Phenolic Resin Market

Phenolic Resin Market Size by Product Type (Resol and Novolac); By Application (Adhesives & Binding, Foundry, Molding, Laminates, Coatings, Foam, and Others), and End User (Electrical & Electronics, Automotive, Lumber, Building & Construction, Others), Region, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12715
  • Published Date: Apr, 2022
  • Pages: 236
  • Category: Chemicals & Materials
  • Format: PDF
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The global phenolic resin market is expected to reach USD 15.5 Billion by 2030, at a CAGR of 3.8% from 2022 to 2030. Phenolic resin market growth would be driven by the rising demand for the manufacturing of tires and the growth of the automotive industry over the forecast period.

Market Overview:

Phenolic resins are synthetic polymers obtained after the reaction of phenol and formaldehyde. Phenolic resins were the first commercial synthetic resins or plastics. These are widely used to produce molded products such as laboratory countertops and billiard balls. They are also used for the production of adhesives and coatings. Phenolic resins are highly used in industries including electrical & electronics, lumber, automotive, building & construction, and others. The properties of phenolic resins such as chemical resistance, high elasticity, fire resistance, surface hardness, and electrical insulation make it an ideal product for use in industries. Phenolic resins are manufactured using either base-catalyzed (Resol) or acid-catalyzed (Novolac) in addition to polymerization of phenol with formaldehyde. Therefore it is being divided into P two types namely Resol and Novolac. Phenolic resins are widely being used in the manufacturing of molded products and circuit boards –such as pool balls, laboratory countertops, and as adhesives and coatings–oil well proppants and friction linings. Laminates made of phenolic resins are used in making counters and interior walls of airports, banks, and stations. Phenolic resin-based insulation panels are used in thermal insulation in buildings. It offers high-level smoke, fire, and toxicity performance.

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Market Dynamics:

Drivers:
  • Multiple properties of phenolic resins

Phenolic resins are increasingly being used in several industries such as automotive and electrical. The properties of phenolic resins such as high heat resistance, mechanical strength, ability to blend with polymers, high moldability, and low toxicity of smoke make it an ideal chemical to be used in these industries. Most of the electrical switches are being made with phenolic resins due to resistance to high heat.  Phenolic resins are also being widely used as a durable adhesive and binder for binding panels of structural wood and as a binder in mineral wool insulation because of water resistance properties.

Restraints:
  • Environmental Regulations

Phenolic resins are manufactured using Formaldehyde and phenol as raw materials which have a strong odor and is a colorless, flammable gas at room temperatures. The use of phenolic resins in North America and Europe is heavily regulated owing to their harmful effect on the human body if ingested, inhaled, or absorbed. It acts like poison for human beings as well as animals, so under the Toxic Substances Control Act (TSCA), the Environmental Protection Agency (EPA), monitors the use of formaldehyde for the production of resins.

Opportunities:
  • Development of eco-friendly and sustainable feedstock for producing phenolic resins

The development of eco-friendly and sustainable feedstock for producing phenolic resins is an opportunity for market growth. Over the years researchers have been trying to replace formaldehyde and phenol with more eco-friendly and sustainable materials such as hydroxymethylfurfural, tannin, lignin, cardanol, and glyoxal for the production of bio-based phenolic resins. However, this causes a reduction in the mechanical strength of the phenolic resins. Thus more research is required before using it in all kinds of industries.

Challenges:
  • High price

The production of phenolic resins itself is costly because of the high prices of raw materials used. Thus the main challenge of the manufacturers is to control the prices of raw materials to make the phenolic resins affordable to all the market players. The prices of raw materials and labor costs must be reasonable to make the final products at a reasonable price.

Segmentation Analysis:

The global phenolic resin market has been segmented based on product type, application, end-user, and regions.

  • The product type segment is divided into resol and novolac. The resol segment dominated the market with a market share of around 63% in 2021. There are multiple advantages of using resols, such as enhanced properties, cost-effectiveness, and a wide range of applications which makes it an ideal to be used in various end-use industries. Some of the major uses of resol based phenolic resins are engineered woods, engineered laminated composite lumber (LCL), exterior plywood-oriented strand board (OSB), and adhesives.
  • The application segment is divided into adhesives & binding, foundry, molding, laminates, coatings, foam, and others. Over the forecast period, the adhesives & binding segment is expected to grow at the fastest CAGR of 6.3%. The market has been growing owing to the growth in the construction industry. The adhesives & binding are used in applications such as automotive, furniture, rubber, aerospace, and machine tools.
  • The end-user segment is divided into electrical & electronics, automotive, lumber, building & construction, others. In 2021, the automotive segment dominated the market, accounting for around 32% of the global market share. The demand for lightweight parts to be used in electric vehicles is growing the market for the automotive industry. The use of phenolic resins to improve vehicle performance and reduce oil consumption of the vehicle is expected to increase the demand in the automotive industry.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region emerged as the largest market for the global phenolic resin market with a 41.3% share of the market revenue in 2021.

  • The Asia Pacific currently dominates the phenolic resin market, which can be attributed to the growing investment of the key market players in the building & construction and automotive industry. The region also has the presence of leading producer and consumer of phenolic resins, which is China. The region has some major emerging economies such as India, Japan, and Thailand. The increase in disposable income due to economic development in this region is expected to propel market growth.

Asia region Phenolic Resin market Share in 2021 - 41.3%

 

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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 phenolic resin market.

In 2021, SI Group planned to expand its resole production capacities by 25% in New York, Rotterdam Junction, India, and Lote.

List of Key Market Players:

  • Gunei Chemical Industry Co., Ltd
  • Allnex GMBH
  • Kolon Industries Inc.
  • Asahi Yukizai Corporation
  • Kraton
  • Prefere Resins Holding GmbH
  • Sumitomo Bakelite Co. Ltd.
  • ASK Chemicals
  • Seiko PMC Corporation
  • Bakelite Synthetics

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global Phenolic Resin market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered as the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global phenolic resin market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global phenolic resin 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 the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of the phenolic resin market based on product type, application, end-user, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market 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 the global phenolic resin market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers a detailed study for the company profiles of key organizations operating in the global phenolic resin 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 porter’s five forces analysis coupled with SWOT analysis to provide business-related data and information. 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's growth and development 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 act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market-related i.e., global phenolic resin market) are covered to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the phenolic resin market was valued at USD 11.1 billion in 2021 to USD 15.5 billion by 2030.

The global phenolic resin market is growing at a CAGR of 3.8% during the forecast period 2022-2030.

The global phenolic resin market has been segmented based on product type, application, end-user, and regions. The resol capsules segment led the market in 2021.

Asia Pacific region emerged as the largest market for phenolic resin.

The market's growth will be influenced by multiple properties of phenolic resins.

Environmental regulations could hamper the market growth.

The development of eco-friendly and sustainable feedstock for producing phenolic resins will provide huge opportunities to the market.

Key players are Gunei Chemical Industry Co., Ltd, Allnex GMBH, Kolon Industries Inc., Asahi Yukizai Corporation, Kraton, Prefere Resins Holding GmbH, Sumitomo Bakelite Co. Ltd., ASK Chemicals, Seiko PMC Corporation, and Bakelite Synthetics

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 End-User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Multiple properties of phenolic resins
    5.3. Restraints
          5.3.1. Environmental Regulations
    5.4. Opportunities
          5.4.1. Development of eco-friendly and sustainable feedstock for producing phenolic resins
    5.5. Challenges
          5.5.1. High price

6. Global Phenolic Resin Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Resol
    6.3. Novolac

7. Global Phenolic Resin Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Adhesives & Binding
    7.3. Foundry
    7.4. Molding
    7.5. Laminates
    7.6. Coatings
    7.7. Foam
    7.8. Others

8. Global Phenolic Resin Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Electrical & Electronics
    8.3. Automotive
    8.4. Lumber
    8.5. Building & Construction
    8.6. Others

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

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

11. Company Profiles
    11.1. Gunei Chemical Industry Co., Ltd
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Component Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Allnex GMBH
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Component Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Kolon Industries Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Component Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Asahi Yukizai Corporation
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Component Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Kraton
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Component Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Prefere Resins Holding GmbH
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Component Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Sumitomo Bakelite Co. Ltd.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Component Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. ASK Chemicals
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Component Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Seiko PMC Corporation
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Component Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Bakelite Synthetics
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Component Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Resol Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

3. Global Novolac Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

4. Global Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

5. Global Adhesives & Binding Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

6. Global Foundry Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

7. Global Molding Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

8. Global Laminates Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

9. Global Coatings Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

10. Global Foam Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

11. Global Others Capsules Market, By Region, 2019-2030 (USD Billion)

12. Global Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

13. Global Electrical & Electronics Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

14. Global Automotive Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

15. Global Lumber Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

16. Global Building & Construction Phenolic Resin Market, By Region, 2019-2030 (USD Billion)

17. Global Others Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

18. Global Phenolic Resin Market, By Region, 2019-2030 (USD Billion) 

19. North America Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

20. North America Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

21. North America Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

22. U.S. Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

23. U.S. Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

24. U.S. Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

25. Canada Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

26. Canada Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

27. Canada Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

28. Mexico Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

29. Mexico Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

30. Mexico Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

31. Europe Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

32. Europe Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

33. Europe Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

34. Germany Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

35. Germany Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

36. Germany Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

37. France Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

38. France Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

39. France Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

40. U.K. Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

41. U.K. Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

42. U.K. Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

43. Italy Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

44. Italy Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

45. Italy Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

46. Spain Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

47. Spain Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

48. Spain Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

49. Asia Pacific Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

50. Asia Pacific Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

51. Asia Pacific Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

52. Japan Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

53. Japan Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

54. Japan Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

55. China Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

56. China Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

57. China Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

58. India Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

59. India Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

60. India Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

61. South America Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

62. South America Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

63. South America Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

64. Brazil Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

65. Brazil Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

66. Brazil Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

67. Middle East and Africa Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

68. Middle East and Africa Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

69. Middle East and Africa Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

70. UAE Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

71. UAE Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

72. UAE Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

73. South Africa Phenolic Resin Market, By Product Type, 2019-2030 (USD Billion) 

74. South Africa Phenolic Resin Market, By Application, 2019-2030 (USD Billion) 

75. South Africa Phenolic Resin Market, By End-User, 2019-2030 (USD Billion) 

List of Figures 

1. Global Phenolic Resin Market Segmentation

2. Phenolic Resin 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 Phenolic Resin Market Attractiveness Analysis By Product Type

9. Global Phenolic Resin Market Attractiveness Analysis By Application

10. Global Phenolic Resin Market Attractiveness Analysis By End-User

11. Global Phenolic Resin Market Attractiveness Analysis By Region

12. Global Phenolic Resin Market: Dynamics

13. Global Phenolic Resin Market Share by Product Type (2022 & 2030)

14. Global Phenolic Resin Market Share by Application (2022 & 2030)

15. Global Phenolic Resin Market Share by End-User (2022 & 2030)

16. Global Phenolic Resin Market Share by Regions (2022 & 2030)

17. Global Phenolic Resin Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2022 to 2030. The Brainy Insights has segmented the global Phenolic Resin market based on the below-mentioned segments:

Global Phenolic Resins Market by Product Type:

  • Resol
  • Novolac

Global Phenolic Resins Market by Application:

  • Adhesives & Binding
  • Foundry
  • Molding
  • Laminates
  • Coatings
  • Foam
  • Others

Global Phenolic Resins Market by End-User:

  • Electrical & Electronics
  • Automotive
  • Lumber
  • Building & Construction
  • Others

Global Phenolic Resins 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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