Titanium Alloy Market Overview and Forecast by 2031
The Titanium Alloy Market is expected to register a CAGR of 4% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The titanium alloy market report is segmented by type (alpha and near-alpha alloy, alpha-beta alloy, beta alloy, and others). The market is segmented based on end-use industry (aerospace and defense, automotive, chemicals, medical, power generation, 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 ReportThe report Titanium Alloy 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.
Titanium Alloy Market Segmentation
Type- Alpha and Near-alpha Alloy
- Alpha-beta Alloy
- Beta Alloy
- Aerospace and Defense
- Automotive
- Chemicals
- Medical
- Power Generation
Strategic Insights
Titanium Alloy Market Growth Drivers- Titanium Alloys Drive Aerospace and Defense Growth: The greatest reason for the growth of titanium alloy is its gigantic application in aerospace and defense. Here is where the titanium alloys come with the best price offer due to their substantial strength-to-weight ratio, corrosion resistance, and ability to withstand high temperature conditions. An ongoing increased continuous demand for light structures will always be in air and space travel, as well as militaries, and have steered this trend more and more toward improving designs using lower weight and stronger materials, particularly regarding fuel-efficient aircraft and technologically advanced weapons in defense. Consumption of titanium alloys is well above such low levels in either of these sectors.
- Titanium Alloys Boost Fuel Efficiency in the Automotive Sector: The most popular use of titanium is in the automobile sector where it is being increasingly incorporated into producing lighter vehicles that facilitate better fuel consumption, especially in engine performance and luxury cars. Titanium alloys are largely used in engine parts, exhaust systems, and suspension systems. It demands to be strong yet light and resistant to heating or corrosion. Thus, the global thrust for fuel-efficient, clean, and green vehicles including electric vehicles (EVs) would hence expect healthy demand from light materials like titanium alloys.
- Growing Medical Applications for Titanium Alloys: Titanium alloys are envisaged to be the most suitable class of materials for implants, prosthetics, and surgical instruments in terms of biocompatibility and strength, resistance to corrosion. Increasing demands for the different medical implants such as joint replacement, dental implant, and spinal implant are, on their part, a result of the rapidly growing aging population with larger healthcare expenditures. The condition of titanium alloys would hence imply that their medical industry for future demand is likely to value the bone tissue incorporation resistance to bodily fluids.it will promote.
- Specialized Titanium Alloys for Aerospace, Defense, and Medical Use: Rising requirements from aerospace, defense, and medical devices for better-performing materials have triggered a marked increase in the trend of developing specialized titanium alloys. These might require an even improved level of supremacy in one or more of these properties- for instance, corrosion resistance at high-temperature-performance plus enhanced strength-with an expected or requirement from the industry for it. An added example is that of the aerospace industry that uses ever-increasing percentages of titanium alloys with excellent performance under extreme input conditions, such as during jet engines. This trajectory of producing titanium shall continue, emphasizing research and development efforts directed towards those specially designed for unique property requirements by different industries.
- Sustainability Drives Titanium Alloy Recycling Efforts: Increasing the high costs of raw titanium and environmental concerns create strong orientation in improving the recycling of titanium alloys. Reduced scrap value in producing titanium parts translates into cost savings and reduced environmental footprint as well from mining this metal. Companies develop the local systems and processes that can create efficiencies in recycling titanium leading it toward the sustainable circular economy for this most important material. With sustainability now in the limelight in industrial manufacturing in many parts, increased expectations will always be there in future going to be on recycling endeavors and secondary titanium use.
- Titanium Alloys and Additive Manufacturing: Development in titanium alloys with respect to additive manufacturing technologies that is primarily 3D printing. This will add significant application areas to these materials in producing intricate and lightweight structures in 3D printing, especially those having a titanium base for aerospace, automotive, and biomedical purposes. Reduction of scrap production, tooling reduction, customized design capabilities, and cost benefits are advantages the additive manufacturing techniques bring into the production of components with complex geometries. Continuous advancement in 3D printing places the development of titanium alloys on the frontline of manufacturing excellent-performing components in the future.
- Growth Opportunities in Emerging Economies: The metals market for titanium can gain immeasurable margins from the emerging economies such as Asia-Pacific and Latin America countries. With the speedy industrialization of China, India, and Brazil, there is an increasing need for advanced materials in aerospace, automotive, and medical domains. In addition, the current expansion of infrastructure projects and the setting up of defense projects in these regions will further increase their demand for titanium alloys. Expansion of the production capacities of the companies along with partnerships in these regions would give them the opportunity to penetrate the ever-growing market.
- Cost Reduction through Advanced Technologies: High cost being the reason for high cost of titanium alloys, because of expensive raw materials and complex processing, companies can really now begin sourcing cost-effective production processes that might keep titanium alloys open for wider access by industries. Advances in powder metallurgy, melting technologies, and alloy formulations are proving highly effective in cost reduction for increasing attractiveness of titanium alloys for very broad markets and especially in industries with low cost sensitivity.
- Medical Sector Growth: There is tremendous market opportunity for titanium alloys from the medical sector as new applications continue to be opened up-to-date on orthopedics, dental implants, and cardiovascular devices. Developing biocompatible titanium alloys, especially alloys that would be formulated based on how well they could integrate with bone, infection resistance, and healing time, could be opportunities. Furthermore, the design of such specific alloys would allow a supplier to be part of emerging opportunity areas for advanced medical devices and implants, especially due to increasing aging, healthcare demands, and the need for quality care.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Titanium Alloy 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 Titanium Alloy 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 Titanium Alloy Market is estimated to witness a CAGR of 4% from 2023 to 2031
Rising demand from aerospace and defense are driving the market growth.
ATI Corporate, AMG Advanced Metallurgical Group NV, BAOTI Group Co Ltd, CRS Holdings Inc, Daido Steel Co Ltd, Haynes International, Hermith GmbH, NIPPON STEEL CORPORATION, OSAKA Titanium Technologies Co Ltd, and United Titanium are the key players operating in the titanium alloy market.
Based on end-use industry, the medical segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the titanium alloy market due to the strong growth of the industrial sector in the region.
Growing focus on recycling and sustainability are expected to be the key market trends.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Titanium Alloy Market - By Type
1.3.2 Titanium Alloy Market - By End User Industry
1.3.3 Titanium Alloy Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. TITANIUM ALLOY 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. TITANIUM ALLOY 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. TITANIUM ALLOY MARKET - GLOBAL MARKET ANALYSIS
6.1. TITANIUM ALLOY - GLOBAL MARKET OVERVIEW
6.2. TITANIUM ALLOY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. TITANIUM ALLOY MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ALPHA AND NEAR-ALPHA ALLOY
7.3.1. Overview
7.3.2. Alpha and Near-alpha Alloy Market Forecast and Analysis
7.4. ALPHA-BETA ALLOY
7.4.1. Overview
7.4.2. Alpha-beta Alloy Market Forecast and Analysis
7.5. BETA ALLOY
7.5.1. Overview
7.5.2. Beta Alloy Market Forecast and Analysis
8. TITANIUM ALLOY 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 AND SHIPBUILDING
8.4.1. Overview
8.4.2. Automotive and Shipbuilding Market Forecast and Analysis
8.5. CHEMICAL
8.5.1. Overview
8.5.2. Chemical Market Forecast and Analysis
8.6. POWER AND DESALINATION
8.6.1. Overview
8.6.2. Power and Desalination Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. TITANIUM ALLOY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Titanium Alloy Market Overview
9.1.2 North America Titanium Alloy Market Forecasts and Analysis
9.1.3 North America Titanium Alloy Market Forecasts and Analysis - By Type
9.1.4 North America Titanium Alloy Market Forecasts and Analysis - By End User Industry
9.1.5 North America Titanium Alloy Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Titanium Alloy Market
9.1.5.1.1 Canada Titanium Alloy Market by Type
9.1.5.1.2 Canada Titanium Alloy Market by End User Industry
9.1.5.2 Mexico Titanium Alloy Market
9.1.5.2.1 Mexico Titanium Alloy Market by Type
9.1.5.2.2 Mexico Titanium Alloy Market by End User Industry
9.1.5.3 US Titanium Alloy Market
9.1.5.3.1 US Titanium Alloy Market by Type
9.1.5.3.2 US Titanium Alloy Market by End User Industry
9.2. EUROPE
9.2.1 Europe Titanium Alloy Market Overview
9.2.2 Europe Titanium Alloy Market Forecasts and Analysis
9.2.3 Europe Titanium Alloy Market Forecasts and Analysis - By Type
9.2.4 Europe Titanium Alloy Market Forecasts and Analysis - By End User Industry
9.2.5 Europe Titanium Alloy Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Titanium Alloy Market
9.2.5.1.1 Germany Titanium Alloy Market by Type
9.2.5.1.2 Germany Titanium Alloy Market by End User Industry
9.2.5.2 France Titanium Alloy Market
9.2.5.2.1 France Titanium Alloy Market by Type
9.2.5.2.2 France Titanium Alloy Market by End User Industry
9.2.5.3 Italy Titanium Alloy Market
9.2.5.3.1 Italy Titanium Alloy Market by Type
9.2.5.3.2 Italy Titanium Alloy Market by End User Industry
9.2.5.4 United Kingdom Titanium Alloy Market
9.2.5.4.1 United Kingdom Titanium Alloy Market by Type
9.2.5.4.2 United Kingdom Titanium Alloy Market by End User Industry
9.2.5.5 Russia Titanium Alloy Market
9.2.5.5.1 Russia Titanium Alloy Market by Type
9.2.5.5.2 Russia Titanium Alloy Market by End User Industry
9.2.5.6 Rest of Europe Titanium Alloy Market
9.2.5.6.1 Rest of Europe Titanium Alloy Market by Type
9.2.5.6.2 Rest of Europe Titanium Alloy Market by End User Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Titanium Alloy Market Overview
9.3.2 Asia-Pacific Titanium Alloy Market Forecasts and Analysis
9.3.3 Asia-Pacific Titanium Alloy Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Titanium Alloy Market Forecasts and Analysis - By End User Industry
9.3.5 Asia-Pacific Titanium Alloy Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Titanium Alloy Market
9.3.5.1.1 Australia Titanium Alloy Market by Type
9.3.5.1.2 Australia Titanium Alloy Market by End User Industry
9.3.5.2 China Titanium Alloy Market
9.3.5.2.1 China Titanium Alloy Market by Type
9.3.5.2.2 China Titanium Alloy Market by End User Industry
9.3.5.3 India Titanium Alloy Market
9.3.5.3.1 India Titanium Alloy Market by Type
9.3.5.3.2 India Titanium Alloy Market by End User Industry
9.3.5.4 Japan Titanium Alloy Market
9.3.5.4.1 Japan Titanium Alloy Market by Type
9.3.5.4.2 Japan Titanium Alloy Market by End User Industry
9.3.5.5 South Korea Titanium Alloy Market
9.3.5.5.1 South Korea Titanium Alloy Market by Type
9.3.5.5.2 South Korea Titanium Alloy Market by End User Industry
9.3.5.6 Rest of Asia-Pacific Titanium Alloy Market
9.3.5.6.1 Rest of Asia-Pacific Titanium Alloy Market by Type
9.3.5.6.2 Rest of Asia-Pacific Titanium Alloy Market by End User Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Titanium Alloy Market Overview
9.4.2 Middle East and Africa Titanium Alloy Market Forecasts and Analysis
9.4.3 Middle East and Africa Titanium Alloy Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Titanium Alloy Market Forecasts and Analysis - By End User Industry
9.4.5 Middle East and Africa Titanium Alloy Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Titanium Alloy Market
9.4.5.1.1 South Africa Titanium Alloy Market by Type
9.4.5.1.2 South Africa Titanium Alloy Market by End User Industry
9.4.5.2 Saudi Arabia Titanium Alloy Market
9.4.5.2.1 Saudi Arabia Titanium Alloy Market by Type
9.4.5.2.2 Saudi Arabia Titanium Alloy Market by End User Industry
9.4.5.3 U.A.E Titanium Alloy Market
9.4.5.3.1 U.A.E Titanium Alloy Market by Type
9.4.5.3.2 U.A.E Titanium Alloy Market by End User Industry
9.4.5.4 Rest of Middle East and Africa Titanium Alloy Market
9.4.5.4.1 Rest of Middle East and Africa Titanium Alloy Market by Type
9.4.5.4.2 Rest of Middle East and Africa Titanium Alloy Market by End User Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Titanium Alloy Market Overview
9.5.2 South and Central America Titanium Alloy Market Forecasts and Analysis
9.5.3 South and Central America Titanium Alloy Market Forecasts and Analysis - By Type
9.5.4 South and Central America Titanium Alloy Market Forecasts and Analysis - By End User Industry
9.5.5 South and Central America Titanium Alloy Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Titanium Alloy Market
9.5.5.1.1 Brazil Titanium Alloy Market by Type
9.5.5.1.2 Brazil Titanium Alloy Market by End User Industry
9.5.5.2 Argentina Titanium Alloy Market
9.5.5.2.1 Argentina Titanium Alloy Market by Type
9.5.5.2.2 Argentina Titanium Alloy Market by End User Industry
9.5.5.3 Rest of South and Central America Titanium Alloy Market
9.5.5.3.1 Rest of South and Central America Titanium Alloy Market by Type
9.5.5.3.2 Rest of South and Central America Titanium Alloy 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. TITANIUM ALLOY MARKET, KEY COMPANY PROFILES
11.1. AMG ADVANCED METALLURGICAL GROUP NV
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. BAOJI TITANIUM INDUSTRY CO. LTD
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. CORSNET CORPORATION
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. CRS HOLDINGS INC.
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. ERAMET
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. HAYNES INTERNATIONAL 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. HERMITH GMBH
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. NIPPON STEEL 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. OUTOKUMPU
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. PRECISION CASTPARTS CORP.
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
1.AMG Advanced Metallurgical Group NV
2.Baoji Titanium Industry Co. Ltd
3.CORSNET CORPORATION
4.CRS Holdings Inc.
5.eramet
6.Haynes International Inc.
7.Hermith GmbH
8.NIPPON STEEL CORPORATION
9.Outokumpu
10.Precision Castparts Corp.
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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