India Elastomers Market to Grow with a CAGR of 8.41% through 2028
Increased demand for lightweight and high-performance
materials in automotive to drive the India elastomers market forecast period.
According to TechSci Research
report, “. India Elastomers Market –Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, FY2018-FY2028F”, India Elastomers Market stood at USD1561.63 million in 2022 and is projected
to grow at a CAGR of 8.41% in the forecast period. In the next five years, the
demand for Elastomers in the automotive and transportation industries will be
the main drivers of growth in India. In the automobile business, Elastomers is
used to make car tire, automotive components, conveyors belts, and among other things.
Manufacturers of elastomers from around the world are looking to grow their
reach and increase revenue. COVID-19 has also resulted in increase in revenue
for several firms, presenting a chance for becoming financially stronger and
buy such businesses to expand and maximize profits. In June 2022, Reliance
Industries Ltd a leading elastomer producer in India, started selling Ethyl
Vinyl Acetate by importing from China. India is also attempting to boost manufacturing capacity by
announcing the Production Linked Incentive (PLI) scheme to stimulate domestic
investment and lessen its reliance on imported resources and goods. Volatility in raw
material prices and fluctuations in oil prices are the key factors that will
hamper the growth of elastomers market.
Browse over 29 market
data Figures and 4 market data Tables spread through 70 Pages and an in-depth
TOC on "India Elastomers Market 2018-2028F"
India Elastomers
Market is
segmented on the bases of type, application, region, and company. Based on the type
of elastomers, the market is segmented into Styrene Butadiene Rubber,
Polybutadiene Rubber, Nitrile Butadiene Rubber, Butyl Rubber, and EPDM Rubber.
Based on type, Styrene Butadiene Rubber is leading the market which are
employed in electric vehicles because they function better than conventional
metals, thermoset rubbers, and other materials. The elastomer market is
expanding due to the shifting regulatory landscape and government initiatives
to boost EVs. Based on Application, Tire led the market with a market share of 68.25%
in 2022, it is leading the market because of boon in India automotive market. Based
on Region, South dominated the market in 2022 with an overall share of 41.65%
on account of widespread use and adoption of elastomers.
Major
market players operating in the India Elastomers Market are:
- Reliance Industries LTD
- Indian Synthetic Rubber
- Exxon Mobil
- LANXESS Chemical Company
- Kumho Petrochemical Co., Ltd
- Novokramatorsky Mashinostroitelny Zavod (NKMZ)
- Apcotex Industries Ltd.
- Japan Synthetic Rubber Co., Ltd.
- LG Chem
- Sinopec Engineering
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In June 2022, Reliance
Industries Ltd. having market share of 35.28% in 2022, started importing Ethyl
Vinyl Acetate (EVA) from China and selling it under their brand name. According
to Mr. Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm, demand for Elastomers in India is expected to rise
even more in the next years as the country remains one of the world's largest
vehicle marketplaces.
“India Elastomers Market, By Type (Styrene Butadiene
Rubber, Polybutadiene Rubber, Butyl Rubber, Nitrile Butadiene Rubber, Ethylene
Propylene Diene Monomer Rubber {EPDM}), By Application (Tire, Gloves, Automotive Components, Conveyor
Belts, Sports Wear, Retread, Construction, Electronics and Electricals,
Vibration Proof Rubber, Pharma and Others), By Company, By Region, Competition, Forecast
& Opportunities, 2018-2028F”,
has evaluated the future growth potential India Elastomers market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Elastomers Market.
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