Widespread Use in Automotive & Infrastructure Sector to Drive India Paints & Coatings Market at 11% CAGR
Robustly
growing automotive and construction sector, increasing disposable income and
shortening of repainting cycle to drive India paints & coatings market
through 2023
According to TechSci Research report, “India Paints & Coatings Market By Resin Type, By Technology, By Application, By
Sales Channel, Competition Forecast & Opportunities, 2013 – 2023”, paints & coatings market in the country is
forecast to grow at a CAGR of more than 11% until 2023, backed by growing automotive,
infrastructure and real estate sectors. India is becoming an industrial hub for
automobiles, consumer durables and various other industries. With this rapid
growth across industries, demand for industrial coatings is expected to grow at
a robust pace in the coming years. Moreover, paint manufacturers are producing
VOC-free eco-friendly paints and adopting new coating techniques such as water-based
thermosetting emulsions, colloidal dispersion, etc., to comply with various air
pollution regulations.
Browse 10 market data Tables and 52 Figures spread through 104
Pages and an in-depth TOC on "India Paints & Coatings Market"
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Acrylic resins are largely used in the country’s
decorative paints & coatings segment, while epoxy resins hold the dominating
share in the non-decorative segment. Decorative paints mostly rely on water-based
paints, while non-decorative paints use solvent-based, high solids, powder
coatings. Southern India is the leading demand generator for paints & coatings,
as this region has more number of smart cities under development as well as larger
industrial base. As per the World Bank, India’s current Gross National
Income (GNI) per capita increased from $ 1.83 trillion in 2013 to $ 2.24 trillion
in 2016, which, in turn, has positively impacted the purchasing power of
consumers in the country. Moreover, the country’s population increased from 1.28
billion in 2013 to 1.32 billion in 2016. Thus, with increasing disposable
income and rising population, India’s paints & coatings market is expected
to grow at a decent pace in the coming years.
“Government initiatives such as ‘Make
In India’ and rapid increase in the number of smart cities are boosting the
infrastructure sector, which is driving demand for paints & coatings.
Moreover, several manufacturers are increasing their production capacities
across the country, owing to continuously growing per capita consumption of paints and
coating in India. Although the paints & coatings market in India is
highly fragmented, many leading companies are entering into joint ventures with
local players to strengthen their market position in the country’s paints &
coatings market.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
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“India Paints & Coatings Market By Resin Type, By Technology, By Application, By Sales Channel,
Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of India paints &
coatings market and provides information and statistics on market structure and
trends. The report intends to provide the intending clients with cutting-edge
market intelligence and help them in taking sound investment decisions. The
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by India paints & coatings market.
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