The India Paints And Coatings Market size is estimated at USD 9.56 billion in 2024, and is expected to reach USD 15.00 billion by 2029, growing at a CAGR of 9.38% during the forecast period (2024-2029).
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 significantly. Many construction projects were halted or delayed, leading to reduced demand for decorative and industrial paint. As economic activities gradually resumed and construction projects restarted, the demand for paints in the construction and real estate sectors began to recover.
Factors such as the growing demand from the construction industry, coupled with the recovering automotive industry, are driving the demand for the paint industry in India.
On the flip side, fluctuations in raw material prices and stringent environmental regulations regarding volatile organic compounds (VOC) are likely to hamper the market's growth.
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.
The Indian paints and coatings markets are highly consolidated in nature. Some of the major players in the market (not in any particular order) include Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, Akzo Nobel NV, and Nippon Paint Holding Co. Ltd.
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