Published: January 2021 | Report Code: CM11742 | Available Format: PDF | Pages: 94
The Indian industrial aerosol market was valued at $70.95 million in 2019, and it is expected to witness a CAGR of 5.6% during the forecast period (2020–2030). The key factors responsible for the growth of the market are the rising demand for aerosols in automobile factories and the aftermarket, expanding Indian manufacturing industry, and increasing number of government initiatives for research and development (R&D) in the Indian manufacturing industry.
During the COVID-19 pandemic, manufacturing facilities have been temporarily closed due to the lockdowns and strict government regulations. The COVID-19 pandemic has spread at an alarming pace, infecting millions across the world and bringing economic activity to a near standstill. Since aerosols are widely used in the manufacturing industry, in paints, lubricants, greases, cleaning items, and maintenance sprays, the industrial aerosol market in India was severely hit.
The spray paints category was the largest contributor in 2019 to the Indian industrial aerosol industry, and it is expected to retain its dominance during the forecast period, based on application. This would primarily be due to the rising purchasing power of the Indian population, which is leading to the surging demand for aerosol-based spray paints in the growing automotive aftermarket and manufacturing plants.
The engine cleaners category accounted for the largest value share during the historical period (2014–2019), based on type, under the cleaning category. This is primarily attributed to the rising demand for aerosol-based engine cleaners for the prevention of contamination of engine’s fuel system. Moreover, engine cleaners help in improving fuel performance by reducing fuel consumption and excessive smoke.
The silicone aerosol products category accounted for the largest volume share in 2019, and is also expected to be the fastest growing category in the Indian industrial aerosol market during the forecast period, based on type, under the maintenance category. This is mainly attributed to the heavy consumption of silicone aerosol products owing to their corrosion resistance, lubrication, and easy mold releasing properties.
The demand for aerosols is increasing continuously with the growing production and sales of passenger cars, commercial vehicles, three-wheelers, two-wheelers, and quadracycles. According to the Society of Indian Automobile Manufacturers (SIAM), in 2018–19, India produced 30,915,420 vehicles, which was 6.3% higher than the previous year’s production of 29,094,447 vehicles. Similarly, according to the India Brand Equity Foundation (IBEF) report in 2020, due to a rise in the young population and middle-class’s income, automobiles are expected to experience a boost in demand, which, in turn, will help in the Indian industrial aerosol market growth in the years to come.
According to the IBEF, the Indian manufacturing industry is growing at a significant pace owing to the rising demand for electronic appliances and consumer devices, as well as electrical equipment and machinery. Moreover, according to the Ministry of Commerce and Industry, significant growth has been observed over the past few years in the Indian cosmetics and beauty products industry due to the rising per capita income of people, which is resulting in a higher personal spending. This, in turn, is having a huge impact on the Indian industrial aerosol market.
|Base Year (2019) Market Size||$70.95 Million|
|Forecast Period (2020-2030) CAGR||5.6%|
|Report Coverage||Market Trends; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Distribution Channel Analysis; Value Chain Analysis; Market Share Analysis; Competitive Benchmarking of Key Players; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Application|
|Secondary Sources and References (Partial List)||Asian Aerosol Federation; Confederation of Indian Industry; European Aerosol Association; India Brand Equity Foundation; Indian Aerosol Science and Technology Association; Indian Aerosols Promotion Council; Indian Institute of Engineering Science and Technology; Indian Paint & Coating Association; Indian Paint Association|
The Indian industrial aerosol market is fragmented in nature, with the presence of players such as Pidilite Industries Limited, Aerosol Specialities (India), Zenith Spray And Aerosols Private Limited, PRIME AEROSOLS, S. S. Aerosols Pvt. Ltd., Renuka Multichem, OKS Speciality Lubricants India, Twin Tech India Pvt. Ltd., Aerol Formulations Private Limited, and Indian Aerosols Pvt. Ltd.
In recent years, players in the Indian industrial aerosol market have been involved in product launches in order to stay ahead of their competitors. For instance:
The india industrial aerosol market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Application
In 2030, the value of the Indian industrial aerosol market will be $115.85 million.
Spray paints are the largest category under the application segment of the Indian industrial aerosol industry.
The major Indian industrial aerosol market driver is the increasing demand for aerosol-based products in the manufacturing and automotive sectors of the country.
The Indian industrial aerosol industry has a fragmented nature.
Most Indian industrial aerosol market players are adopting product launches for sustained business growth.
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