The Indian industrial aerosol market is expected to register a CAGR of 5.6% during the forecast period (2020–2030), on account of growth drivers such as burgeoning demand for aerosols in automotive factories and the aftermarket, surging number of government initiatives to promote research and development (R&D), and growing Indian manufacturing sector. The market generated $70.95 million in 2019 and it is projected to reach $115.85 million by 2030.
Another prime factor driving the Indian industrial aerosol market growth is the expansion of the manufacturing sector in the country. The IBEF propounds that the expansion of the Indian manufacturing sector is attributed to the spurring demand for consumer devices, electronic appliances, and electrical machinery and equipment. Furthermore, the Ministry of Commerce and Industry states that the cosmetics and beauty products sector is expanding, due to the rising per capita income of people, resulting in higher personal spending. This, in turn, is also contributing to the market growth.
The application segment of the Indian industrial aerosol market is categorized into spray paints, cleaning, and maintenance. In 2019, the spray paints category generated the highest revenue in the market and it is expected to retain its dominance in the forecast period. This can be attributed to the increasing purchasing power of the Indians, expanding automotive aftermarket, and growing manufacturing sector. Whereas, the maintenance category will register the fastest growth throughout the forecast period, due to the spurring demand for aerosols from automobile workshops for the maintenance of machinery.
Owing to the presence of multiple players, the Indian industrial aerosol market has a fragmented nature. Players such as Pidilite Industries Limited, Zenith Spray and Aerosols Private Limited, Indian Aerosols Pvt. Ltd., Aerosol Specialities (India), OKS Speciality Lubricants India, PRIME AEROSOLS, Aerol Formulations Private Limited, S. S. Aerosols Pvt. Ltd., Twin Tech India Pvt. Ltd., and Renuka Multichem, are producing high volumes of aerosols to be consumed by the automotive, cosmetics, and manufacturing sectors of the country.
Thus, the advancement of the automobile, cosmetics and personal care, and manufacturing sectors will make a significant contribution to the market in the future.
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