India Solvent Borne Coatings Market Overview, 2028

India Solvent Borne Coatings Market Overview, 2028

Performance, sustainability, and innovation are combined in the India Solvent-Borne market to create a tapestry of coatings and adhesives that adorn the nation's homes, cars, and other structures like the canvases of great painters. The expansion of key industries such as automotive, infrastructure, and consumer goods has driven the demand for solvent-borne coatings and adhesives. These sectors require high-performance coatings and adhesives for protection, aesthetics, and durability. With increasing urbanization and infrastructure development projects across the country, there is a growing need for solvent-borne coatings in construction activities. These coatings offer corrosion resistance, weather protection, and enhance the aesthetic appeal of buildings and structures. As disposable incomes rise and lifestyles evolve, there is a greater demand for packaged goods, including food and beverages, cosmetics, and personal care products. Solvent-borne coatings are extensively used for packaging materials to ensure product safety, visual appeal, and shelf life. The automotive industry is one of the key drivers of the solvent-borne market in India. Solvent-borne coatings are extensively used in automotive manufacturing for applications such as body painting, surface finishing, and corrosion protection. The booming automotive sector in India has fueled the demand for solvent-borne coatings.

According to the research report India Solvent Borne Coatings Market Overview, 2028, published by Bonafide Research, The India Solvent Borne Coatings Market is expected to grow at above 7.06 % CAGR from 2023 to 2028. The solvent-borne market in India is highly competitive, with both domestic and international players operating in the industry. Major companies in the Indian market include Asian Paints, Berger Paints, AkzoNobel India, Kansai Nerolac, and Pidilite Industries, among others. These companies compete based on product quality, innovation, distribution networks, and customer service. The solvent-borne market in India is witnessing technological advancements aimed at improving performance, durability, and sustainability. Manufacturers are investing in research and development activities to develop innovative solvent-borne formulations that offer better adhesion, corrosion resistance, and weatherability. The Indian solvent-borne market has significant export potential. Indian manufacturers export solvent-borne coatings and adhesives to various countries, including neighboring South Asian countries, the Middle East, Africa, and Southeast Asia. The quality of Indian products, cost competitiveness, and expanding global reach contribute to the export growth of the industry. The decorative and architectural coatings segment is a major consumer of solvent-borne coatings in India. These coatings are used for interior and exterior wall paints, wood finishes, metal coatings, and other decorative applications. With the rise in consumer awareness and demand for quality products, the solvent-borne market in India is witnessing a shift towards higher-performance coatings and adhesives. Consumers are seeking products that offer superior adhesion, scratch resistance, chemical resistance, and weatherability. This trend has pushed manufacturers to invest in research and development to meet these evolving customer expectations. Industries such as manufacturing, electronics, appliances, and machinery require solvent-borne coatings for protective and functional purposes. These coatings offer benefits like corrosion resistance, abrasion resistance, insulation, and heat resistance. Indian companies in the solvent-borne market have actively collaborated with global players to access advanced technologies, formulations, and expertise. Collaborations and joint ventures have facilitated knowledge transfer and helped Indian companies enhance their product offerings, improve quality, and expand their market presence.

The Indian government has implemented various policies and regulations to promote sustainable and environmentally friendly practices. This has led to a shift towards the use of low VOC (volatile organic compound) solvent-borne coatings, which comply with environmental standards. The Environment (Protection) Act, 1986 provides the legal framework for environmental protection in India. It empowers the central government to take measures to protect and improve the environment and prevent and control pollution. The act establishes the Central Pollution Control Board (CPCB) and State Pollution Control Boards (SPCBs) to enforce environmental regulations and standards, including those related to the solvent-borne market. Also, Hazardous Waste Management Rules, 2016 govern the management, handling, storage, and disposal of hazardous waste generated by various industries, including the solvent-borne industry. The rules specify requirements for waste generation, treatment, transportation, and disposal to prevent environmental pollution and protect human health. In addition, Manufacture, Storage, and Import of Hazardous Chemicals Rules, 1989 regulate the handling, storage, and transportation of hazardous chemicals, including solvents. They mandate that industries using hazardous chemicals, such as those in the solvent-borne market, follow specific safety measures, maintain safety data sheets, and undertake risk assessments. Furthermore, Bureau of Indian Standards (BIS) Standards sets standards for various products, including coatings and solvents. These standards define quality, performance, safety, and labeling requirements for solvent-borne coatings and related products. Compliance with BIS standards are often mandatory to ensure product quality and consumer safety.

Traditional solvent-borne coatings are associated with high VOC emissions, which contribute to air pollution and have adverse effects on human health. This has prompted the industry to focus on developing low VOC formulations and alternative eco-friendly technologies. Waterborne and powder coatings have gained popularity due to their lower VOC content, improved safety, and ease of application. These alternatives pose a challenge to the solvent-borne market, pushing manufacturers to innovate and adapt. The availability and cost of raw materials, such as solvents and resins, can impact the overall profitability of the solvent-borne coatings industry. Fluctuations in crude oil prices and limited domestic production of certain raw materials can pose challenges to the market. Increasing investments in infrastructure, automotive production, and consumer goods sectors will continue to drive the demand for solvent-borne coatings and adhesives. Similarly, the industry will need to address environmental concerns and focus on sustainable practices to stay competitive in the evolving market landscape.

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

Aspects covered in this report:
• India Solvent Borne 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 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 solvent borne 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.