Smart Coatings Market
Smart Coatings Market Forecasts to 2030 - Global Analysis By Layer Type (Single-Layer and Multi-Layer), Function (Anti-Microbial, Anti-Corrosion, Anti-Fouling and Other Functions), End User and By Geography
According to Stratistics MRC, the Global Smart Coatings Market is accounted for $7.10 billion in 2023 and is expected to reach $25.76 billion by 2030 growing at a CAGR of 20.2% during the forecast period. Materials that can be programmed to have different chemical, physical, electrical, and mechanical properties are used to create smart coatings. Smart coatings respond to environmental factors like pressure, temperature, light, and other stimuli. It creating an ongoing demand for higher performance to extend product lifetime, reduce maintenance and efficiency for both financial and environmental reasons.
According to the UN Conference on Trade and Development (UNCTAD), Japan’s merchant fleet accounted for 40,263.34 thousand dead-weight tons at the start of 2022, registering a growth rate of 2.42%, compared to 39,312.53 thousand dead-weight ton at the beginning of 2021, thereby, increasing the demand for smart coatings in the country.
Market Dynamics:
Driver:
Increasing demand from the construction industry
The market is expected to grow as a result of an anticipated increase in demand for smart coatings. The majority of the sector is made up of building and maintaining structures. Smart coatings are specialized films that have features built in that let them sense and respond to environmental stimuli. Nanotechnology-based smart coatings are quickly establishing themselves as excellent choices with exceptional and effective solutions for preventing corrosion. As a result of the growing demand from the building industry, the market for smart coatings is expected to grow.
Restraint:
Issues with accounting for firm and regulatory restrictions
The majority of the inorganic chemicals made from crude oil are used as raw materials to create smart coatings. As a result, the cost of crude oil determines the price of smart coatings. Because smart coatings are more expensive than other types of coatings, their use is not as common as it is for other types of coatings. Across the region, the cost of smart coatings is significantly higher than the cost of other kinds of functional coatings. Although smart coatings have their uses, they are too expensive for developing and underdeveloped nations to use on a regular basis.
Opportunity:
Technological advancements
The development of technology has made it possible for surface coatings to recognize environmental cues and react appropriately. This type of coating responds to a variety of factors, including pH, biological variables, pressure, temperature, polarity, light, and others. The design of smart coatings allows one or more of the functionalities to be activated or deactivated based on the nature and intensity of an external input. Additionally, protective and decorative coatings are also used in the business world because of their innate capacity to cure themselves. A further factor that is anticipated to drive the market is the rising demand for smart coatings that control adhesion and adsorption using chemical and physical techniques.
Threat:
Environmental issues and strict regulatory policies
Market growth is anticipated to be hampered due to strict regulatory policies and environmental problems. Due to the release of gases during synthesis and the use of solvents like volatile organic compounds (VOCs), which release toxic peroxides into the environment, smart coatings are thought to be environmentally harmful. These substances are regarded as bad for the environment because they help create smog and ozone. As governments in various nations focus more on regulating volatile organic compounds (VOCs) and implement strict regulations requiring the use of environmentally friendly green products, the smart coatings industry is facing environmental and legal challenges. All of these factors limit market expansion.
Covid-19 Impact
Due to lockdowns and the closure of manufacturing facilities, the COVID-19 outbreak caused disruptions in a number of industries, including building and construction and automotive. For the first three quarters of 2020, these industries' disruptions had a negative impact on the market for smart coatings. However, the COVID-19-related losses are being made up for by the global market for smart coatings. Moreover, the market is being driven by the rising demand for smart coatings to shield various infrastructure, machine, and building components from damage.
The automotive and transportation segment is expected to be the largest during the forecast period
During the forecast period, it is anticipated that the automotive and transportation segment is anticipated to account for the largest market share. The industry of automobile manufacturing has seen a significant increase in the use of smart coatings. Due to their capacity to protect automobiles from UV radiation, acid rain, and other harsh weather conditions, smart coatings are becoming more and more in demand in the automotive sector. Smart coatings shield the car from harsh weather conditions as well as corrosion and scratches. Therefore, the demand for smart coatings will increase as a result of the demand for various functionalities.
The self-healing segment is expected to have the highest CAGR during the forecast period
The self-healing segment accounted for the majority of the revenue generated by smart coatings in 2021 and is anticipated to grow at the highest rate during the forecast period. Nanotechnology is the foundation of self-cleaning coatings. They aid in keeping surfaces clean and consequently lessen the need for labor. Because it can produce products that are less expensive, lighter, and faster with fewer raw materials, nanotechnology is becoming increasingly popular.
Region with largest share:
In terms of market share, the Asia-Pacific region is expected to dominate the smart coatings market over the projection period. In China's building and construction sector, smart coatings are being used frequently. The largest construction industry in the world is found in China. Furthermore, China's construction industry is likely to maintain its position as the largest for the foreseeable future owing to a number of significant projects that are currently under construction. Additionally, factors like rising construction activity and a booming automotive sector are helping this region's market.
Region with highest CAGR:
North America is expected to experience lucrative growth in the foreseeable future. The supporting elements of the North American smart coating market are the rising adoption of nanotechnology, the rising application of nanomaterials, and the presence of major players in the region. Moreover, the primary factor behind North America's dominance in the global market for smart coatings is the use of cutting-edge technology in infrastructure development, which includes sectors like the military, consumer electronics, healthcare, and automotive.
Key players in the market
Some of the key players profiled in the Smart Coatings Market include 3M, Akzo Nobel NV, Ancatt, Axalta Coating Systems, LLC, Balcony Systems Solutions Ltd, Bayer AG, Debiotech S.A, DOW Corning Corporation, DuPont, Eastern Chemical Company, Greenkote, Helicity Technologies, Inc, Hempel AS, Hygratek, Jotun, Nanoshell Company, NEI Corporation, Nippon Steel Corporation, PPG Industries Inc., Research Frontier, Inc, Royal Dsm, RPM International Inc., Tesla Nanocoatings, The Lubrizol Corporation and The Sherwin-Williams Company.
Key Developments:
In July 2022, AkzoNobel will expand its performance coatings range after striking an agreement to buy the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH.
In April 2022, The Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. Sika AG manufactures and sells coating systems that are corrosion-resistant. These coatings are included in the Performance Coatings segment of the company. They are used in interior and exterior steel infrastructure, bridges, airports and rails, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, pipework, and water and wastewater applications.
Layer Types Covered:
• Single-Layer
• Multi-Layer
Functions Covered:
• Anti-Microbial
• Anti-Corrosion
• Anti-Fouling
• Anti-Icing
• Color-Shifting
• Self-Cleaning
• Self-Healing
• Other Functions
End Users Covered:
• Aerospace and Defense
• Automotive and Transportation
• Building and Construction
• Consumer Electronics
• Marine
• Medical
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Coatings Market, By Layer Type
5.1 Introduction
5.2 Single-Layer
5.3 Multi-Layer
6 Global Smart Coatings Market, By Function
6.1 Introduction
6.2 Anti-Microbial
6.3 Anti-Corrosion
6.4 Anti-Fouling
6.5 Anti-Icing
6.6 Color-Shifting
6.7 Self-Cleaning
6.8 Self-Healing
6.9 Other Functions
7 Global Smart Coatings Market, By End User
7.1 Introduction
7.2 Aerospace and Defense
7.3 Automotive and Transportation
7.4 Building and Construction
7.5 Consumer Electronics
7.6 Marine
7.7 Medical
7.8 Other End Users
8 Global Smart Coatings Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 3M
10.2 Akzo Nobel NV
10.3 Ancatt
10.4 Axalta Coating Systems, LLC
10.5 Balcony Systems Solutions Ltd
10.6 Bayer AG
10.7 Debiotech S.A
10.8 DOW Corning Corporation
10.9 DuPont
10.10 Eastern Chemical Company
10.11 Greenkote
10.12 Helicity Technologies, Inc
10.13 Hempel AS
10.14 Hygratek
10.15 Jotun
10.16 Nanoshell Company
10.17 NEI Corporation
10.18 Nippon Steel Corporation
10.19 PPG Industries Inc.
10.20 Research Frontier, Inc
10.21 Royal Dsm
10.22 RPM International Inc.
10.23 Tesla Nanocoatings
10.24 The Lubrizol Corporation
10.25 The Sherwin-Williams Company
List of Tables
1 Global Smart Coatings Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
3 Global Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
4 Global Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
5 Global Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
6 Global Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
7 Global Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
8 Global Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
9 Global Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
10 Global Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
11 Global Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
12 Global Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
13 Global Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
14 Global Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
15 Global Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
16 Global Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
17 Global Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
18 Global Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
19 Global Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
20 Global Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
21 Global Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
22 North America Smart Coatings Market Outlook, By Country (2021-2030) ($MN)
23 North America Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
24 North America Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
25 North America Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
26 North America Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
27 North America Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
28 North America Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
29 North America Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
30 North America Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
31 North America Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
32 North America Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
33 North America Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
34 North America Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
35 North America Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
36 North America Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
37 North America Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
38 North America Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
39 North America Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
40 North America Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
41 North America Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
42 North America Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
43 Europe Smart Coatings Market Outlook, By Country (2021-2030) ($MN)
44 Europe Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
45 Europe Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
46 Europe Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
47 Europe Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
48 Europe Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
49 Europe Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
50 Europe Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
51 Europe Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
52 Europe Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
53 Europe Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
54 Europe Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
55 Europe Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
56 Europe Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
57 Europe Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
58 Europe Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
59 Europe Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
60 Europe Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
61 Europe Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
62 Europe Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
63 Europe Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
64 Asia Pacific Smart Coatings Market Outlook, By Country (2021-2030) ($MN)
65 Asia Pacific Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
66 Asia Pacific Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
67 Asia Pacific Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
68 Asia Pacific Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
69 Asia Pacific Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
70 Asia Pacific Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
71 Asia Pacific Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
72 Asia Pacific Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
73 Asia Pacific Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
74 Asia Pacific Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
75 Asia Pacific Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
76 Asia Pacific Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
77 Asia Pacific Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
78 Asia Pacific Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
79 Asia Pacific Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
80 Asia Pacific Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
81 Asia Pacific Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
82 Asia Pacific Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
83 Asia Pacific Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
84 Asia Pacific Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
85 South America Smart Coatings Market Outlook, By Country (2021-2030) ($MN)
86 South America Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
87 South America Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
88 South America Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
89 South America Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
90 South America Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
91 South America Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
92 South America Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
93 South America Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
94 South America Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
95 South America Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
96 South America Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
97 South America Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
98 South America Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
99 South America Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
100 South America Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
101 South America Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
102 South America Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
103 South America Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
104 South America Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
105 South America Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
106 Middle East & Africa Smart Coatings Market Outlook, By Country (2021-2030) ($MN)
107 Middle East & Africa Smart Coatings Market Outlook, By Layer Type (2021-2030) ($MN)
108 Middle East & Africa Smart Coatings Market Outlook, By Single-Layer (2021-2030) ($MN)
109 Middle East & Africa Smart Coatings Market Outlook, By Multi-Layer (2021-2030) ($MN)
110 Middle East & Africa Smart Coatings Market Outlook, By Function (2021-2030) ($MN)
111 Middle East & Africa Smart Coatings Market Outlook, By Anti-Microbial (2021-2030) ($MN)
112 Middle East & Africa Smart Coatings Market Outlook, By Anti-Corrosion (2021-2030) ($MN)
113 Middle East & Africa Smart Coatings Market Outlook, By Anti-Fouling (2021-2030) ($MN)
114 Middle East & Africa Smart Coatings Market Outlook, By Anti-Icing (2021-2030) ($MN)
115 Middle East & Africa Smart Coatings Market Outlook, By Color-Shifting (2021-2030) ($MN)
116 Middle East & Africa Smart Coatings Market Outlook, By Self-Cleaning (2021-2030) ($MN)
117 Middle East & Africa Smart Coatings Market Outlook, By Self-Healing (2021-2030) ($MN)
118 Middle East & Africa Smart Coatings Market Outlook, By Other Functions (2021-2030) ($MN)
119 Middle East & Africa Smart Coatings Market Outlook, By End User (2021-2030) ($MN)
120 Middle East & Africa Smart Coatings Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
121 Middle East & Africa Smart Coatings Market Outlook, By Automotive and Transportation (2021-2030) ($MN)
122 Middle East & Africa Smart Coatings Market Outlook, By Building and Construction (2021-2030) ($MN)
123 Middle East & Africa Smart Coatings Market Outlook, By Consumer Electronics (2021-2030) ($MN)
124 Middle East & Africa Smart Coatings Market Outlook, By Marine (2021-2030) ($MN)
125 Middle East & Africa Smart Coatings Market Outlook, By Medical (2021-2030) ($MN)
126 Middle East & Africa Smart Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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