| Published | Report Code | Available Format | Pages |
|---|---|---|---|
| October 2019 | CM11742 | 85 |
The Indian industrial aerosol market held a size of 66.1 million units in 2018 and is projected to reach 86.1 million units by 2024, witnessing a CAGR of 5.1% between 2019 and 2024. The Indian market is primarily driven by the rising demand for spray cleaning and maintenance products in the automotive, electrical and electronics, healthcare equipment, and other manufacturing industries. In addition, the growth in the manufacturing industry is due to macroeconomic development, rising capital expenditure, and implementation of government reforms, which are expected to propel the demand for industrial aerosols in the foreseeable future.
Factors Governing India Industrial Aerosol Market
The increasing graph of the domestic automotive aftermarket, which includes various applications of aerosol-based lubricants and spray paints, such as puncture repairing and friction and wear reduction in various parts of automobiles, has created a high-volume product base for industrial aerosols. Additionally, according to the Society of Indian Automobile Manufacturers (SIAM), the vehicle production in India is 6.26% higher in2018 as compared to 2017. This increasing production of passenger vehicles and commercial vehicles, is creating a significant end-use base for automotive aerosols.
In India, micro, small, and medium enterprises (MSME) is one of the trend-setting sectors in both the manufacturing and service industries. According to the Confederation of Indian Industry, MSMEs contribute around 6.1% in 2018 of the manufacturing gross domestic product (GDP) and 24.6% of the GDP from service activities, and 33.4% of India's manufacturing output. This sector has had a consistent growth of 10% in recent years. In the past, MSMEs used general cleaning products, such as detergents and soaps, due to the elevated costs of high-quality aerosol cleaning and mantainence products. This is slowly changing with the increasing market penetration of cost-competitive products, which is why there is a huge potential for higher adoption of aerosols in the coming years.
India Industrial Aerosol Market Segmentation Analysis
When segmented on the basis of application, the Indian industrial aerosol market was dominated by paints, in terms of value, with revenue worth $80.5 million in 2018. The growth in the application of paints is due to the expansion in the automotive aftermarket owing to the rising purchasing power of the population and increasing availability and adoption of such products.
In terms of cleaning applications, engine cleaners witnessed the highest sales volume size 6.9 million units in 2018. The significant size is due to the demand for cleaners in various industrial machinery and automotive engine parts. Further, aerosol cleaners have a deep foaming penetration action and powerful stream that removes grease, oil, dirt, and grime without engine dissembling, which cannot be done with traditional cleaners.
In the category of maintenance applications, silicone aerosol products saw the highest demand of 13.2 million units in 2018 and are expected to grow at a CAGR of 5.0% in the forecast period. The growth would be due to the heavy consumption of silicone products for providing corrosion resistance, lubrication, and mold releasing functions.
Competitive Landscape of India Industrial Aerosol Market
The Indian industrial aerosol market is highly fragmented in nature and characterized by the presence of several key players, which include Pidilite Industries Ltd., OKS Speciality Lubricants India, WD-40 Company, and Aerol Formulations Pvt. Ltd. Among them, WD-40 Company accounted for the largest share in the market in 2018, followed by OKS Speciality Lubricants India, and Aerol Formulations Pvt. Ltd. Apart from them, The 3M Company, Twin Tech India Pvt. Ltd, Bans Aerosol Private Limited, and CRC Industries Inc. are some of the other players operating in the market.
Key Questions Addressed
