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Thermal Spray Coatings Market

Thermal Spray Coatings Market Size by Product (Metals, Ceramics, Polymers, Intermetallics, Abradables, Carbides and Others), Technology (Flame Spray, Plasma Spray, Cold Spray, Electric Arc Spray and Others), Application (Aerospace, Automotive, Medical, Oil & Gas, Steel and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13708
  • Published Date: Sep, 2023
  • Pages: 238
  • Category: Chemicals & Materials
  • Format: PDF
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The global thermal spray coatings market was valued at USD 10.06 Billion in 2022 and growing at a CAGR of 6.50% from 2023 to 2032. The market is expected to reach USD 18.86 Billion by 2032. An increase in the production of automotive, aerospace, paints, medical and packaging has led to a growing demand for thermal spray coatings. Thermal spray coatings are generally used because of their features like anti-corrosion and enhanced coating consistency. This coating helps in making the materials last longer. It helps with corrosion and wear, along with reducing maintenance costs. Hence, cost-effectiveness, tailoring properties, versatility across materials, efficiency and uniform applications are some of the properties fueling the growth of the thermal spray coatings market. It provides distinct advantages compared to alternatives by offering localized, robust coverage with the least heat impact on the substrates. It is used in a broad range of industries and components. These coatings are broadly used in all key sectors of the marine and industrial corrosion control coatings market.

Market Introduction:

Thermal spray coatings offer enhanced surface protection to the engineered products and components, providing corrosion protection, abrasion resistance, and protection against scuff and erosion. It helps in restoring and repairing the components. Ceramics are broadly used as hard ceramic coating materials as they offer excellent adhesion. Some key substrates of the ceramic powder materials are zirconia, alumina and yttria. Ceramic thermal spray coatings are broadly used in cylinders, valves, rollers and blades for paper manufacturing, hydraulic cylinders, biomedical implants, combustion liners, vanes, etc. Ceramic coatings provide corrosion protection of the surfaces, electrical insulations, and thermal insulation and help in making substrates more wear-resistant. Also, there is a surge in the demand for coating applications in niche sectors like gas turbines, modern helicopters and locomotives. All these factors are driving the growth of thermal spray coatings. For instance, the extensive space exploration by organizations like SpaceX fuels the use of thermal spray carbide coating in advanced landing gears. Thermal spray coatings are also majorly driven by medical device coatings and hard chrome plating. The conventional technique has a crucial impact on the environment; hence, the leading organizations are looking for alternative solutions like the thermal spray coating method. Its demand is growing as organizations seek superior surface properties to enhance the life of the products. There is an increase in the consumption of thermal spray coatings from sectors like automotive and aerospace. All these factors are driving the thermal spray coatings market.

Thermal Spray Coatings Market Size

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Recent Development
  • In March 2018: Hoganas AB has completed the acquisition of the surface coating division of HC Starck. This acquisition has given the organization access to new markets and product groups in the premium surface coating and additive manufacturing segment. Hence, it helped the organization expand its market share in the thermal spray coatings market.
  • In June 2023: Castolin Eutectic introduced a novel supersonic thermal spraying service called XupersoniClad in Europe. This new service offers substantial advantages in protecting vessels, components and structures from erosion, abrasion and wear. It is helping the organization in gaining more market share in Europe.

Market Dynamics:

Drivers

Growing use in the aerospace sector– There is a surge in the demand for improving the fuel efficiency and performance of aircraft, propelling the growth of thermal spray coatings in the aerospace sectors. These coatings are broadly used to protect the blades of the engines from extreme temperatures. Thus, it helps in the longer life of the components, thus high reliability of the components for longer duration. Moreover, the growing refurbishment policies for replacing the old aircraft components also drive the need for coatings worldwide. Also, the aerospace sector is growing due to the growing travel sector. All these factors are eventually propelling the growth of the thermal spray coatings market.

Restraints:

Lack of awareness– There has been a lack of awareness and a shortage of skilled personnel, restricting the growth of the thermal spray coating market. Also, the thermal coating process produces fine particles, which could be explosive and can lead to inhalation hazards. Hence, there is rigorous government rule for the protection of workers. All these factors are acting as restraints for the market. 

Opportunities:

Innovation in technology–  There is an advancement in material science and thermal spray technologies, propelling the market in the future. There is a growing demand for enhancing the resistance against wear, cavitation, chemical resistance and abrasion erosion, further fueling the market's growth. Also, the key players are focusing on expanding the production capacity and global footprint to utilize the opportunities in emerging economies. Moreover, the increase in industrial production across several end-user verticals also offers great opportunity for the market. For instance, there is more focus on renewable energy as the demand for energy and power increases. Hence, there is more use of shafts, wind turbines and fans, and thermal spray coatings are broadly used to protect the components from wear and corrosion. All these factors propel the thermal spray coatings market in the forecasting period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global thermal spray coatings market, with a 32.67% share of the market revenue in 2022. This share is due to the growing demand for high-performance coatings to enhance the product's performance. This region has a high demand for such coatings, particularly for the aerospace sector, as there is a presence of leading aerospace manufacturers and their requirement for corrosion-resistant, lightweight and high-performance coatings. This region has substantial potential for thermal spray coatings due to its extensive industrial bases. There is a surge in the consumption of industrial and commercial engineered products and components as they are majorly required for the automotive and aerospace sectors. Also, recent trends suggest that the North American region is among the most potential investment hubs for the aerospace sector. All these factors eventually propel the growth of the thermal spray coatings market in the region.

North America Region Thermal Spray Coatings Market Share in 2022 - 32.67%

 

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  • For instance, manufacturers like Boeing, which has a significant share in the aerospace sector, are anticipated to increase their production capacity due to demand backlog. This factor will eventually drive the thermal spray coatings market in the forecasting period. Moreover, there is an increase in investment in R&D, which is being supported by the Federal Aviation Administration (FAA). This investment is boosting the aviation sector in North America, eventually propelling the growth of the thermal spray coatings market in the region.
Product Segment Analysis

The product segment is divided into metals, ceramics, polymers, intermetallics, abradables, carbides and others. The ceramics segment dominated the market, with a market share of around 30.12% in 2022. Ceramics coating has excellent insulation properties. Hence, they are broadly used in applications where the minimization of electrical conductivity or insulation is required. For instance, circuit boards, electrical components and high-voltage insulators. Most of the generally thermally sprayed ceramics are metallic oxides like stabilized ZrO2, Al2O3, TiO2, Cr2O3 and MgO, among others.

Technology Segment Analysis

The technology segment is divided into flame spray, plasma spray, cold spray, electric arc spray and others. The plasma spray segment dominated the market, with a market share of around 33.45% in 2022. This significant share is due to various applications on myriad materials and surfaces. It offers wear resistance, electrical conductivity, heat & oxidation resistance and clearance control to the substrate surface. This process is broadly used in gas turbines, oil & gas machinery, and printing rolls, among others.

Application Segment Analysis

The application segment is divided into aerospace, automotive, medical, oil & gas, steel and others. The aerospace segment dominated the market, with a market share of around 31.33% in 2022. This market share is attributed to its broad application in aircraft engines, aerospace structures, turbine blades and defence equipment. It helps in the reduction of weight, improvement in performance and enhancement in durability.

Some of the Key Market Players:
  • Carpenter Technology Corp.
  • Saint-Gobain S.A.
  • Praxair Surface Technologies, Inc.
  • Höganäs AB
  • Powder Alloy Corp.
  • Castolin Eutectic
  • H.C. Starck Inc.
  • Fujimi Incorporated
  • Durum Verschleiss-Schutz GmbH
  • Wall Colmonoy Corp.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 10.06 Billion
Market size value in 2032 USD 18.86 Billion
CAGR (2023 to 2032) 6.50%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product, Technology and Application

Frequesntly Asked Questions

North America region emerged as the largest market for the thermal spray coatings.

The market's growth will be influenced by growing use in the aerospace sector.

Lack of awareness could hamper the market growth.

Innovation in technology will provide huge opportunities to the market.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Product
          4.3.2. Market Attractiveness Analysis By Technology
          4.3.3. Market Attractiveness Analysis By Application
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Growing demand in the aerospace sector
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. Innovation in technology
    5.5. Challenges
          5.5.1. Economic slowdown

6. Global Thermal Spray Coatings Market Analysis and Forecast, By Product
    6.1. Segment Overview
    6.2. Metals
    6.3. Ceramics
    6.4. Polymers
    6.5. Intermetallics
    6.6. Abradables
    6.7. Carbides
    6.8. Others

7. Global Thermal Spray Coatings Market Analysis and Forecast, By Technology
    7.1. Segment Overview
    7.2. Flame Spray
    7.3. Plasma Spray
    7.4. Cold Spray
    7.5. Electric Arc Spray
    7.6. Others

8. Global Thermal Spray Coatings Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Aerospace
    8.3. Automotive
    8.4. Medical
    8.5. Oil & Gas
    8.6. Steel
    8.7. Others

9. Global Thermal Spray Coatings Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Thermal Spray Coatings Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Thermal Spray Coatings Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Carpenter Technology Corp.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Saint-Gobain S.A.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Praxair Surface Technologies, Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Höganäs AB
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Powder Alloy Corp.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Castolin Eutectic
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. H.C. Starck Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Fujimi Incorporated
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Durum Verschleiss-Schutz GmbH
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Wall Colmonoy Corp.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

2. Global Metals, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

3. Global Ceramics, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

4. Global Polymers, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

5. Global Intermetallics, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

6. Global Abradables, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

7. Global Carbides, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

8. Global Others, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

9. Global Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

10. Global Flame Spray, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

11. Global Plasma Spray, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

12. Global Cold Spray, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

13. Global Electric Arc Spray, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

14. Global Others, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

15. Global Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion) 

16. Global Aerospace, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

17. Global Automotive, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

18. Global Medical, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

19. Global Oil & Gas, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

20. Global Steel, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

21. Global Others, Thermal Spray Coatings Market, By Region, 2019-2032 (USD Billion) 

22. North America Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

23. North America Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

24. North America Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

25. U.S. Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

26. U.S. Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

27. U.S. Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

28. Canada Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

29. Canada Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

30. Canada Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

31. Mexico Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

32. Mexico Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

33. Mexico Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

34. Europe Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

35. Europe Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

36. Europe Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

37. Germany Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

38. Germany Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

39. Germany Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

40. France Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

41. France Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

42. France Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

43. U.K. Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

44. U.K. Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

45. U.K. Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

46. Italy Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

47. Italy Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

48. Italy Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

49. Spain Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

50. Spain Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

51. Spain Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

52. Asia Pacific Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

53. Asia Pacific Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

54. Asia Pacific Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

55. Japan Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

56. Japan Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

57. Japan Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

58. China Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

59. China Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

60. China Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

61. India Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

62. India Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

63. India Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

64. South America Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

65. South America Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

66. South America Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

67. Brazil Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

68. Brazil Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

69. Brazil Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

70. Middle East and Africa Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

71. Middle East and Africa Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

72. Middle East and Africa Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

73. UAE Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

74. UAE Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

75. UAE Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

76. South Africa Thermal Spray Coatings Market, By Product, 2019-2032 (USD Billion)

77. South Africa Thermal Spray Coatings Market, By Technology, 2019-2032 (USD Billion)

78. South Africa Thermal Spray Coatings Market, By Application, 2019-2032 (USD Billion)

List of Figures 

1. Global Thermal Spray Coatings Market Segmentation

2. Global Thermal Spray Coatings Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Thermal Spray Coatings Market Attractiveness Analysis By Product 

9. Global Thermal Spray Coatings Market Attractiveness Analysis By Technology  

10. Global Thermal Spray Coatings Market Attractiveness Analysis By Application 

11. Global Thermal Spray Coatings Market Attractiveness Analysis By Region

12. Global Thermal Spray Coatings Market: Dynamics

13. Global Thermal Spray Coatings Market Share By Product (2023 & 2032)

14. Global Thermal Spray Coatings Market Share By Technology (2023 & 2032)

15. Global Thermal Spray Coatings Market Share By Application (2023 & 2032)

16. Global Thermal Spray Coatings Market Share By Regions (2023 & 2032)

17. Global Thermal Spray Coatings Market Share By Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global thermal spray coatings market based on below mentioned segments:

Global Thermal Spray Coatings Market by Product:

  • Metals
  • Ceramics
  • Polymers
  • Intermetallics
  • Abradables
  • Carbides
  • Others

Global Thermal Spray Coatings Market by Technology:

  • Flame Spray
  • Plasma Spray
  • Cold Spray
  • Electric Arc Spray
  • Others

Global Thermal Spray Coatings Market by Application:

  • Aerospace
  • Automotive
  • Medical
  • Oil & Gas
  • Steel
  • Others

Global Thermal Spray Coatings by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

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:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: 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. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

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:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

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:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

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:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

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:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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