Pidilite partners Hwaseung Chemical for footwear adhesives in India
Pidilite Industries has partnered with South Korea’s Hwaseung Chemical to bring footwear adhesive technology to Indian manufacturers, expanding its presence in a specialised industrial adhesives segment.
The development
Pidilite partnered with Hwaseung Chemical to supply footwear adhesive technology to Indian manufacturers, while flagging crude oil above $100 a barrel as its biggest near-term input-cost risk.
The numbers
- $100 a barrel
- double-digit
- ₹1,493.10
- 1.59%
Why it matters to operators and investors
Pidilite’s tie-up with Hwaseung Chemical gives Indian footwear manufacturers access to specialised adhesive technology, potentially improving sourcing options and product performance.
What to watch next
- Named customer wins, plant trials or supplier approvals from major footwear manufacturers and exporters.
- Evidence of localized manufacturing, technology transfer, or capacity additions for footwear adhesives in India.
- Growth disclosures for Pidilite’s industrial adhesives portfolio and commentary on specialty-product mix.
- Crude oil, resin, solvent and rubber-chemical price movements relative to Pidilite’s ability to pass through increases.
- Competitive launches, pricing actions or distribution expansion by Henkel, H.B. Fuller, Bostik, 3M and domestic adhesive suppliers.
The counter-case
The partnership may add little near-term revenue if Indian footwear manufacturers are already locked into incumbent adhesive suppliers, require long qualification cycles, or resist switching due to production-risk concerns. Without exclusivity, local manufacturing, or a clear cost/performance advantage, Pidilite could become a distributor of imported technology with limited margin expansion. Higher crude-linked raw-material costs could further compress profitability before volumes scale.