India Rubber Compound Market revenues size is projected to grow at a CAGR of 5.8% during 2023-2029

The southern region in the country registered the majority revenue share in the India Rubber Compound Market – 6Wresearch

The southern region held the major revenue share and it is still holding the major revenue share in the rubber compound market due to its advantageous connectivity to major ports, facilitating efficient import and export. Notable manufacturing hubs like Chennai for automotive, Vizag for heavy industries, Coimbatore for textiles, and Puducherry for electronics contribute to this dominance.

According to 6Wresearch, India rubber compound market revenue size is projected to grow at a CAGR of 5.8% during 2023-2029.  Government initiatives such as "Make in India" and "Atmanirbhar Bharat" are focused on enhancing domestic manufacturing and attracting foreign investment. Paired with ongoing and planned infrastructure projects, such as smart cities and transportation networks create a conducive environment for manufacturing growth which is anticipated to lead to increased demand for rubber compounds across various industrial applications.

According to Abhishek Mishra, Senior Research Manager, 6Wresearch, the tire industry heavily relies on raw materials, with natural rubber accounting for 80% and synthetic rubber for 20%. In India, the tire industry is closely intertwined with the automotive sector, and its growth aligns with automotive sales trends. As the automotive industry advances, the tire industry is expected to make significant progress in tandem, reflecting their interdependence. The rubber plantation sector in India produces over 630 hundred thousand tons of natural rubber and there is a projected production of more than one million tons in the near future. This has helped in the radical and rapid growth of the Indian rubber industry, improved living standards of the people, and rapid overall industrialization. The per capita consumption of rubber in India is only 800 grams compared to 12 to 14 kilos in Japan, USA, and Europe. So far as the consumption of rubber products is concerned, India is far from attaining any saturation level. This is another factor leading to tremendous growth prospects for the industry in the years to come.

The India Rubber Compound Market (2023-2029) report provides an in-depth analysis with 15 figures and 4 tables, covered in 72 pages. The report comprehensively covers the market by rubber types, end users, and regions. The report provides a detailed as well as unbiased analysis of the ongoing 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 the latest and future market dynamics.