According to the TechSci Research report, “India Paints & Coatings Market – By Region, Competition Forecast & Opportunities, 2018-2028,” the India Paints & Coatings Market is expected to register robust growth during the forecast period 2024-2028. This growth is fueled by rising infrastructure activities, the union government’s increased allocation of funds in the residential sector, and various government schemes such as AMRUT, Pradhan Mantri Awas Yojana (PMAY), and Housing for All, among others across the nation.
Paints and coatings find extensive use in sectors such as wood, automobile & transportation, and construction. They are widely employed in the building and construction sector to shield structures from external damage and for decorative purposes in both residential and non-residential infrastructure, industrial machinery, automobiles, boats, industrial wood, and other applications.
These materials are extensively employed in a variety of applications due to their unique properties, including environmental resistance, corrosion resistance, reflection-absorption, anti-friction, and hardness. This comprehensive analysis delves into the key drivers fueling the market’s growth, the competitive landscape, and the potential benefits that this thriving industry holds for stakeholders.
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Market Segmentation
The India Paints & Coatings market is segmented into Technology, Resin, Sales Channel, End Use, Region, and Competitive Landscape, providing valuable insights for stakeholders.
By Technology
The market is segmented into water-based and solvent-based technologies.
- Water-Based: These eco-friendly paints are gaining popularity due to their lower VOC (Volatile Organic Compound) emissions and faster drying times.
- Solvent-Based: These traditional paints offer durability and resistance to harsh conditions, but may have higher VOC emissions.
By Resin
The market is fragmented into Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others. The epoxy segment is expected to maintain the largest share in the upcoming years and exhibit a high CAGR during 2024-2028. Epoxy resins are frequently employed by the paint and coating industry on heavy-duty metal substrates due to their advantages over conventional heat-cured powder coatings, such as using less energy. Epoxy resin-based paints and varnishes are also regarded as more environmentally friendly than other chemicals.
- Acrylic: Versatile and durable, acrylic paints are widely used for both interior and exterior applications.
- Alkyd: These fast-drying paints offer good adhesion and are commonly used for metal surfaces and wood finishes.
- Polyurethane: Offering superior chemical resistance and durability, polyurethane paints are used for high-traffic areas and industrial applications.
- Epoxy: Known for excellent adhesion and chemical resistance, epoxy paints are used for heavy-duty applications like tank linings and industrial floors.
- Polyester: These cost-effective paints offer good durability and are used for various applications, including coil coatings for metal products.
By Sales Channel
The market is segmented into direct and indirect sales channels.
- Direct Sales: Manufacturers may sell directly to large industrial consumers or construction companies.
- Indirect Sales: Paints and coatings are often distributed through a network of retailers, hardware stores, and paint shops.
By End Use
The market is segmented into Architectural, Industrial, and Infrastructure. The architectural segment is expected to maintain the largest market share and a high CAGR during the forecast period. Coatings and paints are primarily employed for decorative purposes in architectural applications to protect residential and non-residential structures from environmental elements, ultraviolet radiation, and other hazards.
- Architectural: This is the largest segment, encompassing paints and coatings used for residential and commercial buildings.
- Industrial: This segment includes paints and coatings used for various industrial applications, such as machinery, pipelines, and infrastructure.
- Infrastructure: This segment focuses on paints and coatings used for infrastructure projects like bridges, roads, and transportation systems.
Regional Analysis
The report provides a regional analysis of the India Paints & Coatings Market, offering insights into the market dynamics and growth potential across different geographical regions within the country.
Drivers of Growth
Infrastructure Development and Government Initiatives
The rising infrastructure activities and the union government’s increased allocation of funds in the residential sector are significant drivers of the India Paints & Coatings Market. Government schemes such as AMRUT, Pradhan Mantri Awas Yojana (PMAY), and Housing for All are further fueling the demand for paints and coatings across the nation.
As infrastructure development and housing projects gain momentum, the need for protective and decorative coatings for residential and non-residential structures continues to rise, driving market growth.
Diverse End-Use Applications
The wood, automobile & transportation, and construction sectors extensively utilize paints and coatings. These materials are widely employed in the building and construction sector to shield structures from external damage and for decorative purposes. Additionally, paints and coatings are applied to industrial machinery, automobiles, boats, industrial wood, and other applications, contributing to the market’s expansion.
Unique Material Properties
Paints and coatings are extensively employed in various applications due to their unique properties, including environmental resistance, corrosion resistance, reflection-absorption, anti-friction, and hardness. These properties make them suitable for a wide range of applications, driving their demand across industries.
Competitive Analysis
The India Paints & Coatings Market is highly competitive, with numerous players vying for market share. These companies employ various strategies, such as product innovations, strategic partnerships, and geographical expansions, to strengthen their market positions. Some of the major companies operating in this market include:
- Asian Paints Limited
- Berger Paints India Limited
- Akzo Nobel India Ltd
- Kansai Nerolac Paints ltd
- Shalimar Paints Limited
- Jotun India Pvt. Ltd
- Nippon Paint (India) Private Limited
- Sheenlac Paints Ltd
- Snowcem Paints Private Limited
- Weilburger Coatings (India) Private Limited
These companies are constantly investing in research and development to introduce new and improved paints and coatings solutions that cater to the evolving demands of various industries. Additionally, they focus on expanding their production capacities and distribution networks to enhance their reach and market penetration within India.
Benefits of the Research Report
The TechSci Research report on the India Paints & Coatings Market provides valuable insights and benefits for stakeholders, including:
- Comprehensive Market Analysis: The report offers an in-depth analysis of the market, covering its size, share, trends, and growth prospects, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.
- Competitive Insights: The study provides a detailed competitive analysis, highlighting the strengths and weaknesses of key players, their market strategies, and their impact on the overall industry landscape.
- Segmentation Analysis: By segmenting the market based on technology, resin, sales channel, end-use, and region, the report allows stakeholders to identify lucrative niche markets and tailor their strategies accordingly.
- Industry Trends and Drivers: The report identifies and analyzes the key drivers and trends shaping the India Paints & Coatings Market, enabling stakeholders to anticipate and adapt to market changes.
- Regional Analysis: The regional analysis provided in the report offers insights into the market dynamics and growth potential across different geographical regions within India, facilitating informed decision-making for expansion and investment strategies.
- Future Outlook: The report provides forecasts and projections for the market’s growth, enabling stakeholders to plan and align their business strategies with the anticipated market developments.
The TechSci Research report on the India Paints & Coatings Market serves as a comprehensive and invaluable resource for industry players, investors, and other stakeholders seeking to gain a competitive edge and capitalize on the opportunities presented by this thriving market.
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“The India Paints & Coatings market is expected to boost in the upcoming years and maintain a high CAGR during 2024-2028 owing to rising infrastructure development in the commercial and residential sectors. Moreover, the government increasing fund allocation in the infrastructure sector is also contributing to the market growth. For instance, Smt. Nirmala Sitharaman, the Union Finance Minister, stated in her budget speech for 2023–2024 that the Central Government intended to create an Urban Infrastructure Development Fund with an annual budget of USD 1221.78 million that would be used to develop infrastructure in Tier-2 and Tier-3 cities all across the nation. Additionally, the national government has allocated USD 16.5 million to the HRIDAY initiative, which promotes the growth of old cities. Among other government initiatives, AMRUT and the Pradhan Mantri Awas Yojana (PMAY), a national housing program, are anticipated to have a significant positive impact on the infrastructure and building sectors. Therefore, these factors propel the demand for paints & coatings in the upcoming years 2024-2028.’’ said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Paints & Coatings Market By Technology (Water Based and Solvent Based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Sales Channel (Direct, and Indirect), By End Use (Architectural, Industrial and Infrastructure), By Region, Competition Forecast & Opportunities, 2018-2028F,” has assessed the India Paints & Coatings market’s future development potential and provides data and information on market size, structure, and projected market growth. The report’s goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the India Paints & Coatings market.
Table Of Content:
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
4. Impact of COVID-19 on India Paints & Coatings Market
5. Voice of Customer
5.1. Brand Awareness
5.2. Key Factors for Selecting Vendor
5.3. Key Satisfaction Level
5.4. Key Challenges Faced
6. India Paints & Coatings Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Technology (Water based, Solvent based)
6.2.2. By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others)
6.2.3. By Sales Channel (Direct, Indirect)
6.2.4. By End Use (Architectural, Industrial, Infrastructure)
6.2.5. By Region (North, East, West, South)
6.2.6. By Company (2022)
………………….continued
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