A number of factors such as the booming requirement for metal bonding adhesives for industrial applications, escalating need in the automotive industry, and surging growth in the manufacturing sector are expected to drive the Indian metal bonding adhesives market at a CAGR of 5.2% in the coming years (2020–2030). According to P&S Intelligence, the market revenue stood at $198.9 million in 2019 and it is projected to reach $343.6 million by 2030. Moreover, the market is witnessing a trend of shifting consumer preference toward metal bonding adhesives from traditional fasteners.
One of the primary factors driving the Indian metal bonding adhesives market is the surging growth in the manufacturing sector. As per the India Brand Equity Foundation, the manufacturing sector in the country stood at $91.2 billion from June 2019 to April 2000. This is due to the increasing foreign direct investments. Moreover, several government initiatives, such as the Make in India, have boosted the manufacturing sector’s growth, thereby increasing the deployment of advanced industrial machinery. This has enhanced the demand for adhesives for joining metal substrates.
The resin segment of the Indian metal bonding adhesives market is classified into epoxy, cyanoacrylate, acrylic, anaerobic, rubber, polyurethane, and others. Among these, the epoxy category held the largest market share in 2019, and it is also projected to witness the fastest growth during the forecast period. This is because epoxy adhesives offer high resistance to extreme temperatures, moisture, chemicals, oil, stress, and other solvents, and high compatibility with metals, such as aluminum, zinc, mild steel, copper, and stainless steel. Also, these adhesives are used for bonding metal sheets of vehicles, including cars, buses, and trains.
Additionally, based on application segment, the Indian metal bonding adhesives market is categorized into automotive, industrial maintenance, industrial machinery, construction, consumer appliances, and others. Out of these, the automotive category led the market in 2019. This is due to the high need for automotive components, owing to the growing automotive and transportation industries. Moreover, the adhesives are widely used for automotive applications, due to their advantages, including high bonding strength, non-flammability, rapid curing speed, chemical resistance, and shock resistance. Furthermore, the surging adoption of electric vehicles in the country is driving the requirement for these adhesives in this category.
Thus, the surging growth in the manufacturing sector and the escalating need in the automotive industry are expected to drive the demand for metal bonding adhesives in India in the foreseeable future.
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