India Hot Melt Adhesive Market Top 5 Importing Countries and Market Competition (HHI) Analysis
India`s hot melt adhesive import shipments in 2024 saw a notable increase in concentration, with the top exporting countries being China, USA, South Korea, Germany, and Italy. The Herfindahl-Hirschman Index (HHI) shifted from moderate to high concentration, indicating a more focused market. The compound annual growth rate (CAGR) from 2020 to 2024 stood at an impressive 15.81%, with a growth rate of 3.64% from 2023 to 2024. This data suggests a dynamic and evolving landscape for hot melt adhesive imports in India, reflecting changing market dynamics and global trade patterns.
India Hot Melt Adhesive Market Synopsis
India Hot Melt Adhesive Market was growing fairly in the past on account of urbanization, developments in residential and commercial sector and growth in industrial output. However, in 2020 the market faced degrowth due to pandemic caused contraction in the economy. As there were restrictions on physical contact, and cash crunch in the MSMEs of India, the hot melt industry witnessed demand shock contributing to fell in revenues. However, the India Hot Melt Adhesive Industry recovered in the following years as the government released restrictions, it reflects the products, that is, hot melt’s strong demand fundamentals as it is required in nearly every industry in some form.
According to 6Wresearch, India Hot Melt Adhesive Market size is anticipated to grow at a CAGR of 8.6% during 2023-2029. India’s economy is experiencing rapid constructions and developments in the infrastructure sector, as for the sustenance of the country, infrastructure gap is required to be filled. Hence, there is a massive planned pipeline of infrastructure projects worth $1.4 trillion in the country at present which would reflect in the country’s construction sector in the coming years. These developments would also cause expansion in the commercial and residential sector, levelling up the market potential of furniture and woodworking applications of hot melt adhesives. Furthermore, the rapidly growing India’s appliances and electronics market with aggressive promotion of electronics and IT hardware manufacturing would increase the growth and potential in the electrical and electronic appliances sector, and efforts on faster adoption and manufacturing of hybrid and electric vehicle would enhance the growth and potential in the transportation sector.
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Market by Product Type
Ethylene vinyl acetate dominates the market as it is the most cost-effective compared to other types of adhesives which makes it preferred option for manufacturers to maintain low manufacturing costs. Polyolefin accounts for the second largest share owing to its wide range of applications making it ideal for use in various industries such as packaging, woodworking, textiles, and automotive
Market by End Users Industry
Paper, Board and Packaging Industry is a star industry in the hot melt market as it is expected to retain its dominant position in terms of market size with also registering the highest growth in the forecast period.
Market by Region
Western region dominates the Hot Melt Adhesive Market in India as the region is the hub of industries such as packaging, automotive, textiles, and footwear and the trend would sustain in future due to the Gujarat and Maharashtra’s investment attractiveness attributing to the growth of manufacturing sector.
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Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Hot Melt Adhesive Market Overview
- India Hot Melt Adhesive Market Outlook
- India Hot Melt Adhesive Market Forecast
- Historical Data and Forecast of India Hot Melt Adhesive Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of India Hot Melt Adhesive Market Revenues By Product Type, for the Period 2019-2029F
- Historical Data and Forecast of India Hot Melt Adhesive Market Revenues By End User Industry, for the Period 2019-2029F
- Historical Data and Forecast of India Hot Melt Adhesive Market Revenues By Region, for the Period 2019-2029F
- Market Drivers and Restraints
- India Hot Melt Adhesive Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- India Hot Melt Adhesive Market Revenue Ranking, By Companies
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Product Type
- Ethylene Vinyl Acetate
- Styrenic Block Copolymers
- Polyolefin
- Polyurethane
- Polyester
- Others
By End Users Industry
- Building and Construction
- Paper, Board, and Packaging
- Woodworking and Joinery
- Transportation
- Footwear and Leather
- Healthcare
- Electrical and Electronic Appliances
- Book Binding
- Others
By Region
- Northern
- Southern
- Eastern
- Western
