Dear Members,
My message for this issue focuses on Rubber Products in the Civil Construction Industry.
The Indian rubber products market for the civil construction industry is expected to grow at a CAGR of 7.1% from 2022 to 2029 to reach $311.2 million by 2029.
In the civil construction industry, rubber is used for making various products such as gaskets & seals, safety surfacing, rubber matting, flooring, decking, rubber sheeting, rubber moldings, rubber clamps, bellows & connectors, safety surfacing, and traffic management. Different types of rubbers are used for making civil construction products, including natural rubber, chloroprene rubber, ethylene propylene rubber, and styrenebutadiene rubber.
The growing construction industry and increasing urbanization mainly drive the growth of this market 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.
Growing Public Infrastructure
Rubber is highly elastic and durable, remaining flexible even when exposed to a wide range of temperatures. Rubber also exhibits water resistance, thermal and electrical insulation, movement and vibration absorption properties leading to its adoption in construction and civil industry. Several products, such as joints, seals, gaskets, sealants, adhesives, and bonding agents, are used in the construction to provide extra strength and support to structures.
One of the major goals of the Indian government is to achieve a GDP of USD 5 trillion by the year 2024–2025. India needs to spend USD 1.4 trillion on infrastructure to achieve this goal. To complete this objective, the government launched a National Infrastructure Pipeline (NIP) for 2020–2025 to provide and develop transport, logistics, energy, water and sanitization, and social and commercial infrastructures for the people across the country. The investment for NIP is projected to be around USD 1.5 trillion.
Additionally, in March 2021, the parliament passed a bill to create a USD 2.5 billion development finance institution called National Bank for Financing Infrastructure and Development (NBFID) to fund infrastructure projects in India. Such initiatives by the government to develop infrastructure at a massive scale across the country are expected to lead to the adoption of rubber products for the civil construction industry.
Key Findings in the India Rubber Products Market for Civil Construction Industry Study:
In 2022, the Adhesives & Sealants Segment is Expected to Account for the Largest Share of the Market
Based on product, the market is segmented into adhesives & sealants; seals & gaskets; bellows & connectors; rubber mating, flooring, & decking; bridge expansion joints; and other products. The adhesives & sealants segment is estimated to account for the largest share of the Indian rubber products market for the civil construction industry in 2022. The large market share of this segment is attributed to the compatibility of rubber-based adhesives & sealants with ceramics, glass, concrete, paper, rubbers, elastomers, leather, textiles, metal, plastic, wood, porous surfaces, and even composite materials for joining and filling gaps.
In 2022, the Natural Rubber Segment is Poised to Account for the Largest Share of the Market
The natural rubber segment is estimated to account for the largest share of the Indian rubber products market for the civil construction industry in 2022. The large share of this segment is attributed to the benefits of natural rubber, such as high tensile strength and good resistance against environmental factors, and increased production of natural rubber in India for domestic use and export. For instance, in 2021–2022, 775,000 tonnes of natural rubber was produced in India, which increased from 715,000 tonnes in 2020–2021.
Happy Reading
(Ramesh Kejriwal)
President, AIRIA.