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India Automotive Paints And Coatings Market Size (2024 - 2029)

The India Automotive Paints and Coatings Market is anticipated to experience significant expansion over the forecast period, driven by the increasing production of vehicles and the rising demand for automotive and after-sale services. The market's growth is further supported by the demand for functional coatings and the increased use of automotive refinish coatings. However, geopolitical disturbances may pose challenges by disrupting supply chains. The growing interest in electric vehicles presents a promising opportunity for market expansion. Polyurethane resin is expected to be the predominant resin type in the market.

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Market Size of India Automotive Paints And Coatings Industry

India Automotive Paints And Coatings Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 8.41 %
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

India Automotive Paints And Coatings Market Analysis

The India Automotive Paints and Coatings Market size is expected to grow from USD 608.17 million in 2023 to USD 910.69 million by 2028, at a CAGR of 8.41% during the forecast period (2023-2028).

  • The market saw substantial growth in 2021 due to the increasing production of vehicles. The car after-sales market includes paint protection. Despite severe production limitations and lengthy delivery backlogs, automakers delivered 30.82 lakh vehicles to dealerships in 2021, up from 24.33 lakh in 2020. With the growing demand for automotive and increasing after-sale services for various car segments, the market is expected to see positive growth over the coming years.
  • The demand for functional coatings and the rise in the usage of automotive refinish coatings is expected to drive the market growth.
  • The ongoing geopolitical disturbances across the globe can disrupt the supply chain of key automotive components which can act as a restraint for the market.
  • The growing demand for electric vehicles is expected to be one of the main factors providing opportunity to the market studied in the forecast period.
  • By resin type, polyurethane resin is expected to dominate the market studied over the forecast period.

India Automotive Paints And Coatings Industry Segmentation

Automotive paint and coatings are generally used in cars and other automobiles for both protection and adornment. The Indian automotive paints and coatings market is segmented by resin type, technology, layer, and application. By resin type, the market is segmented into acrylic, polyurethane, epoxy, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, powder, and other technologies. By layer, the market is segmented into e-coat, primer, base coat, and clear coat. By application, the market is segmented into automotive OEM and automotive refinish. The report offers market size and forecasts for all the above segments in terms of revenue (USD).

Resin Type
Polyurethane
Epoxy
Acrylic
Other Resin Types
Technology
Solvent-borne
Water-borne
Powder
Other Technologies
Layer
E-coat
Primer
Base Coat
Clear Coat
Application
Automotive OEM
Automotive Refinish
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India Automotive Paints And Coatings Market Size Summary

The Indian automotive paints and coatings market is poised for significant growth, driven by the increasing production of vehicles and the rising demand for automotive refinish coatings. The market's expansion is supported by the robust performance of the automotive sector, which is a crucial indicator of the country's economic health. The demand for functional coatings, particularly polyurethane resins, is expected to dominate the market due to their superior properties such as high gloss, durability, and corrosion resistance. These coatings are essential for various automotive applications, including exterior finishes and windshield glazing. The market's growth trajectory is further bolstered by government initiatives like "Aatma Nirbhar Bharat" and "Make in India," which aim to strengthen the automotive industry and enhance domestic manufacturing capabilities.

The automotive sector's recovery post-COVID-19, coupled with the surge in electric vehicle sales, is anticipated to further propel the demand for automotive paints and coatings in India. The government's push for electric vehicles, supported by schemes like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles, is creating new opportunities in the market. This shift towards electric mobility is expected to increase the demand for high-end automotive applications, thereby supporting the market's growth. The market is characterized by a few major players, including Akzo Nobel NV, PPG Asian Paints, and Berger Paints India Limited, who dominate the landscape. Recent expansions and collaborations, such as BASF's Automotive Coatings Application Center and AkzoNobel's partnership with McLaren Racing, highlight the industry's focus on innovation and sustainability, further contributing to the market's positive outlook.

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India Automotive Paints And Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Automotive Refinish

      2. 1.1.2 Increasing Demand for Functional Coatings

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Ongoing Shortage of Semiconductors

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Resin Type

      1. 2.1.1 Polyurethane

      2. 2.1.2 Epoxy

      3. 2.1.3 Acrylic

      4. 2.1.4 Other Resin Types

    2. 2.2 Technology

      1. 2.2.1 Solvent-borne

      2. 2.2.2 Water-borne

      3. 2.2.3 Powder

      4. 2.2.4 Other Technologies

    3. 2.3 Layer

      1. 2.3.1 E-coat

      2. 2.3.2 Primer

      3. 2.3.3 Base Coat

      4. 2.3.4 Clear Coat

    4. 2.4 Application

      1. 2.4.1 Automotive OEM

      2. 2.4.2 Automotive Refinish

India Automotive Paints And Coatings Market Size FAQs

The India Automotive Paints And Coatings Market is projected to register a CAGR of 8.41% during the forecast period (2024-2029)

Akzo Nobel N.V., Berger Paints India Limited, Kansai Nerolac Paints Limited, Nippon Paint (India) Company Limited and PPG Asian Paints are the major companies operating in the India Automotive Paints And Coatings Market.

India Automotive Paints And Coatings Market Report Snapshots

India Automotive Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)