Crumb Rubber Market

Global Crumb Rubber Market Size by Product Type (Crumb Rubber from Passenger Car and Crumb Rubber from Commercial Vehicle), Application (Automotive Components, Adhesives and Sealants, Rubber and Plastic Products, Sports Surfaces, Construction Materials, Asphalt, Shock Absorption and Safety Products, and Others), Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13711
  • Published Date: Sep, 2023
  • Pages: 237
  • Category: Chemicals & Materials
  • Format: PDF
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The global crumb rubber market is expected to grow from USD 1.68 billion in 2022 to USD 2.79 billion by 2032, at a CAGR of 5.20% from 2023-2032. The growing applications of crumb rubber in multiple end-use industries will augment the growth of the global crumb rubber market.

Market Introduction:

Discarded tyres from automotive are processed and reduced to their granular forms, which are then further processed to remove most of the steel and fabric particles. The resultant product is called crumb rubber. The two primary and most used processes to manufacture crumb rubber are ambient grinding and cryogenic processing. Crumb rubber is integrated with asphalt to improve its quality. The improved and advanced rubberized asphalt is used in highways, pavements and other constructions. Crumb rubber is also used in artificial turfs, running tracks, and as a soil supplement for sports and playgrounds. Rubber asphalt has superior properties, which lowers maintenance costs as there are fewer damages/cracks, which lowers repair costs. Additionally, crumb rubber offers flexibility, durability and endurance to rubberized asphalt, which makes it tougher to withstand constant weathering and increases its lifespan. The flexibility also enables easy integration of rubber crumb with construction materials used for infrastructural activities like road paving, bridges, etc. crumb rubber also offers waterproofing membranes and flashings, which improve its resistance to monsoon rains and enable the roads to last longer without potholes, cracks and damages. Additionally, crumb rubber is relatively greener than new rubber as it is created primarily from recycled tyres and other rubber goods. Crumb rubber is also utilized in tires and automotive components again. It finds application in adhesives and plastic manufacturing. Crumb rubber offers great thermal and sound insulation, low shrinkage, and high impact and acid resistance. The multiple benefits of crumb rubber have increased its application over the years, driving its growth.

Crumb Rubber Market Size

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Recent Development

February 2023 - As part of its commitment to waste reduction in Tasmania, the Tasmanian Government is increasing the use of recycled materials for roadways throughout the state. According to Michael Ferguson, Minister for Infrastructure and Transport, Tasmania has begun resurfacing roads in the state's north at several locations, including the Bass, East Tamar, and West Tamar highways.

July 2022 - The Tennessee Department of Environment and Conservation (TDEC) announced that the state's Tire Environmental Act Program awarded the Crumb Rubber Manufacturers Co. (CRM) of Tullahoma a USD 1 million grant. CRM will match the grant with USD 4 million in funding and utilize the money to buy the equipment needed to create a circular tyre recycling system. The USD 5 million initiative will recycle 2 million used tyres annually and create 54 new employments in Coffee and Franklin counties. Rubberized modified asphalt will have a new, locally viable market developed by CRM and its partners. The business has additional locations around the United States and Canada and a history of processing significant quantities of tyres for advantageous end uses. The Tire Environmental Act Program aims to identify and support initiatives that will most effectively put used tyres to good use.

Market Dynamics:

Drivers

The rising infrastructural development The world has progressed significantly over the past few decades. The increasing global population has increased the demand for housing, urban-mobility marketplaces and other public utilities. Furthermore, rapid urbanization and industrialization have also increased the demand for better infrastructure like roads, bridges, houses, office spaces, entertainment venues and shopping malls, among other things. Seamless mobility and robust connectivity are the bedrock of any economy. They facilitate local, regional, national and international trade. They generate significant employment, income and revenue as well. All economies understand the importance of robust infrastructure. Governments worldwide are increasing their infrastructural expenditure to build highways, expressways, bridges, airports, ports, housing settlements, schools, hospitals, commercial buildings and other public utilities to facilitate economic development. The aim is to provide employment, a better quality of life, seamless mobility, and connectivity, attract private investments and generate revenue over the long term. The increase in disposable income of the population has increased the demand for housing, office spaces, marketplaces, entertainment venues, roads, etc., driving private investment in infrastructural activities. Building new infrastructure is accompanied by integrating new technologies and materials to build better and long-lasting infrastructure. Crumb rubber provides superior strength to construction materials, improving durability, flexibility, lifespan and sustainability. Using crumb rubber in infrastructural activities is garnering pace given its economic and environmental benefits. Therefore, the rise in infrastructural activities will drive the global crumb rubber market's growth.

North America region Crumb Rubber Market Share in 2022 - 46%

 

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Restraints:

High cost of producing crumb rubber Crumb rubber is manufactured primarily through ambient and cryogenic grinding. Cryogenic grinding is preferred as it leads to the production of finer particles and better-performing crumb rubber. Cryogenic grinding can be defined as the process of cooling a substance, rubber in this case, and then reducing it to a small particle size. The reduction stage is called freezer milling or freezer grinding. Rubber becomes brittle at low temperatures, which makes it easier to grind them. Liquid nitrogen is used to reduce the temperatures and cool the rubber. However, the process is expensive and not economical. Furthermore, the use of nitrogen increases occupational risks and health hazards. Also, the process generates vast amounts of heat, and using high-grade oxygen might increase the risk of flammability or combustion. Therefore, the high costs of cryogenic grinding and related hazards will limit the market's growth.

Opportunities:

The growing applications of crumb rubber esides being used extensively in road construction, crumb rubber has several other applications. It is used in the automotive industry to manufacture tyres. The tyres have superior qualities: they have a high resistance to natural elements, greater flexibility, excellent thermal insulation and waterproofing capabilities, and better durability. They are sustainable as they reduce the burden on the environment, given they are recycled products which avoid landfill and utilizes automotive waste optimally. They are also used in artificial turfs and tracking fields in the sports industry. The importance of physical exercise and competitive sports has increased the popularity of open gyms, playgrounds and other sports avenues, which will bode well for the crumb rubber market. Crumb rubber is also used in adhesives, plastic, and rubbers in several end-user industries. They are also used in the construction and building sector for safety equipment, pavements etc. The wide variety of applications can be attributed to the high strength, durability, flexibility, water and impact resistance, thermal insulation and low shrinkage properties. Using crumb rubber in the abovementioned sectors improves product performance, reduces maintenance costs and expands the product's lifecycle. The environmental sustainability of crumb rubber facilitates government support for its use in multiple industries. It also aids in the research and development to improve the product and widen its applications, offering lucrative opportunities to the market players.

Challenges:

The growing health concerns of using crumb rubber in sports equipmentThe use of crumb rubber in artificial turfs, tracking fields and sports safety equipment are directly connected to children and young adults. Rubbers have metals, volatile chemicals and organic compounds, potentially hazardous substances that transfer to crumb rubber even after thorough processing. Children are exposed to these chemicals by breathing, touching the material, or ingesting it. The hard turfs and the possibility of microbiological infections are also a concern among stakeholders. However, these concerns are not substantiated by proper investigations, but the vast amount of misleading information on the internet is challenging the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest global crumb rubber market, with a 46% market revenue share in 2022. The US dominates the North American market. The United States has announced several infrastructural projects to revive the economy and increase employment rates. They have also considered these billion-dollar projects to compete with China’s growing global infrastructural ambitions. The increasing capital expenditure on infrastructure will bode well for the growth of the region's crumb rubber market. Increasing defence expenditure of India and China will bode well for the crumb rubber market. Crumb rubber manufacturing is highly advanced and well-established in the region given the presence of key market players, which ensures a robust supply of crumb rubber for end-use industries. The large and significant automotive, building and construction industries will also increase the demand for crumb rubber. The US and Canada are major players in the sports with their athletes counted amongst the best in the world. The Government's focus on ramping up sports infrastructure with renewed funding will propel the market's growth. The rising research and development by the private players will also augment the market's growth. The Asia Pacific is expected to rise the fastest during the forecast period, given the region's vast population with rising per capita income. The rising income levels drive the demand for houses, commercial office space, utilities, and automobiles, which will augment the growth of the regional crumb rubber market. The increasing federal and state-level capital infrastructure and private investment in the region will support the region's crumb rubber market's development.

Product type segment analysis

The product type segment is divided into crumb rubber from passenger cars and crumb rubber from a commercial vehicles. The crumb rubber from the commercial vehicle segment dominated the market with a market share of around 68% in 2022. Any vehicle used to move goods or people on a profit-making basis for a business is referred to as a commercial motor vehicle. Pickup trucks, vans, box trucks, coaches, semi-trucks, trailers, buses, and taxicabs are a few examples. Given the nature of their business, these vehicles travel more to cover and cover more distances than passenger vehicles. They have higher-grade tyres. They generate more tyre waste given their regular basis operation. The processing of these tyres is economical for crumb rubber manufacturers. These can be acquired in bulk quantities. Therefore, the significant presence of commercial vehicles worldwide and the vast waste generation of the segment explain its dominance in the global crumb rubber market.

Application segment analysis

The application segment is divided into automotive components, , rubber and plastic products, sports surfaces, construction materials, asphalt, shock absorption and safety products and others. The asphalt segment dominated the market with a share of around 38% in 2022. rubberized asphalt concrete is created by combining asphalt and crumb rubber. It is bound together by some other binding and stabilizing chemical compounds. The mixture is then spread out and pressed into a road surface. Rubberized asphalt is superior to conventional asphalt. It has better flexible and durable properties and high-impact resistance, decreased reflective cracking, rolling resistance and increased skid resistance. These properties reduce faster wear and tear of the roads and pavements, cracks, potholes, and other damage, thereby increasing their lifespan. The repair and maintenance costs and also reduced. The increasing global infrastructural spending will pave the way for a highway, bridges and other asphalt-related construction, propelling the segment's growth.

Some of the Key Market Players:
  • CRM
  • Emanuel Tire Family of Companies
  • Entech Inc.
  • Lakin Tire
  • Liberty Tire Recycling
  • Mahantango Enterprises
  • Sunflex Recycling Pvt. Ltd.
  • Tinna Rubber and Infrastructure Limited
  • Tire Disposal & Recycling
  • Tracc Tire Recycling

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 1.68 Billion
Market size value in 2032 USD 2.79 Billion
CAGR (2023 to 2032) 5.20%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.
Segments The research segment is based on product type and application.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global crumb rubber market was valued at USD 1.68 billion in 2022 to USD 2.79 billion by 2032.

Global crumb rubber market is growing at a CAGR of 5.20% during the forecast period 2023-2032.

The market's growth will be influenced by the rising infrastructural development.

High cost of producing crumb rubber could hamper the market growth.

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 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. The rising infrastructural development
    5.3. Restraints
          5.3.1. High cost of producing crumb rubber
    5.4. Opportunities
          5.4.1. The growing applications of crumb rubber
    5.5. Challenges
          5.5.1. The growing health concerns of using crumb rubber in sports equipment

6. Global Crumb Rubber Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Crumb Rubber from Passenger Car
    6.3. Crumb Rubber from Commercial Vehicle

7. Global Crumb Rubber Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Automotive Components
    7.3. Adhesives and Sealants
    7.4. Rubber and Plastic Products
    7.5. Sports Surfaces
    7.6. Construction Materials
    7.7. Asphalt
    7.8. Shock Absorption and Safety Products
    7.9. Others

8. Global Crumb Rubber Market Analysis 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 Crumb Rubber Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Crumb Rubber 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. CRM
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Emanuel Tire Family of Companies
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Entech Inc.
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Lakin Tire
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Liberty Tire Recycling
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Mahantango Enterprises
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Sunflex Recycling Pvt. Ltd.
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Tinna Rubber and Infrastructure Limited
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Tire Disposal & Recycling
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Tracc Tire Recycling
          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
 

List of Table

1. Global Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Crumb Rubber from Passenger Car Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

3. Global Crumb Rubber from Commercial Vehicle Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

4. Global Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

5. Global Automotive Components Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

6. Global Adhesives and Sealants Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

7. Global Rubber and Plastic Products Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

8. Global Sports Surfaces Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

9. Global Construction Materials Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

10. Global Asphalt Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

11. Global Shock Absorption and Safety Products Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

12. Global Others Grade Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

13. Global Crumb Rubber Market, By Region, 2019-2032 (USD Billion) 

14. North America Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

15. North America Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

16. U.S. Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

17. U.S. Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

18. Canada Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

19. Canada Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

20. Mexico Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

21. Mexico Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

22. Europe Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

23. Europe Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

24. Germany Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

25. Germany Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

26. France Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

27. France Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

28. U.K. Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

29. U.K. Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

30. Italy Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

31. Italy Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

32. Spain Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

33. Spain Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

34. Asia Pacific Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

35. Asia Pacific Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

36. Japan Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

37. Japan Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

38. China Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

39. China Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

40. India Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

41. India Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

42. South America Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

43. South America Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

44. Brazil Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

45. Brazil Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

46. Middle East and Africa Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

47. Middle East and Africa Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

48. UAE Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

49. UAE Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

50. South Africa Crumb Rubber Market, By Product Type, 2019-2032 (USD Billion) 

51. South Africa Crumb Rubber Market, By Application, 2019-2032 (USD Billion) 

List of Figures 

1. Global Crumb Rubber Market Segmentation

2. Crumb Rubber 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 Crumb Rubber Market Attractiveness Analysis By Product Type

9. Global Crumb Rubber Market Attractiveness Analysis By Application

10. Global Crumb Rubber Market Attractiveness Analysis By Region

11. Global Crumb Rubber Market: Dynamics

12. Global Crumb Rubber Market Share by Product Type (2022 & 2032)

13. Global Crumb Rubber Market Share by Application (2022 & 2032)

14. Global Crumb Rubber Market Share by Regions (2022 & 2032)

15. Global Crumb Rubber 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 crumb rubber market based on below mentioned segments:

Global Crumb Rubber Market by Product Type:

  • Crumb Rubber from Passenger Car
  • Crumb Rubber from Commercial Vehicle

Global Crumb Rubber Market by Application:

  • Automotive Components
  • Adhesives and Sealants
  • Rubber and Plastic Products
  • Sports Surfaces
  • Construction Materials
  • Asphalt
  • Shock Absorption and Safety Products
  • Others

Global Crumb Rubber 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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