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ICICI Securities Report
Consumer Adhesives category offers healthy growth potential (approximately 12% per annum.) over 2020-2030 (and beyond).
Pidilite Industries Ltd., Asian Paints Ltd. and 3M India Ltd. are key players and have established strengths of 1) wide portfolio across sub-segments, 2) strong brand equity built over decades (important in a ‘problem solution’ / functional category) and 3) distribution networks.
Historically, growth of adhesives was pegged to growth of furniture industry. However, we note new segments such as medicated tapes, safety markers have added a new dimension.
Also, e-commerce and packaging of food provide another growth opportunity. While there are no pure-plays in adhesives, investors can play this via paint companies and Pidilite.
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