Growing seaborne trade – Based on one of the studies, the volume of the global seaborne trade is estimated to grow by 2.4% in 2023 compared to the previous year. This route is extensively used for trading as the price is much cheaper than transport by rail or air. This lower price is due to the lower maintenance cost of shipping compared to other modes of transportation. In 2021, Asia was the leading loading and discharge cargo centre, accounting for around 42% of exports and 64% of imports. Americas, Europe, Oceania and Africa are followed in sequence after Asia. Also, in 2021, the top five container exporters accounted for almost half of the traffic: China, the United States, Vietnam, South Korea and Japan. China alone accounted for around 30% of the traffic. All of these factors are eventually driving the Smart Antifouling Coatings market.
Environmental concerns – Developing antifouling coating technologies to improve durability, performance, and eco-friendliness is very important. However, there are limitations in the present technology, like the limited efficiency and applicability, which hinders the market. These coatings could also harm the non-target marine species, which can endanger the aquatic ecosystems. Hence, the regulations and public concerns for the unintentional environmental impact are acting as restraints for the growth of the smart antifouling coating market.
Growing cruise sector– The cruise sector of the world has observed continuous growth for the last three decades, but it was interrupted in 2020 due to the COVID-19 pandemic. However, in 2022, the occupancy rates improved to approximately 78%, with around 20.4 million people taking cruises. It has been observed that despite the COVID-19 pandemic and the slow pace of recovery, marine and coastal tourism has become the fastest-growing sector in the global economy. This cruise tourism sector has become the fastest-growing segment in the complete travel sector of the world, and there is a variety of cruises to offer these days, propelling the cruise sector. Cruise tourism was a big business sector before COVID-19 in 2020, hosting around 29.7 billion passengers globally. This sector is estimated to grow swiftly in the future in the tourism industry. All these factors will eventually drive the Smart Antifouling Coatings market in the forecasting market.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global smart antifouling coatings market based on below mentioned segments:
Global Smart Antifouling Coatings Market by Application:
Global Smart Antifouling Coatings Market by Distribution Channel:
Global Smart Antifouling Coatings by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
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The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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