How is Growing Manufacturing Industry Driving Indian Metal Bonding Adhesives Market?
The
manufacturing sector in India is growing at a rapid pace, and is majorly being
driven by the increase in foreign direct investments. As per the India Brand
Equity Foundation, the Indian manufacturing sector attained $91.2 billion
during April 2000–June 2019. Several government initiatives, such as Make in
India, are also resulting in the growth of the sector and opening up
opportunities for manufacturing organizations and for the adoption of
innovative industrial machinery. This expanding manufacturing sector is
creating a rising requirement for metal bonding adhesives in the country, owing
to their advantages.
While
before, welded bonds and fasteners were preferred for binding different metal
substrates, these days, adhesives designed specifically for metal bonding
purposes are gaining traction. The utilization of these adhesives instead of
traditional methods is cost efficient and further decreases the number of steps
in assembly lines, thereby speeding up the overall process. In addition to
this, metal bonding adhesives also allow relative movement of parts without
affecting the integrity of the machine. Ascribed to these advantages, the Indian
metal bonding adhesives market is predicted to attain a value of $343.6
million by 2030, rising from $198.9 million in 2019, growing at a 5.2% CAGR
during the forecast period (2020–2030).
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Different
types of metal bonding adhesives are rubber, epoxy, polyurethane, acrylic,
anaerobic, and cyanoacrylate. Out of all these, the demand for epoxy-based
adhesives was the highest in the past, and they are further predicted to be the
most in demand in the coming years. This is because of the fact that epoxy
adhesives exhibit more resistance to moisture, oil, extreme temperatures,
stress, chemicals, and other solvents and are more compatible with different
metals, such as stainless steel, aluminum, mild steel, copper, and zinc, as
compared to other metal bonding adhesives.
Metal
bonding adhesives have various applications, such as construction, automotive,
consumer appliances, industrial machinery, and industrial maintenance. Out of
all these, the largest demand for these adhesives is projected to be created
for applications in the automotive industry during the forecast period. Due to
properties of metal bonding adhesives, such as non-flammability, shock
resistance, chemical resistance, high bonding strength, and rapid curing speed,
they are used extensively in the automotive industry. In addition to this, the
swift growth of the automotive industry in the country is further driving the Indian
metal bonding adhesives market.
Because of
the advent of electric and autonomous cars, the focus on decreasing the weight
of these vehicles has risen substantially. Electric cars need to be light in
weight in order for them to operate efficiently, which is why manufacturers are
increasing making use of metal bonding adhesives instead of nuts and bolts for
joining different parts of cars. These adhesives allow electric vehicles to be
economical, while increasing their aesthetic appeal.
In conclusion, the demand for metal bonding adhesives in India is growing due to the expanding manufacturing sector and increasing need for reducing the weight of vehicles.