Growth of the Mold Release Agents Market in India

by Vijay K. Web Marketing

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.

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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.

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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.