India Rubber Compound Market Outlook 2023-2029: Forecast by Rubber Type, End-User, Regions, and Competitive Landscape

News provided by

Nov 28, 2023, 21:15 ET

DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "India Rubber Compound Market Outlook 2023-2029:Market Forecast By Rubber Type, By End-User, By Regions, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

India's rubber compound market revenue size is projected to grow at a CAGR of 5.8% during 2023-2029

India's rubber compound market grew before 2020 owing to the rising vehicle production and rising consumption of tires in passenger, commercial and other offroad vehicles used in construction and related activities.

The market witnessed a decline in revenues in 2020 due to the outbreak of the COVID-19 pandemic, which led to restricted vehicle movement and declined expenditure on non-essential items from consumers which led to a decline of 20% in the total sales of passenger vehicles, a significant drop of 36% in commercial vehicles sales, and a substantial decrease of 62% in three-wheelers sales.

India's rubber compound market is further expected to grow in the coming years as India expects thriving growth in the tire as well as in the automotive sector it is estimated that the tire industry's turnover would increase to 3.4% of India's Manufacturing GDP by fiscal 2032 compared with 2.2% in fiscal 2022 along with India's automotive industry is set for an upward trajectory as India is aiming to double its automotive industry size to approx.

INR 15 lakh crore by the end of 2024 with strong growth potential in production, sales, and exports. Also, the government has increased the budget allocation of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II by 78% in the Union Budget 2023, and from today's level of 0.7% market share in India for EVs it is expected to increase to 3.8% by 2027, that would further propel the demand for tires in India in return paving a significant growth trajectory for India rubber compound industry in coming years.

Market by Rubber Types

EPDM garnered a major revenue share in the India Rubber Compound Market as it offers a diverse range of applications in different industries.

Its versatility is evident in its resistance to various chemicals, acids, and alkalis, rendering it suitable for chemical processing, automotive, and industrial applications hence furthering its dominance in revenue generation.

Market by End User

In 2022, tires acquired a major revenue share. Also, owing to escalating vehicle demand and sustained government investments in infrastructure development.

India's tire industry is poised to achieve substantial growth, with its revenue projected to surpass $22 billion by FY32, marking a significant increase from the $9 billion recorded in FY22.

Market by Regions

The southern region of India, especially Kerala and Tamil Nadu, boasts extensive natural rubber plantations. Leveraging their production capabilities, these states cater to both domestic and international markets.

Cities like Chennai and Bengaluru serve as significant hubs for automotive and electronics manufacturing, driving demand for rubber compounds and contributing to increased revenue in the region.

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

Company Profiles

APAR Industries
Apcotex Industries Limited
Apollo Tyres Ltd.
CEAT Ltd.
Cochin Malabar Estates & Industries Ltd.
Harrisons Malayalam Ltd
Indag Rubber Limited (IRL)
LANXESS India Private Limited
Metro Tyres Limited
MRF Tyres
PIX Transmissions Ltd
Rubfila International Limited

Key Highlights of the Report

India Rubber Compound Market Overview
India Rubber Compound Market Forecast
Historical Data and Forecast of India Rubber Compound Market Revenues and Volume for the Period 2019-2029F
Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By Rubber Types for the Period 2019-2029F
Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By End User for the Period 2019-2029F
Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By Regions for the Period 2019-2029F
Industry Life Cycle
India Rubber Compound Market - Porter's Five Forces
Market Drivers and Restraints
Market Opportunity Assessment
Market Competitive Benchmarking
Key Performance Indicators
Company Profiles
Key Strategic Recommendations

Market Scope and Segmentation

By Rubber Types

Silicone Rubber
Fluoro Rubber
Butyronitrile Rubber
EPDM
Chloroprene Rubber
Others

By End User

Tires
Hose & Belting
Roofing & Geo Membranes
Footwear
Wire & Cable Insulation
Others

By Regions

Northern
Western
Southern
Eastern

For more information about this report visit https://www.researchandmarkets.com/r/4enlxt

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets