Leading Players in India Adhesives Market — Ken Research
1. The Adhesive industry in India is expected to grow owing to rising demand, and government initiatives during FY’2020-FY’26F.
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India Adhesive sector is growing at a CAGR of ~7% during FY’15 and FY’20. The market is driven by the surge in the demand for water-based adhesives as it is an environmentally friendly adhesive. Moreover, increasing end users such as packaging, and automotive contributed to the growth of the India adhesives market. Also, the manufacturing sector received a massive boost from the government’s schemes, such as Make in India, contributing to a 4% growth of the manufacturing industry, thereby pushing the demand for adhesives in India. Besides it, global companies are expanding their presence with the establishment of manufacturing plants in different locations such as Henkel, H.B. Fuller, and Bostik. This will further accelerate the growth of the market in the coming future.
2. Industrial Adhesives contribute to a larger share of Revenues when compared to Consumer Adhesives in India
Industrial Adhesives dominate the industrial adhesive market in India. Presently, growing demand from the packaging industry is fueling the growth of industrial adhesives. The automotive industry is a significant contributor to the industrial adhesives market. The auto industry manufactured 26 Mn vehicles in FY’20. In addition to this, increased exports to Bangladesh, Sri Lanka, and Nepal also drive the growth of the industrial adhesive segment. Besides it, the Consumer adhesive market is growing with geographical expansion in rural areas, and with increasing dealer and distributor networks. Water Based Adhesives have the highest demand in the Consumer Adhesives Segment
3. Industrial adhesives market in India is at a growth stage and is dominated by organized adhesives players.
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The industrial adhesives market in India is in a growing phase, witnessing the entry of global players in this market. The demand for industrial adhesives in India mostly ensues from the packaging industry, followed by the automotive, and construction sectors. Moreover, rapid urbanization and the rise in the disposable income of the above middle-class in the country have sped up the furniture industry. Here, the growing furniture market is likely to enhance the demand for industrial adhesives in the future. Also, the country is witnessing an increase in manufacturing facilities in the automotive sector, which is resulting in increased usage of industrial adhesives. Rising health and hygiene concerns are other factors that are leading to an increased demand for industrial adhesives in India.
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