India Tile Adhesive Market Overview
As per MRFR evaluation, the India tile adhesive market can evolve at a 9.09% CAGR and acquire market value of about USD 136.76 million by 2023.
Competitive Analysis
Manufacturers are investing in RD to improve their product line can aid them in gaining a competitive edge. Major players in this market are, Pidilite Industries Ltd., Henkel, Huntsman, Fosroc, Bostik, MYK Laticrete India Pvt Ltd., Mapei Construction Products India Pvt Ltd., Ardex Endura, and Sika India Private Ltd, among others.
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These key players controlled more than 60% of the market in 2019 and are expected to maintain their dominance during the forecast period. To expand their geographic reach and business activities, these main players are using a variety of organic and inorganic growth strategies such as mergers and acquisitions, joint ventures, partnerships, extension, new product releases, and patents. The increase in the number of tile adhesive suppliers can change the competitive landscape in India's tile adhesive market. The reports go into detail about existing companies' business expansion by innovation, as well as the growth of new players and their contributions to the tile adhesive market in India.
Market Dynamics
The expansion of the India Tile Adhesive Market could be aided by an increase in residential construction activities and a growing demand for effective infrastructural solutions by governments in various regions. Ceramics revenues are being stifled by the rapid increase in urban migration and subsequent rise in residential settlement. Furthermore, in the case of commercial constructions, an increase in ceramics use is possible. During the analysis period, these are expected to benefit the India tile adhesive industry. The introduction of low VOC adhesive technology developments can benefit the market. Polymer modified cementitious tile adhesive is becoming more common, which could result in high revenue hotspots for the business.
Lack of awareness of effective tile adhesive solutions, as well as lower sales of such products among the large rural population, can stymie market growth. Other factors that may contribute to the demand slowdown include an increase in household expenses and a decrease in profit margins for tile adhesive raw material suppliers.
Segmental Analysis
India Tile Adhesive Market is segmented based on type, construction activity, application and region.
Based on type the market is divided into cementitious tile adhesive, epoxy tile adhesive, and dispersion Tile Adhesive. Because of the high demand for the product, the cementitious tile adhesive segment may have the largest market share. The market can benefit from increased knowledge of cementitious adhesive. The increasing use of polymer modified cements and water-resistant cements for internal and external applications is expected to propel the cementitious tile adhesive segment to a 9.21% CAGR by the end of the forecast period. The market is expected to grow due to the increased use of epoxy tile adhesives, which have better adhesion consistency (high pigment/binder ratio) and can help achieve longer bonding times. The dispersion adhesives segment has the potential to gain around 25% of the overall market, contributing to the market's growth.
The India Tile Adhesive Market is divided into two categories based on construction activity: new construction and repair and renovation. The new construction segment will account for roughly 80% of the total market value. This can be attributed to factors such as a growing preference for broad middle-income groups, changes in India's demographics, and the government's commitment in the 12th Five-Year Plan to improve infrastructural activities.
Finally, the India Tile Adhesive Market is divided into three categories: residential, industrial, and institutional. During the study era, the residential segment has a good chance of gaining traction. In 2023, the segment is expected to earn about USD 101.16 million. Rapid urbanization and a boom in housing development, because of the Indian government's implementation of a range of ambitious programs, will support this market segment.
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Regional Analysis
The market's expansion can be attributed to an improvement in infrastructure activities, which has resulted in an increase in the use of ceramic tiles for both commercial and residential construction applications. The market will expand due to the presence of a large population of people with high disposable income who prefer decorative and aesthetic tiles. The increasing use of tile adhesive in corporate infrastructure for wall coverings, flooring, and countertops, among other things, is expected to boost the demand soon.
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