Booming Manufacturing Activities Driving Metal Bonding Adhesive Sales in India
The expansion of the manufacturing sector is propelling the sales of metal bonding adhesives in India. As per the India Brand Equity Foundation, the manufacturing sector in India boomed during April 2000–June 2019 and reached a value of $91.2 billion in 2019, mainly due to the surge in foreign direct investments. Additionally, several government initiatives such as ‘Make in India’ have fueled the growth of this sector, thereby creating new avenues for manufacturing firms and for the use of advanced industrial equipment. This is subsequently pushing up the requirement for metal bonding adhesives.
Owing to their low weight, these lightweight adhesives are also being increasingly used in ships and aircrafts. Another major factor fueling the demand for metal bonding adhesives in India is the growth of the healthcare industry. Due to the surging healthcare expenditure of the government, the country’s healthcare industry is predicted to attain a value of $372 billion by 2022. As metal bonding adhesives are heavily used for producing healthcare equipment such as surgical instruments, X-ray machines, implantable devices, and biosensors, the boom in the healthcare industry is positively impacting their sales.
Due to the above-mentioned factors, the value of the Indian metal bonding adhesives market is predicted to rise from $198.9 million in 2019 to $343.6 million by 2030. The market is also expected to advance at a CAGR of 5.2% between 2020 and 2030. Epoxy, acrylic, cyanoacrylate, anaerobic, rubber, and polyurethane are most commonly used metal bonding adhesives in India. Out of these, the demand for epoxy adhesives is predicted to rise at the highest rate in the country in the forthcoming years.
This is credited to the growing adoption of epoxy adhesives for joining the metal sheets used in automobiles and trains. Moreover, these adhesives have features such as high resistance to extreme temperatures, moisture, chemicals, oil, stress, and various other solvents, and are highly compatible with several metals. Automotive, industrial machinery, industrial maintenance, consumer appliances, and construction are the major application areas of metal bonding adhesives in India. Out of these, the usage of these adhesives was the highest in automotive applications in the past years, and this trend will continue in the upcoming years as well.
This will be a result of the surging demand for various automotive components, owing to the surge in the transportation and automotive industries. Furthermore, these adhesives have several advantages such as high chemical resistance, high bonding strength, rapid curing speed, shock resistance, and non-flammability, that make them highly suitable for joining automotive parts and components. Pidilite Industries Limited, Sika AG, Arkema Group, Henkel AG & Co. KGaA, and The 3M Company are some of the major metal bonding adhesive producers in India.
Thus, it is clear that due to the expansion of the manufacturing, automotive, and healthcare sectors, the sales of metal bonding adhesives will rise tremendously in India in the coming years.
