In the vibrant landscape of India’s paints and coatings market, the forecast for the period 2024-2028 is one of robust growth. This projection stems from a confluence of factors, including escalating infrastructure activities and increased government funding in the residential sector. As articulated in the TechSci Research report titled “India Paints & Coatings Market – By Region, Competition Forecast & Opportunities, 2018-2028,” various governmental schemes like AMRUT and the Pradhan Mantri Awas Yojana (PMAY), aimed at achieving Housing for All, further buoy the market outlook.
Recent Trends and Drivers
Recent trends in the paints and coatings industry in India reflect a growing emphasis on sustainability, technological innovation, and diverse application areas. With environmental concerns looming large, there’s a notable shift towards eco-friendly formulations and processes. Water-based paints, for instance, are gaining traction due to their lower VOC emissions and reduced environmental impact compared to solvent-based counterparts.
Furthermore, technological advancements are reshaping the industry landscape. Innovations such as self-healing coatings, anti-microbial coatings, and nano-coatings are expanding the functionalities of paints and coatings, catering to evolving consumer demands for durability, hygiene, and aesthetics.
The surge in construction activities, fueled by rapid urbanization and infrastructure development initiatives, stands out as a primary driver for the paints and coatings market. The wood, automobile & transportation, and construction sectors are significant consumers of these materials, utilizing them for protection, decoration, and functional enhancement purposes.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the “India Paints & Coating Market” – https://www.techsciresearch.com/report/india-paints-and-coatings-market/3138.html
Market Overview
Paints and coatings find extensive application across diverse sectors, ranging from building and construction to automotive and industrial machinery. Their versatile properties, including environmental resistance, corrosion protection, and aesthetic appeal, make them indispensable in safeguarding structures and enhancing their longevity.
Segmentation:
- Technology: The market is segmented into water-based and solvent-based technologies, with the former gaining prominence due to environmental regulations and consumer preferences for eco-friendly products.
- Resin: Resin types such as acrylic, alkyd, polyurethane, epoxy, polyester, and others offer distinct characteristics suitable for various applications, contributing to the market’s versatility and customization.
- Sales Channel: The sales channels encompass both direct and indirect modes, catering to the diverse procurement needs of customers across different segments.
- End Use: The end-use applications span architectural, industrial, and infrastructure sectors, each exhibiting unique requirements and growth prospects.
Key Findings and Forecast
The epoxy resin segment emerges as a frontrunner in the market, poised to maintain its dominance and witness a high CAGR during the forecast period. This dominance is attributed to epoxy resin’s superior performance on heavy-duty metal substrates and its eco-friendly profile compared to conventional alternatives. Applications such as water treatment facilities, tank linings, and food storage coatings underscore its diverse utility across critical sectors.
In terms of end-use segmentation, the architectural segment commands the largest market share, driven by the burgeoning demand for decorative and protective coatings in residential and non-residential construction projects. With coatings playing a vital role in safeguarding structures against environmental factors and enhancing aesthetics, the architectural segment is poised for sustained growth.
Competitive Landscape
The competitive landscape of the India Paints & Coatings Market is characterized by the presence of established players and a constant drive for innovation and market differentiation. Key market players 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 industry stalwarts leverage their extensive expertise, R&D capabilities, and distribution networks to maintain their competitive edge and cater to the evolving needs of customers across diverse sectors.
Benefits of the Research Report
- Strategic Insights: Gain valuable insights into market trends, drivers, and challenges to formulate informed business strategies.
- Market Sizing and Forecasting: Access accurate market sizing data and forecasts to identify growth opportunities and make informed investment decisions.
- Competitive Analysis: Understand the competitive landscape and benchmark your performance against industry peers to stay ahead in the market.
- Segmentation Analysis: Identify lucrative segments and tailor your product offerings and marketing strategies to address specific customer needs.
- Technology Assessment: Stay abreast of technological advancements and innovations driving market growth and differentiation.
- Regulatory Landscape: Navigate through regulatory complexities and compliance requirements effectively to mitigate risks and ensure market success.
- Customer Insights: Understand evolving customer preferences and behavior patterns to tailor your products and services accordingly.
- Supply Chain Dynamics: Analyze supply chain dynamics to optimize procurement, production, and distribution processes for enhanced efficiency and cost-effectiveness.
- Investment Opportunities: Identify lucrative investment opportunities across different segments and geographies to maximize returns and mitigate risks.
- Strategic Partnerships: Explore collaboration opportunities with key market players to leverage synergies and drive mutual growth and competitiveness.
India Paints & Coatings Market presents a promising outlook for the forecast period 2024-2028, driven by escalating infrastructure activities, government initiatives, and technological advancements. With sustainable practices, innovation, and strategic partnerships, industry players can capitalize on emerging opportunities and navigate through challenges to unlock their full growth potential in this dynamic market landscape.
Facts-
- The Indian coatings market has a volume of approximately 5.3 billion EUR with a volume of 3.6 million tons of paint.
- The Indian coatings market is still dominated by decorative paints which have a share of 80%.
- Estimated to be at about $1.9 billion, industrial paint accounts for 25 percent of total paint demand in India.
- The top 10 paint and coatings producers account for more than 80% of the country’s paint industry.
- 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 significantly1.
- 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.
- Fluctuations in raw material prices and stringent environmental regulations regarding volatile organic compounds (VOC) are likely to hamper the market’s growth.
- Architectural coatings are used for commercial purposes, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings.
- India has been experiencing rapid urbanization and infrastructure development, which has led to a surge in construction projects.
- The residential sector in the country is on an increasing trend, with government support and initiatives that are further boosting the demand.
- The sub-segment includes auto OEM, refinishing, protective coatings, powder coatings, general industrial (GI) and other segments.
- Auto OEM and refinish forms the largest component of industrial paints in India.
- The top 10 paint and coatings producers are gradually increasing their market share at the expense of smaller, unorganised sector paint producers, who cater to niche sub-segments and geographies.
- India’s burgeoning population and urbanization have been driving significant demand for paints and coatings in the country.
- The automotive industry in India has been experiencing robust growth, fueled by rising disposable incomes, changing consumer preferences, and government policies promoting domestic manufacturing and electric vehicles.
Download Free Sample Report – https://www.techsciresearch.com/sample-report.aspx?cid=3138
Customers can also request for 10% free customization on this report.
“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.
Related Reports:
Blog :
Top 10 Airport Infrastructure Services Companies in the World
Contact
US –
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]