Adhesives market witnessed a decline in the Q2 of 2020 owing to the COVID-19 situation but witnessed a positive growth in the Q3 of 2020 as soon as the lockdown restrictions were removed.
The consumer adhesives market is anticipated to grow with a CAGR of 7.4% and the industrial adhesives market with a CAGR of 7.8% during the forecast period FY’20-FY’26.
Growing packaging (17%) and furniture (5%) industry in India is contributing to the surging demand for industrial adhesives in India.
Surging Demand for Water Based Adhesives: Government and environmental legislations to reduce volatile organic compound (VOC) emissions has derived the need for change from solvent based adhesives. Water based adhesives are environmental friendly, which is contributing to better traction of customers towards these products in India. There is an increase in use of water based adhesives across various end user segments, as they are free from harmful volatile organic compound emissions and offer high tensile strength.
Government Initiatives Contributing to Growth of Adhesives Market: Government initiatives such as Make in India, Smart cities project and Digital India are contributing to adhesive market growth in India. With the Make in India initiative, the country is anticipated to witness entry of global players in the adhesives market in India. Smart city projects is the other initiative taken by the government, which will further strengthen the construction market, furniture market and maintenance market, lead to rise in demand for the industrial and consumer adhesives. Government has also helped the adhesive industry by removal of licensing requirements and allowance to entrepreneurs to set up chemicals industries.
Surging Adhesive Exports: The adhesives market in India is anticipated to witness a rise in exports, especially industrial adhesives to the neighboring countries: Bhutan, Bangladesh, Nepal, Sri Lanka and others, owing to the lack of manufacturing capability of industrial adhesives in these countries and the growing local manufacturing of adhesives in India.
The report titled “India Adhesives Market Outlook to FY’2026: Surging Demand for Water Based Adhesives in the Growing Wood Working Industry to Influence Market Growth” by Ken Research suggested that the adhesives market is further expected to grow in the near future as the market is witnessing the entry of global players and rise in demand from packaging and furniture industry. Government initiatives such as Make in India and Smart Cities projects are contributing to the same. The market is expected to register a positive CAGR of 7.6% in terms of revenue during the forecast period of FY’20-FY’26.
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Key Segments Covered in India Adhesives Market:-
By Type of Adhesives
Industrial Adhesives
Consumer Adhesives
India Industrial Adhesives Market
By Organized and Unorganized
Organized Market
Unorganized Market
By Type of Industries
Packaging
Furniture
Manufacturing
Others
By Type of Technology
Water Based
Solvent Based
Hot Melt
Reactive Adhesives
By Type of Products
Polyurethane (PU)
Polyvinyl Acetate (PVA)
Ethylene Vinyl Acetate (EVA)
Epoxy
Acrylic
India Consumer Adhesives Market:-
By Organized and Unorganized
Organized Market
Unorganized Market
By Type of Technology
Water Based
Reactive Adhesives
Hot Melt
By Type of Product
Polyvinyl Acetate (PVA)
Cyanoacrylate
Polyurethane (PU)
Epoxy
By Type of Users
Carpenter/ Intermediaries
End Consumers
By Type of End User Application
Wood Working
Maintenance
Art & Craft
By Channel
Paint and Hardware
Stationary and Retail
E-commerce
Key Target Audience:-
Industrial Adhesive Companies
Consumer Adhesive Companies
Sealant Companies
Adhesive Raw Material Companies
Time Period Captured in the Report:-
Historical Period: FY’15-FY’20
Forecast Period: FY’20-FY’26
Consumer Adhesive Companies (Brands) Covered:-
Pidilite (Fevicol, Fevicol MR, Fevicryl, Fevistick, Feviquik, Fevitite)
Astral (Resiwood, Resiquik, Bondite)
JACPL (Jivanjor)
Huntsman (Araldite)
Jyoti Resins and Adhesives (Euro7000)
Nikhil Adhesives (Mahacol)
Camlin (Camlin Glue)
Atul ltd. (Lapox)
Industrial Adhesive Companies Covered:-
3M
Anabond
Henkel Adhesives Technology
Henkel Anand India
HB Fuller
Chemie AG
Jowat Corporation
Sika
Metlok Private Limited
Bostik
Huntsman
Pidilite
Nikhil Adhesives
Dow Corning Corporation
Sika
Jesons Industries ltd.
Visen Industries
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