Construction industry-increasing urbanization drive market growth
The India rubber products market for civil construction industry is expected to grow at a CAGR of 7.1% from 2022 to 2029 to reach US$311.2 million by 2029, according to a ResearchAndMarkets report released on 3 Apr 2023.
The growing construction industry and increasing urbanization mainly drive this market’s growth in India. Implementing smart technology in manufacturing rubber products and developing rubber industry in India are expected to create market growth opportunities. However, the shortage of labor for natural rubber tapping and problems faced by the rubber industry are major challenges to market growth, cautioned the report.
Based on product, the rubber flooring, matting, and decking segment is expected to grow with the highest CAGR during the forecast period.
The advantages of rubber flooring, matting, and decking in terms of durability and resilience, noise absorption, comfort, insulation, and safety are the main factors driving this segment’s growth in India rubber products market for civil construction industry.
Based on rubber type, the natural rubber segment is expected to grow with the fastest CAGR during the forecast period. Factors driving the growth of this segment include the benefits of natural rubber, such as high tensile strength and good resistance against environmental factors, coupled with the increasing production of natural rubber in India for domestic use and export.
The market is led by:
Saga Elastomer Pvt Ltd
ALP Group
Shin-Etsu Chemical Co Ltd (Japan)
Hira Industries LLC (U.A.E.)
United Rubber Industries (I) Private Limited
Apcotex Industries Ltd
Kantaflex
Zenith Industrial Rubber Products Pvt Ltd
BASF SE (Germany).
The report is titled ‘India Rubber Products Market for Civil Construction Industry by Product (Adhesive, Sealant, Flooring, Matting, Gasket, Bellows & Connectors, Bridge Expansion Joint, Clamp), Rubber Type (Natural, Styrene Butadiene, Chloroprene, EPDM) – Forecast to 2029’. fiinews.com
