India Adhesives Market Size
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Study Period | 2017 - 2028 |
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Market Size (2024) | USD 2.87 Billion |
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Market Size (2028) | USD 3.76 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2028) | 6.98 % |
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Fastest Growing by End User Industry | Aerospace |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Adhesives Market Analysis
The India Adhesives Market size is estimated at 2.87 billion USD in 2024, and is expected to reach 3.76 billion USD by 2028, growing at a CAGR of 6.98% during the forecast period (2024-2028).
2.87 Billion
Market Size in 2024 (USD)
3.76 Billion
Market Size in 2028 (USD)
7.51 %
CAGR (2017-2023)
6.98 %
CAGR (2024-2028)
Largest Market by End-user Industry
51.16 %
value share, Packaging, 2023
The packaging industry is the dominant end-user industry in the market owing to its widespread applications, including labels, tapes, carton sealing and joining, labeling, and others.
Fastest Growing Market by End-user Industry
8.26 %
Projected CAGR, Aerospace, 2024-2028
The aerospace industry is expected to be the fastest end-user segment in the market owing to the rapid expansion of general aviation and military aviation in the domestic market.
Largest Market by Technology
36.39 %
value share, Hot Melt, 2023
In India, hot melt adhesives gain the major market share owing to their easy applicability, non-toxic, and fast curing process across several industries.
Largest Market by Resin
22.03 %
value share, Polyurethane, 2023
Polyurethane adhesives occupied the largest share owing to their wide applications in building construction, woodworking, and automotive industries, specifically for exterior applications.
Leading Market Player
20.68 %
market share, Pidilite Industries Ltd., 2021
Pidilite Industries Ltd is the leading adhesives manufacturer in the market. This can be attributed to the large product portfolio for different industrial applications, along with the strong presence of local distributing channels.
Emerging automotive market and evolving trend of technology driven packaging expected to boost the consumption of adhesives in India
- The consumption of adhesives in India has shown a downward trend in 2020 due to the impact of COVID-19. The production was reduced by 9.94% in terms of value in the same year compared to 2019. The lockdown in the country for nearly three months, due to which production facilities were shut down, and raw material shortages are some of the major reasons for the decline in adhesives consumption in India.
- Packaging is the fifth-largest industry in India's economy and one of the fastest-growing sectors in the country. The sector is developing at a CAGR of 22% to 25%, according to the Packaging Industry Association of India (PIAI). Over the last several years, the packaging industry has played a vital role in driving technology and innovation growth in the country and delivering value to other manufacturing sectors like agriculture and FMCG. According to the Indian Institute of Packaging (IIP), packaging consumption in India has surged 200% over the last decade, reaching 8.6 kg per person per year in 2020 from 4.3 kilograms per person per year in 2010.
- India is also a significant vehicle exporter, with high export growth expected in the near future. Furthermore, various efforts by the Government of India and key automobile firms in the Indian market will likely propel India to the forefront of the two- and four-wheeler markets in the coming periods. The Indian passenger vehicle market was valued at USD 32.70 billion in 2021, and it is predicted to reach USD 54.84 billion by 2027, with a CAGR of more than 9% between 2022 and 2027. The electric vehicle (EV) industry in India is expected to reach USD 7.09 billion by 2025. This tends to increase the demand for adhesives.
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India Adhesives Market Trends
Rising trend of cheap and lightweight packaging to drive the demand for flexible and rigid plastic packaging
- Packaging is one of the fast-growing industries in terms of design and technology for protecting and enhancing products’ safety and longevity. The rising demand for clean water, clean and fresh food, and pharmaceuticals, along with the rapid adoption of advanced technologies driving the packaging industry. Packaging has registered as the fifth-largest sector in the country’s economy over the past few years. The usage of packaging products has increased by over 200% in the past decade, which has registered consumption from 4.3 Kg per person per annum to 8.6 Kg per person per annum by the end of 2020. Owing to rising applications in agriculture production and the FMCG sector, India is likely to gain significant growth in the near future.
- Due to the COVID-19 pandemic, the country-wide lockdowns and partial suspension of manufacturing facilities caused disrupted supply-chain channels and imports and exports trade. As a result, the country's packaging production declined by 5% in 2020 but readily recovered in 2021, owing to rising demand for public health concerns. Packaging production is majorly driven by plastic packaging in the country, which nearly accounts for around 82% of the packaging produced in 2021. With the increasing demand for cheap and lightweight flexible and rigid packaging, the plastic production segment is likely to register the fastest growth of around 6.88% CAGR during the forecast period.
- The growth of the Indian packaging industry is mainly attributed to the rising middle-class population, improvement of the supply-chain system, and emerging e-commerce activities in recent years. Furthermore, the growing attention to food safety and quality across the nation is likely to drive the food processing industry, thus, propelling the packaging demand.
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Rising government initiatives such as e-AMRIT and auto loan interest rates decrease by 2-3% to lead the automotive manufacturing
- The Indian automotive industry was the fourth largest in the Asia-Pacific by volume in 2020. With the government initiatives such as the expansion of roads in 2021 by allocation of funds of INR 4.32 trillion, the number of vehicles has also increased on roads. This trend of growth is expected to sustain in the coming years up to 2028.
- Due to the COVID-19 pandemic, there was a dip in sales of passenger vehicles from 3.38 million in 2019 to 2.39 million in 2021 because of nationwide lockdown, supply chain disruptions, and overall economic slowdown. But, with the government initiatives to support the automobile manufacturing sector, such as decreasing interest rates for auto loans by 2-3%, it moved up to 2.72 million vehicles by March 2022. Maruti Suzuki is the largest in the passenger vehicles segment, with a market share of 52% in 2021. This growth trend is expected to sustain in the forecast period, which is 2022-2028.
- In the case of commercial vehicles, Tata Motors is the largest vehicle producer by number, with a market share of nearly 43% in March 2022. The commercial vehicle sales increased from 568,560 in 2021 to 716570 by March 2022 because of recovering loss-ridden economy due to the impact of COVID-19 in 2020. With this growing post-pandemic economy, it is expected to increase in the mentioned period.
- The electric vehicle manufacturing push by the Indian government with initiatives such as e-AMRIT will lead increase in the production of electric vehicles in years up to 2028. The increase in the number of electric vehicles being sold in India increased by 108% in 2021 compared to 2020.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rising air travel demand and Indian aerospace and defense (A&D) investments to increase aircraft manufacturing in the country
- Imposing 35% import duty on footwear to encourage local footwear manufacturing is likely to increase demand for footwear and leather in India
- Government investments and initiatives such as Housing for All and Pradhan Mantri Awas Yojana (PMAY) for the housing sector to lead the construction industry
- Due to United States and China trade crisis, the United States dependence of furniture imports from India is increasing which is leading the woodworking and joinery
India Adhesives Industry Overview
The India Adhesives Market is fragmented, with the top five companies occupying 27.19%. The major players in this market are 3M, Arkema Group, H.B. Fuller Company, Henkel AG & Co. KGaA and Pidilite Industries Ltd. (sorted alphabetically).
India Adhesives Market Leaders
3M
Arkema Group
H.B. Fuller Company
Henkel AG & Co. KGaA
Pidilite Industries Ltd.
Other important companies include ASTRAL ADHESIVES, AVERY DENNISON CORPORATION, Huntsman International LLC, Jubilant Industries Ltd., Sika AG.
*Disclaimer: Major Players sorted in alphabetical order.
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India Adhesives Market News
- December 2021: Sika planned to establish a new technology center and manufacturing factory for high-quality adhesives and sealants in Pune, India. The company primarily manufactures products for the transportation and construction industries through its three new production lines.
- December 2021: Under the Nuplaviva brand, Arkema introduced a new range of disposable hygiene adhesive solutions formulated with bio-based renewable content.
- October 2021: 3M introduced a new generation of acrylic adhesives, including 3M Scotch-Weld Low Odor Acrylic Adhesive 8700NS Series, 3M Scotch-Weld Flexible Acrylic Adhesive 8600NS Series, and 3M Scotch-Weld Nylon Bonder Structural Adhesive DP8910NS.
Free with this Report
We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 24+ free charts, the section covers rare data on various end-user production trends including automobile production, newly built construction floor area, packaging production, aircraft deliveries, footwear production, and regional data on adhesives and sealants demand, etc.
India Adhesives Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
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4.1 End User Trends
- 4.1.1 Aerospace
- 4.1.2 Automotive
- 4.1.3 Building and Construction
- 4.1.4 Footwear and Leather
- 4.1.5 Packaging
- 4.1.6 Woodworking and Joinery
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4.2 Regulatory Framework
- 4.2.1 India
- 4.3 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2028 and analysis of growth prospects)
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5.1 End User Industry
- 5.1.1 Aerospace
- 5.1.2 Automotive
- 5.1.3 Building and Construction
- 5.1.4 Footwear and Leather
- 5.1.5 Healthcare
- 5.1.6 Packaging
- 5.1.7 Woodworking and Joinery
- 5.1.8 Other End-user Industries
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5.2 Technology
- 5.2.1 Hot Melt
- 5.2.2 Reactive
- 5.2.3 Solvent-borne
- 5.2.4 UV Cured Adhesives
- 5.2.5 Water-borne
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5.3 Resin
- 5.3.1 Acrylic
- 5.3.2 Cyanoacrylate
- 5.3.3 Epoxy
- 5.3.4 Polyurethane
- 5.3.5 Silicone
- 5.3.6 VAE/EVA
- 5.3.7 Other Resins
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 3M
- 6.4.2 Arkema Group
- 6.4.3 ASTRAL ADHESIVES
- 6.4.4 AVERY DENNISON CORPORATION
- 6.4.5 H.B. Fuller Company
- 6.4.6 Henkel AG & Co. KGaA
- 6.4.7 Huntsman International LLC
- 6.4.8 Jubilant Industries Ltd.
- 6.4.9 Pidilite Industries Ltd.
- 6.4.10 Sika AG
7. KEY STRATEGIC QUESTIONS FOR ADHESIVES AND SEALANTS CEOS
8. APPENDIX
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8.1 Global Adhesives and Sealants Industry Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework (Industry Attractiveness Analysis)
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Drivers, Restraints, and Opportunities
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- VOLUME OF AIRCRAFTS DELIVERED, UNITS, INDIA, 2017-2028
- Figure 2:
- PRODUCTION VOLUME OF AUTOMOBILES, UNITS, INDIA, 2017-2028
- Figure 3:
- FLOOR AREA OF NEW CONSTRUCTION, SQUARE FEET, INDIA, 2017-2028
- Figure 4:
- PRODUCTION VOLUME OF FOOTWEAR, PAIRS, INDIA, 2017-2028
- Figure 5:
- PRODUCTION VOLUME OF PAPER & PAPER BOARD AND PLASTIC PACKAGING, TONS, INDIA, 2017-2028
- Figure 6:
- PRODUCTION VOLUME OF FURNITURE, UNITS, INDIA, 2017-2028
- Figure 7:
- VOLUME OF CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 8:
- VALUE OF CONSUMED, USD, INDIA, 2017 - 2028
- Figure 9:
- VOLUME OF ADHESIVES CONSUMED BY END USER INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 10:
- VALUE OF ADHESIVES CONSUMED BY END USER INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 11:
- VOLUME SHARE OF ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2022 VS 2028
- Figure 12:
- VALUE SHARE OF ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2022 VS 2028
- Figure 13:
- VOLUME OF ADHESIVES CONSUMED IN AEROSPACE INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 14:
- VALUE OF ADHESIVES CONSUMED IN AEROSPACE INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 15:
- VALUE SHARE OF ADHESIVES CONSUMED IN AEROSPACE INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 16:
- VOLUME OF ADHESIVES CONSUMED IN AUTOMOTIVE INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 17:
- VALUE OF ADHESIVES CONSUMED IN AUTOMOTIVE INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 18:
- VALUE SHARE OF ADHESIVES CONSUMED IN AUTOMOTIVE INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 19:
- VOLUME OF ADHESIVES CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 20:
- VALUE OF ADHESIVES CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 21:
- VALUE SHARE OF ADHESIVES CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 22:
- VOLUME OF ADHESIVES CONSUMED IN FOOTWEAR AND LEATHER INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 23:
- VALUE OF ADHESIVES CONSUMED IN FOOTWEAR AND LEATHER INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 24:
- VALUE SHARE OF ADHESIVES CONSUMED IN FOOTWEAR AND LEATHER INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 25:
- VOLUME OF ADHESIVES CONSUMED IN HEALTHCARE INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 26:
- VALUE OF ADHESIVES CONSUMED IN HEALTHCARE INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 27:
- VALUE SHARE OF ADHESIVES CONSUMED IN HEALTHCARE INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 28:
- VOLUME OF ADHESIVES CONSUMED IN PACKAGING INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 29:
- VALUE OF ADHESIVES CONSUMED IN PACKAGING INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 30:
- VALUE SHARE OF ADHESIVES CONSUMED IN PACKAGING INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 31:
- VOLUME OF ADHESIVES CONSUMED IN WOODWORKING AND JOINERY INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 32:
- VALUE OF ADHESIVES CONSUMED IN WOODWORKING AND JOINERY INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 33:
- VALUE SHARE OF ADHESIVES CONSUMED IN WOODWORKING AND JOINERY INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 34:
- VOLUME OF ADHESIVES CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, KILOGRAM, INDIA, 2017 - 2028
- Figure 35:
- VALUE OF ADHESIVES CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, USD, INDIA, 2017 - 2028
- Figure 36:
- VALUE SHARE OF ADHESIVES CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY BY TECHNOLOGY, %, INDIA, 2021 VS 2028
- Figure 37:
- VOLUME OF ADHESIVES CONSUMED BY TECHNOLOGY, KILOGRAM, INDIA, 2017 - 2028
- Figure 38:
- VALUE OF ADHESIVES CONSUMED BY TECHNOLOGY, USD, INDIA, 2017 - 2028
- Figure 39:
- VOLUME SHARE OF ADHESIVES CONSUMED BY TECHNOLOGY, %, INDIA, 2022 VS 2028
- Figure 40:
- VALUE SHARE OF ADHESIVES CONSUMED BY TECHNOLOGY, %, INDIA, 2022 VS 2028
- Figure 41:
- VOLUME OF HOT MELT ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 42:
- VALUE OF HOT MELT ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 43:
- VALUE SHARE OF HOT MELT ADHESIVES CONSUMED BY RESIN, %, INDIA, 2021 VS 2028
- Figure 44:
- VOLUME OF REACTIVE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 45:
- VALUE OF REACTIVE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 46:
- VALUE SHARE OF REACTIVE ADHESIVES CONSUMED BY RESIN, %, INDIA, 2021 VS 2028
- Figure 47:
- VOLUME OF SOLVENT-BORNE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 48:
- VALUE OF SOLVENT-BORNE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 49:
- VALUE SHARE OF SOLVENT-BORNE ADHESIVES CONSUMED BY RESIN, %, INDIA, 2021 VS 2028
- Figure 50:
- VOLUME OF UV CURED ADHESIVES ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 51:
- VALUE OF UV CURED ADHESIVES ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 52:
- VALUE SHARE OF UV CURED ADHESIVES ADHESIVES CONSUMED BY RESIN, %, INDIA, 2021 VS 2028
- Figure 53:
- VOLUME OF WATER-BORNE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 54:
- VALUE OF WATER-BORNE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 55:
- VALUE SHARE OF WATER-BORNE ADHESIVES CONSUMED BY RESIN, %, INDIA, 2021 VS 2028
- Figure 56:
- VOLUME OF ADHESIVES CONSUMED BY RESIN, KILOGRAM, INDIA, 2017 - 2028
- Figure 57:
- VALUE OF ADHESIVES CONSUMED BY RESIN, USD, INDIA, 2017 - 2028
- Figure 58:
- VOLUME SHARE OF ADHESIVES CONSUMED BY RESIN, %, INDIA, 2022 VS 2028
- Figure 59:
- VALUE SHARE OF ADHESIVES CONSUMED BY RESIN, %, INDIA, 2022 VS 2028
- Figure 60:
- VOLUME OF ACRYLIC ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 61:
- VALUE OF ACRYLIC ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 62:
- VALUE SHARE OF ACRYLIC ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 63:
- VOLUME OF CYANOACRYLATE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 64:
- VALUE OF CYANOACRYLATE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 65:
- VALUE SHARE OF CYANOACRYLATE ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 66:
- VOLUME OF EPOXY ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 67:
- VALUE OF EPOXY ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 68:
- VALUE SHARE OF EPOXY ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 69:
- VOLUME OF POLYURETHANE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 70:
- VALUE OF POLYURETHANE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 71:
- VALUE SHARE OF POLYURETHANE ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 72:
- VOLUME OF SILICONE ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 73:
- VALUE OF SILICONE ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 74:
- VALUE SHARE OF SILICONE ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 75:
- VOLUME OF VAE/EVA ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 76:
- VALUE OF VAE/EVA ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 77:
- VALUE SHARE OF VAE/EVA ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 78:
- VOLUME OF OTHER RESINS ADHESIVES CONSUMED, KILOGRAM, INDIA, 2017 - 2028
- Figure 79:
- VALUE OF OTHER RESINS ADHESIVES CONSUMED, USD, INDIA, 2017 - 2028
- Figure 80:
- VALUE SHARE OF OTHER RESINS ADHESIVES CONSUMED BY END USER INDUSTRY, %, INDIA, 2021 VS 2028
- Figure 81:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, INDIA, 2019 - 2021
- Figure 82:
- MOST ADOPTED STRATEGIES, COUNT, INDIA, 2019 - 2021
- Figure 83:
- REVENUE SHARE OF ADHESIVES BY MAJOR PLAYERS, %, INDIA, 2021
India Adhesives Industry Segmentation
Aerospace, Automotive, Building and Construction, Footwear and Leather, Healthcare, Packaging, Woodworking and Joinery are covered as segments by End User Industry. Hot Melt, Reactive, Solvent-borne, UV Cured Adhesives, Water-borne are covered as segments by Technology. Acrylic, Cyanoacrylate, Epoxy, Polyurethane, Silicone, VAE/EVA are covered as segments by Resin.
- The consumption of adhesives in India has shown a downward trend in 2020 due to the impact of COVID-19. The production was reduced by 9.94% in terms of value in the same year compared to 2019. The lockdown in the country for nearly three months, due to which production facilities were shut down, and raw material shortages are some of the major reasons for the decline in adhesives consumption in India.
- Packaging is the fifth-largest industry in India's economy and one of the fastest-growing sectors in the country. The sector is developing at a CAGR of 22% to 25%, according to the Packaging Industry Association of India (PIAI). Over the last several years, the packaging industry has played a vital role in driving technology and innovation growth in the country and delivering value to other manufacturing sectors like agriculture and FMCG. According to the Indian Institute of Packaging (IIP), packaging consumption in India has surged 200% over the last decade, reaching 8.6 kg per person per year in 2020 from 4.3 kilograms per person per year in 2010.
- India is also a significant vehicle exporter, with high export growth expected in the near future. Furthermore, various efforts by the Government of India and key automobile firms in the Indian market will likely propel India to the forefront of the two- and four-wheeler markets in the coming periods. The Indian passenger vehicle market was valued at USD 32.70 billion in 2021, and it is predicted to reach USD 54.84 billion by 2027, with a CAGR of more than 9% between 2022 and 2027. The electric vehicle (EV) industry in India is expected to reach USD 7.09 billion by 2025. This tends to increase the demand for adhesives.
| End User Industry | Aerospace |
| Automotive | |
| Building and Construction | |
| Footwear and Leather | |
| Healthcare | |
| Packaging | |
| Woodworking and Joinery | |
| Other End-user Industries | |
| Technology | Hot Melt |
| Reactive | |
| Solvent-borne | |
| UV Cured Adhesives | |
| Water-borne | |
| Resin | Acrylic |
| Cyanoacrylate | |
| Epoxy | |
| Polyurethane | |
| Silicone | |
| VAE/EVA | |
| Other Resins |
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Market Definition
- End-user Industry - Building & Construction, Packaging, Automotive, Aerospace, Woodworking & Joinery, Footwear & Leather, Healthcare, and Others are the end-user industries considered under the adhesives market.
- Product - All adhesive products are considered in the market studied
- Resin - Under the scope of the study, resins like Polyurethane, Epoxy, Acrylic, Cyanoacrylate, VAE/EVA, and Silicone are considered
- Technology - For the purpose of this study, Water-borne, Solvent-borne, Reactive, Hot Melt, and UV Cured adhesive technologies are taken into consideration.
| Keyword | Definition |
|---|---|
| Hot-melt Adhesive | Hot melt adhesives are generally 100% solid formulations, based on thermoplastic polymers. They are solid at room temperature and are activated upon heating above their softening point, at which stage they are liquid, and hence, can be processed. |
| Reactive Adhesive | A reactive adhesive is made up of monomers that react in the adhesive curing process and do not evaporate from the film during use. Instead, these volatile components become chemically incorporated into the adhesive. |
| Solvent-borne Adhesive | Solvent-borne adhesives are mixtures of solvents and thermoplastic, or slightly cross-linked polymers, such as polychloroprene, polyurethane, acrylic, silicone, and natural and synthetic rubbers (elastomers). |
| Water-borne Adhesive | Water-borne adhesives use water as a carrier or diluting medium to disperse a resin. They are set by allowing the water to evaporate or be absorbed by the substrate. These adhesives are compounded with water as a diluent, rather than a volatile organic solvent. |
| UV Cured Adhesive | UV curing adhesives induce curing and create a permanent bond without heating by using ultraviolet (UV) light or other radiation sources. An aggregation of monomers and oligomers is cured or polymerized by ultraviolet (UV) or visible light in a UV adhesive. Because UV is a radiating energy source, UV adhesives are often referred to as radiation curing or rad-cure adhesives. |
| Heat-resistant Adhesive | Heat-resistant Adhesives refer to those that do not break down under high temperatures. One aspect of a complicated system of circumstances is the adhesive's capacity to withstand disintegration brought on by high temperatures. As the temperature rises, adhesives may liquefy. They can withstand stresses resulting from differing coefficients of expansion and contraction, which might be an additional advantage. |
| Reshoring | Reshoring is the practice of moving commodity production and manufacturing back to the nation where the business was founded. Onshoring, inshoring, and back shoring are further terms used. Offshoring, the practice of producing items abroad to lower labor and manufacturing costs, is the opposite of this. |
| Oleochemicals | Oleochemicals are compounds produced from biological oils or fats. They resemble petrochemicals, which are substances made from petroleum. The oleochemical business is built on the hydrolysis of oils or fats. |
| Nonporous Materials | Nonporous materials are substances that do not permit the passage of liquid or air. Nonporous materials are those that are not porous, such as glass, plastic, metal, and varnished wood. Since no air can get through, less airflow is required to raise these materials, negating the requirement for high airflow. |
| EU-Vietnam Free Trade Agreement | A trade agreement and an investment protection agreement were concluded between the European Union and Vietnam on June 30, 2019. |
| VOC content | Compounds with limited solubility in water and high vapor pressure are known as Volatile Organic Compounds (VOCs). Many VOCs are human-made chemicals that are used and produced in the manufacture of paints, pharmaceuticals, and refrigerants. |
| Emulsion Polymerization | Emulsion polymerization is a method of producing polymers or connected groups of smaller chemical chains known as monomers, in a water solution. The method is often used to make water-based paints, adhesives, and varnishes, in which the water stays with the polymer and is marketed as a liquid product. |
| 2025 National Packaging Targets | In 2018, the Australian Environment Ministry set the following 2025 National Packaging Targets: 100% of the packaging must be reusable, recyclable, or compostable by 2025, 70% of plastic packaging must be recycled or composted by 2025, 50% of average recycled content must be included in packaging by 2025, and problematic and unnecessary single-use plastic packaging must be phased out by 2025. |
| Russian Government’s Import Substitution Policy | The Western sanctions suspended the distribution of several high-tech items to Russia, including those required by the raw material export sectors and the military-industrial complex. In response, the government launched an "import substitution" scheme, appointing a special commission to oversee its implementation in early 2015. |
| Paper Substrate | Paper substrates are paper sheets, reels, or boards with a base weight of up to 400 g/m2 that has not been converted, printed or otherwise altered. |
| Insulation Material | A material that inhibits or blocks heat, sound, or electrical transmission is known as Insulation Material. The variety of insulation materials includes thick fibers like fiberglass, rock and slag wool, cellulose, and natural fibers as well as stiff foam boards and sleek foils. |
| Thermal Shock | A temperature change known as thermal shock generates stress in a material. It commonly results in material breakdown and is especially prevalent in brittle materials like ceramics. When there is a quick temperature change, either from hot to cold or vice versa, this process occurs abruptly. It occurs more frequently in materials with poor heat conductivity and insufficient structural integrity. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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