DUBLIN--(BUSINESS WIRE)--The "India Metal Bonding Adhesives Market Research Report: By Resin, Application - Industry Size, Share, Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
As a result of the rising consumption of metal bonding adhesives in various industrial applications, such as cooling water pumps, ultra-centrifuge rotors, reaction injection molding machines, base plates, and industrial pumps, the Indian metal bonding adhesives market is set to reach $343.6 million in revenue by 2030.
The market was valued at $198.9 million in 2019, from where it is expected to experience a considerable surge during the forecast period (2020-2030), at a CAGR of 5.2%.
The expansion of the manufacturing sector is the biggest factor powering the growth of the Indian metal bonding adhesives market. According to the observations of the India Brand Equity Foundation (IBEF), the manufacturing sector in the country attained a value of $91.2 billion between April 2000 and June 2019, primarily due to the massive rise in foreign direct investments. The manufacturing sector also received a massive boost from the government's various schemes, such as Make in India, which created numerous avenues for manufacturing companies, thereby pushing the demand for adhesives.
The rapid growth in the country's automotive sector is another factor fueling the rise of the metal bonding adhesives market in India. In the manufacturing process of automobiles, metal bonding adhesives are observing a substantial increase in their usage. These adhesives, on account of their ability to disperse stress more evenly, are increasingly being preferred over conventional fasteners, for binding together the different body panels used in trucks, buses, cars, and other vehicles.
On the basis of resin, the Indian metal bonding adhesives market is divided into acrylic, epoxy, cyanoacrylate, polyurethane, anaerobic, rubber, and others. Out of these, epoxy adhesives had the largest market share, in terms of revenue, in 2019. The main factor that contributed toward epoxy adhesives' market domination was their higher resistance to extreme temperatures, moisture, oil, chemicals, stress, and solvents. In addition to this, epoxy adhesives are also compatible with various metals, such as zinc, copper, aluminum, stainless steel, and mild steel.
Depending on application, the metal bonding adhesives market of India is categorized into industrial machinery, consumer appliances, industrial maintenance, automotive, construction, and others. Amongst these, the automotive category had the largest share in the market, in terms of both revenue and volume, in 2019, and it is expected to record the largest market share during the forecast period as well. This is attributed to the booming demand for various automotive components, as a result of the huge growth in the automotive and transportation industry, which is raising the need for metal bonding adhesives.
The biggest trend being witnessed in the Indian metal bonding adhesives market is the dramatic shift of consumers from conventional fasteners to metal bonding adhesives, as a result of their various advantages, such as low weight, eco-friendly nature, low cost, and the ability to provide an aesthetically pleasing final product. Due to their ease of handling and the ability to distribute stress evenly, metal bonding adhesives are finding preference over the traditional rivets and mechanical fasteners, especially among aircraft and automobile manufacturers.
The Indian metal bonding adhesives market is consolidated in nature and consists of several well-established players, such as Huntsman Corporation, Pidilite Industries Limited, The 3M Company, H.B. Fuller Company, Henkel AG & Co. KGaA, Arkema Group, Sika AG, and DuPont de Nemours Inc. Amongst these, Pidilite Industries Limited had the largest market share in 2019. The company attained this lead by catering to various manufacturing and assembly units, such as those involved in industrial machinery, automotive, and aerospace manufacturing, with its Fevicol and Fevitite subsidiaries.
Therefore, over the next few years, the ballooning manufacturing and automotive sectors in India will cause a giant upswing in the demand for metal bonding adhesives.
Market Dynamics
Trend
- Shift from Traditional Fasteners to Metal Bonding Adhesives
Drivers
- Growth in Manufacturing Sector
- Increasing Adoption in Automotive Industry
- Impact Analysis of Drivers on Market Forecast
Restraints
- Fluctuating Prices of Raw Materials
- Impact Analysis of Restraints on Market Forecast
Opportunity
- Growth in Healthcare Industry
Companies Profiled
- Illinois Tool Works Inc.
- Henkel AG & Co. KGaA
- The 3M Company
- Arkema Group
- H.B. Fuller Company
- Sika AG
- Pidilite Industries Limited
- DuPont de Nemours Inc.
- Huntsman Corporation
- Parker Hannifin Corporation
For more information about this report visit https://www.researchandmarkets.com/r/96lfxy.
