Titanium Metal Market

Global Titanium Metal Market Size by Product Type (Industrial Grade, Medical Grade and Others), Application (Energy and Power, Aerospace and Defence, Industrial, Medicinal Materials and Others), Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13357
  • Published Date: Mar, 2023
  • Pages: 237
  • Category: Chemicals & Materials
  • Format: PDF
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The global titanium metal market is expected to grow from USD 24 billion in 2022 to USD 44.75 billion by 2032, at a CAGR of 6.43% from 2023-2030. The growing applications of titanium metal and its alloys will augment the growth of the global titanium metal market.

Market Introduction:

Titanium is amongst the most common metals found in the earth’s crust. The chemical formula of titanium is Ti. There are several uses for titanium. It is a bright, grey metal with low corrosion and excellent strength. It is a biocompatible element, making it ideal for several medicine implants. Its high strength-to-weight ratio allows the user to use less titanium and achieve the same durability and strength. It has high melting and boiling temperature. It resists strong liquids like sulfuric acid, wet chlorine gas, chloride solutions, and hydrochloric acid. Due to its biocompatibility, titanium is prominent in the medical sector. its non-toxic nature is also a significant factor in its growth in the medical sector. When titanium is processed into titanium dioxide, a durable white pigment is produced in paint, plastics, toothpaste, and paper. High tensile strength, strength-to-weight ratio, high corrosion and crack resistance, and high-temperature tolerance are all characteristics of titanium. It is thought to be the best material for making armour plating, missiles, and aeroplanes. Crucial structural components, landing gear, exhaust ducts, firewalls, and hydraulic systems are all produced using it. the various applications of titanium metal in defence, aerospace, chemical processing, construction, medical and jewellery will propel its growth in the forecast period.

Titanium Metal Market

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Recent Development

February 2023 - The semiconductor manufacturing sector has received the first additively made near-net-shape titanium components from Norsk Titanium, Norway. The 80 kg carrier tray was created in collaboration with the Den Haag, Netherlands-based Hittech Group and is an essential part of the lithography system used by ASML, a maker of semiconductors. The company is supplying the Ti-6Al-4V preforms into an established supply chain that provides the carrier tray to ASML. The preforms are made utilizing Norsk Titanium's Rapid Plasma Deposition technology, a proprietary wire-based Directed Energy Deposition (DED) type. The customer can use the present supply chain, increase its current capacity, and save 140 kg (64%) in raw material costs by switching to the additively made titanium carrier tray instead of a forged plate. This is all done without needing to make any additional capital investments.

Market Dynamics:

Drivers

The increasing demand for titanium metal from the aerospace and defence industry The civil aviation sector is starting to recover from the devastating economic slowdown brought on by the COVID-19 pandemic. Air traffic is expected to increase in the near future, given the rise in consumer demand as their per-capita income rises. Furthermore, the public and private players in the civil aviation industry are assisting the industry in gaining back its pre-covid 19 operational levels with incentives, funding and supportive policy measures. The aim to improve mobility will augment well for the civil aviation industry. The unveiling of China's indigenously developed aircraft is a case in point. Similarly, Air India's deal with Airbus and Boeing for new aircraft will augment the industry's growth in the coming decade. The manufacture of passenger aircraft uses a significant amount of titanium metal given its high-strength-to-weight ratio, high-temperature resistance and anti-corrosive properties. The high strength-to-weight ratio also enables the manufacturers to make the aircraft lighter which is fuel-efficient, thereby, positive for the climate change in the world. The outer-space exploration and associated research, design and development of better satellite carriers, rockets etc., have also gained traction recently, given the increase in technological advancements, government spending and entry of private players in the industry. The Russia-Ukraine war has highlighted the importance of having a robust army, air force, navy, and the latest weapons systems. Governments worldwide have pushed for increased defence expenditure. The increased defence expenditure will be utilized to acquire new aircraft, missiles, arms, ammunition, missile defence systems, etc., all of which utilize titanium metal or alloys. Therefore, the thriving aerospace and defence industry will grow the global titanium metal market.

Restraints:

High cost of titanium metal Any metal or mineral is extracted from its ore mined from the earth's lithosphere crust. Mining is an expensive process as it involves identifying the land in which the mineral ore of titanium is found, getting environmental clearances from the relevant authorities and the expensive machinery and equipment used in mining. Extracting titanium from its mineral ore is also an expensive, arduous and long process. The long process and multiple stages add to the final cost of titanium metal. The process used to extract titanium metal alloy produces a lot of heat and undesirable by-products, which are harmful to the environment. The rising climate change concerns have made these processes more expensive, given the several environmental costs the manufacturers have to pay for the negative externalities they cause. Furthermore, the grading and certification of titanium metal offered by relevant authorities add to the manufacturer's costs. The certification and grading enable the sellers to authenticate their titanium, making it easier to sell. Titanium metal is used in several industries and has a wide variety of applications; this vast demand increases its price in the market. Therefore, the high cost of titanium metal will hamper the market's growth.

Opportunities:

The extensive applications of titanium metal Besides being used in the aerospace and defence industry, titanium metal is also used in the automotive, industrial, chemical, energy and power, pharmaceuticals, building and construction and marine industries. The wide variety of applications can be attributed to the high strength-to-weight ratio of titanium, which allows the market players to use a smaller amount of titanium as a replacement while retaining the older properties of the products. A lesser amount of titanium enables manufacturers to reduce production costs and improve product performance. For instance, using titanium in the automotive industry allows manufacturers to reduce the weight of vehicles, making them lighter and more fuel efficient. Lighter vehicles offer better fuel economy and reduce carbon emissions. The engine efficiency is good for the environment, producers and consumers. The high-temperature resistance and chemical stability in extreme environmental conditions of heat and moisture make it ideal for applications in the marine ecosystem. Its anti-corrosive property and durability increase the lifespan of products. Therefore, as mentioned above, the extensive applications of titanium metal and its alloys in multiple industries will offer lucrative opportunities for the market players in the forecast period.

Challenges:

The stringent government regulations and guidelinesThe rising pace of climate change has persuaded the governments to adopt sustainable regulating policies for major polluting economic units like mining, metal and chemical processing, and automotive industries. Given the structural, organizational and bureaucratic roadblocks in getting environmental clearances to start operations, the mining sector is taking a hit. Furthermore, the ban on certain metal extraction processes increases the cost of production for the market players. Such difficulties will discourage new market players from entering the market, 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 Asia Pacific region emerged as the largest global titanium metal market, with a 44% market revenue share in 2022. The increasing defence expenditure of India and China will bode well for the titanium metal market. There has been a renewed push towards defence infrastructure spending and the acquisition of new arms, ammunition, technologies and indigenous defence research and development after the border clashes of April-May 2020. The border skirmishes are expected to continue; the governments have increased their defence budget in the past two years, which is a positive development for the regional titanium market. Furthermore, the push for outer-space exploratory research and development will drive the regional titanium metal market. The vast population with rising per capita income drives the demand for houses, commercial office space, utilities, automobiles and electronics. Titanium oxide is used widely in painting, coatings, and protective product manufacturing. The growth of building and construction, given the rising demand for houses and utilities, will propel the titanium metal market's growth. Similarly, the extensive use of titanium in the growing automotive industry to improve fuel efficiency for environmental sustainability will propel the market's growth. The region's high-end and advanced medical infrastructure has increased the demand for its medicine globally, thereby increasing medical tourism. The thriving medical infrastructure will push the use of titanium in the healthcare industry. The Indian government is pushing for marine research and development to exploit and conserve their marine ecosystem, augmenting the global titanium metal market. The archipelago nations in the Asia pacific have formidable marine industries and are open to new technologies which utilize titanium metal and its alloys. China and India's vast manufacturing and industrial belts will contribute to the regional titanium metal market’s growth.

Asia Pacific region Titanium Metal Market Share in 2022 - 44%

 

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Product type segment analysis

The product type segment is divided into industrial grade, medical grade and others. The industrial grade segment dominated the market with a market share of around 68% in 2022. The industrial grade titanium metal has several grades/varieties of titanium under its ambit. They are used in the automotive, industrial, chemical, power generation, construction, aerospace and defence industries. Medical grade titanium metal is used in medicine in the form of dental implants, artificial joints, and bone fixtures; high strength-to-weight ratio, high-temperature resistance, and anti-corrosive and durable properties make titanium metals and its alloys ideal for extensive use in the previously mentioned industries. The extensive use of industrial grade in multiple economic sectors contributes to its global dominance in the market. Grades 1, 2, 3, 4, 5, and 11 among others are mainly industrial-grade titanium metals. They are used for manufacturing Aircraft turbines, Aircraft structural components, High-performance automatic parts, Engine components, Aerospace fasteners, marine applications and Sports equipment. They are also used in Chemical processing, Chlorate manufacturing, Desalination Cryogenic vessels, and Heat exchangers. The increasing aerospace and defence expenditure and expanding automotive, chemical processing, building and construction industries will propel the segment's growth in the forecast period.

Application segment analysis

The application segment is divided into energy and power, aerospace and defence, industrial, medicinal materials and others. The aerospace and defence segment dominated the market with a share of around 45% in 2022. The high strength-to-weight ratio of titanium alloy, its durability and its corrosive resistant properties make it ideal for manufacturing airframes, landing gear, fastening components and engine parts, among others. The promising civil aviation sector will increase the demand for passenger aircraft which will bode well for the segment's growth. Furthermore, the use of titanium in defence aircraft is also significant. It is used in F-22, F-16, C-17 and black hawk helicopters, to name a few. The increasing demand for fighter aircraft after the Russian invasion will propel the segment's development in the future. Titanium metal is also used in outer-space aircraft. With the increased research funding and entry of private players in the outer-space industry, the use of titanium alloy is expected to rise. The growing aerospace industry, combined with the rising production of titanium, will propel the segment's growth in the future.

Some of the Key Market Players:
  • ADMA Products Inc.
  • AMETEK Inc.
  • ATI Metals
  • CRISTAL
  • CRS Holdings Inc.
  • Nippon Steel Corporation
  • Osaka Titanium Technologies
  • Precision Castparts Corporation
  • Toho Titanium
  • VSMPO-AVISMA

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 24 Billion
Market size value in 2032 USD 44.75 Billion
CAGR (2023 to 2032) 6.43%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments 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 titanium metal market was valued at USD 24 billion in 2022 to USD 44.75 billion by 2032.

Global titanium metal market is growing at a CAGR of 6.43% during the forecast period 2023-2030.

The market's growth will be influenced by the increasing demand of titanium metal from the aerospace and defence industry.

High cost of titanium metal 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 increasing demand of titanium metal from the aerospace and defence industry
    5.3. Restraints
          5.3.1. High cost of titanium metal
    5.4. Opportunities
          5.4.1. The extensive applications of titanium metal
    5.5. Challenges
          5.5.1. The stringent government regulations and guidelines

6. Global Titanium Metal Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Industrial Grade
    6.3. Medical Grade
    6.4. Others

7. Global Titanium Metal Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Energy and Power
    7.3. Aerospace and Defence
    7.4. Industrial
    7.5. Medicinal Materials
    7.6. Others

8. Global Titanium Metal 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 Titanium Metal Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Titanium Metal 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. ADMA Products Inc.
          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. AMETEK Inc.
          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. ATI Metals
          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. CRISTAL
          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. CRS Holdings Inc.
          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. Nippon Steel Corporation
          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. Osaka Titanium technologies
          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. Precision Castparts Corporation
          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. Toho Titanium
          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. VSMPO-AVISMA
          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 Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Industrial Grade Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

3. Global Medical Grade Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

4. Global Others Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

5. Global Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

6. Global Energy and Power Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

7. Global Aerospace and Defence Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

8. Global Industrial Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

9. Global Medicinal Materials Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

10. Global Others Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

11. Global Titanium Metal Market, By Region, 2019-2032 (USD Billion) 

12. North America Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

13. North America Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

14. U.S. Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

15. U.S. Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

16. Canada Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

17. Canada Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

18. Mexico Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

19. Mexico Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

20. Europe Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

21. Europe Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

22. Germany Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

23. Germany Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

24. France Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

25. France Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

26. U.K. Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

27. U.K. Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

28. Italy Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

29. Italy Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

30. Spain Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

31. Spain Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

32. Asia Pacific Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

33. Asia Pacific Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

34. Japan Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

35. Japan Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

36. China Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

37. China Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

38. India Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

39. India Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

40. South America Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

41. South America Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

42. Brazil Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

43. Brazil Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

44. Middle East and Africa Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

45. Middle East and Africa Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

46. UAE Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

47. UAE Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

48. South Africa Titanium Metal Market, By Product Type, 2019-2032 (USD Billion) 

49. South Africa Titanium Metal Market, By Application, 2019-2032 (USD Billion) 

List of Figures 

1. Global Titanium Metal Market Segmentation

2. Titanium Metal 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 Titanium Metal Market Attractiveness Analysis By Product Type

9. Global Titanium Metal Market Attractiveness Analysis By Application

10. Global Titanium Metal Market Attractiveness Analysis By Region

11. Global Titanium Metal Market: Dynamics

12. Global Titanium Metal Market Share by Product Type (2022 & 2032)

13. Global Titanium Metal Market Share by Application (2022 & 2032)

14. Global Titanium Metal Market Share by Regions (2022 & 2032)

15. Global Titanium Metal Market Share by Company (2022)

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

Global Titanium Metal Market by Product Type:

  • Industrial Grade
  • Medical Grade
  • Others

Global Titanium Metal Market by Application:

  • Energy and Power
  • Aerospace and Defence
  • Industrial
  • Medicinal Materials
  • Others

Global Titanium Metal 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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