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Classified in: Transportation, Covid-19 virus
Subject: MRR

India Rubber Compound Market Outlook 2023-2029: Forecast by Rubber Type, End-User, Regions, and Competitive Landscape

DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "India Rubber Compound Market Outlook 2023-2029:Market Forecast By Rubber Type, By End-User, By Regions, and Competitive Landscape" report has been added to  ResearchAndMarkets.com's offering.

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India's rubber compound market revenue size is projected to grow at a CAGR of 5.8% during 2023-2029

India's 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.

 India's 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.

Market by Rubber Types

EPDM garnered a major revenue share in the India Rubber Compound Market as it offers a diverse range of applications in different industries.

Its versatility is evident in its resistance to various chemicals, acids, and alkalis, rendering it suitable for chemical processing, automotive, and industrial applications hence furthering its dominance in revenue generation.

Market by End User

In 2022, tires acquired a major revenue share. Also, owing to escalating vehicle demand and sustained government investments in infrastructure development.

India's tire industry is poised to achieve substantial growth, with its revenue projected to surpass $22 billion by FY32, marking a significant increase from the $9 billion recorded in FY22.

Market by Regions

The southern region of India, especially Kerala and Tamil Nadu, boasts extensive natural rubber plantations. Leveraging their production capabilities, these states cater to both domestic and international markets.

Cities like Chennai and Bengaluru serve as significant hubs for automotive and electronics manufacturing, driving demand for rubber compounds and contributing to increased revenue in the region.

Key Attractiveness of the Report

Company Profiles

Key Highlights of the Report

Market Scope and Segmentation

By Rubber Types

By End User

By Regions

For more information about this report visit https://www.researchandmarkets.com/r/4enlxt

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