According to the latest market research report “India Adhesives and Sealants Market Analysis and Forecast from 2023 to 2031” by Report Ocean, the industry is currently witnessing significant growth and holds tremendous potential for investors and stakeholders. The comprehensive analysis in the report covers a wide range of factors that influence the market’s growth trajectory.
The report provides detailed segmentation of the “ India Adhesives and Sealants Market “ based on Regions, Country, Company, and other Segments. Key Players in the industry are currently dominating the global market and have adopted various strategies to bolster their market share and strengthen their position in the market. For stakeholders and other participants, this report presents a valuable resource that can help them gain a competitive advantage and meet their business needs effectively.
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The Indian adhesives and sealants market is projected to reach USD 1,703.68 million by 2026, growing at an estimated CAGR of 8.07% over the forecast period (2021-2026). Major factors driving the market studied are increasing demand from the packaging industry and the growing construction industry in the country.
Key Highlights
On the flip side, the slowdown of the automotive industry and the detrimental impact of COVID-19 are hindering the growth of the market studied.
Increasing electronic operations in India and increasing demand for bio-based adhesives are expected to offer various opportunities for the growth of the market studied over the forecast period.
Key Market Trends
Increasing Usage of Acrylic Water Borne Adhesives
Water-borne acrylic adhesives are considered an environmentally friendly and economically feasible substitute to solvent-based adhesives. The major advantage of water-borne adhesives is the absence of volatile organic compounds. The properties of acrylics include durability, color retention, quick-drying, environmentally friendly, impact-resistant, etc. Acrylics are majorly used on exterior and interior surfaces, such as on frames, doors, wall surfaces, trim, etc.
Acrylics can be applied to areas, such as primed metals, direct-to-metal applications, wood, and masonry surfaces. Acrylics are also used directly to metal for many colors and gloss levels. The application of acrylics includes bonding wood, paper, wall panel bonding, sealing (grouts), textiles bonding, paper stamps, leather tile envelopes, labels, etc. Acrylics are used by various end-user industries, such as buildings and construction, woodworking and joinery, paper, board, packaging, etc. Furthermore, acrylics are majorly used by paper, board, and packaging industries. Packaging industry dominates the demand for acrylic adhesives with numerous applications in products, such as tapes, labels, cases, and cartons.
With the growing demand for paper, board, and packaging in India, the demand for acrylic based adhesives is also increasing. Such positive growth is likely to increase the demand of the acrylics in the forecast period. Factors, such as e-commerce, online food deliveries, and innovation and development in the packaging industry has been driving the growth of the packaging industry in the region. A new report of google and Boston consulting group has indicated that the rapid digitization, growth in both online buyer base and spending along with variety in cuisines have been pushing the country’s food packaging sector growth to new high. The food packaging sector is expected to grow by more than 20-25% which is expected to boost the demand for the acrylic based adhesives in the country. The companies manufacturing acrylics include 3M, Anabond, Arkema, Avery Dennison Corporation, Dow Corning Corporation, among others.
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Electrcal and Electronics Segment to Drive the Market Growth
Due to their excellent characteristics and physical properties, such as good cohesion, adhesion, elasticity, high-cohesive strength, flexibility, and their role in improving peel strength by flexing with peel stress, the high elastic modulus of the substrate, resistance to thermal expansion, and environmental resistance from UV light, corrosion, saltwater, rain, and other weathering conditions, adhesive and sealants are extensively used in the electronic industry. Sealants are an integral part of electronic parts and are used to manufacture and assemble various electronic items. There is a steady rise in the demand for electronic sealants, primarily due to the growth and advancement of electronic goods and the high penetration of smartphone devices.
In the electronics industry, adhesives are used for various applications, such as conformal coatings, bonding of exterior plastic housings, bonding of surface mount devices (SMDs), bonding of heat sinks and potting, encapsulating electronic components, protecting terminal electrodes, sealing lids, and housing groves, conformal coating of circuit boards, and many other electronic gadgets. In the process of electrical and mechanical assembly, silicone sealants are highly flexible. They can be used as form-in-place gaskets to connect components inside electronic modules, close holes in the panel to exclude soil, water, or other contamination, and protect against exposure to harsh environmental conditions, such as high temperatures.
The electronics industry in India is one of the fastest and major end-user industries, contributing to the Indian economy. Many products, such as consumer electronics, communication equipment, and other equipment for military operations, contribute a major share of the electronics market. Several global producers of consumer electronic products are shifting or starting their manufacturing bases in India, due to the availability of cheap labor costs and easy access to raw material.
This scenario has been observed for the past few years, and the trend is likely to increase at a faster rate, primarily due to the Make in India initiative launched by the Indian government. This has a direct impact on assembling different electronic components to produce a complete product before entering the market. Thus, this is estimated to propel the demand for adhesives and sealants in the electronics sector for various assembling applications. Despite the decrease in production in the electronics industry due to the COVID-19 pandemic, the electronics industry is likely to grow in the future, due to the growth in the electronics sector by increased consumer spending in the country.
According to the Ministry for Electronics and IT, the electronic products market in India had a total market size of INR 4,580 billion (USD 66 billion) and witnessed a CAGR of nearly 5.5 % over the last four years. The National Policy on Electronics, 2019, aimed to promote domestic manufacturing and export in the entire value-chain of Electronics System Design and Manufacturing (ESDM) to achieve a turnover of INR 26 trillion (USD 400 billion) by 2025. The government of India has taken several steps to promote the domestic electronics manufacturing industry and exports from the country. For instance, the Modified Special Incentive Package Scheme (M-SIPS) provides a 20-25% subsidy for investments in capital expenditure for setting up an electronics manufacturing facility. Therefore, 212 projects have been approved so far, with proposed investments of INR 551.82 billion. Therefore, this boom in electronic products in the country is quite instrumental in propelling the market demand for adhesives and sealants in the electronic industry over the forecast period
Competitive Landscape
India adhesives and sealants market is highly concentrated in terms of revenue. The top five players account for a combined share of more than 90%, thus making the market highly competitive. Pidilite Industries Limited is the market leader in the India Adhesives and sealants industry with a share of almost 48%, thus continuing its dominant position for the past few years. Other major companies include Henkel Adhesives Technologies India Private Limited, Sika AG, Arkema Group, and H.B. Fuller Company, amongst others.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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