India Adhesives and Sealants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

India Adhesives and Sealants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The India adhesives and sealants market was valued at more than USD 1,100 million in 2021, and it is expected to register an estimated CAGR of over 8% over the forecast period (2022-2027).

The country was negatively affected by the COVID-19 pandemic. The adhesives and sealants market in the country also faced a similar situation. But the market has now reached pre-pandemic levels, and it is expected to grow steadily. The major factors driving the market are the increasing demand from the packaging industry and the growing construction industry in the country. On the flip side, the slowdown of the automotive industry is hindering the growth of the market.

Increasing electronic operations in India and increasing demand for bio-based adhesives are expected to offer various opportunities for the growth of the market over the forecast period.

India Adhesives & Sealants Market TrendsIncreasing Usage of Acrylic Water-borne Adhesives

Water-borne acrylic adhesives are considered environment-friendly and economically feasible substitutes to solvent-based adhesives. The major advantage of water-borne adhesives is the absence of volatile organic compounds.

The applications of acrylics include 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.

Acrylics are majorly used by the paper, board, and packaging industries. The 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 for acrylics during the forecast period.

The Electrical and Electronics Segment is Expected to Drive the Market Growth

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, conformal coating of circuit boards, and many other electronic gadgets.

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 to 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 materials.

The aforementioned aspects are why the electrical and electronics segment is expected to drive the market growth during the forecast period (2022-2027).

India Adhesives & Sealants Market Competitive Analysis

The 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%, making the market highly competitive. Pidilite Industries Limited is the market leader, and other major companies (not in any particular order) include Henkel Adhesives Technologies India Private Limited, Sika AG, Arkema Group, and H.B. Fuller Company, among others.

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