India Automotive Paint Market is expected to grow at a CAGR of 7.46 through 2030
India
Automotive Paint Market is expected to grow owing to initiatives aimed at
improving transportation infrastructure, including road and highway development
throughout the forecast period.
According
to TechSci Research report, “India
Automotive Paint Market – By
Region, Competition, Forecast and Opportunities, 2020-2030F”, India
Automotive Paint Market is expected to register robust growth during the
forecast period. The rapid expansion of the Indian automotive industry is a
primary driver of the automotive paint market. Increasing disposable income,
urbanization, and a growing middle-class population have led to higher demand
for vehicles, including passenger cars, two-wheelers, commercial vehicles, and
electric vehicles.
The
adoption of advanced coating technologies, such as nanotechnology, ceramic
coatings, and smart coatings, is on the rise. Manufacturers who invest in
research and development to innovate and offer cutting-edge coatings can
benefit from the growing demand for high-performance and technologically
advanced products.
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Based
on coating, the Polyurethane segment is projected to dominate the market
throughout the forecast period. Polyurethane coatings can withstand exposure to
a variety of chemicals, such as fuels, oils, and cleaning agents, which are
commonly encountered in the automotive environment. The robustness of
polyurethane coatings makes them capable of withstanding minor scratches and
impacts, ensuring the protection of the vehicle's surface. Polyurethane coatings are valued for their high performance characteristics, including exceptional resistance to weathering, chemicals, and abrasion. This makes them suitable for automotive applications, where the need for long-lasting and durable finishes is paramount. UV resistance is a vital property for automotive coatings, as vehicles are exposed to sunlight and weather conditions. Polyurethane coatings are known for their excellent UV resistance, which helps maintain the color and appearance of vehicles over time. The trend of vehicle customization and personalization has led to a growing demand for polyurethane coatings that offer a wide range of colors and finishes, including glossy, matte, metallic, and pearl effects. These coatings allow consumers to personalize their vehicles according to their preferences.Manufacturers are
investing in research and development to create advanced polyurethane
formulations that offer enhanced performance, such as increased scratch
resistance and improved color retention. These innovations are driven by
consumer expectations for high-quality and long-lasting finishes. Some
manufacturers are exploring the development of polyurethane coatings with
anti-graffiti properties. These coatings make it easier to remove graffiti or
other markings from the vehicle's surface, providing benefits to public
transportation and commercial vehicle operators. In conclusion, the
polyurethane segment in the India Automotive Paint Market is a critical part of
the industry, known for its high performance and durability. It is adapting to
market trends, such as customization and sustainability, and facing challenges
related to environmental regulations, adhesion, and cost management. The
segment's future looks promising as it continues to meet the evolving demands
of the automotive sector and align with sustainability goals.
Key
market players in the India Automotive Paint Market are:
- Asian
Paints Ltd.
- Akzo Nobel India Limited
- Berger Paints India Ltd
- BASF SE
- Kansai Nerolac Paints Limited
- Nippon Paint (India) Private Limited
- Axalta Coating Systems, LLC
- Jotun A/S
- ICR Paints India
- KCC Paint (India) Pvt. Ltd.
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“The
India Automotive Paint Market is expected to grow during the forecast period as India has witnessed substantial growth in automotive production, driven by increasing domestic demand and rising exports. Major automotive manufacturers, both domestic and international, have established manufacturing facilities in India, leading to higher production volumes of cars, two-wheelers, commercial vehicles, and electric vehicles (EVs). The automotive paint market directly benefits from this expansion, as each vehicle produced requires coatings for protection, aesthetics, and branding.”
said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based global management consulting firm.
“India
Automotive Paint Market Segmented By Vehicle Type (Passenger cars, Light
commercial vehicle and Heavy commercial vehicle), By Technology (Waterborne
Coatings, Solvent Borne Coatings and Powder Coatings), By Resin (Acrylic,
Epoxy and Polyurethane), By Texture Type (Solid, Metallic, Pearlescent and
Others), By Region, and By Competition, 2020-2030F,” has evaluated the future growth
potential of India Automotive Paint Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Automotive Paint Market.
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