India Paints and Coatings Market Size, Share, Industry Analysis, Growth, Forecasts 2032

India Paints and Coatings Industry Prospective:

The India paints and coatings market size was evaluated at in $14.41 billion in 2023 and is set to hit $32.71 billion by the end of 2032 with a CAGR of nearly 9% between 2024 and 2032.

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India Paints and Coatings Market: Overview

Paints and coatings play a key role in a slew of end-use sectors including residential as well as industrial sectors. A rise in customer awareness about improving the visual appeal of their residences along with the need for protecting homes and commercial buildings from severe climatic conditions is likely to prop up the demand for paints and coatings in India.

Key Insights

• As per the analysis shared by our research analyst, the India paints and coatings market is projected to expand annually at the annual growth rate of around 9% over the forecast timespan (2024-2032)
• In terms of revenue, the India paints and coatings market size was evaluated at nearly $14.41 billion in 2023 and is expected to reach $32.71 billion by 2032.
• India paints and coatings market is anticipated to grow rapidly over the forecast timeline owing to flourishing construction and automotive sectors along with rising per capita income.
• In terms of technology, the water-based segment is slated to register the highest CAGR over the forecast period.
• Based on resin, the acrylic segment is predicted to contribute majorly towards the industry growth in the upcoming years.
• On the basis of end-use, the construction segment is predicted to dominate the segment in the ensuing years.

Request Free SampleIndia Paints and Coatings Market: Growth Factors

Thriving construction activities are likely to spur market growth in the country over the analysis timeline

Flourishing construction and automotive sectors along with rising per capita income are anticipated to steer the growth of the India paints and coatings market in the years ahead. Swift infrastructural growth along with surging urbanization is projected to prop up the expansion of the market in India. An increment in vehicle production has resulted in a huge demand for automotive coatings, thereby embellishing the expansion of the market in India. Strict laws related to environmental pollution and demand for high-performance coatings will spur the growth of the market in India. Technological breakthroughs such as the development of smart coatings and nanotechnology will prop up the growth of the market in India. Moreover, the launching of smart city concepts is likely to spearhead the growth of the market across the globe.  

India Paints and Coatings Market: Restraints

An increment in the raw component prices can halt the expansion of the industry in India

An increase in raw material costs owing to a surge in import duties along with growing political instabilities across the globe can hinder the expansion of the India paints and coatings industry. Furthermore, supply chain disruptions along with oscillations in crude oil costs have led to adverse impacts on the expansion of the industry in India.

India Paints and Coatings Market: Opportunities

Escalating vehicle coatings sector to open new growth avenues for the market in India over 2024-2032

Growing need for sustainable and eco-friendly products is predicted to open new growth avenues for the India paints and coatings market. Apart from this, the flourishing automotive coatings sector and growing Do-It-Yourself trends are predicted to generate new facets of expansion for the market in the country.

India Paints and Coatings Market: Challenges

Altering consumer tastes and dynamic pricing can challenge the industry expansion in India

Constantly changing customer preferences along with price disputes are expected to challenge the expansion of the India paints and coatings industry. Difficulty in maintaining high-quality standards along with ensuring consistent product quality is projected to pose a big hurdle in the expansion of the industry in India.

India Paints and Coatings Market: Segmentation

The India paints and coatings market is divided into technology, resin, end-use, and region.                                          

In terms of technology, the India paints and coatings market is bifurcated into water-based and solvent-based segments. Additionally, the water-based segment, which accrued nearly 48% of the market revenue in 2023, is slated to register the highest growth rate yearly in the forecast time interval. The progress of the segment in the next few years can be due to favorable features of water-based coating technology such as low emission of volatile organic compounds, eco-friendliness, extreme strength, and low energy consumption.  

Based on the resin, the India paints and coatings industry is divided into epoxy, acrylic, polyurethane, polyester, and alkyd segments. Furthermore, the acrylic segment, which garnered approximately 72% of the industry earnings in 2023, is expected to make key contributions towards the industry expansion in the forecasting timeline. The surge of the segment in the analysis timeframe can be due to versatility, cost-efficiency, and extensive use of resins in architectural paints & vehicle refinishing.

On the basis of end-use, the India paints and coatings market is bifurcated into construction, infrastructure, architectural, and industrial segments. Additionally, the construction segment, which accrued nearly 50% of the market revenue in 2023, is projected to lead the segment in the forecast time interval. The progress of the segment in the next few years can be due to the rise in the use of paints  & coatings in the construction activities in India.

India Paints and Coatings Market: Report Scope

Key Developments

• In the second half of 2024, Asian Paints allocated huge funds for expanding its production capacity in Mysore, Ankleshwar, and Khandala. Such strategic moves will embellish the growth of the paints & coatings sector in India.

India Paints and Coatings Market: Competitive Space

India paints and coatings market profiles key players such as:

• Nippon Paint India
• JSW Paints
• Asian Paints
• Akzo Nobel India
• Indigo Paints
• Berger Paints India Limited
• Sirca Paints
• Kansai Nerolac Paints Limited
• Grasim Industries
• Nippon Paint Holdings Co. Ltd
• Sheenlac Paints
• DuPont India
• Jotun India Pvt Ltd
• BASF SE
• Masco Corporation
• AkzoNobel N.V.
• RPM International Inc.
• National Paints
• PPG Industries
• Shalimar Paints

The India paints and coatings market is segmented as follows:

By Technology

• Water-Based
• Solvent-Based

By Resin

• Epoxy
• Acrylic
• Polyurethane
• Polyester
•  Alkyd

By End-Use

• Infrastructure
• Architectural
• Construction
• Industrial

By Region

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