Armor Materials Market

Armor Materials Market Size by Material Type (Composites, Metals & Alloys, Ceramics, Para-Aramid Fibers, Fiberglass, UHMWPE), Application (Body, Vehicle, Aerospace, Civil, Marine), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12484
  • Published Date: Oct, 2021
  • Pages: 235
  • Category: Chemicals & Materials
  • Format: PDF
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The global armor materials market is projected to reach USD 20.20 billion by 2028, at a CAGR of 10.50% from 2021 to 2028. The global armor materials market is witnessing considerable growth owing to the use of nano-fibers and composites to create advanced armor materials.

Market Overview:

Armor is a defensive covering used to prevent damage from being done by individuals or projectiles or from damage caused by a dangerous environment or operation (e.g., construction sites, cycling, etc.).Personal armor is used to protect war animals and soldiers. Vehicle armor is used on armored fighting vehicles and warships. Armor has been used throughout all known history, from hides, bone, leather, to bronze, steel, ballistic cloth, ceramics, and depleted uranium. For most of military history, the production of personal metal armor has dominated armor technology and employment. Until the modern times, armor worn by combatants in battle was laboriously designed and often elaborately made, indicating the personal importance put on its defense by the vulnerable soldier and also often the social significance of its wearer within the community.

Advanced technology has contributed to the production of lightweight, protective materials that are suited to the hazards of advanced warfare in a variety of apparel. With the rise of terrorism and the use of powerful personal weapons by criminals, armor is now commonly worn by police, by non-military private security forces, and even by non-combatants who may be targets of violence. Ceramic materials are used in the production of armors for military personnel, aircraft, gunships and land vehicles.

Such products can provide low weight for high hardness and have regulated micro-structures which ensure better efficiency and durability. Such materials provide versatility in design and are capable of destroying high-velocity missiles in circumstances of war.Composite armor is a form of armor for vehicles consisting of layers of various materials such as ceramics, metals, plastics, or air. Many composite armors are lighter than their all-metal counterpart, even if they occupy a larger volume for the same penetration resistance.Composite armor can be engineered to be lighter, more durable, and less voluminous than conventional armour, but the cost is often prohibitively high, limiting its use to particularly vulnerable parts of a vehicle. Its primary objective is to help defeat high explosive anti-tank (HEAT) projectiles.

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Market Dynamics:

Drivers:
 
  • Rising concerns about safety in developing nations

Increasing instability &political unrest and terrorist incidences around the world have prompted the materials science community, military and law enforcement forces and to find effective approaches which can promise safety.

Nowadays, the need for advanced armor is increasing due to political conflicts in Egypt, Iraq, Syria, Libya, Afghanistan, India-China, India-Pakistan, Russia-Turkey, Colombia-Peru, and Mexico. In many nations, internal conflicts have increased the demand for bombs to provide national security. This drives the need for protective equipment, thus enhancing market growth for the armor materials.

Restraints:
  • Government laws

The global armor materials market is important because it can affect the national security system. Government agencies thus govern the manufacture and usage of armor materials to secure and improve value chain of protective armor systems. The rules imposed are on the level of production, the export of armor products to foreign agencies or other countries, the import from different countries, and the protection of the manufacturing technology.

For example, companies that supply the United States Defense Forces with protected materials are prohibited from selling goods to other countries or companies without the government’s permission. In the United States, the Berry amendment has prohibited foreign firms from providing armor materials to national defense forces.

Opportunities:
  • Growing spending on defense

Increasing defense spending to improve the performance of military vehicles to deter external attacks coupled with high investments in aircraft safety systems will provide the industry with a huge opportunity.

  • Military modernization initiatives

Advances in warfare strategies and enhanced cost-consciousness of security sector have driven numerous countries to restructure their armed forces to build deployable, effective and robust military capabilities.These advances also boosted innovation in specialized security equipment offering enhanced performance and service, and reduced costs of maintenance.Such specifications also prompted the development of programs for military modernization which led to the upgradation of the armors.

Challenges:
  • Development of some other armor forms

High-tech weapons’ usage by terrorist groups, increasing international terrorism, and insurgencyhas created a necessity for better systems of armour. By using complex armor frameworks built to trap the bullets, and electrical armor systems, manufacturers are trying to develop reactive armors.Modern advanced armor systems are favoured over traditional armors, because they reduce the vehicle's total weight and have higher security levels.

Segmentation Analysis:

The global armor materials market has been divided based on material type, application,and regions.

  • The material type segment is divided intoultra-high-molecular-weight polyethylene, ceramics, metals & alloys, para-aramid fiber, composites, fiberglass, and others. The metal & alloys segment led the armor materials market with a market share of around 31% in 2020. Metals such as high-density steel, titanium, and aluminum, along with their alloys, are used as armor materials for the aerospace, vehicle, and marine armor systems. These armor materials procure unique characteristics (strength, robustness, and toughness) by alloying, heat treatment, and working procedures, which enable them to fulfil different ballistic protection requirements.
  • The application segment includesaerospace armor, vehicle armor, body armor, civil armor, and marine armor. The body armor segment is estimated to grow at the highest CAGR of 12.5% over the forecast period owing to the rising security issues in emerging economies and to provide protection to law enforcement and military personnel. Speedy development of weapons and ammunition is also a key factor boosting the growth of the armor materials market.
Regional Segmentation Analysis:

The regions evaluated for the armor materials market include Europe, North America, South America, Asia Pacific, and the Middle East and Africa. The North America region emerged as the largest market for the armor materials market with a 31.4% share of the market revenue in 2020.

  • This is due to the increasing demand for applications involving homeland security and the development of advanced armor systems for the US Army.
  • In the Asia Pacific region, the market is anticipated to grow at the highest CAGR over the forecast period. There is a rising need of armor materials in this region on account of military modernization programs in countries like India and China. The rising tensions between countries in the region, and internal conflicts, are driving the armor materials market in the region.

The North America Armor Materials Market Share in 2020- 31.4%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global armor materials industry.

In February 2019, Saab extended its presence in India's aerospace ecosystem by signing a new Memorandum of Understanding (MoU) with three of India's leading aerospace manufacturers. CIM Tools Private Limited, Sansera Engineering Limited, and Dynamatic Technologies Limited. MoU would broaden current partnerships between these two companies on Saab's industrial aerostructures, Gripen aircraft,and other items within the Saab portfolio relevant to defense, leveraging Sansera and CIM resources.

In June 2018, Dupont launched their Tensylon HA120. This is a revolutionary helmet material that provides excellent ballistic safety at a weight of 40 per cent lighter than conventional helmets.

List of key market players:
  • 3M Ceradyne Inc.
  • AGY Holding Corp.
  • Allegheny Technologies Incorporated
  • CeramTec GmbH
  • Compagnie de Saint-Gobain SA
  • CoorsTek Inc.
  • DSM NV
  • E. I. Du Pont De Nemours and Company
  • Honeywell International Inc.
  • Morgan Advanced Materials
  • PPG Industries Inc.
  • Royal TenCate NV
  • Saab AB
  • Saint-Gobain SA
  • Tata Steel Limited

Key Target Audience

  • Armor Materials Manufacturer
  • Raw Material Providers (Metals & Alloys, Ceramics, Fiberglass)
  • Importers And Exporters
  • Traders And Distributors
  • Consulting And Research Firm
  • Government Authorities And R&D Institutions

Report Description

  • Global Armor Materials Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global armor materials market is based on revenue (USD Million/Billion), volume and price. The report incorporates the market study on the basis of revenue, and volume. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global armor materials market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of armor materials and regions which are deduced and formulatedon the basis of theirgrowth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to fathommarket growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global armor materials market. This offersvital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global armor materials market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development &innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which acts as a key potential for the investors. 
  • Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global armor materials market) is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per the brainy insights, the size of the armor materials market was valued at USD 8.74 billion in 2020 and is anticipated to reach USD 20.20 billion by 2028.

Global armor materials market is growing at a CAGR of 10.50% during the forecast period 2021-2028.

The global armor materials market has been segmented based on material type, application and regions. The metal & alloys segment led the armor materials market.

The North America region emerged as the largest market for the armor materials.

Rising security concerns in developing countries act as an important driver for the growth of the armor materials market.

Government regulations may hamper the market growth.

Growing spending on defense is anticipated to develop new opportunities for the market in the forthcoming years.

Key players are E. I. Du Pont De Nemours and Company, DSM NV, Honeywell International Inc., Saint-Gobain SA, Allegheny Technologies Incorporated, 3M Ceradyne Inc..

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 Type
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Rising security concerns in developing countries
    5.3. Restrains
          5.3.1. Government regulations
    5.4. Opportunities
          5.4.1. Growing spending on defense
          5.4.2. Military modernization programs
    5.5. Challenges
          5.5.1. Development of other types of armor

6. Global Armor Materials Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Metals & Alloys
    6.3. Ceramics
    6.4. Composites
    6.5. Para-aramid Fiber
    6.6. UHMWPE
    6.7. Fiberglass
    6.8. Others

7. Global Armor Materials Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Vehicle Armor
    7.3. Aerospace Armor
    7.4. Body Armor
    7.5. Civil Armor
    7.6. Marine Armor

8. Global Armor Materials MarketAnalysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Armor Materials Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Armor Materials Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. 3M Ceradyne Inc.
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Component Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. AGY Holding Corp.
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Component Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Allegheny Technologies Incorporated
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Component Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. CeramTec GmbH
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Component Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Compagnie de Saint-Gobain SA
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Component Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. CoorsTek Inc.
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Component Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. DSM NV
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Component Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. E. I. Du Pont De Nemours and Company
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Component Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Honeywell International Inc.
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Component Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Morgan Advanced Materials
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Component Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
    10.11. PPG Industries Inc.
          10.11.1. Business Overview
          10.11.2. Company Snapshot
          10.11.3. Company Market Share Analysis
          10.11.4. Company Component Portfolio
          10.11.5. Recent Developments
          10.11.6. SWOT Analysis
    10.12. Royal TenCate NV
          10.12.1. Business Overview
          10.12.2. Company Snapshot
          10.12.3. Company Market Share Analysis
          10.12.4. Company Component Portfolio
          10.12.5. Recent Developments
          10.12.6. SWOT Analysis
    10.13. Saab AB
          10.13.1. Business Overview
          10.13.2. Company Snapshot
          10.13.3. Company Market Share Analysis
          10.13.4. Company Component Portfolio
          10.13.5. Recent Developments
          10.13.6. SWOT Analysis
    10.14. Saint-Gobain SA
          10.14.1. Business Overview
          10.14.2. Company Snapshot
          10.14.3. Company Market Share Analysis
          10.14.4. Company Component Portfolio
          10.14.5. Recent Developments
          10.14.6. SWOT Analysis
    10.15. Tata Steel Limited
          10.15.1. Business Overview
          10.15.2. Company Snapshot
          10.15.3. Company Market Share Analysis
          10.15.4. Company Component Portfolio
          10.15.5. Recent Developments
          10.15.6. SWOT Analysis

List of Table

1. Global Armor Materials Market, By Type, 2018–2028(USD Billion)

2. Global Metals & Alloys Armor Materials Market, By Region, 2018–2028(USD Billion)

3. Global Ceramics Armor Materials Market, By Region, 2018–2028(USD Billion)

4. Global Composites Armor Materials Market, By Region, 2018–2028(USD Billion)

5. Global Para-aramid  Fiber Armor Materials Market, By Region, 2018–2028(USD Billion)

6. Global UHMWPE Armor Materials Market, By Region, 2018–2028(USD Billion)

7. Global Fiberglass Armor Materials Market, By Region, 2018–2028(USD Billion)

8. Global Others Armor Materials Market, By Region, 2018–2028(USD Billion)

9. Global Armor Materials Market, By Application, 2018–2028(USD Billion)

10. Global Vehicle Armor, Armor Materials Market, By Region, 2018–2028(USD Billion)

11. Global Aerospace Armor, Armor Materials Market, By Region, 2018–2028(USD Billion)

12. Global Body Armor, Armor Materials Market, By Region, 2018–2028(USD Billion)

13. Global Civil Armor, Armor Materials Market, By Region, 2018–2028(USD Billion)

14. Global Marine Armor, Armor Materials Market, By Region, 2018–2028(USD Billion)

15. Global Armor Materials Market, By Region, 2018–2028(USD Billion)

16. Global Armor Materials Market, By North America, 2018–2028(USD Billion)

17. North America Armor Materials Market, By Type, 2018–2028(USD Billion)

18. North America Armor Materials Market, By Application, 2018–2028(USD Billion)

19. U.S. Armor Materials Market, By Type, 2018–2028(USD Billion)

20. U.S. Armor Materials Market, By Application, 2018–2028(USD Billion)

21. Canada Armor Materials Market, By Type, 2018–2028(USD Billion)

22. Canada Armor Materials Market, By Application, 2018–2028(USD Billion)

23. Mexico Armor Materials Market, By Type, 2018–2028(USD Billion)

24. Mexico Armor Materials Market, By Application, 2018–2028(USD Billion)

25. Europe Armor Materials Market, By Type, 2018–2028(USD Billion)

26. Europe Armor Materials Market, By Application, 2018–2028(USD Billion)

27. Germany Armor Materials Market, By Type, 2018–2028(USD Billion)

28. Germany Armor Materials Market, By Application, 2018–2028(USD Billion)

29. France Armor Materials Market, By Type, 2018–2028(USD Billion)

30. France Armor Materials Market, By Application, 2018–2028(USD Billion)

31. U.K. Armor Materials Market, By Type, 2018–2028(USD Billion)

32. U.K. Armor Materials Market, By Application, 2018–2028(USD Billion)

33. Italy Armor Materials Market, By Type, 2018–2028(USD Billion)

34. Italy Armor Materials Market, By Application, 2018–2028(USD Billion)

35. Spain Armor Materials Market, By Type, 2018–2028(USD Billion)

36. Spain Armor Materials Market, By Application, 2018–2028(USD Billion)

37. Asia Pacific Armor Materials Market, By Type, 2018–2028(USD Billion)

38. Asia Pacific Armor Materials Market, By Application, 2018–2028(USD Billion)

39. Japan Armor Materials Market, By Type, 2018–2028(USD Billion)

40. Japan Armor Materials Market, By Application, 2018–2028(USD Billion)

41. China Armor Materials Market, By Type, 2018–2028(USD Billion)

42. China Armor Materials Market, By Application, 2018–2028(USD Billion)

43. India Armor Materials Market, By Type, 2018–2028(USD Billion)

44. India Armor Materials Market, By Application, 2018–2028(USD Billion)

45. South America Armor Materials Market, By Type, 2018–2028(USD Billion)

46. South America Armor Materials Market, By Application, 2018–2028(USD Billion)

47. Brazil Armor Materials Market, By Type, 2018–2028(USD Billion)

48. Brazil Armor Materials Market, By Application, 2018–2028(USD Billion)

49. Middle East and Africa Armor Materials Market, By Type, 2018–2028(USD Billion)

50. Middle East and Africa Armor Materials Market, By Application, 2018–2028(USD Billion)

51. UAE Armor Materials Market, By Type, 2018–2028(USD Billion)

52. UAE Armor Materials Market, By Application, 2018–2028(USD Billion)

53. South Africa Armor Materials Market, By Type, 2018–2028(USD Billion)

54. South Africa Armor Materials Market, By Application, 2018–2028(USD Billion)

List of Figures 

1. Global Armor Materials Market Segmentation

2. Armor Materials 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 Armor Materials Market Attractiveness Analysis By Type

9. Global Armor Materials Market Attractiveness Analysis By Application

10. Global Armor Materials Market Attractiveness Analysis By Region

11. Global Armor Materials Market: Dynamics

12. Global Armor Materials Market Share by Type (2021&2028)

13. Global Armor Materials Market Share by Application (2021&2028)

14. Global Armor Materials Market Share by Regions (2021 &2028)

15. Global Armor Materials Market Share by Company (2020)

This study forecasts revenue at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global armor materialsmarket on the basis of below mentioned segments:

Global Armor Materials Market by Type:

  • Metals & Alloys
  • Ceramics
  • Composites
  • Para-aramid Fiber
  • UHMWPE
  • Fiberglass
  • Others

Global Armor Materials Market by Application:

  • Vehicle Armor
  • Aerospace Armor
  • Body Armor
  • Civil Armor
  • Marine Armor

Global Armor Materials Market 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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