Smart Coatings Market Insights and Growth by 2031
The smart coatings market was valued US$ 5.5 billion in 2021, it is expected to grow at a CAGR of 24.2% between 2022 and 2031.
The building & construction, aerospace, and automotive industries have been flourishing rapidly. The demand for high-tech vehicles and consumer electronics has been substantially growing. This factor is surging the need for smart coatings as they have various properties which protect the surface from environmental stimuli such as temperature and electric field. Recently, nanomaterials have been used in making smart coatings as they provide improved functionality. Smart coatings are anti-microbial, self-cleaning, corrosion resistant, and self-healing. All these factors are bolstering the market growth.
MARKET DYNAMICS
Smart coating increases performance and reduces maintenance needs, operational costs, and replacement or reapplication needs. It also protects from external forces and degradation actions, such as icing, microbial incursion, fouling, corrosion, and general damage and soiling. The demand for smart coatings is surging, owing to their excellent corrosion resistance. Also, their ability to detect corrosion on any surface is the leading aspect that is fueling the smart coating market growth.
MARKET SCOPE
The "Global Smart Coatings Market Analysis to 2031" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the smart coatings market with detailed market segmentation by function, layer, and end use industry. The global market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading smart coatings market player and offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global smart coatings market is segmented based on function, layer, and end use industry. Based on function, the market is segmented into anti-corrosion, anti-icing, anti-microbial, anti-fouling, self-healing, and others. In terms of layer, the market is segmented into single-layer and multi-layer. Based on end use industry, the market is segmented into building and construction, automotive and transportation, electronics, aerospace and defense, marine, and others.
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global smart coatings market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Each region's smart coatings market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the North America region.
From the regional perspective, Asia Pacific dominated the smart coatings market with ~39% market share in 2021. Asia Pacific has become an attractive market for investors, owing to the presence of several emerging economies, such as India, China, Indonesia, and Vietnam. Owing to strong economic growth, companies have been expanding their business in the region, bolstering the region's market growth. Also, rapid developments in infrastructure and manufacturing industries in India and China are also contributing to the market growth in the region. The key smart coatings manufacturers in the region include Nippon Steel Corporation, Asian Paints, and Guangdong Carpoly Chemical Group. The below figure showcases the revenue growth trend in the global smart coatings market:
The report analyzes factors affecting the smart coatings market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors affecting the smart coatings market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak disrupted various industries such as automotive and building & construction due to lockdowns and shutting down of manufacturing units. The disruptions in these industries affected the smart coatings market negatively for the first three quarters of 2021. However, the global smart coatings market is recovering from the losses due to COVID-19. The increasing demand for smart coatings to protect various components of buildings, machines, infrastructures, etc. from damage is driving the global market. Self-cleaning, self-healing, and corrosion resistance properties of smart coatings are driving their demand in various end-use industries.
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global smart coatings market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Each region's smart coatings market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the North America region.
From the regional perspective, Asia Pacific dominated the smart coatings market with ~39% market share in 2021. Asia Pacific has become an attractive market for investors, owing to the presence of several emerging economies, such as India, China, Indonesia, and Vietnam. Owing to strong economic growth, companies have been expanding their business in the region, bolstering the region's market growth. Also, rapid developments in infrastructure and manufacturing industries in India and China are also contributing to the market growth in the region. The key smart coatings manufacturers in the region include Nippon Steel Corporation, Asian Paints, and Guangdong Carpoly Chemical Group. The below figure showcases the revenue growth trend in the global smart coatings market:
The report analyzes factors affecting the smart coatings market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors affecting the smart coatings market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak disrupted various industries such as automotive and building & construction due to lockdowns and shutting down of manufacturing units. The disruptions in these industries affected the smart coatings market negatively for the first three quarters of 2021. However, the global smart coatings market is recovering from the losses due to COVID-19. The increasing demand for smart coatings to protect various components of buildings, machines, infrastructures, etc. from damage is driving the global market. Self-cleaning, self-healing, and corrosion resistance properties of smart coatings are driving their demand in various end-use industries.
MARKET PLAYERS
The reports cover key developments in the smart coatings market's organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the smart coatings market are anticipated to have lucrative growth opportunities in the future with the rising demand for smart coatings. Below mentioned is the list of a few companies engaged in the smart coatings testing market.
The report also includes the profiles of key smart coatings market companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- AkzoNobel
- PPG Industries
- Axalta Coatings Systems
- The Sherwin-Williams Company
- Jotun A/S
- RPM International
- Hempel A/S
- NEI Corporation
- Nippon Steel Corporation
- Guangdong Carpoly Chemical Group
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Function, Layer, and End Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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 Smart Coatings Market - By Function
1.3.2 Smart Coatings Market - By Layer
1.3.3 Smart Coatings Market - By End-Use
1.3.4 Smart Coatings Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART COATINGS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SMART 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. SMART COATINGS MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART COATINGS - GLOBAL MARKET OVERVIEW
6.2. SMART COATINGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. SMART COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - FUNCTION
7.1. OVERVIEW
7.2. FUNCTION MARKET FORECASTS AND ANALYSIS
7.3. ANTI-CORROSION
7.3.1. Overview
7.3.2. Anti-Corrosion Market Forecast and Analysis
7.4. ANTI-ICING
7.4.1. Overview
7.4.2. Anti-Icing Market Forecast and Analysis
7.5. ANTI-MICROBIAL
7.5.1. Overview
7.5.2. Anti-Microbial Market Forecast and Analysis
7.6. ANTI-FOULING
7.6.1. Overview
7.6.2. Anti-Fouling Market Forecast and Analysis
7.7. SELF-HEALING
7.7.1. Overview
7.7.2. Self-Healing Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. SMART COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - LAYER
8.1. OVERVIEW
8.2. LAYER MARKET FORECASTS AND ANALYSIS
8.3. SINGLE LAYER
8.3.1. Overview
8.3.2. Single Layer Market Forecast and Analysis
8.4. MULTI LAYER
8.4.1. Overview
8.4.2. Multi Layer Market Forecast and Analysis
9. SMART COATINGS MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
9.1. OVERVIEW
9.2. END-USE MARKET FORECASTS AND ANALYSIS
9.3. AUTOMOTIVE AND TRANSPORTATION
9.3.1. Overview
9.3.2. Automotive and Transportation Market Forecast and Analysis
9.4. AEROSPACE AND DEFENSE
9.4.1. Overview
9.4.2. Aerospace and Defense Market Forecast and Analysis
9.5. CONSTRUCTION
9.5.1. Overview
9.5.2. Construction Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. others Market Forecast and Analysis
10. SMART COATINGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Smart Coatings Market Overview
10.1.2 North America Smart Coatings Market Forecasts and Analysis
10.1.3 North America Smart Coatings Market Forecasts and Analysis - By Function
10.1.4 North America Smart Coatings Market Forecasts and Analysis - By Layer
10.1.5 North America Smart Coatings Market Forecasts and Analysis - By End-Use
10.1.6 North America Smart Coatings Market Forecasts and Analysis - By Countries
10.1.6.1 United States Smart Coatings Market
10.1.6.1.1 United States Smart Coatings Market by Function
10.1.6.1.2 United States Smart Coatings Market by Layer
10.1.6.1.3 United States Smart Coatings Market by End-Use
10.1.6.2 Canada Smart Coatings Market
10.1.6.2.1 Canada Smart Coatings Market by Function
10.1.6.2.2 Canada Smart Coatings Market by Layer
10.1.6.2.3 Canada Smart Coatings Market by End-Use
10.1.6.3 Mexico Smart Coatings Market
10.1.6.3.1 Mexico Smart Coatings Market by Function
10.1.6.3.2 Mexico Smart Coatings Market by Layer
10.1.6.3.3 Mexico Smart Coatings Market by End-Use
10.2. EUROPE
10.2.1 Europe Smart Coatings Market Overview
10.2.2 Europe Smart Coatings Market Forecasts and Analysis
10.2.3 Europe Smart Coatings Market Forecasts and Analysis - By Function
10.2.4 Europe Smart Coatings Market Forecasts and Analysis - By Layer
10.2.5 Europe Smart Coatings Market Forecasts and Analysis - By End-Use
10.2.6 Europe Smart Coatings Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Smart Coatings Market
10.2.6.1.1 Germany Smart Coatings Market by Function
10.2.6.1.2 Germany Smart Coatings Market by Layer
10.2.6.1.3 Germany Smart Coatings Market by End-Use
10.2.6.2 France Smart Coatings Market
10.2.6.2.1 France Smart Coatings Market by Function
10.2.6.2.2 France Smart Coatings Market by Layer
10.2.6.2.3 France Smart Coatings Market by End-Use
10.2.6.3 Italy Smart Coatings Market
10.2.6.3.1 Italy Smart Coatings Market by Function
10.2.6.3.2 Italy Smart Coatings Market by Layer
10.2.6.3.3 Italy Smart Coatings Market by End-Use
10.2.6.4 United Kingdom Smart Coatings Market
10.2.6.4.1 United Kingdom Smart Coatings Market by Function
10.2.6.4.2 United Kingdom Smart Coatings Market by Layer
10.2.6.4.3 United Kingdom Smart Coatings Market by End-Use
10.2.6.5 Russia Smart Coatings Market
10.2.6.5.1 Russia Smart Coatings Market by Function
10.2.6.5.2 Russia Smart Coatings Market by Layer
10.2.6.5.3 Russia Smart Coatings Market by End-Use
10.2.6.6 Rest of Europe Smart Coatings Market
10.2.6.6.1 Rest of Europe Smart Coatings Market by Function
10.2.6.6.2 Rest of Europe Smart Coatings Market by Layer
10.2.6.6.3 Rest of Europe Smart Coatings Market by End-Use
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Smart Coatings Market Overview
10.3.2 Asia-Pacific Smart Coatings Market Forecasts and Analysis
10.3.3 Asia-Pacific Smart Coatings Market Forecasts and Analysis - By Function
10.3.4 Asia-Pacific Smart Coatings Market Forecasts and Analysis - By Layer
10.3.5 Asia-Pacific Smart Coatings Market Forecasts and Analysis - By End-Use
10.3.6 Asia-Pacific Smart Coatings Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Smart Coatings Market
10.3.6.1.1 Australia Smart Coatings Market by Function
10.3.6.1.2 Australia Smart Coatings Market by Layer
10.3.6.1.3 Australia Smart Coatings Market by End-Use
10.3.6.2 China Smart Coatings Market
10.3.6.2.1 China Smart Coatings Market by Function
10.3.6.2.2 China Smart Coatings Market by Layer
10.3.6.2.3 China Smart Coatings Market by End-Use
10.3.6.3 India Smart Coatings Market
10.3.6.3.1 India Smart Coatings Market by Function
10.3.6.3.2 India Smart Coatings Market by Layer
10.3.6.3.3 India Smart Coatings Market by End-Use
10.3.6.4 Japan Smart Coatings Market
10.3.6.4.1 Japan Smart Coatings Market by Function
10.3.6.4.2 Japan Smart Coatings Market by Layer
10.3.6.4.3 Japan Smart Coatings Market by End-Use
10.3.6.5 South Korea Smart Coatings Market
10.3.6.5.1 South Korea Smart Coatings Market by Function
10.3.6.5.2 South Korea Smart Coatings Market by Layer
10.3.6.5.3 South Korea Smart Coatings Market by End-Use
10.3.6.6 Rest of Asia-Pacific Smart Coatings Market
10.3.6.6.1 Rest of Asia-Pacific Smart Coatings Market by Function
10.3.6.6.2 Rest of Asia-Pacific Smart Coatings Market by Layer
10.3.6.6.3 Rest of Asia-Pacific Smart Coatings Market by End-Use
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Smart Coatings Market Overview
10.4.2 Middle East and Africa Smart Coatings Market Forecasts and Analysis
10.4.3 Middle East and Africa Smart Coatings Market Forecasts and Analysis - By Function
10.4.4 Middle East and Africa Smart Coatings Market Forecasts and Analysis - By Layer
10.4.5 Middle East and Africa Smart Coatings Market Forecasts and Analysis - By End-Use
10.4.6 Middle East and Africa Smart Coatings Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Smart Coatings Market
10.4.6.1.1 South Africa Smart Coatings Market by Function
10.4.6.1.2 South Africa Smart Coatings Market by Layer
10.4.6.1.3 South Africa Smart Coatings Market by End-Use
10.4.6.2 Saudi Arabia Smart Coatings Market
10.4.6.2.1 Saudi Arabia Smart Coatings Market by Function
10.4.6.2.2 Saudi Arabia Smart Coatings Market by Layer
10.4.6.2.3 Saudi Arabia Smart Coatings Market by End-Use
10.4.6.3 U.A.E Smart Coatings Market
10.4.6.3.1 U.A.E Smart Coatings Market by Function
10.4.6.3.2 U.A.E Smart Coatings Market by Layer
10.4.6.3.3 U.A.E Smart Coatings Market by End-Use
10.4.6.4 Rest of Middle East and Africa Smart Coatings Market
10.4.6.4.1 Rest of Middle East and Africa Smart Coatings Market by Function
10.4.6.4.2 Rest of Middle East and Africa Smart Coatings Market by Layer
10.4.6.4.3 Rest of Middle East and Africa Smart Coatings Market by End-Use
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Smart Coatings Market Overview
10.5.2 South and Central America Smart Coatings Market Forecasts and Analysis
10.5.3 South and Central America Smart Coatings Market Forecasts and Analysis - By Function
10.5.4 South and Central America Smart Coatings Market Forecasts and Analysis - By Layer
10.5.5 South and Central America Smart Coatings Market Forecasts and Analysis - By End-Use
10.5.6 South and Central America Smart Coatings Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Smart Coatings Market
10.5.6.1.1 Brazil Smart Coatings Market by Function
10.5.6.1.2 Brazil Smart Coatings Market by Layer
10.5.6.1.3 Brazil Smart Coatings Market by End-Use
10.5.6.2 Argentina Smart Coatings Market
10.5.6.2.1 Argentina Smart Coatings Market by Function
10.5.6.2.2 Argentina Smart Coatings Market by Layer
10.5.6.2.3 Argentina Smart Coatings Market by End-Use
10.5.6.3 Rest of South and Central America Smart Coatings Market
10.5.6.3.1 Rest of South and Central America Smart Coatings Market by Function
10.5.6.3.2 Rest of South and Central America Smart Coatings Market by Layer
10.5.6.3.3 Rest of South and Central America Smart Coatings Market by End-Use
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. SMART COATINGS MARKET, KEY COMPANY PROFILES
12.1. 3M
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. ANCATT
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. BASF SE
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. BAYER AG
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. DUPONT
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. EASTMAN CHEMICAL COMPANY
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. INDUSTRIAL NANOTECH, INC.
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. JOTUN
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. TESLA NANOCOATINGS
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 DOW CHEMICAL COMPANY
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
The List of Companies
1. 3M
2. AnCatt
3. BASF SE
4. Bayer AG
5. DuPont
6. Eastman Chemical Company
7. Industrial Nanotech, Inc.
8. Jotun
9. Tesla NanoCoatings
10. The Dow Chemical Company
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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