Market Research Report
India Adhesives & Sealants Market - Segmented by Technology, Product Type, and End-user Industry - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||568531|
|Published||Content info||83 Pages
Delivery time: 1-2 business days
|India Adhesives & Sealants Market - Segmented by Technology, Product Type, and End-user Industry - Growth, Trends, and Forecast (2018 - 2023)|
|Published: May 8, 2018||Content info: 83 Pages||
The India adhesives & sealants market is expected to grow significantly at the highest CAGR of 6.33% and 9.47%, respectively, during the forecast period (2018 - 2023). India, with rising industrial and economic development, is seeing an increasing demand from various end-user sectors of adhesives, such as the building & construction sector, footwear industry, and wood-working & joinery industry, and this is currently driving the Indian adhesives & sealants market.
Growth of Automotive Production in the Country
Over the past few years, adhesives have become a prime technology component in automotive applications, as they are continuously replacing traditional bonding or adhesion methods. In India, the automotive production has been growing at a high rate with the car segment exhibiting the highest growth rate during 2017. India is also a prominent auto exporter and is expected to witness a robust growth in the export sector. An increasing population, the growing GDP, and the increasing purchasing power of the middle-class population are driving the demand for new, lightweight, and fuel-efficient vehicles, and the demand for less or no VOC-emitting adhesives in the automotive sector. As the automotive industry is anticipated to boom, thus, the demand for adhesives & sealants is also expected rise in India.
Increasing raw material prices are one of the restrains hampering the growth of this market.
Packaging Industry Dominates the Market
The Indian packaging industry accounts the highest share of the adhesives & sealants industry, in terms of revenue. Adhesives are widely used in paper bonding, owing to their physical properties. Their applications range from corrugated box construction and the lamination of printed sheets to packaging materials used for all types of consumer products. Therefore, the overall market for adhesives & sealants is expected to have a high growth in the country, as its end-user industries are showing a positive growth in India. This positive growth is attributable mainly to the strong demand from the food & beverage packaging sector. The rising demand for fast-moving consumer goods among India's middle-class population has been a major boost to the market. The Indian adhesives & sealants market is anticipated to grow with the growth of the packaging industry.
Infrastructure Development to Boost Building & Construction Industry
Adhesives & sealants, owing to their characteristics and physical properties have an extensive use in the building & construction industry. In the construction sector, waterborne adhesives hold the major market share of over 50%, followed by the reactive adhesives of over 15% market share, solvent-borne, and others. The construction sector plays a pivotal role in the economic growth of a nation, especially in an emerging economy like India. The construction industry is the second-largest sector after agriculture in the country. The government is taking various steps to restructure the corporate taxes in order to make them more appealing to foreign investors. The growing investments in the construction sector and the strategic initiatives of the Indian government are expected to boost the construction sector in the country, thereby, to boost the adhesives & sealants market in India.
Key Developments in the Market
December 2017: Bostik opens new adhesives production plant in India.
March 2018: Pidilite Industries Limited and Germany's Jowat SE enter into Collaboration.
The major players include - PIDILITE INDUSTRIES LTD, ARKEMA(BOSTIK), HENKEL AG & CO. KGAA, SIKA AG, and JUBILANT, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter's five forces analysis
To understand the dominating technology in the market
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
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