NEW YORK, December 5, 2016 /PRNewswire/ --
Large automobile production base and increasing demand for industrial rubber products to drive PBR market in India
According to a recently released TechSci Research report, "India PBR Market Study, 2011 - 2025", the market of PBR in India is projected to grow at a CAGR of over 5% during 2016 -2025. Growing demand for PBR as a raw material for the manufacturing of tires coupled with its applicability in modifying plastic products are the major factors expected to boost the demand for PBR in the country during forecast period.
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On the basis of application, India PBR market has been broadly segmented into Tires, Polymer Modification, Industrial Rubber & Others. Among these categories, tires segment dominated the country's PBR market in 2015, and the same trend is expected to continue during forecast period as well. India's automotive industry stood at $ 74 billion in 2015, and the market is expected to grow at a robust pace during 2016 - 2025. With anticipated high growth in the country's automotive industry, the demand for PBR is forecast to increase during 2016 - 2015.
"Shift of global automotive production base to Indian subcontinent owing to easy availability of cheap workforce as well as raw materials is aiding the country's PBR market. Moreover, growing use of PBR to manufacture industrial rubber products is also contributing to the demand for PBR in the country." said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"India PBR Market Study, 2011 - 2025" has evaluated the future growth potential of India PBR market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in India PBR market.
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