Research Methodology on Thermal Spray Market
Introduction
Thermal spray is an advanced material processing technique, utilized to augment a particular material's characteristics, consisting of erosion, chemical level of resistance, and wear resistance. Thermal spray strategies are utilized in the refurbishment and coating of metallic and nonmetallic parts, which are subsequently utilized as original equipment parts. The thermal spray sector has seen remarkable development in the last couple of years, owing to an increase in direct exposure to various areas, such as engineering, automobile, aerospace, thermal power, marine, and so on.
Thermal spray strategies are primarily employed for putting on brand-new or reconditioning existing parts for various end-use industries. Various thermospray strategies, such as arc spray, flame spray, plasma and high-velocity oxy-fuel (HVOF), are frequently utilized for metallic and non-metallic parts. The innovation is predominantly seen in usage in the production sector, as it assists in reducing the effect of deterioration and wear and tear.
The global thermal spray market size is expected to grow at a healthy CAGR during the forecast period 2023 to 2030.
Research Objectives
The broader goal of the study is to analyze the key trends and dynamics of the thermal spray market. To accomplish this goal, the study includes the following objectives:
1. To analyze the impact of the COVID-19 pandemic on the market by studying the historical data of the market for the period 2019-2022 and to make appropriate estimates for 2030.
2. To identify the market dynamics, such as drivers, restraints, opportunities, and challenges, that are likely to influence the growth of the thermal spray market during the forecast period 2023 to 2030.
3. To conduct a micro and macro analysis of the global market and analyze the size of the market, including the value chain.
4. To study the impact of the global market’s key participants on the thermal spray market.
5. To develop a regional as well as a global analysis of the market and identify the most profitable region for investments.
6. To identify the various end-use industries for the thermal spray market and their respective production capacities and utilization rates.
Research Methodology
To conduct the market research, various market approaches have been employed, such as bottom-up, top-down and factor analysis, as well as data triangulation. These approaches have been used to validate and cross-check the information obtained from reliable market sources, such as industry associations, magazines, and other secondary sources.
Secondary Research
The report has been validated and cross-checked using both primary and secondary sources. Several sources have been utilized to gain an in-depth understanding of the market including industry/sector associations, FAO as well as governments, magazine articles, country statistics, and databases.
Primary Research
Primary research methods are used to validate the market size and forecast and the factors influencing the market. The primary research questionnaire was completed by drawing data from the global economy and industry experts. An interactive process was used to derive the forecasted numbers through a process of intelligent discussion and questioning with industry experts.
Approach
To provide a comprehensive view of the market, various approaches have been followed while formulating the report. The approach taken for deriving the forecast includes:
Bottom-Up Approach: The demand was established by calculating the actual market size for major thermal spray products and sub-products and was extrapolated to regional and global levels, which was then cross-checked and balanced with the top-down number.
Top-Down Approach: The top-down approach was used to derive the market size by utilizing the base year shipment data as the base number and estimating the overall demand in the global thermal spray market.
Factor Analysis: The factor analysis approach was used to identify and analyze the various technological and economic trends, such as raw material availability, cost of production, end-use industry demand, etc.
Time-Series Analysis: The time-series analysis approach was used to include the impact of geopolitics, macroeconomic indicators, technological developments, and other drivers on the market during the forecast period.
Demand Side and Supply Side Data Triangulation
The demand-side and supply-side data triangulation approach was used to study the actual growth rate and trends, as well as losses and profit associated with the thermal spray market. This approach allowed us to calculate the exact market size of the thermal spray market.
Conclusion
Thermal spray technology is gaining traction in a range of industries due to its ability to provide stronger, more durable, and more corrosion-resistant products. Therefore, the primary and secondary research approaches taken have helped to gain in-depth insights into the trends and dynamics of the thermal spray market. The bottom-up, top-down, and other approaches were employed to accurately forecast the size of the market, its growth rate, and the various drivers and restraints impacting it. The demand-side and supply-side data triangulation approach was used to gain a comprehensive understanding of the market and to determine the exact size of the market. The data gathered through these approaches will help stakeholders to gain a holistic overview of the market.
