Western region accounted for the major revenue share in the India Hot Melt Adhesive Market – 6Wresearch
Western region is the industrial hub of the country with industrial clusters of pharmaceutical, food processing and chemical factories. Thus, it inspires the most demand for hot melt adhesives in the packaging applications. Other sectors such as construction, leather, and automotives are also active in the region. Hence, it is expected to retain its dominant position in terms of both growth and revenue share.
According to 6Wresearch, India Hot Melt Adhesive Market size is anticipated to grow at a CAGR of 8.6% during 2023-2029. Rapidly growing infrastructure development would expand the residential, commercial and industrial sector of the country attributing to the demand for consumer and industrial products thereby driving the market of Hot melt adhesive in the forecast period. After the pandemic, India’s manufacturing sector has got a push as several big businesses are going for China plus 1 strategy for diversification and thus, decreasing their overall risk due to over dependence on China. Therefore, to capitalize on this opportunity for the India’s manufacturing sector, India is investing in promotion of Electronics and IT Hardware Manufacturing and Faster Adoption and Manufacturing of Hybrid and Electric Vehicle.
According to Ravi Bhandari, Research Head, 6Wresearch, by end user industry, Paper, Board and Packaging owns the majority of the revenue share and it is going to retain its dominant position in 2029 as well. As India’s packaging industry is one of biggest and highest growing in the world, thus, this industry positions itself as a lucrative investment for investors.
The India Hot Melt Adhesive Market (2023-2029)” report provides an in-depth analysis with 23 figures and 3 tables, covered in 69 pages. The report on India Hot Melt Adhesive Market comprehensively covers the market by product type, end user industry, and region. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.
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