India Rubber Compound Market Outlook (2023-2029) | 6Wresearch

Nitesh06 Oct, 2023Business

India rubber compound market grew before 2020 owing to the rising vehicle production and rising consumption of tires in passenger, commercial and other offroad vehicles used in construction and related activities. The market witnessed a decline in revenues in 2020 due to the outbreak of the COVID-19 pandemic, which led to restricted vehicle movement and declined expenditure on non-essential items from consumers which led to a decline of 20% in the total sales of passenger vehicles, a significant drop of 36% in commercial vehicles sales, and a substantial decrease of 62% in three-wheelers sales.