India Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Other Resin Types), by Technology (Water-borne, Solvent-borne, Powder Coatings, Other Technologies), by End-user (Architectural, Automotive, Wood, Industrial, Transportation, Packaging)

Market Snapshot

Market Summary - South America Paints and Coatings Market
Study Period: 2017-2027
Base Year: 2021
CAGR: >8 %

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Market Overview

The India paints and coatings market is estimated to witness a significant growth, at an estimated CAGR of over 8%, over the forecast period. <Construction work in the country has come to a standstill, owing to the nationwide lockdown imposed in 2020 to combat the COVID-19 pandemic kicking in, triggering concerns that the companies would see revenues being hurt and may even incur losses on some projects. The country-wide lockdown imposed by the government to check the spread of coronavirus resulted in construction companies announcing a shutdown of operations. This delayed the implementation of projects, leading to cost overruns and impacts on the workforce. <The outbreak of COVID-19 is likely to bring several short-term and long-term consequences in the various industries, including major impact on the construction industry, which may affect the paints and coatings market in the country. Growing demand from the construction industry, coupled with rising infrastructure activities, is driving the demand for the market studied.

  • Decreasing automotive production and sales in the country are estimated to hamper the growth of the market studied.
  • The use of nanotechnology in the paints and coatings industry is expected to offer various opportunities for the growth of the market studied during the forecast period.

Scope of the Report

The market is segmented by Resin Type such as Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Other Resin Types. By Technology, the market has been segmented into Water-borne, Solvent-borne, Powder Coatings, Other Technologies. Furthermore, by End-user Industry the market has been segmented into Architectural, Automotive, Wood, Industrial, Transportation, Packaging.

Resin Type
Other Resin Types
Powder Coating
Other Technologies

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Key Market Trends

Acrylic Resin Dominating the Market

  • Acrylic resins are the most widely used polymers in the paint and coatings industry. Most of the acrylic paints are water-based or solvent-based and are available as emulsions (latices), lacquers (lower volume solids), enamels (higher volume solids), and powders (100% solids).
  • The common acrylic polymers come in a wide variety of types and combinations, such as methyl and butyl methacrylate. In the case of inexpensive paints, polyvinyl acetate is used primarily.
  • The two principal forms of acrylic used are thermoplastic and thermoset. Thermoplastics acrylic resins are synthetic resins achieved by polymerization of different acrylic monomers. Thermosets are cured at elevated temperatures by reacting them with other polymers. Thermoplastic acrylic resins are of two types, namely solution acrylics and acrylic latex coatings.
  • Furthermore, the acrylic resins develop properties, such as transparency, high colorability, and UV resistance in coating solutions. They are used in waterborne systems very often, which result in low VOC emission. The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, the acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids.
  • The application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. The water-based acrylic coatings are high in demand, owing to the environmental concerns, as the negative impact of VOCs affecting the air quality in the environment.
  • The primary binder type in the India paints and coatings market is acrylic, with a total share of more than 70% of all the waterborne coatings. Acrylic is widely used in architectural coatings.
  • Such positive factors are likely to increase demand over the forecast period.
India Paints and Coatings Market - Segmentation Trend 1

Increasing Demand from Architectural Industry

  • Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes, but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used on.
  • For example, because of moisture, the bathroom walls need to have wipe-ability for keeping them clean. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate. So, these types of paints are used in bathroom.
  • Paints and coatings are applied on the exterior of the house to not only to give them a new look, but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
  • The residential sector in the country is on an increasing trend, with government support/initiatives further boosting the demand. Ministry of Housing and Urban Development (MoHUA) allocated funds in the 2021 budget for the construction of houses and the creation of funds in order to complete the halted projects.
  • Furthermore, initiatives such as Pradhan Mantri Awas Yojana (PMAY) program, are intended to provide affordable homes to many people by 2022. Also, the government is also into providing some subsidiary on interest on housing loan, if the citizen build/buys their first house.
  • Also, the country is also expanding its commercial sector, thus having a positive impact on the architectural emulsion coatings market. For instance, in Sept 2021, almost 92 new school buildings coupled with 48 labs and three libraries were opened in the Southern part of the country.
India Paints and Coatings Market - Segmentation Trend 2

Competitive Landscape

The market studied is highly consolidated, with the top five players contributing to more than 70% of the market share. The major companies include Asian paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, Akzo Nobel N.V., and Nippon Paint (India) Company Limited, among others.

Recent Devlopments

  • In Sep 2019, Asian Paints announced to sell its entire stake in Berger Paints Singapore Pte Ltd, a manufacturer of various emulsion coatings, to Omega Property Investments Pty Ltd (Australia).

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Construction Industry

      2. 4.1.2 Rising Infrastructure Activities

    2. 4.2 Restraint

      1. 4.2.1 Hazardous to health

      2. 4.2.2 Substitution of Alternative Chemicals

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Resin Type

      1. 5.1.1 Acrylic

      2. 5.1.2 Alkyd

      3. 5.1.3 Polyurethane

      4. 5.1.4 Epoxy

      5. 5.1.5 Polyester

      6. 5.1.6 Other Resin Types

    2. 5.2 End-user

      1. 5.2.1 Architectural

      2. 5.2.2 Automotive

      3. 5.2.3 Wood

      4. 5.2.4 Industrial

      5. 5.2.5 Transportation

      6. 5.2.6 Packaging

    3. 5.3 Technology

      1. 5.3.1 Water-borne

      2. 5.3.2 Solvent-borne

      3. 5.3.3 Powder Coating

      4. 5.3.4 Other Technologies


    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel N.V.

      2. 6.4.2 Asian Paints

      3. 6.4.3 Berger Paints India Limited

      4. 6.4.4 Jotun

      5. 6.4.5 Kansai Nerolac Paints Limited

      6. 6.4.6 Nippon Paint (India) Company Limited

      7. 6.4.7 Shalimar Paints

      8. 6.4.8 Sheenlac Paints Ltd

      9. 6.4.9 Snowcem Paints

      10. 6.4.10 Weilburger

    5. *List Not Exhaustive

    1. 7.1 Use of Nanotechnology in the Paints and Coatings Industry

**Subject to Availability

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Frequently Asked Questions

The India Paints and Coatings Market market is studied from 2017 - 2027.

The India Paints and Coatings Market is growing at a CAGR of >8% over the next 5 years.

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

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