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Valued at $114.6 million in 2018, the Indian mold release agents market is projected to surpass $153.9 million by 2024, witnessing a CAGR of 5.2% between 2019 and 2024.
Factors Governing Indian Mold Release Agents Market
The shift towards water-based mold release agents over solvent-based mold release agents is the major trend witnessed in the market in the recent years. Water-based mold release agents contain no harmful chemicals or any solvents that can be a threat to the environment or humans, however, solvent-based mold release agents contain a high level of volatile organic compounds (VOCs), such as N-butane, isopropyl alcohol, and propane. Owing to such factors several end users are shifting their preference toward water-based release agents, which is offering traction to their demand in the market.
The growth of the construction sector in India is one of the major factors boosting the demand for mold release agents, owing to its requirement in concrete brick formation. With the increasing investments and government initiatives in the sector, the demand for concrete bricks is expected to increase, thereby boosting the demand for mold release agents in India. For instance, government initiatives such as Smart City Mission and Housing for All are expected to provide a boost to the sector. In addition, as per the Union Budget 2019–2020, the Indian government allocated $15.48 billion (INR 1.12 trillion) to the Ministry of Road Transport and Highways for construction of new roads and highways in the fiscal year.
The electrical & electronics sector in India hold a huge growth potential owing to the huge untapped market in the country. Growing demand for electronic products mirrored by rising disposable incomes are expected to fuel the growth of the sector. In addition, foreign players are aiming make investments in India for R&D and production of electronics owing to the availability of low cost man power. This in turn is expected to increase the demand for mold release agents owing to its requirement in manufacturing electronic components such as electronic machine covers, white good interiors, consumer goods, and several other products.
Segmentation Analysis of Indian Mold Release Agents Market
On the basis of type, water-based mold release agents dominated the market. Water-based mold release agents contain a minimal concentration of VOCs, mutagens, and carcinogens in contrary to solvent-based mold release agents. With the rapid increase in environmental concerns, stringent regulations for VOC emissions are expected to be implemented in the coming years. This in turn is likely to fuel the growth of water-based mold release agents.
Based on application, polyurethane processing dominated the market with a volumetric share of 24.6% in 2018. This is ascribed to the huge volumetric demand for polyurethane-based components from industries such as automotive, footwear, and construction. With the growth of these sectors in the country, the demand for polyurethane based products is likely to increase, thereby creating a huge demand for mold release agents owing to its ability to prevent adhesion of products to their molds and allow smooth release.
Concrete segment is expected to witness the fastest volumetric growth during the forecast period. This growth is attributed to the increasing adoption of concrete bricks for construction of high-rise residential and commercial buildings in the country. On the basis of concrete application, construction application dominated the market in 2018 with the largest revenue, and the trend is likely to continue during the forecast period. Mold release agents facilitate easy release of concrete materials from molds and help in maintaining the texture of concrete bricks without any damage during the process of releasing the brick from the mold. With the increase in investments and government initiatives in the construction sector of the country, the demand for mold release agents from the sector is expected to increase during the coming years.
Competitive Landscape of Mold Release Agents Market in India
The Indian mold release agents market has the presence of both domestic and international players. Some of the leading players in the market include Fosroc International Ltd., Chem-Trend L.P., TAG Chemicals GmbH, Dow Inc., Wacker Chemie AG, BASF SE, Lanxess AG, ITW Chemin, Chem-Verse Consultants (India) Private Limited, Technomark, BuildCore Chemicals, and 3M India Ltd.
Key Questions Addressed/Answered in the Report