India Rubber Compound Market Synopsis
India 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.
According to 6Wresearch, India rubber compound market revenue size is projected to grow at a CAGR of 5.8% during 2023-2029. India 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.
Key Attractiveness of the Report
- Base Year: 2022
- COVID-19 Impact on the Market.
- Historical Data Starting from 2019 to 2022.
- 11 Years Market Numbers.
- Major Upcoming Developments and Projects.
- Key Performance Indicators Impacting the Market.
- Forecast Data until 2029.
Key Highlights of the Report
- Industry Life Cycle
- India Rubber Compound Market Forecast
- Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By Regions for the Period 2019-2029F
- India Rubber Compound Market Overview
- Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By Rubber Types for the Period 2019-2029F
- India Rubber Compound Market – Porter’s Five Forces
- Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By End User for the Period 2019-2029F
- Market Drivers and Restraints
- Historical Data and Forecast of India Rubber Compound Market Revenues and Volume, By Regions for the Period 2019-2029F
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