Mushrooming demand for aerosols in the automobile sector and aftermarket will drive the Indian industrial aerosol market at a CAGR of 5.6% during the forecast period (2020–2030). The market stood at $70.95 million in 2019 and it is projected to reach $115.85 million by 2030. Aerosols are used in the production of passenger cars, quadracycles, commercial vehicles, two-wheelers, and three-wheelers. With the increasing production and sales of such vehicles, the demand for these substances will escalate rapidly. For instance, as per the Society of Indian Automobile Manufacturers (SIAM), India manufactured 30,915,420 vehicles in 2018–2019.
The growing manufacturing sector will also fuel the consumption of aerosols in the coming years. According to the India Brand Equity Foundation (IBEF), the expansion of the manufacturing sector can be owed to the burgeoning demand for electrical machinery and equipment, consumer devices, and electrical appliances. Furthermore, the Ministry of Commerce and Industry, the Government of India, states that the cosmetics and beauty products sector in the country is flourishing, due to the surging per capita income.
According to P&S Intelligence, the Indian industrial aerosol market is fragmented, due to the presence of numerous players, including Zenith Spray and Aerosols Private Limited, Twin Tech India Pvt. Ltd., 3M Company, PRIME AEROSOLS, Indian Aerosols Pvt. Ltd., Renuka Multichem, Aerol Formulations Private Limited, OKS Speciality Lubricants India, S. S. Aerosols Pvt. Ltd., Aerosol Specialities (India), and Pidilite Industries Ltd. In recent years, these companies have been involved in product launches to gain a competitive edge over others. For instance, CRC Industries Inc., in November 2019, announced the launch of OZZYJUICE SW-X1, a new degreasing solution.
In the same vein, in May 2020, 3M Company introduced an anti-heat solution — 3M Scotchkote Polytech Exp RG700 — for the Indian Railways. This solar-reflective layer reduces the temperature inside a closed area and is suitable for a wide range of metallic substrates. Similarly, in November 2020, CRC Industries Inc. announced the introduction of a multi-use automobile parts degreaser & cleaner for cleaning brake drums, air intakes, chokes, rotors, carburetors, and throttle bodies.
Thus, the growth in the manufacturing and automobile industries in India will accelerate the consumption of the industrial aerosols in the coming years.
