Thermal Spray Powder Market Growth Opportunities and Top Key Players by 2031

Coverage: Thermal Spray Powder Market covers analysis By Powder Type (Tungsten Carbide, Molybdenum, Chrome Carbide, Others); End User Industry (Aerospace, Automotive, Industrial Gas Turbines, Oil and Gas, Power, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00005654
  • Category : Chemicals and Materials
  • No. of Pages : 150
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The Thermal Spray Powder Market is expected to register a CAGR of 6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The thermal spray powder market report is segmented by powder type (tungsten carbide, molybdenum, chrome carbide, others). The market is segmented based on end-use industry (aerospace, automotive, oil and gas, energy and power, and others). The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis, segments, regions, and countries. The report covers market trends, as well as market dynamics such as drivers, restraints, and key opportunities. The report also covers industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the market.

Purpose of the Report

The report Thermal Spray Powder 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.

Thermal Spray Powder Market Segmentation

Powder Type
  • Tungsten Carbide
  • Molybdenum
  • Chrome Carbide
End-Use Industry
  • Aerospace
  • Automotive
  • Oil and Gas
  • Energy and Power

Strategic Insights

Thermal Spray Powder Market Growth Drivers
  • Growth in Aerospace and Automotive Industries: Thermal spray powders are extensively used in the aerospace and automotive sectors for coating components such as turbine blades, exhaust systems, and engine parts. These coatings provide protection against wear, heat, and corrosion, which is crucial for high-performance components in engines and other critical applications. The expansion of these industries is fueling the demand for thermal spray powders.
  • Increasing Demand for Wear and Corrosion Protection in Industrial Applications: Thermal spray powders are widely used in industries such as power generation, oil and gas, manufacturing, and marine to protect machinery and equipment from corrosion, wear, and erosion. The need for enhanced durability and extended service life of critical components is driving the demand for these coatings, particularly in harsh environments.
  • Technological Advancements and Innovation in Coatings: Ongoing developments in thermal spray powder formulations, such as the introduction of new alloys and composite materials, are expanding the market's scope. These advancements improve the performance, efficiency, and cost-effectiveness of coatings. Additionally, innovations in spray technologies and more environmentally friendly processes are contributing to market growth, offering higher-quality coatings and broader industrial applications.
Thermal Spray Powder Market Future Trends
  • Rising Demand from Aerospace and Automotive Industries: Thermal spray powders are increasingly used in aerospace and automotive sectors for coating engine components, turbine blades, and exhaust systems. These coatings enhance resistance to wear, corrosion, and high temperatures, which is essential for improving the longevity and performance of critical components in these industries.
  • Advancement in Powder Materials and Coating Technologies: The market is seeing significant innovation in thermal spray powders, with manufacturers developing high-performance materials such as ceramics, metals, and composite powders. These advanced materials provide superior protection against harsh environments, making them ideal for industries like oil and gas, energy, and manufacturing, where robust and reliable coatings are required.
  • Sustainability and Eco-friendly Coatings: With increasing emphasis on sustainability, there is growing demand for eco-friendly thermal spray powders. These include powders with low or no toxic emissions, as well as those that reduce energy consumption during application. Manufacturers are focusing on developing sustainable powders that align with environmental regulations and the growing trend toward green manufacturing processes across various industries.
Thermal Spray Powder Market Opportunities
  • Rising Demand from Aerospace and Automotive Sectors: Thermal spray powders are extensively used in aerospace and automotive industries for coating high-performance components such as turbine blades, engine parts, and brake systems. These powders provide excellent resistance to wear, corrosion, and high temperatures, making them essential for maintaining the performance and longevity of critical parts in these industries. The growth in aviation and automotive manufacturing is boosting the demand for thermal spray powders.
  • Expanding Industrial Applications: The use of thermal spray powders is growing in various industrial applications, including power generation, oil and gas, and heavy machinery. These industries rely on thermal spray powders for coating parts exposed to extreme conditions, such as pumps, valves, and equipment in harsh environments. The growing demand for durable and high-performance industrial components is driving market growth.
  • Technological Advancements in Powder Materials and Processes: Innovations in powder materials, including the development of new alloys and coatings, are enhancing the capabilities of thermal spray powders. Advances in spray coating technologies, such as improved powder particle sizes and deposition techniques, are increasing the efficiency and quality of coatings, making thermal spray powders more attractive for a wide range of applications.

Market Report Scope

Key Selling Points

  • Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Thermal Spray Powder 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 Thermal Spray Powder 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
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

Frequently Asked Questions


Based on geography, which region held the largest share of the thermal spray powder market?

Based on geography, Asia Pacific held the largest share of the thermal spray powder market due to the strong growth of the automotive and oil and gas industries in the region.

What is the future trend for thermal spray powder market?

Focus on eco-friendly and sustainable products is expected to be the key market trends.

Which is the fastest growing segment based on end-use industry?

Based on end-use industry, the energy and power segment is expected to witness the fastest growth during the forecast period.

What is the expected CAGR of the Thermal Spray Powder Market ?

The Thermal Spray Powder Market is estimated to witness a CAGR of 6% from 2023 to 2031

What are the driving factors impacting the thermal spray powder market ?

Increasing demand for high-performance coatings in industrial applications is driving the market growth.

What are the key players operating in the thermal spray powder market?

Praxair S.T. Technology Inc, Kennametal Inc, LSN Diffusion Limited, Saint-Gobain, Wall Colmonoy, Polymet, Powder Alloy Corporation, Elmet Technologies, OC Oerlikon Management AG, and Höganäs AB are the key players operating in the thermal spray powder market.

TABLE OF CONTENTS

1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Thermal Spray Powder Market - By Powder type
1.3.2Thermal Spray Powder Market - By End User Industry
1.3.3Thermal Spray Powder Market - By Region
1.3.3.1By Country

2.KEY TAKEWAYS

3.RESEARCH METHODOLOGY

4.THERMAL SPRAY POWDER MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS

5.THERMAL SPRAY POWDER 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC

6.THERMAL SPRAY POWDER MARKET - GLOBAL MARKET ANALYSIS
6.1.THERMAL SPRAY POWDER - GLOBAL MARKET OVERVIEW
6.2.THERMAL SPRAY POWDER - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE

7.THERMAL SPRAY POWDER MARKET - REVENUE AND FORECASTS TO 2028 - POWDER TYPE
7.1.OVERVIEW
7.2.POWDER TYPE MARKET FORECASTS AND ANALYSIS
7.3.TUNGSTEN CARBIDE
7.3.1.Overview
7.3.2.Tungsten Carbide Market Forecast and Analysis
7.4.MOLYBDENUM
7.4.1.Overview
7.4.2.Molybdenum Market Forecast and Analysis
7.5.CHROME CARBIDE
7.5.1.Overview
7.5.2.Chrome Carbide Market Forecast and Analysis
7.6.OTHERS
7.6.1.Overview
7.6.2.Others Market Forecast and Analysis
8.THERMAL SPRAY POWDER MARKET - REVENUE AND FORECASTS TO 2028 - END USER INDUSTRY
8.1.OVERVIEW
8.2.END USER INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3.AEROSPACE
8.3.1.Overview
8.3.2.Aerospace Market Forecast and Analysis
8.4.AUTOMOTIVE
8.4.1.Overview
8.4.2.Automotive Market Forecast and Analysis
8.5.INDUSTRIAL GAS TURBINES
8.5.1.Overview
8.5.2.Industrial Gas Turbines Market Forecast and Analysis
8.6.OIL AND GAS
8.6.1.Overview
8.6.2.Oil and Gas Market Forecast and Analysis
8.7.POWER
8.7.1.Overview
8.7.2.Power Market Forecast and Analysis
8.8.OTHERS
8.8.1.Overview
8.8.2.Others Market Forecast and Analysis

9.THERMAL SPRAY POWDER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Thermal Spray Powder Market Overview
9.1.2North America Thermal Spray Powder Market Forecasts and Analysis
9.1.3North America Thermal Spray Powder Market Forecasts and Analysis - By Powder type
9.1.4North America Thermal Spray Powder Market Forecasts and Analysis - By End User Industry
9.1.5North America Thermal Spray Powder Market Forecasts and Analysis - By Countries
9.1.5.1Canada Thermal Spray Powder Market
9.1.5.1.1Canada Thermal Spray Powder Market by Powder type
9.1.5.1.2Canada Thermal Spray Powder Market by End User Industry
9.1.5.2Mexico Thermal Spray Powder Market
9.1.5.2.1Mexico Thermal Spray Powder Market by Powder type
9.1.5.2.2Mexico Thermal Spray Powder Market by End User Industry
9.1.5.3US Thermal Spray Powder Market
9.1.5.3.1US Thermal Spray Powder Market by Powder type
9.1.5.3.2US Thermal Spray Powder Market by End User Industry
9.2.EUROPE
9.2.1Europe Thermal Spray Powder Market Overview
9.2.2Europe Thermal Spray Powder Market Forecasts and Analysis
9.2.3Europe Thermal Spray Powder Market Forecasts and Analysis - By Powder type
9.2.4Europe Thermal Spray Powder Market Forecasts and Analysis - By End User Industry
9.2.5Europe Thermal Spray Powder Market Forecasts and Analysis - By Countries
9.2.5.1Germany Thermal Spray Powder Market
9.2.5.1.1Germany Thermal Spray Powder Market by Powder type
9.2.5.1.2Germany Thermal Spray Powder Market by End User Industry
9.2.5.2France Thermal Spray Powder Market
9.2.5.2.1France Thermal Spray Powder Market by Powder type
9.2.5.2.2France Thermal Spray Powder Market by End User Industry
9.2.5.3Italy Thermal Spray Powder Market
9.2.5.3.1Italy Thermal Spray Powder Market by Powder type
9.2.5.3.2Italy Thermal Spray Powder Market by End User Industry
9.2.5.4United Kingdom Thermal Spray Powder Market
9.2.5.4.1United Kingdom Thermal Spray Powder Market by Powder type
9.2.5.4.2United Kingdom Thermal Spray Powder Market by End User Industry
9.2.5.5Russia Thermal Spray Powder Market
9.2.5.5.1Russia Thermal Spray Powder Market by Powder type
9.2.5.5.2Russia Thermal Spray Powder Market by End User Industry
9.2.5.6Rest of Europe Thermal Spray Powder Market
9.2.5.6.1Rest of Europe Thermal Spray Powder Market by Powder type
9.2.5.6.2Rest of Europe Thermal Spray Powder Market by End User Industry
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Thermal Spray Powder Market Overview
9.3.2Asia-Pacific Thermal Spray Powder Market Forecasts and Analysis
9.3.3Asia-Pacific Thermal Spray Powder Market Forecasts and Analysis - By Powder type
9.3.4Asia-Pacific Thermal Spray Powder Market Forecasts and Analysis - By End User Industry
9.3.5Asia-Pacific Thermal Spray Powder Market Forecasts and Analysis - By Countries
9.3.5.1Australia Thermal Spray Powder Market
9.3.5.1.1Australia Thermal Spray Powder Market by Powder type
9.3.5.1.2Australia Thermal Spray Powder Market by End User Industry
9.3.5.2China Thermal Spray Powder Market
9.3.5.2.1China Thermal Spray Powder Market by Powder type
9.3.5.2.2China Thermal Spray Powder Market by End User Industry
9.3.5.3India Thermal Spray Powder Market
9.3.5.3.1India Thermal Spray Powder Market by Powder type
9.3.5.3.2India Thermal Spray Powder Market by End User Industry
9.3.5.4Japan Thermal Spray Powder Market
9.3.5.4.1Japan Thermal Spray Powder Market by Powder type
9.3.5.4.2Japan Thermal Spray Powder Market by End User Industry
9.3.5.5South Korea Thermal Spray Powder Market
9.3.5.5.1South Korea Thermal Spray Powder Market by Powder type
9.3.5.5.2South Korea Thermal Spray Powder Market by End User Industry
9.3.5.6Rest of Asia-Pacific Thermal Spray Powder Market
9.3.5.6.1Rest of Asia-Pacific Thermal Spray Powder Market by Powder type
9.3.5.6.2Rest of Asia-Pacific Thermal Spray Powder Market by End User Industry
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Thermal Spray Powder Market Overview
9.4.2Middle East and Africa Thermal Spray Powder Market Forecasts and Analysis
9.4.3Middle East and Africa Thermal Spray Powder Market Forecasts and Analysis - By Powder type
9.4.4Middle East and Africa Thermal Spray Powder Market Forecasts and Analysis - By End User Industry
9.4.5Middle East and Africa Thermal Spray Powder Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Thermal Spray Powder Market
9.4.5.1.1South Africa Thermal Spray Powder Market by Powder type
9.4.5.1.2South Africa Thermal Spray Powder Market by End User Industry
9.4.5.2Saudi Arabia Thermal Spray Powder Market
9.4.5.2.1Saudi Arabia Thermal Spray Powder Market by Powder type
9.4.5.2.2Saudi Arabia Thermal Spray Powder Market by End User Industry
9.4.5.3U.A.E Thermal Spray Powder Market
9.4.5.3.1U.A.E Thermal Spray Powder Market by Powder type
9.4.5.3.2U.A.E Thermal Spray Powder Market by End User Industry
9.4.5.4Rest of Middle East and Africa Thermal Spray Powder Market
9.4.5.4.1Rest of Middle East and Africa Thermal Spray Powder Market by Powder type
9.4.5.4.2Rest of Middle East and Africa Thermal Spray Powder Market by End User Industry
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Thermal Spray Powder Market Overview
9.5.2South and Central America Thermal Spray Powder Market Forecasts and Analysis
9.5.3South and Central America Thermal Spray Powder Market Forecasts and Analysis - By Powder type
9.5.4South and Central America Thermal Spray Powder Market Forecasts and Analysis - By End User Industry
9.5.5South and Central America Thermal Spray Powder Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Thermal Spray Powder Market
9.5.5.1.1Brazil Thermal Spray Powder Market by Powder type
9.5.5.1.2Brazil Thermal Spray Powder Market by End User Industry
9.5.5.2Argentina Thermal Spray Powder Market
9.5.5.2.1Argentina Thermal Spray Powder Market by Powder type
9.5.5.2.2Argentina Thermal Spray Powder Market by End User Industry
9.5.5.3Rest of South and Central America Thermal Spray Powder Market
9.5.5.3.1Rest of South and Central America Thermal Spray Powder Market by Powder type
9.5.5.3.2Rest of South and Central America Thermal Spray Powder Market by End User Industry

10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

11.THERMAL SPRAY POWDER MARKET, KEY COMPANY PROFILES
11.1.BAY STATE SURFACE TECHNOLOGIES INC. (AIMTEK)
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.CARPENTER POWDER PRODUCTS (CRS HOLDINGS INC.)
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.GLOBAL TUNGSTEN AND POWDERS
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.HOGANAS AB
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.KENNAMETAL INC.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.PLASMA POWDERS AND SYSTEMS INC.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.POLYMET CORP.
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.POWDER ALLOY CORPORATION
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.PRAXAIR ST TECHNOLOGY INC.
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.THE FISHER BARTON GROUP (LINEAGE ALLOYS)
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments

12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
The List of Companies

1. Bay State Surface Technologies Inc. (AIMTEK)
2. Carpenter Powder Products (CRS Holdings Inc.)
3. Global Tungsten and Powders
4. Hoganas AB
5. Kennametal Inc.
6. Plasma Powders and Systems Inc.
7. Polymet Corp.
8. Powder Alloy Corporation
9. Praxair ST Technology Inc.
10. The Fisher Barton Group (Lineage Alloys)

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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