Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

India Paints and Coatings Market Size

The India paints and coatings market is projected to grow at a CAGR of 9.1% in the forecast period of 2024-2032.

India Paints and Coatings Market Outlook

  • The construction sector contributes to about 9% of India’s GDP. The increasing construction activities add to the demand for superior paints and coatings solutions.
  • By 2047, it is estimated that the population of India will reach 1.64 Bn, of which 51% of the population is anticipated to live in urban areas.
  • The middle-class population of India is expected to increase from 432 million people in 2020-21 to 715 million by 2030-31.

India Paints and Coatings Market Growth

The Indian paints and coatings market is one of the fastest-growing sectors across Asia. The rising real estate investments and infrastructure development in India are supporting the demand for paints and coatings across the country. The project completion in 2024-2025, along with increased government funding for affordable infrastructure and housing is supporting the market. In April 2024, the government of India announced their plans to construct 30 million affordable houses over the upcoming five years through PM Awas Yojana, in addition to the 40 million houses that are already under construction.

Prominent growth and contributions from the architectural and industrial sectors in India have allowed Indian manufacturers to witness growth over the years. Repainting of buildings is a key factor driving the demand for decorative paints. This is due to the increasing population, rising rental homes, and growing income levels of the population.

From July to September 2023, home sales in the seven largest cities of India including Mumbai, New Delhi, and Bangalore increased 36% compared to the same period in 2022, to more than 112,000 units. The growing recognition of some of the major cities like Bengaluru, Hyderabad, and Chennai as the best performing and preferred real estate destinations in India (South India in particular) is supporting the regional demand for paints and coatings.

India Paints and Coatings Market

India Paints and Coatings Industry Segmentation

India Paints and Coatings Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Architectural Coatings
  • Industrial Coatings
  • Market by Industry
    • Automotive
    • Wood
    • Transportation
      • Railroad Cards Construction and Repair
      • Marine Uses
      • Traffic
      • Bridges
      • Containers
      • Civil Infrastructure
    • Packaging
      • Can Coating
      • Food and Beverage Processing
    • Others
      • Oil and Gas
      • Primary Metals, Mining Operations
      • Polymer Flooring Systems
      • Coil Coating
      • Passive Fire Protection
      • Public Utilities
      • Water and STP
      • National Defense and Space
      • Pulp and Paper Mills
      • Other Processing Uses Incl. Textiles
  • Market by Binder Type
    • Epoxy (Two-Component)
    • Urethane (One-Component Moisture Cure or Two-Component)
    • Ethyl Silicate
    • Silicone
    • Vinyl
    • Chlorinated Rubber
    • Acrylic
    • Alkyd
    • Modified Binders
      • Modified Epoxies
      • Organic Zinc-Rich Coatings
      • Epoxy Esters
      • Coal Tar Epoxies
      • Phenolic-Modified Alkyds
      • Silicone-Modified Alkyds
      • Organic-Inorganic Siloxane
      • Hybrids (Polysiloxanes)
  • Market by Coating Type
    • Primers
    • Intermediates
    • Direct-to-Metal
  • Market by Paint Composition
    • Solid Content of Binder
    • Other Contents
  • Thermosetting Powder Coating
  • Market by End Use
    • General Metal Finishing
    • Appliances
    • Heating, Ventilation, and Air Conditioning (HVAC)
    • Electrical
    • Architectural
    • Automotive
    • Functional
    • Nonmetal
  • Market by Resin Type
    • Pure Epoxy
    • Epoxy/Carboxyl-Functional Polyester (Hybrid)
    • Polyester (Carboxyl-Functional)
    • Polyester (Hydroxyl-Functional) (Polyurethane)
    • Acrylic (Functionalized with Glycidyl Methacrylate)
  • Market by Decorative Properties
    • Smooth
    • Textures
    • Hammers
    • Metallics
    • Antiques
    • Clears
    • Special Effects Pigments
    • Wood Grain Effect

Market Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India

India Paints and Coatings Market Share

Based on region, the market is divided into North India, East and Central India, West India, and South India. South India is anticipated to grow significantly with the increasing number of government investments to boost the real estate and infrastructure sector, increasing incomes of the population, and rising middle-class.

Leading Companies in the India Paints and Coatings Market

New players are entering the market while existing companies are scaling up and modernising their operations, further enhancing their competitive edge.

  • Asian Paints Limited
  • Berger Paints India Limited
  • Akzo Nobel India Ltd
  • Indigo Paints Ltd
  • Kansai Nerolac Paints Limited
  • Shalimar Paints Limited
  • Jotun India Pvt. Ltd
  • Nippon Paint (India) Private Limited
  • Sheenlac Paints Ltd
  • Maharani Innovative Paints Pvt. Ltd
  • Others

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Region
Breakup by Type
  • Architectural Coatings
  • Industrial Coatings
  • Thermosetting Powder Coating
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Asian Paints Limited
  • Berger Paints India Limited
  • Akzo Nobel India Ltd
  • Indigo Paints Ltd
  • Kansai Nerolac Paints Limited
  • Shalimar Paints Limited
  • Jotun India Pvt. Ltd
  • Nippon Paint (India) Private Limited
  • Sheenlac Paints Ltd
  • Maharani Innovative Paints Pvt. Ltd.
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is estimated to grow at a CAGR of 9.1% between 2024 and 2032.

The different types of coatings included in the report are architectural coatings, industrial coatings, and thermosetting powder coatings.

The key trends driving the market growth are the rising use of water-based paints and coatings, rising demand for low-VOC paints, and increasing integration of advanced formulations.

The market is being driven by rising population, improving demographics, rising urbanisation, increasing disposable income and favourable government initiatives for infrastructure development.

The government initiatives include Smart City Mission, Urban Infrastructure Development Fund, PM Awas Yojana, etc.

As of June 10, 2024, the population of India is estimated to be 1,440,946,267.

Based on region, the market is divided into North India, East and Central India, West India, and South India.

The major players in the market are Asian Paints Limited, Berger Paints India Limited, Akzo Nobel India Ltd, Indigo Paints Ltd, Kansai Nerolac Paints Limited, Shalimar Paints Limited, Jotun India Pvt. Ltd, Nippon Paint (India) Private Limited, Sheenlac Paints Ltd, and Maharani Innovative Paints Pvt. Ltd, among others.

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