Market Size of India Paints And Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.56 Billion |
| Market Size (2029) | USD 15 Billion |
| CAGR (2024 - 2029) | 9.38 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Paints And Coatings Market Analysis
The India Paints And Coatings Market size is estimated at USD 9.56 billion in 2024, and is expected to reach USD 15.00 billion by 2029, growing at a CAGR of 9.38% during the forecast period (2024-2029).
COVID-19 hampered the paint industry market in India. With economic uncertainties and a slowdown in various sectors such as real estate, construction, and automotive, the demand for paints decreased significantly. Many construction projects were halted or delayed, leading to reduced demand for decorative and industrial paint. As economic activities gradually resumed and construction projects restarted, the demand for paints in the construction and real estate sectors began to recover.
Factors such as the growing demand from the construction industry, coupled with the recovering automotive industry, are driving the demand for the paint industry in India.
On the flip side, fluctuations in raw material prices and stringent environmental regulations regarding volatile organic compounds (VOC) are likely to hamper the market's growth.
The use of nanotechnology in the paints and coatings industry and the rising demand for eco-friendly paints are expected to offer various market growth opportunities during the forecast period.
India Paints And Coatings Industry Segmentation
Paints and coatings are utilized in the architectural, automotive, wood, industrial, transportation, and packaging industries. They are intended for several applications, such as corrosion resistance, damage prevention, decorative reasons, and others.
The Paint Industry in India is segmented by technology, resin type, and end-user industry. On the basis of technology, the market is segmented into water-borne coatings, solvent-borne coatings, powder coatings, and radiation-cured coatings. On the basis of resin type, the market is segmented into acrylic, alkyl, polyurethane, epoxy, polyester, and other resin types (vinyl and latex). In the end-user industry, the market is segmented into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging. For each segment, the market sizing and forecasts were made on the basis of value (USD).
| Technology | |
| Water-borne Coatings | |
| Solvent-borne Coatings | |
| Powder Coatings | |
| Radiation Cured Coatings |
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types (Vinyl, Latex) |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Protective Coatings | |
| General Industrial | |
| Transportation | |
| Packaging |
India Paints And Coatings Market Size Summary
The paint industry in India is poised for significant growth, driven by the resurgence of economic activities and infrastructure development. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had led to a decline in demand due to halted construction projects and economic uncertainties. As the construction and real estate sectors regain momentum, the demand for paints, particularly architectural coatings, is expected to rise. This growth is further supported by government initiatives aimed at boosting the residential sector, such as the Pradhan Mantri Awas Yojana, which provides affordable housing and financial incentives. The expansion of the commercial sector also contributes to the increasing demand for architectural emulsion coatings. However, challenges such as fluctuating raw material prices and stringent environmental regulations regarding volatile organic compounds (VOCs) may impact market growth.
The automotive and construction industries are key drivers of demand for paints and coatings in India. The automotive sector's growth has led to increased use of acrylic coatings, both for interior and exterior applications, while water-based acrylic coatings are gaining popularity due to environmental concerns. The market is characterized by the presence of major players like Asian Paints, Berger Paints India Limited, and Kansai Nerolac Paints Limited, among others. These companies are actively investing in technological advancements and production facilities to enhance their market position. Innovations such as the collaboration between AkzoNobel and coatingAI to reduce carbon footprints and improve paint application processes highlight the industry's focus on sustainability and efficiency. Overall, the Indian paints and coatings market is expected to witness robust growth, driven by urbanization, infrastructure development, and technological advancements.
India Paints And Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Construction Industry in the Country
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1.1.2 Recovery of The Automotive Industry
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1.2 Restraints
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1.2.1 Fluctuation in the Raw Material Prices
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1.2.2 Stringent Environmental Regulations Regarding Volatile Organic Compounds (VOC)
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market size in Value)
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2.1 Technology
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2.1.1 Water-borne Coatings
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2.1.2 Solvent-borne Coatings
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2.1.3 Powder Coatings
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2.1.4 Radiation Cured Coatings
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2.2 Resin Type
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2.2.1 Acrylic
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2.2.2 Alkyd
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2.2.3 Polyurethane
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2.2.4 Epoxy
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2.2.5 Polyester
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2.2.6 Other Resin Types (Vinyl, Latex)
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2.3 End-user Industry
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2.3.1 Architectural
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2.3.2 Automotive
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2.3.3 Wood
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2.3.4 Protective Coatings
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2.3.5 General Industrial
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2.3.6 Transportation
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2.3.7 Packaging
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India Paints And Coatings Market Size FAQs
How big is the India Paints And Coatings Market?
The India Paints And Coatings Market size is expected to reach USD 9.56 billion in 2024 and grow at a CAGR of 9.38% to reach USD 15 billion by 2029.
What is the current India Paints And Coatings Market size?
In 2024, the India Paints And Coatings Market size is expected to reach USD 9.56 billion.
