The total value of Indian metal bonding adhesives market will reach around $344 million by 2030, at a growth rate of around 5%in the future. Epoxy adhesives was the largest demand in the past. The market is mainly driven by the high use of epoxy adhesives in consumer appliances, automotive construction, and other industrial applications because of numerous pluses like resistance to extreme temperature and compatibility with many metals.
The industry observed an increase in acceptance of metal bonding adhesives, as opposed to traditional fasteners, as these adhesives help reduce weight of the end product and increasing its physical strength. The snowballing consumer shift toward adhesives can also be attributed to their low cost, fuel economy, light weight, and eco-friendliness. These advantages have driven the acceptance of these adhesives, particularly for automobiles, airplanes and ships recently.
Increasing domestic demand, snowballing population, and fast urbanization enhance the manufacturing sector. Also, domestic and foreign investments, which registered over 10% growth in the past, have eased development in the sector. These factors created opportunities for growth in the manufacturing industry and supported the acceptance of progressive industrial machines, supplementary pushing the requirement for metal bonding adhesives.
The automotive sector was the dominant one in the India metal bonding adhesives market. This has a lot to do with the high requirement for metal bonding adhesives in the industry. The automotive sector in the nation is completely affected by the increase in FDI and the increase in government initiatives for boosting the adoption of EVs, which, in line, is boosting the demand for these adhesives.
Development in the manufacturing industry is a major factor pushing the industry in India. As per the IBEF, India’s manufacturing industry reached a value of over $91 billion throughout April 2000–June 2019, chiefly driven by the increase in FDI. Apart from various government initiatives like Make in India, have pushed the growth in the industry thereby opening new opportunities for manufacturing firms and for the acceptance of innovative industrial equipment.
Healthcare sector is offering a huge prospect for the development of the market players. The Indian healthcare industry reached $372 billion and generated huge demand in the healthcare equipment. Since metal bonding adhesives are extensively used in the production of healthcare apparatus, like X-ray machines, biosensors, surgical equipment, and implantable devices, the increase in demand for medical equipment has widen the scope for the acceptance of these adhesives.