The Indian industrial aerosol market share is expected to reach $761.6 million by 2024, growing at a CAGR of 3.9% during the forecast period (2019–2024). On the basis of application, paints dominated the market with a volume share of 41.3% in 2018.
The demand of for aerosol paints in India is also expected to witness the fastest growth in terms of value and volume. During the forecast period, the category is expected to witness a volume CAGR of 5.4%. This growth in the Indian industrial aerosol market is majorly attributed to the increase in the demand for aerosols from the automotive aftermarket in the country. Aerosol paints are highly preferred for repainting scratches on vehicles owing to their uniform coverage. In addition, the automotive market in the country is growing at a significant pace, thereby creating ample opportunities for the progress of aftermarket in the coming years.
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The increasing demand for industrial aerosols from the automotive sector is one of the major factors driving the growth of the Indian industrial aerosol market. Industrial aerosols have a wide application base in the automotive sector, where they are majorly required for engine degreasing, lubrication, friction and wear reduction, and vehicle polishing. With the increasing purchase of automobiles in the country, the automotive aftermarket is expected to witness a significant growth in the coming years, thereby creating a huge demand for industrial aerosols for maintenance and painting purposes.
In addition, the demand for industrial aerosols has witnessed a rise from the manufacturing sector for machinery and tool degreasing and cleaning. This is done in order to maintain optimum production volume at manufacturing facilities by conducting regular maintenance and repair. With the rapid growth of industrial activities in the country, the demand for such aerosols is expected to increase during the forecast period, thereby helping the industrial aerosol market in India grow.
On the basis of application, paints are expected to witness the largest demand of 36.3 million units in the Indian industrial aerosol market by 2024. The market category is expected to witness the fastest growth as well, at a CAGR of 5.4%, during the forecast period. This is owing to the rapid adoption of aerosol paints in the automotive aftermarket for painting minor scratches and re-polishing vehicles. Additionally, the increase in the sales of automobiles in the country is predicted to continue driving the market for industrial aerosol paints in the coming years.
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Industrial aerosols for the maintenance application held the second largest volumetric share of 22.1 million units in 2018. The market category is expected to witness second fastest growth owing to the demand from industrial manufacturing facilities for machinery maintenance. Industrial aerosols for the cleaning application is expected demonstrate a CAGR of 4.7% during the forecast period. This growth can be attributed to the increase in demand from engine cleaning and electronic cleaning applications.
The industrial aerosol market in India is highly fragmented in nature, and WD-40 Company, OKS Speciality Lubricants India, Aerol Formulations Pvt. Ltd., and 3M are some of the leading manufacturers of industrial aerosols in the country. These companies have diversified portfolios of cost-competitive products to cater to the variable requirements of clients and customers in the country.
Some other important players operating in the industrial aerosol market in India are Twin Tech India Pvt. Ltd., Indian Aerosols Pvt. Ltd., Wuerth India Pvt. Ltd., CRC Industries Inc., and Zenith Spray and Aerosols Private Limited.
This post was originally published on Technology Trend