis - By Resin type
10.5.4 South and Central America Powder Coatings Market Forecasts and Analysis - By Coating Technology
10.5.5 South and Central America Powder Coatings Market Forecasts and Analysis - By End Use Industry
10.5.6 South and Central America Powder Coatings Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Powder Coatings Market
10.5.6.1.1 Brazil Powder Coatings Market by Resin type
10.5.6.1.2 Brazil Powder Coatings Market by Coating Technology
10.5.6.1.3 Brazil Powder Coatings Market by End Use Industry
10.5.6.2 Argentina Powder Coatings Market
10.5.6.2.1 Argentina Powder Coatings Market by Resin type
10.5.6.2.2 Argentina Powder Coatings Market by Coating Technology
10.5.6.2.3 Argentina Powder Coatings Market by End Use Industry
10.5.6.3 Rest of South and Central America Powder Coatings Market
10.5.6.3.1 Rest of South and Central America Powder Coatings Market by Resin type
10.5.6.3.2 Rest of South and Central America Powder Coatings Market by Coating Technology
10.5.6.3.3 Rest of South and Central America Powder Coatings Market by End Use Industry
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. POWDER COATINGS MARKET, KEY COMPANY PROFILES
12.1. PPG INDUSTRIES, INC.
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. THE SHERWIN-WILLIAMS COMPANY
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. AKZO NOBEL N.V.
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. AXALTA COATING SYSTEMS, LLC
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 A/S
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. ARKEMA S.A.
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. ZIGMAPAINTS.COM
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. PROMINENT POWDER PVT. LTD.
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. TULIP PAINTS
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. THE POWDER COATING INSTITUTE
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
12.11. NIVERA PAINTS (INDIA) PVT. LTD.
12.11.1. Key Facts
12.11.2. Business Description
12.11.3. Products and Services
12.11.4. Financial Overview
12.11.5. SWOT Analysis
12.11.6. Key Developments
12.12. IFS COATING
12.12.1. Key Facts
12.12.2. Business Description
12.12.3. Products and Services
12.12.4. Financial Overview
12.12.5. SWOT Analysis
12.12.6. Key Developments
12.13. HMG POWDER COATINGS LIMITED
12.13.1. Key Facts
12.13.2. Business Description
12.13.3. Products and Services
12.13.4. Financial Overview
12.13.5. SWOT Analysis
12.13.6. Key Developments
12.14. OK COLOR.
12.14.1. Key Facts
12.14.2. Business Description
12.14.3. Products and Services
12.14.4. Financial Overview
12.14.5. SWOT Analysis
12.14.6. Key Developments
12.15. BOWKER MACHINERY LTD
12.15.1. Key Facts
12.15.2. Business Description
12.15.3. Products and Services
12.15.4. Financial Overview
12.15.5. SWOT Analysis
12.15.6. Key Developments
12.16. THERMASET LTD
12.16.1. Key Facts
12.16.2. Business Description
12.16.3. Products and Services
12.16.4. Financial Overview
12.16.5. SWOT Analysis
12.16.6. Key Developments
12.17. PARAMOUNT POWDERS
12.17.1. Key Facts
12.17.2. Business Description
12.17.3. Products and Services
12.17.4. Financial Overview
12.17.5. SWOT Analysis
12.17.6. Key Developments
12.18. THOMAS HOWSE LIMITED
12.18.1. Key Facts
12.18.2. Business Description
12.18.3. Products and Services
12.18.4. Financial Overview
12.18.5. SWOT Analysis
12.18.6. Key Developments
12.19. COLOUR DYNAMICS
12.19.1. Key Facts
12.19.2. Business Description
12.19.3. Products and Services
12.19.4. Financial Overview
12.19.5. SWOT Analysis
12.19.6. Key Developments
12.20. ZHEJIANG HUACAI ADVANCED MATERIAL CO., LTD.
12.20.1. Key Facts
12.20.2. Business Description
12.20.3. Products and Services
12.20.4. Financial Overview
12.20.5. SWOT Analysis
12.20.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- Jotun A/S
- Arkema S.A.
- zigmapaints.com
- Prominent Powder Pvt. Ltd.
- Tulip Paints
- The Powder Coating Institute
- Nivera Paints (India) Pvt. Ltd.
- IFS coating
- HMG Powder Coatings Limited
- OK Color.
- Bowker Machinery Ltd
- Thermaset Ltd
- Paramount Powders
- THOMAS HOWSE LIMITED
- Colour Dynamics
- Zhejiang Huacai Advanced Material CO., LTD.
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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