A number of factors such as rapid industrialization, rise in use of aerosol in automobiles factories and aftermarket, surge in the number of government initiatives for research and development (R&D), and high growth in the manufacturing sector, and rise in disposable income of people in the country are projected to propel the growth of the Indian industrial aerosol market at a CAGR of 5.6% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $70.95 million revenue in 2019, and it is expected to reach $115.85 million by 2030.
Moreover, key players in the Indian industrial aerosol market are focusing on product launches to gain a competitive edge. For instance, in November 2020, CRC Industries Inc. announced the introduction of a multi-use automotive component that acts as a cleaner and degreaser for cleaning air intakes, chokes, throttle bodies, carburetors, brake drums, and rotors. Similarly, in May 2020, 3M Company introduced 3M Scotchkote Polytech Exp RG700, an anti-heat solution for the Indian Railways. Application of this solar-reflective layer reduces the temperature inside an enclosure and it is suitable for an array of metallic and non-metallic substrates.
The application segment of the Indian industrial aerosol market is categorized into spray paints, maintenance, cleaning, and others. Further, the cleaning application category is classified into engine cleaners, electronics cleaners, carpet cleaners, tire cleaners, and others. Moreover, the maintenance application category is classified into de-icers, silicones, anti-fogs, and others. Among these, the spray paints category held the largest market share in 2019, and it is projected to witness the same trend in the coming years as well. This is attributed to the growing Indian manufacturing sector and automotive aftermarket and the surging purchasing power of people in the country.
Due to the presence of multiple players, the Indian industrial aerosol market is fragmented in nature. Players such as Pidilite Industries Limited, Zenith Spray and Aerosols Private Limited, Indian Aerosols Pvt. Ltd., Aerosol Specialities (India), OKS Speciality Lubricants India, PRIME AEROSOLS, Aerol Formulations Private Limited, S. S. Aerosols Pvt. Ltd., Twin Tech India Pvt. Ltd., and Renuka Multichem, are producing high volumes of aerosols to be consumed by the automotive, cosmetics, and manufacturing sectors of the country.
Thus, the growing manufacturing industry and the rising use of aerosol in automobiles factories and aftermarket are expected to propel the market growth during the forecast period in the country.
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