The rapidly growing construction sector in India is causing a massive surge in the sales of mold release agents, mainly because of their extensive usage in various concrete brick formations. Due to the rising government initiatives and the soaring investments being made in this sector, the requirement for concrete bricks is rising rapidly across the country. For example, government programs such as the Smart City Mission and Housing for All are predicted to propel the advancement of this sector.
Additionally, according to the Union Budget 2019—2020, the Ministry of Road Transport and Highways received an allocation of $15.48 billion (INR 1.12 trillion) for the development of new highways and roads during the fiscal year. Besides this, the thriving electrical & electronics sector in the country is also offering huge growth potential for the players operating in the industry. The increasing disposable income of the people living in the country is massively pushing up the sales of electronic products.
Additionally, many foreign companies are making huge investments in research and development (R&D) and the manufacturing of electronic products, on account of the availability of affordable labor. This is fueling the sales of mold release agents, because of their requirement in the production of electronic parts such as white good interiors, electronic machine covers, and consumer goods. The surging requirement for die casting in the manufacturing of vehicle components is also boosting the sales of mold release agents in India.
Due to the aforementioned factors, the Indian mold release agents market is predicted to grow substantially in the coming years. The market value is predicted to increase from $114.6 million in 2018 to more than $153.9 million by 2024. Furthermore, the market is predicted to demonstrate a CAGR of 5.2% from 2019 to 2024. Depending on type, the market is divided into water-based and solvent-based categories. Between these, the water-based category is currently recording faster growth in the market.
This is because of the rising popularity of water-based agents in the country. Based on application, the Indian mold release agents market is classified into polyurethane processing, wood and fiber composites, concrete, uncured rubber, rubber and other elastomers, tire, plastic, and die-casting (ferrous and non-ferrous). Out of these, the polyurethane processing category is currently recording the highest growth in the market. This is because of the growing requirement for polyurethane-based components in several industries such as footwear, construction, and automotive.
One of the biggest trends currently being witnessed in the Indian mold release agents market, as per the observations of P&S Intelligence, a market research company based in India, is the increasing popularity of the water-based mold release agents over the traditionally used solvent-based mold release agents. The water-based mold release agents contain zero harmful solvents or chemicals that can negatively impact the environment or the health of humans, unlike the solvent-based ones.
Hence, it can be said with surety that the demand for mold release agents would surge in India in the forthcoming years, primarily because of their ballooning usage in the construction sector, which is itself exhibiting unprecedented growth in the country.
