India Tile Adhesive Market
The Indian tile adhesive market is forecasted to reach USD 136.76 Million by the end of 2023 at a CAGR of 9.09%.
Some of the protuberant drivers supporting the growth of the Indian tile adhesive market are identified as, boom in residential construction activity as well as the growing demand of ceramic tile in building & construction activity. As homeowners seek to replace old and worn floors with modern, aesthetically pleasing tile styles, the tile adhesive market experiences a continuous surge in India.
Additionally, increasing demand of decorative tiles in non-residential construction activities such as malls, airports, office buildings, retail outlets, and other municipal and commercial buildings is another factor that drives the Indian tile adhesive market.
Moreover, recent trends favoring the use of adhesives with rapid hardening property for floor and wall coverings by means of tile are expected to drive the Indian tile adhesive market. However, lack of awareness of tile adhesives among consumer and lower profit margins due to the usage of low-cost chemicals to reduce the overall construction cost may restrain the market in future.
Tile Adhesives are made using high quality material which enhances the durability of the adhesive and its bonding span is increased as well.
Based on type, they are segmented as cementitious adhesive, epoxy adhesive and dispersion adhesive. Cementitious tile adhesives are largely used in India as a wall tile adhesives & ceramic floor tile adhesives. Water resistant cements and polymer modified cements are suitable for both internal and external use and as a result cementitious tile adhesive accounted for the largest value market share in 2016.
Cementitious tile adhesive is expected to dominate during the forecast period and expected to grow at highest CAGR of 9.21% due to its low price as compared to epoxy adhesive and dispersion adhesive. The epoxy tile adhesive is the second major type of tile adhesive used in the India, which is holding a market share of 21.65%, as of 2016.
The Indian tile adhesive market is segmented based on application as residential, commercial and institutional. Residential segment is estimated to dominate during the forecast period to reach a value of USD 101.16 Million by 2023 end. This can be attributed to the growing urbanization trend and flourishing housing construction activity as the number of ambitious programs launched by the union government.
Indian Tile Adhesive market is estimated to grow with healthy growth rate of the world market. Globally, India ranks at significant level in consumption of tile adhesive. Regionally, western India has been the dominant region contributing approx. 50% to the Gross Value Added (GVA) for the Tile Adhesive sector.
Several initiatives taken by the Government of India will support the growth of the chemical industry in India. One of such initiative is ‘Make in India’. This initiative is expected to foster growth in the Indian tile adhesive market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments.
Approval of the GST bill is another key reform, which is expected to lower logistics cost by 10-15% and create a unified market across the country. The launch of Single Window Interface for Facilitating Trade (SWIFT) by the government would help importers or exporters to file a common integrated declaration, instead of 9 forms across 6 agencies.
The R&D investment and facility of Indian companies have been limited traditionally, but the situation is changing slowly with more and more companies looking at R&D as a key source of staying in the competitive environment of the tile adhesive market in India. The investment in R&D for Indian companies is expected to grow above 2% of the total revenue, thereby help to innovate them the product in the market. The industry is also observing increasing tie-ups with academia, which will facilitate the technology applied research further which is expected to boost the Indian tile adhesive market.
Tile adhesive market in India is segmented on the basis of type and end-user. Based on type, market is divided into cementitious tile adhesive, epoxy tile adhesive, and dispersion tile adhesive. On the basis of construction activity, the market is categorized in new construction and repair & renovation. Application wise, the India tile adhesive market is segmented into residential, commercial, and institutional.
The prominent players in the India tile adhesive market are Pidilite Industries Ltd, MYK LATICRETE INDIA PVT LTD, Saint-Gobain Weber, Fosroc India, BASF India Ltd, Huntsman Corporation, Kajaria Ceramics Limited, Bostik, H.B. Fuller Company, SIKA INDIA, ADREX Group, and Henkel AG & Co. KGaA, among others.
The India tile adhesive market is expected to grow at CAGR of 9.08% during review period of 2017-2023 to reach USD 136.76 million by 2023 end. Cementitious tile adhesive among the three major types of tile adhesives accounts for the largest share due to its low price as compared to dispersion adhesive and epoxy tile adhesive.
Among residential, commercial, and institutional applications of tile adhesives in the India, residential segment is the dominating the market during the review period and is estimated to reach USD 101.16 Million till 2023.
The report covers brief analysis of geographical region includes
o North India
o South India
o West India
o East India
• Manufacturers and distributors of tile adhesives in Indian markets.
• Manufacturers and distributors of coatings.
• Manufacturers and distributors of paints.
• Suppliers and traders of building materials.
• Government, associations and industrial bodies.
• Investors and Trade experts.
• Consulting in chemical experts.
Wall tile adhesive
Waterproof tile adhesive
Porcelain tile adhesive
Cementitious tile adhesive
Epoxy tile adhesive
Acrylic tile adhesive
Related reports: Global Tile Adhesive Market Research Report – Forecast to 2023