India Paints & Coatings Market Overview, 2028

India Paints & Coatings Market Overview, 2028

India, a land of diversity and rich heritage, boasts a paint and coating industry that mirrors its manifold splendours. Like an artist's palette, this market blends tradition with cutting-edge technology, offering an enchanting blend of ancient craftsmanship and modern advancements. With a history steeped in the ancient art of wall paintings and the use of natural dyes, India has evolved into a leading player in the global paint and coating arena. Colours have a unique meaning in a country where colourful festivals inspire the spirit of celebration. The Indian paint and coating sector perfectly captures this character, providing a wide range of colours that give life to residences, businesses, and architectural wonders. The market caters to every taste and style, turning fantasies into reality with anything from calming pastels that make peaceful havens to vibrant, statement-making paints that adorn modern architecture. The Indian paint and coating business encourages innovation to protect and maintain in addition to aesthetics. Eco-friendly paints and coatings have become more popular as the nation adopts sustainable practises, ensuring a better future. The market sets the standard for ethical decisions that protect both the environment and human health, from low-VOC formulations to water-based treatments.

According to the research report India Paints and Coatings Market Overview, 2028, published by Bonafide Research, the India paints and coatings market is expected to add more than 4.4 billion by 2023–2028, India's broad landscape offers a variety of climates, from the hot southern coastlines to the cold northern highlands. With solutions specifically designed to endure the rigours of each region, the paint and coating business rises to the challenge. These coatings offer endurance and resistance, reinforcing structures against nature's extremes, whether it be the sweltering summers or the monsoon's unrelenting downpours. The industry's tireless pioneers, a group of visionaries, engineers, and artists, fuel this thriving ecology. They work to push the envelope, reimagining tried-and-true methods while embracing cutting-edge formulations. Modern research and development facilities enable the market to continuously develop, bringing new items that satisfy customers' changing needs.

The Indian market is highly competitive, with both domestic and international players vying for market share. The presence of renowned global companies and the emergence of indigenous paint manufacturers have fostered a dynamic ecosystem, spurring innovation and driving product diversification. The paints and coatings market in India is adorned with a multitude of key players who shape the industry's landscape with their expertise and innovation. Among the prominent names is Asian Paints, the market leader known for its extensive range of decorative paints and superior-quality products. Berger Paints India, with its wide distribution network and focus on customer-centric solutions, stands as a significant player. Kansai Nerolac Paints, renowned for its cutting-edge technology and diverse product portfolio, has established a strong presence in the market. Additionally, AkzoNobel India, with its global expertise and commitment to sustainability, remains a frontrunner in the industry. Decorative paints constitute a significant portion of the Indian market, reflecting the country's emphasis on beautification and aesthetics. The demand for decorative paints is driven by factors such as urbanisation, rising disposable incomes, and a growing focus on home improvement and interior design. With increasing environmental awareness, there has been a notable shift towards eco-friendly and sustainable paint solutions in India. Low-VOC (volatile organic compound) and lead-free paints are gaining popularity as consumers prioritise products that are healthier for both humans and the environment.

In the Indian paint and coating market, a diverse range of products find applications across various sectors. Waterborne coatings, known for their low VOC content and environmental friendliness, are widely used in architectural coatings. Solvent-borne coatings, known for their unique properties, are used in certain industrial applications. Powder coatings have witnessed substantial growth in recent years, particularly in industries such as automotive, appliances, and furniture. UV-cured coatings, known for their rapid curing time and high-performance characteristics, have found niche applications in sectors like electronics, automotive, and printing. Each of these product categories plays a crucial role in meeting the diverse needs of customers across industries. A wide variety of resin types, including acrylic, alkyd, epoxy, polyester, polyurethane, fluoropolymer, and vinyl, are available in the paint and coatings market in India. Epoxy resins are used for their chemical resistance and high adhesion; polyester resins for their toughness and flexibility; polyurethane resins for their durability and resistance to abrasion; fluoropolymer resins for their non-stick qualities; and vinyl resins for their affordability and versatility. Acrylic resins are used for their weatherability and colour retention. Alkyd resins are used for their versatility and adhesion properties. In order to meet a wide range of customer needs and application requirements, each type of resin has its own distinct qualities and advantages on the market.

The paint and coating industry in the Indian market finds extensive usage across multiple sectors. The largest application of paints and coatings in India is in the construction and architectural sectors, encompassing residential, commercial, and public infrastructure. Interior and exterior decorative coatings are widely employed to enhance aesthetics, protect surfaces, and provide durability. Additionally, the automotive industry is a significant consumer of coatings, utilising them for both protection and decorative purposes on vehicles. Industrial applications include the use of coatings in manufacturing plants, refineries, and chemical processing facilities to safeguard equipment, prevent corrosion, and ensure longevity. Moreover, the market extends to sectors such as furniture, appliances, textiles, packaging, and marine, where coatings play a vital role in enhancing product appearance, performance, and protection. The diverse range of applications underscores the pervasive presence of paints and coatings throughout the Indian market, catering to the needs of various industries and sectors.

The Indian government has implemented several regulations to ensure consumer safety, product quality, and environmental protection in the paint and coating market. These include the Bureau of Indian Standards (BIS) certification, restrictions on the use of lead-based paints, and efforts to promote eco-friendly practises. These regulations mandate the use of low-VOC or zero-VOC formulations, driving the industry towards more sustainable and environmentally friendly paint solutions. Numerous accredited organisations and certifications govern and lead the paint and coating sector in India. The Indian Paint Association (IPA) serves as a forum for discussion, support of public policy, and knowledge exchange. The GreenPro accreditation, which is provided by the Confederation of Indian Industry (CII), honours paints and coatings that satisfy specified sustainability standards. Authorised associations and certifications work together to ensure industry standards, encourage ethical behaviour, and support a competitive and sustainable paints and coatings market.

Considered in this report:
• Geography: India
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• India Paints and Coatings Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Waterborne Coatings
• Solventborne Coatings
• Powder Coatings
• UV Cured Coatings
• Others Segment Includes (Speciality Coating (Primer, Topcoat, Undercoat, etc.), Electron Beam Cure coating, High Solids Coatings, etc.)

By Application Type:
• Architectural
• Industrial

By Resin Type:
• Acrylic
• Alkyd
• Epoxy
• Polyester
• Polyurethane
• Fluoropolymers
• Vinyl
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. We have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to paints and coatings industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Keywords:
India, architecture, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, waterborne, solvent borne, powder coating, epoxy, acrylic, polyester, alkyd.