Published on June 12, 2018
The India adhesives & sealants market is expected to grow significantly at the highest CAGR of 6.33% and 9.47%, respectively, during 2018- 2023. Recently with the increasing industrial and economic development adhesives demand is escalating from different sectors such as building construction, footwear industry, and wood-working.
In India, the automotive production has been growing at a high rate. India is also a prominent auto exporter and is expected to witness a robust growth in the export sector. The increasing purchasing power of the middle-class population are driving the demand for new, lightweight, and fuel-efficient vehicles, and the demand for less or no volatile organic compounds -emitting adhesives in the automotive sector.
Adhesives & sealants, owing to their characteristics and physical properties have an extensive use in the building & construction industry. In the construction sector, waterborne adhesives hold the major market share of over 50%.
Some market players said that the government is taking various steps to restructure the corporate taxes in order to make them more appealing to foreign investors. The growing investments in the construction sector and the strategic initiatives of the Indian government are expected to boost the construction sector in the country, thereby, to boost the adhesives & sealants market in India.