BURNABY, Canada, May 29, 2014 /PRNewswire/ --
India Adhesives Market to Grow due to Increasing Use of Adhesives among Major End-User Industries
Adhesives offer one of the most versatile binding techniques available in the market among other technologies like welding, sewing, bolting, screwing, etc. Adhesives have many advantages over other techniques such as elimination of corrosion, superior aesthetics, uniform stress distribution, quick and cost effectiveness, and hence, their consumption is high in the manufacturing sector. The packaging industry, which is the most important end-user industry for adhesives, was valued at USD27.6 billion in 2012-13 and is expected to grow at an annual rate of over 15% through 2016. As a result, the demand for adhesives from the country's packaging industry is forecast to significantly grow in the coming years. Many global adhesive players are investing heavily in India as the infrastructure industry, automotive industry and flexible packaging industry continue to grow in the country. Henkel, Huntsman, and 3M are some of the multinational companies, which have expanded their operations in India.
According to a recently published report by TechSci Research, "India Adhesives Market Forecast & Opportunities, 2019", a growing trend prevalent in the industry is increasing use of water-based adhesives. As per the report forecasts, water-based adhesives are projected to hold a share of around 42% of the country's adhesives market by the end of 2019. With upcoming infrastructural projects such as railway tracks, metro rails as well as new wind energy farms, the country is set to witness a strong growth in the adhesives industry over the next five years. Also, automotive adhesives are expected to witness growth as the demand for lightweighting and composite joining adhesives from automobile manufacturers continuing to increase.
"The manufacturing sector in India is still growing and adhesive industry's growth is directly aligned with the country's manufacturing growth. The adhesives market in India is growing on account of new product developments, which require joining of two similar or dissimilar substrates. Industrial adhesives are replacing mechanical fastener for bonding requirements, and the demand for these adhesives is expected to grow in line with the country's manufacturing growth." said Mr. Karan Chechi, Research Director at TechSci Research. In India, Pidilite Industries Ltd. is currently the largest player in the adhesives market, and the country is witnessing an increasing number of international players foraying into the market.
"India Adhesives Market Forecast & Opportunities, 2019" has analyzed the potential of the Indian adhesives market and provides statistics and information on market sizes, shares and trends. The report would suffice strategic business units by providing the intending clients with cutting-edge market intelligence and help them in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
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SOURCE TechSci Research