India Paint Market to Grow at a Double Digit CAGR through 2025

According to TechSci Research report, “India Paint Market By Product Type (Decorative Paint, Industrial Paint), By Technology (Water based, Solvent based, Powder Coating, Others), By End User (Architectural, General Metals, Automotive, Appliances, Electronics, Furniture, Retail, Medical, Others), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Sales Channel (Direct, Indirect), By Region, Forecast & Opportunities, 2025”, India paint market is expected to grow at a double digit CAGR during the forecast period on account of rising disposable income, growing industrialization, urbanization and change in people’s preference. Additionally, branding, distribution strength and innovative use of technologies have become the decisive aspects for promoting the growth of paint market in India. Moreover, increasing demand from rural markets and extensively varied product types are anticipated to propel the demand for paints throughout the country. Also, booming housing projects, hospitals and office spaces are anticipated to drive the demand for paints in India. The paints sector is raw material intensive. Since most of the raw materials are petroleum based, the industry benefits when the crude oil prices go down.

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India paint market is segmented based on type, technology, end user, resin, sales channel, region and company. Based on resin type, the market can be segmented into acrylic, alkyd, polyurethane, epoxy, polyester and others. Acrylic resins are the most widely used polymers in the paint market as they possess properties such as transparency, high colorability, and UV resistance in coating solutions.

Asian Paints Ltd, Berger Paints India Limited, Akzo Nobel India Ltd, Kansai Nerolac Paints Limited, Shalimar Paints, Jotun India Pvt. Ltd, Nippon Paint Holding Co. Ltd, Sheenlac Paints Ltd, Snowcem Paints, Weilburger, etc., are some of the leading players operating in India paint market. The companies operating in the market are using innovative technologies to increase their share in the market.

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“Based on type, decorative paint segment accounted for the dominant share in the India paint market in 2019 as this segment is not dependent on technology compared to the industrial paints that involves higher technical expertise. Of the two segments, the industrial paints segment mainly comprises organized players whereas the decorative paints segment involves unorganized players too.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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