Message by Dr. K. Sivaramakrishnan, Director & CEO, TIPL
Taoka Chemical Company Ltd., is not only the first company to introduce high-performance cyanoacrylate adhesives in Japan, but also in India. Taoka Chemical India Pvt. Ltd. is the only company manufacturing cyanoacrylate adhesives in India and hence the largest. Taoka Chemical Company Ltd., Japan is having over 50 years of experience in manufacturing cyanoacrylate adhesives. The wide and deep technical knowledge acquired through its varied experience has been passed on to the core members of Taoka Chemical India Pvt. Ltd.
Taoka Chemical Company Ltd. Japan considers cyanoacrylate adhesives as a core business since the demand for cyanoacrylate adhesives both in Indian and abroad is growing larger year by year. During the year 2014-15, India’s total import was approximately 2287 Metric tons per annum but then there was a quantum jump in the import of cyanoacrylate adhesives in India. The total import of cyanoacrylate adhesives in India during 2019-20 was around 3142 Metric Tons. For the past five years from 2015, Cyanoacrylate Adhesive market is growing approximately at a rate of 7% per year.
Cyanoacrylate adhesives are increasingly used in the automotive industry and also in various other industries that involve wood, leather more particularly in plastics, rubbers and ceramics.
The Indian auto industry became the 4th largest in the world with sales increasing 9.5 per cent year-on-year to 4.02 million units (excluding two wheelers) in 2017. It was the 5th largest manufacturer of commercial vehicles in 2020.
India is a prominent player in automobile market and has strong export growth expectations for the near future. Automobile exports grew 14.5 per cent during FY 2019 -20.
Since the whole world was reeling under the deadly pandemic – Covid-19, Automotive Industry is not in a position to grow as expected. The percentage of growth is declined to 13.6% in 20-21.
Cyanoacrylate adhesive too is predominantly used by Automotive Industries both in India and abroad. Hence the recession in Automobile industry had a direct impact on the growth of Cyanoacrylate market, the business community across the world is hoping for the best and expects that the growth will get its momentum in the years to come.