Welding Materials Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
MARKET ANALYSIS
Welding is one of the important fabrication processes in which different parts of metal or thermoplastic are fused. The high-temperature fusion of metal parts without melding the base metal is done in the welding process. This process mainly includes the filler material, which is added at the joining point to pool the metal parts. Adding welding material in the form of a joint pool or weld pool provides immense strength to the base structure. The wielding materials are used in several application such as construction projects, automotive repair and maintenance, industrial manufacturing etc.
GROWTH DRIVERS AND CHALLENGES
Increasing number of construction and infrastructure projects is expected to foster lucrative demand for welding materials. This driver significantly impacts the demand for welding materials, as welding is essential in construction and infrastructure development. Welding is used to join metals and materials, ensuring structural integrity and durability in various construction activities, including building construction, road and bridge construction, and infrastructure systems. The demand for welding materials is driven by population growth, urbanization, economic development, and government investments in infrastructure, all of which contribute to expanding construction and infrastructure projects worldwide.
On the contrary, environmental impact of welding materials can have a negative effect on the welding materials market value. The welding process generates fumes, gases, and waste materials that can adversely impact the environment and human health. These emissions can contribute to air pollution, release hazardous substances into the atmosphere, and contaminate soil and water sources if proper disposal measures are not followed. Increasing environmental concerns and regulations require manufacturers to invest in advanced filtration systems, waste management infrastructure and develop eco-friendly welding materials. Compliance with environmental regulations adds to the production costs and creates challenges for smaller manufacturers who may need help to meet these requirements.
REPORT SEGMENTATION AND SCOPE
The "Global Welding Materials Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global welding materials market trends and growth opportunities. The report aims to provide an overview of the global welding materials market with detailed market segmentation by type, technology, end use, and geography. The global welding materials market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of welding materials worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the welding materials market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the welding materials market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative welding materials market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global welding materials market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global welding materials market is segmented based on type, technology, and end use. Based on type, the welding materials market is classified as electrodes and filler materials, fluxes and wires, gases, and others. The welding materials market is categorized based on technology into arc welding, laser welding, solid state welding, oxy-fuel welding, and others. The welding materials market is categorized based on end use into transportation, building and construction, marine, oil and gas, and others.
Based on technology, arc welding segment accounted for a significant welding materials market share. With arc welding being widely used across industries such as construction, automotive, manufacturing, and infrastructure, the demand for arc welding materials continues to rise. This segment encompasses consumables and equipment for arc welding, including electrodes, filler metals, fluxes, and shielding gases. As construction and infrastructure projects expand globally, the demand for arc welding materials increases significantly, as they are essential for joining metal components and ensuring structural integrity. Additionally, advancements in arc welding technology further fuel the market growth by improving efficiency and precision, thereby driving the need for specialized consumables and equipment in this segment.
REGIONAL ANALYSIS
The report provides a detailed overview of the global welding materials market with respect to five major regions, namely: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Asia-Pacific region is playing a crucial role in driving the growth of the welding materials market. With its rapid industrialization, urbanization, and infrastructure development, the region has become a significant consumer and producer of welding materials. The construction sector is experiencing robust growth in countries like China, India, and Southeast Asian nations, fuelling the demand for welding materials for construction, bridges, roads, and other infrastructure projects. Additionally, the automotive and manufacturing industries in the region are expanding, leading to increased demand for welding materials for the production of vehicles, machinery, and other industrial equipment.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global welding materials market.
- In October 2022, Kemppi launched its new the X5 FastMig Pulse welding system, which was created exclusively for industrial use. The modular welding solution is made to be applied in a variety of settings, allowing the manufacturers to develop the assembly that best meets their requirements.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic had a considerable impact on the welding material market. Initially, the market experienced a downturn due to widespread lockdowns, construction activity restrictions, and global supply chain disruptions. Many construction projects were put on hold, reducing the demand for welding materials. Additionally, manufacturing plants and fabrication facilities faced temporary closures, affecting the overall demand for welding materials. However, the market gradually recovered as restrictions eased and economic activities resumed. The need for infrastructure development and maintenance and the resumption of construction projects stimulated the demand for welding materials. Moreover, as industries adapted to new safety protocols and implemented social distancing measures, the focus on automation and robotics in welding processes increased, driving the demand for advanced welding materials and technologies.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the welding materials market include The Lincoln Electric Company; KOBE STEEL, LTD; ESAB; Linde plc; AIR LIQUIDE; KISWEL LTD; Illinois Tool Works Inc; Chosun Welding Co., Ltd.; Air Products and Chemicals, Inc; Miller Electric Mfg. LLC; Ador Welding Ltd.; Colfax Corporation; Fronius International GmbH; Kemppi Oy; Hyundai Welding Co., Ltd.; and Nippon Sanso Holdings Corporation, among others.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
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.
1. INTRODUCTION
1. 1. SCOPE OF THE STUDY
1. 2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1. 3. MARKET SEGMENTATION
1. 3. 1 Welding Materials Market - By Type
1. 3. 2 Welding Materials Market - By Technology
1. 3. 3 Welding Materials Market - By End-Use
1. 3. 4 Welding Materials Market - By Region
1. 3. 4. 1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. WELDING MATERIALS 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. WELDING MATERIALS 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. WELDING MATERIALS MARKET - GLOBAL MARKET ANALYSIS
6. 1. WELDING MATERIALS - GLOBAL MARKET OVERVIEW
6. 2. WELDING MATERIALS - GLOBAL MARKET AND FORECAST TO 2028
6. 3. MARKET POSITIONING
7. WELDING MATERIALS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7. 1. OVERVIEW
7. 2. TYPE MARKET FORECASTS AND ANALYSIS
7. 3. ELECTRODES AND FILLER MATERIALS
7. 3. 1. Overview
7. 3. 2. Electrodes and Filler Materials Market Forecast and Analysis
7. 4. FLUXES AND WIRES
7. 4. 1. Overview
7. 4. 2. Fluxes and Wires Market Forecast and Analysis
7. 5. GASES
7. 5. 1. Overview
7. 5. 2. Gases Market Forecast and Analysis
7. 6. OTHERS
7. 6. 1. Overview
7. 6. 2. Others Market Forecast and Analysis
8. WELDING MATERIALS MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
8. 1. OVERVIEW
8. 2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8. 3. ARC WELDING
8. 3. 1. Overview
8. 3. 2. Arc Welding Market Forecast and Analysis
8. 4. LASER WELDING
8. 4. 1. Overview
8. 4. 2. Laser Welding Market Forecast and Analysis
8. 5. SOLID STATE WELDING
8. 5. 1. Overview
8. 5. 2. Solid State Welding Market Forecast and Analysis
8. 6. OXY-FUEL WELDING
8. 6. 1. Overview
8. 6. 2. Oxy-Fuel Welding Market Forecast and Analysis
8. 7. OTHERS
8. 7. 1. Overview
8. 7. 2. Others Market Forecast and Analysis
9. WELDING MATERIALS MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
9. 1. OVERVIEW
9. 2. END-USE MARKET FORECASTS AND ANALYSIS
9. 3. TRANSPORTATION
9. 3. 1. Overview
9. 3. 2. Transportation Market Forecast and Analysis
9. 4. BUILDING AND CONSTRUCTION
9. 4. 1. Overview
9. 4. 2. Building and Construction Market Forecast and Analysis
9. 5. MARINE
9. 5. 1. Overview
9. 5. 2. Marine Market Forecast and Analysis
9. 6. OIL AND GAS
9. 6. 1. Overview
9. 6. 2. Oil and Gas Market Forecast and Analysis
9. 7. OTHERS
9. 7. 1. Overview
9. 7. 2. Others Market Forecast and Analysis
10. WELDING MATERIALS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10. 1. NORTH AMERICA
10. 1. 1 North America Welding Materials Market Overview
10. 1. 2 North America Welding Materials Market Forecasts and Analysis
10. 1. 3 North America Welding Materials Market Forecasts and Analysis - By Type
10. 1. 4 North America Welding Materials Market Forecasts and Analysis - By Technology
10. 1. 5 North America Welding Materials Market Forecasts and Analysis - By End-Use
10. 1. 6 North America Welding Materials Market Forecasts and Analysis - By Countries
10. 1. 6. 1 United States Welding Materials Market
10. 1. 6. 1. 1 United States Welding Materials Market by Type
10. 1. 6. 1. 2 United States Welding Materials Market by Technology
10. 1. 6. 1. 3 United States Welding Materials Market by End-Use
10. 1. 6. 2 Canada Welding Materials Market
10. 1. 6. 2. 1 Canada Welding Materials Market by Type
10. 1. 6. 2. 2 Canada Welding Materials Market by Technology
10. 1. 6. 2. 3 Canada Welding Materials Market by End-Use
10. 1. 6. 3 Mexico Welding Materials Market
10. 1. 6. 3. 1 Mexico Welding Materials Market by Type
10. 1. 6. 3. 2 Mexico Welding Materials Market by Technology
10. 1. 6. 3. 3 Mexico Welding Materials Market by End-Use
10. 2. EUROPE
10. 2. 1 Europe Welding Materials Market Overview
10. 2. 2 Europe Welding Materials Market Forecasts and Analysis
10. 2. 3 Europe Welding Materials Market Forecasts and Analysis - By Type
10. 2. 4 Europe Welding Materials Market Forecasts and Analysis - By Technology
10. 2. 5 Europe Welding Materials Market Forecasts and Analysis - By End-Use
10. 2. 6 Europe Welding Materials Market Forecasts and Analysis - By Countries
10. 2. 6. 1 Germany Welding Materials Market
10. 2. 6. 1. 1 Germany Welding Materials Market by Type
10. 2. 6. 1. 2 Germany Welding Materials Market by Technology
10. 2. 6. 1. 3 Germany Welding Materials Market by End-Use
10. 2. 6. 2 France Welding Materials Market
10. 2. 6. 2. 1 France Welding Materials Market by Type
10. 2. 6. 2. 2 France Welding Materials Market by Technology
10. 2. 6. 2. 3 France Welding Materials Market by End-Use
10. 2. 6. 3 Italy Welding Materials Market
10. 2. 6. 3. 1 Italy Welding Materials Market by Type
10. 2. 6. 3. 2 Italy Welding Materials Market by Technology
10. 2. 6. 3. 3 Italy Welding Materials Market by End-Use
10. 2. 6. 4 United Kingdom Welding Materials Market
10. 2. 6. 4. 1 United Kingdom Welding Materials Market by Type
10. 2. 6. 4. 2 United Kingdom Welding Materials Market by Technology
10. 2. 6. 4. 3 United Kingdom Welding Materials Market by End-Use
10. 2. 6. 5 Russia Welding Materials Market
10. 2. 6. 5. 1 Russia Welding Materials Market by Type
10. 2. 6. 5. 2 Russia Welding Materials Market by Technology
10. 2. 6. 5. 3 Russia Welding Materials Market by End-Use
10. 2. 6. 6 Rest of Europe Welding Materials Market
10. 2. 6. 6. 1 Rest of Europe Welding Materials Market by Type
10. 2. 6. 6. 2 Rest of Europe Welding Materials Market by Technology
10. 2. 6. 6. 3 Rest of Europe Welding Materials Market by End-Use
10. 3. ASIA-PACIFIC
10. 3. 1 Asia-Pacific Welding Materials Market Overview
10. 3. 2 Asia-Pacific Welding Materials Market Forecasts and Analysis
10. 3. 3 Asia-Pacific Welding Materials Market Forecasts and Analysis - By Type
10. 3. 4 Asia-Pacific Welding Materials Market Forecasts and Analysis - By Technology
10. 3. 5 Asia-Pacific Welding Materials Market Forecasts and Analysis - By End-Use
10. 3. 6 Asia-Pacific Welding Materials Market Forecasts and Analysis - By Countries
10. 3. 6. 1 Australia Welding Materials Market
10. 3. 6. 1. 1 Australia Welding Materials Market by Type
10. 3. 6. 1. 2 Australia Welding Materials Market by Technology
10. 3. 6. 1. 3 Australia Welding Materials Market by End-Use
10. 3. 6. 2 China Welding Materials Market
10. 3. 6. 2. 1 China Welding Materials Market by Type
10. 3. 6. 2. 2 China Welding Materials Market by Technology
10. 3. 6. 2. 3 China Welding Materials Market by End-Use
10. 3. 6. 3 India Welding Materials Market
10. 3. 6. 3. 1 India Welding Materials Market by Type
10. 3. 6. 3. 2 India Welding Materials Market by Technology
10. 3. 6. 3. 3 India Welding Materials Market by End-Use
10. 3. 6. 4 South Korea Welding Materials Market
10. 3. 6. 4. 1 South Korea Welding Materials Market by Type
10. 3. 6. 4. 2 South Korea Welding Materials Market by Technology
10. 3. 6. 4. 3 South Korea Welding Materials Market by End-Use
10. 3. 6. 5 Rest of Asia-Pacific Welding Materials Market
10. 3. 6. 5. 1 Rest of Asia-Pacific Welding Materials Market by Type
10. 3. 6. 5. 2 Rest of Asia-Pacific Welding Materials Market by Technology
10. 3. 6. 5. 3 Rest of Asia-Pacific Welding Materials Market by End-Use
10. 4. MIDDLE EAST AND AFRICA
10. 4. 1 Middle East and Africa Welding Materials Market Overview
10. 4. 2 Middle East and Africa Welding Materials Market Forecasts and Analysis
10. 4. 3 Middle East and Africa Welding Materials Market Forecasts and Analysis - By Type
10. 4. 4 Middle East and Africa Welding Materials Market Forecasts and Analysis - By Technology
10. 4. 5 Middle East and Africa Welding Materials Market Forecasts and Analysis - By End-Use
10. 4. 6 Middle East and Africa Welding Materials Market Forecasts and Analysis - By Countries
10. 4. 6. 1 South Africa Welding Materials Market
10. 4. 6. 1. 1 South Africa Welding Materials Market by Type
10. 4. 6. 1. 2 South Africa Welding Materials Market by Technology
10. 4. 6. 1. 3 South Africa Welding Materials Market by End-Use
10. 4. 6. 2 Saudi Arabia Welding Materials Market
10. 4. 6. 2. 1 Saudi Arabia Welding Materials Market by Type
10. 4. 6. 2. 2 Saudi Arabia Welding Materials Market by Technology
10. 4. 6. 2. 3 Saudi Arabia Welding Materials Market by End-Use
10. 4. 6. 3 U. A. E Welding Materials Market
10. 4. 6. 3. 1 U. A. E Welding Materials Market by Type
10. 4. 6. 3. 2 U. A. E Welding Materials Market by Technology
10. 4. 6. 3. 3 U. A. E Welding Materials Market by End-Use
10. 4. 6. 4 Rest of Middle East and Africa Welding Materials Market
10. 4. 6. 4. 1 Rest of Middle East and Africa Welding Materials Market by Type
10. 4. 6. 4. 2 Rest of Middle East and Africa Welding Materials Market by Technology
10. 4. 6. 4. 3 Rest of Middle East and Africa Welding Materials Market by End-Use
10. 5. SOUTH AND CENTRAL AMERICA
10. 5. 1 South and Central America Welding Materials Market Overview
10. 5. 2 South and Central America Welding Materials Market Forecasts and Analysis
10. 5. 3 South and Central America Welding Materials Market Forecasts and Analysis - By Type
10. 5. 4 South and Central America Welding Materials Market Forecasts and Analysis - By Technology
10. 5. 5 South and Central America Welding Materials Market Forecasts and Analysis - By End-Use
10. 5. 6 South and Central America Welding Materials Market Forecasts and Analysis - By Countries
10. 5. 6. 1 Brazil Welding Materials Market
10. 5. 6. 1. 1 Brazil Welding Materials Market by Type
10. 5. 6. 1. 2 Brazil Welding Materials Market by Technology
10. 5. 6. 1. 3 Brazil Welding Materials Market by End-Use
10. 5. 6. 2 Argentina Welding Materials Market
10. 5. 6. 2. 1 Argentina Welding Materials Market by Type
10. 5. 6. 2. 2 Argentina Welding Materials Market by Technology
10. 5. 6. 2. 3 Argentina Welding Materials Market by End-Use
10. 5. 6. 3 Rest of South and Central America Welding Materials Market
10. 5. 6. 3. 1 Rest of South and Central America Welding Materials Market by Type
10. 5. 6. 3. 2 Rest of South and Central America Welding Materials Market by Technology
10. 5. 6. 3. 3 Rest of South and Central America Welding Materials 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. WELDING MATERIALS MARKET, KEY COMPANY PROFILES
12. 1. COFLAX CORPORATION
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. AIR LIQUIDE S. A.
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. AIR PRODUCTS AND CHEMICAL
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. ILLINOIS TOOL WORKS
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. LINDE PLC.
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. LINCOLN ELECTRIC
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. TIANJIN BRIDGE WELDING MATERIALS GROUP CO. LTD.
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. KOBE STEEL,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. ADOR WELDING LTD.
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. GEDIK WELDING
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
- Coflax Corporation
- Air Liquide S. A.
- Air Products and Chemical
- Illinois Tool Works
- Linde Plc.
- Lincoln Electric
- Tianjin Bridge Welding Materials Group Co. Ltd.
- Kobe Steel,Ltd.
- Ador Welding Ltd.
- Gedik Welding
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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