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Wood coatings are additives or mixtures that are added to the end wood product, primarily to preserve the overall quality of the finished product, in terms of durability, color, and texture. Wood coatings cover a broad range of products including stains, varnishes, paints, and supporting ancillary products for indoor and outdoor purposes.

The global wood paints & coatings market is estimated to surpass US$ 12,342.11 million in terms of revenue by the end of 2027, exhibiting a CAGR of 5.9% during the forecast period (2021 to 2027).

Drivers

Surge in furniture industry is one of the major factors contributing to the rising demand for wood paints and coatings. In addition, increasing standard of living and rising disposable income have contributed to the expansion of the furniture industry across the globe. For instance, according to a report submitted by UNECE (United Nations Economic Commission for Europe), in 2018, the wood sold to the construction sector in Austria accounted for US$ 3.21 Bn, representing around 2.5% increase as compared to 2017. Furthermore, the same report states that the Austrian furniture industry comprises around 50 industrial plants, most of which are privately-owned medium-sized organizations. Moreover, in 2018, the furniture industry in Austria witnessed an increase of 4.9% as compared to 2017, accounting for US$ 2.50 Bn.

Increasing tourism in different countries is expected to drive investments in the hotel and tourism infrastructure and is expected to aid in growth of the wood paints & coatings market over the forecast period. For instance, the tourism industry in Croatia is known to contribute to approximately 20% of the national GDP in 2019. The tourism industry accounted for around US$ 14.31 Bn in 2019 to which the hotel industry accounted for 60% to 70% of the economy.

The growing hotel and tourism industry has been estimated to favor growth of the global wood paints & coating market as well. With the rise in the tourist footfall, the hotels and restaurants are significantly increasing capacity by renovating the current wooden floorings and furniture. The rising spending capacity on outdoor furniture and wooden decks and floors has been estimated to favor growth of the wood paints and coating market in Croatia in the near future.

Among regions, Asia Pacific held dominant position in the global wood paints & coatings market in 2020, accounting for 61.1% market share in terms of revenue, followed by Europe.

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Wood Paints & Coatings Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2020: US$ 8,130.39 Mn
Historical Data for: 2017 and 2019 Forecast Period: 2021 to 2027
Forecast Period 2021 to 2027 CAGR: 5.9% 2027 Value Projection: US$ 12,342.11 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: U.K., Germany, Italy, France, Spain, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, South Korea, ASEAN, Australia, Rest of Asia Pacific
  • Middle East & Africa: Middle East and Africa
Segments covered:
  • By Resin Type: Acrylic, Nitrocellulose, Epoxy, Polyester, Polyurethane, and Others
  • By Product Type: Stains & Varnishes, Shellac, Wood Preservatives, Water Repellants, and Others.
  • By Technology: Water Borne, Solvent Borne, and UV Cured
  • By Application: Furnitures & Fixtures, Doors & Windows, Cabinets, Flooring & Decking, and Others
Companies covered:

BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems

Growth Drivers:
  • Surge in furniture industry
  • Increasing standard of living and rising disposable income
Restraints & Challenges:
  • Factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating

Figure 1. Global Wood Paints & Coatings Market Revenue Share (%), By Region, 2020

Wood Paints & Coatings  | Coherent Market Insights

Market Restraints

Factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating is anticipated to hamper the growth of the wood coatings market over the forecast period.

Market Trends

Increasing focus on the development of waterways infrastructure to enable easier access to water transport is the current wood paints & coatings market trend. For instance, the 959 km of Serbia’s river corridor offers cost-effective transportation routes in which the Danube represents the most reliable water route for Serbian transportation all-round the year. Moreover, to improve the economic development and wooden products trade in Serbia, the government of Serbia has undertaken numerous initiatives to boost the water industry in Serbia. For instance, in 2019, the Ministry of Construction, Transport & Infrastructure, and Republic of Serbia announced an investment of US$ 63.07 Mn on the construction of port infrastructure that would extend the capacity for bulk cargo transport.

Figure 2. Global Wood Paints & Coatings Market – Opportunity Analysis

Wood Paints & Coatings  | Coherent Market Insights

On the basis of technology, in 2020, solvent borne segment accounted for 49.2% of the revenue share. The conventional solid solvent borne coatings have higher demand owing to the low price and quick drying characteristics. It helps in providing viscosity to wood coatings. This is expected to drive demand for global wood paints & coatings market during the forecast period.

Figure 3. Global Wood Paints & Coatings Market Revenue Share (%), By Product Type, 2020

Wood Paints & Coatings  | Coherent Market Insights

Global Wood Paints & Coatings Market - Impact of Coronavirus (COVID-19) Pandemic

The outbreak of Coronavirus has impacted the global economy and led to shutting down of major economic sectors. The Coronavirus pandemic has caused global economic disruptions in trade. The pandemic has impacted the global supply chain industry and has been one of the major reasons for the disruption in the paints & coatings industry globally. The global coatings industry has been upended by the COVID-19 pandemic. According to a report published by Orr & Boss, Inc., range of management consulting services in the US, China has experienced the effect of the pandemic sooner, we estimate that the coatings market declined by 30% in Q1. However, manufacturers of paints & coating industries across the globe are coming up with innovation in product portfolios and relevant strategies which is propelling the global wood paints & coatings market.

Competitive Section

Key players operating in the global wood paints & coatings market include BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems.

Wood paints & coatings is applied after the wood surface is stained and prepared. The process of applying coating to a finished wood product is known as wood finishing. Finishing is the last step of the production process and provides desirable characteristics such as moisture and heat resistance, increased durability, and enhanced appearance to the wood surface. Finishing also helps keep the end-product sanitized and easier to maintain.

Market Dynamics

The rise in the construction industry has known to favor the growth of the global wood paints & coatings market in the coming years with the rise in the urbanization and higher standard of living. The rising disposable income and increasing spending capacity has been another factor that has been contributing to the expansion of the construction industry that is further estimated to favor the global wood paints & coatings market growth in the coming years. For instance, according to a report submitted by World Bank, the GDP at Purchasing Power Parity (PPP) in Indonesia was US$ 12,301 in 2019.

Growth of the furniture trade in various countries has been estimated to contribute to the rising demand for the wood paints and coatings. Additionally, higher standard of living, rising disposable income, and increasing spending capacity has been augmenting the target market growth across the globe. For instance, according to the South Africa Reserve Bank, the consumer spending in South Africa increased from US$ 127,669.3 Mn in the third quarter of 2020 to US$ 129,990.7 Mn in the fourth quarter of 2020. With the growth of the trading of furniture industry, the wood paints and coatings market is expected to witness high growth over the forecast period. Apart from this, the rising industrialization has also led to the rising demand for wood paints and coatings across the globe. Other factors such as the rise in tourism and increasing investments in the infrastructure are also expected to contribute to the growth of the global wood paints and coatings market.

Moreover, key players are focusing on various strategies such as mergers and collaborations. For instance, in December 2018, Rust-Oleum, a subsidiary of RPM International, Inc. acquired Siamons International Inc., a provider of non-toxic specialty mold cleaners.

Key features of the study:

  • This report provides in-depth analysis of global wood paints & coatings market, and provides market size (US$ Million & Kilo Tons) and compound annual growth rate (CAGR %) for the forecast period (2021-2027), considering 2020 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global wood paints & coatings market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global wood paints & coatings market report caters to various stakeholders in this industry including investors, suppliers, wood paints & coatings manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global wood paints & coatings market

Detailed Segmentation:

  • Global Wood Paints & Coatings Market, By Resin Type:
    • Acrylic
    • Nitrocellulose
    • Epoxy
    • Polyester
    • Polyurethane
    • Others
  • Global Wood Paints & Coatings Market, By Product Type:
    • Stains & Varnishes
    • Shellac
    • Wood Preservatives
    • Water Repellants
    • Others
  • Global Wood Paints & Coatings Market, By Technology:
    • Water Borne
    • Solvent Borne
    • UV Cured
  • Global Wood Paints & Coatings Market, By Application:
    • Furnitures & Fixtures
    • Doors & Windows
    • Cabinets
    • Flooring & Decking
    • Others
  • Global Wood Paints & Coatings Market, By Region:
    • North America
      • By Resin Type:
        • Acrylic
        • Nitrocellulose
        • Epoxy
        • Polyester
        • Polyeurathane
        • Others
      • By Product Type:
        • Stains & Varnishes
        • Shellac
        • Wood Preservatives
        • Water Repellants
        • Others
      • By Technology:
        • Water Borne
        • Solvent Borne
        • UV Cured
      • By Application:
        • Furnitures & Fixtures
        • Doors & Windows
        • Cabinets
        • Flooring & Decking
        • Others
      • By Country
        • U.S.
        • Canada
    • Europe
      • By Resin Type:
        • Acrylic
        • Nitrocellulose
        • Epoxy
        • Polyester
        • Polyeurathane
        • Others
      • By Product Type:
        • Stains & Varnishes
        • Shellac
        • Wood Preservatives
        • Water Repellants
        • Others
      • By Technology:
        • Water Borne
        • Solvent Borne
        • UV Cured
      • By Application:
        • Furnitures & Fixtures
        • Doors & Windows
        • Cabinets
        • Flooring & Decking
        • Others
      • By Country
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Resin Type:
        • Acrylic
        • Nitrocellulose
        • Epoxy
        • Polyester
        • Polyeurathane
        • Others
      • By Product Type:
        • Stains & Varnishes
        • Shellac
        • Wood Preservatives
        • Water Repellants
        • Others
      • By Technology:
        • Water Borne
        • Solvent Borne
        • UV Cured
      • By Application:
        • Furnitures & Fixtures
        • Doors & Windows
        • Cabinets
        • Flooring & Decking
        • Others
      • By Country
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Latin America
      • By Resin Type:
        • Acrylic
        • Nitrocellulose
        • Epoxy
        • Polyester
        • Polyeurathane
        • Others
      • By Product Type:
        • Stains & Varnishes
        • Shellac
        • Wood Preservatives
        • Water Repellants
        • Others
      • By Technology:
        • Water Borne
        • Solvent Borne
        • UV Cured
      • By Application:
        • Furnitures & Fixtures
        • Doors & Windows
        • Cabinets
        • Flooring & Decking
        • Others
      • By Country:
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Resin Type:
        • Acrylic
        • Nitrocellulose
        • Epoxy
        • Polyester
        • Polyeurathane
        • Others
      • By Product Type:
        • Stains & Varnishes
        • Shellac
        • Wood Preservatives
        • Water Repellants
        • Others
      • By Technology:
        • Water Borne
        • Solvent Borne
        • UV Cured
      • By Application:
        • Furnitures & Fixtures
        • Doors & Windows
        • Cabinets
        • Flooring & Decking
        • Others
      • By Sub-Region
        • Middle East
        • Africa
  • Company Profiles
    • BASF SE*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Arkema SA
    • Ashland Inc.
    • RPM International Inc.
    • Hempel A/S
    • AkzoNobel N.V.
    • Premium Coatings
    • Chemicals Pvt. Ltd.
    • Nippon Paint Co. Ltd.
    • Axalta Coatings Systems

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Resin Type
      • Market Snippet, By Product Type
      • Market Snippet, By Technology
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • PEST Analysis
      • PORTER’s Five Forces Analysis
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
  4. Global Wood Paints & Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Wood Paints & Coatings Market – COVID-19
    • Impact Analysis
  5. Global Wood Paints & Coatings Market, By Resin Type, 2017- 2027 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2027 (%)
      • Y-o-Y Growth Analysis, 2021 - 2027
      • Segment Trends
    • Acrylic
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Nitrocellulose
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Epoxy
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Polyester
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Polyurethane
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
  6. Global Wood Paints & Coatings Market, By Product Type, 2017- 2027 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2027 (%)
      • Y-o-Y Growth Analysis, 2021 - 2027
      • Segment Trends
    • Stains & Varnishes
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Shellac
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Wood Preservatives
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Water Repellants
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
  7. Global Wood Paints & Coatings Market, By Technology, 2017- 2027 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2027 (%)
      • Y-o-Y Growth Analysis, 2021 - 2027
      • Segment Trends
    • Water Borne
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Solvent Borne
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • UV Cured
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
  8. Global Wood Paints & Coatings Market, By Application, 2017- 2027 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2027 (%)
      • Y-o-Y Growth Analysis, 2021 - 2027
      • Segment Trends
    • Furnitures & Fixtures
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Doors & Windows
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Cabinets
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Flooring & Decking
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2027, (US$ Mn & KT)
  9. Global Wood Paints & Coatings Market, By Region, 2017- 2027 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, By Region, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2021 - 2027
    • North America
      • Market Share Analysis, By Country, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2027
      • Market Size and Forecast, By Resin Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Technology, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Mn & KT)
      • Countries
        • U.S.
        • Canada
    • Latin America
      • Market Share Analysis, By Country, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2027
      • Market Size and Forecast, By Resin Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Technology, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Mn & KT)
      • Countries
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Europe
      • Market Share Analysis, By Country, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2027
      • Market Size and Forecast, By Resin Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Technology, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Mn & KT)
      • Countries
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Share Analysis, By Country, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2027
      • Market Size and Forecast, By Resin Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Technology, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Mn & KT)
      • Countries
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Middle East & Africa
      • Market Share Analysis, By Sub-Region, 2020, 2022 and 2027 (%)
      • Y-o-Y Growth Analysis, By Sub-Region, 2021 – 2027
      • Market Size and Forecast, By Resin Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Technology, 2017- 2027 (US$ Mn & KT)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Mn & KT)
      • Sub Regions
        • Middle East
        • Africa
  10. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • BASF SE
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Ashland Inc.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • RPM International Inc.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Hempel A/S
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • AkzoNobel N.V.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Premium Coatings
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Chemicals Pvt. Ltd.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Nippon Paint Co. Ltd.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Axalta Coatings Systems
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 50 market data tables* and 45 figures* on "Wood Paints & Coatings Market” - Global forecast to 2027.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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