Booming Construction Industry Driving Indian Mold Release Agents Market
Date
1/10/2022 1:40:53 AM
(MENAFN- P&S Intelligence) From $114.6 million in 2018, the Indian mold release agents market revenue is predicted to surge to more than $153.9 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will exhibit a CAGR of 5.2% from 2019 to 2024 (forecast period). The market is being driven by the surging construction activities and burgeoning requirement for die casting for manufacturing automotive components in the country.
With the expansion of the construction industry, on account of the implementation of various favorable government initiatives, such as the ‘Smart City’ initiative and rising urbanization rate, the demand for mold release agents is soaring in India. This is because of the surging need for mold release agents in concrete brick production processes. Government initiatives, such as the Housing for All and Smart City mission, are predicted to fuel the growth of the construction sector.
Additionally, according to the Union Budget 2019–2020, the Indian government allocated a budget of nearly $15.48 billion to the Ministry of Road Transport and Highways for the construction of new highways and roads in the fiscal year. Moreover, the soaring investments being made in the construction industry are pushing up the need for concrete bricks, which is, in turn, propelling the requirement for mold release agents. Besides, the surge in the electrical and electronics sector is also creating lucrative growth opportunities for the players operating in the Indian mold release agents market.
This is ascribed to the growing need for polyurethane-based components in several industries, such as footwear, construction, and automotive. The manufacturing of polyurethane-based products creates a high requirement for mold release agents, on account of their ability to prevent the adhesion of products to their mold and enable their release. The Indian mold release agents market consists of both international and domestic players. Some of the major players are Chem-Trend L.P., Fosroc International Ltd., TAG Chemicals GmbH, ITW Chemin, Dow Inc., Chem-Verse Consultants (India) Private Limited, 3M India Ltd., and BuildCore Chemicals.
Out of these companies, Chem-Trend L.P. dominated the industry in the years gone by, mainly because of its vast range of products that serve several end-use industries, such as automotive and transportation, aerospace, mining, and construction. Additionally, the mold release agents being produced by this company have several major application areas, where they are utilized for releasing components, rubber tires, die casts, thermoplastics, wood composites, and polyurethane products from various molds.
Hence, the demand for mold release agents will soar in India in the coming years, primarily because of the burgeoning need for die casting for producing automotive components and increasing construction activities in the country.
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