India Paints & Coatings Market is expected to grow at a CAGR of 9.82% Through 2030
Rising infrastructure activities and the union
government’s increased allocation of funds in the residential sector are
driving the India Paints & Coating Market in the forecast period.
According to
TechSci Research report, “India Paints & Coatings Market - By Region,
Competition, Forecast & Opportunities, 2020-2030F,” India Paints & Coatings market was valued at USD 15.78 Billion in 2024 and is expected to reach USD 27.93 Billion by 2030 with a CAGR of 9.82% during the forecast period.
The rapid expansion of the construction and real estate sectors is one of the primary drivers of the Indian paints and coatings market. India’s construction industry has seen significant growth over the past decade, driven by both urbanization and increased disposable income, which has led to a surge in residential, commercial, and industrial developments. Paints and coatings play a crucial role in the construction process, as they are essential for the finishing and protection of buildings and infrastructure. Urbanization is a key factor driving this growth. As more people move to cities, the demand for residential buildings, apartments, and commercial spaces increases. This has led to a greater need for decorative and protective coatings. Builders and homeowners are increasingly looking for paints and coatings that not only enhance the aesthetic appeal of their properties but also provide long-lasting protection against the harsh environmental conditions in India, such as high humidity, temperature fluctuations, and pollution. Additionally, there is a growing trend toward premium and environmentally friendly paints. Consumers are becoming more aware of the importance of using eco-friendly and low-VOC (volatile organic compound) paints, which are safe for both human health and the environment. This shift toward sustainable products is driven by increasing government regulations regarding environmental safety, as well as rising awareness among consumers about the harmful effects of traditional paints.
The Indian government’s initiatives, such as the Pradhan Mantri Awas Yojana (PMAY), which aims to provide affordable housing to millions of people, have also contributed to the growth of the paints and coatings market. The construction of affordable housing units requires large volumes of paints and coatings, further driving demand. Moreover, the commercial construction boom in cities like Mumbai, Delhi, and Bangalore is resulting in the increased use of high-quality coatings for buildings, office spaces, and retail establishments.
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Based on Technology segment, Solvent Based dominated the market in the forecast period, In the Indian paints and coatings market, the solvent-based technology segment has traditionally dominated, owing to its robust performance characteristics and versatility across various applications. Solvent-based coatings are favored for their excellent adhesion, durability, and resistance to environmental factors such as moisture, chemicals, and abrasion. These coatings offer a wide range of finishes and are widely used in sectors such as automotive, industrial, marine, and infrastructure. One of the key advantages of solvent-based coatings is their fast drying time, which facilitates quicker turnaround in industrial applications. This characteristic is particularly beneficial in manufacturing environments where efficiency and productivity are crucial. Solvent-based coatings also provide superior coverage and film build, making them suitable for applications requiring high-performance and long-lasting protection. In the automotive sector, solvent-based coatings are extensively used for their ability to impart a glossy finish, excellent color retention, and resistance to scratches and weathering. These coatings enhance the aesthetic appeal of vehicles while providing essential protection against corrosion and environmental elements, ensuring durability and longevity. Moreover, in the industrial sector, solvent-based coatings are preferred for machinery, equipment, pipelines, and structural components due to their robustness and ability to withstand harsh operating conditions. They offer effective protection against rust, corrosion, and wear, thereby extending the lifespan of industrial assets and reducing maintenance costs.
Despite the dominance of solvent-based coatings, the segment faces challenges related to environmental and regulatory concerns. Solvent-based formulations typically contain volatile organic compounds (VOCs), which contribute to air pollution and health hazards. Stringent environmental regulations aimed at reducing VOC emissions have prompted the industry to explore alternative formulations such as water-based and powder coatings, which have lower VOC content and are considered more environmentally friendly. Technological advancements and ongoing research in solvent-based formulations have led to the development of low-VOC and high-solid content coatings. These innovations aim to mitigate environmental impact while maintaining the performance advantages of solvent-based technologies. Manufacturers are investing in R&D to improve formulation efficiency, reduce VOC emissions, and comply with regulatory standards without compromising on coating quality and performance.
Based on region, North India is the fastest-growing region in the India paints and coatings market due to several key factors driving its rapid expansion. One of the primary reasons is the robust growth in the construction and real estate sectors in states like Delhi, Uttar Pradesh, Punjab, and Haryana. As urbanization accelerates, there is an increasing demand for residential, commercial, and infrastructure development, which directly drives the need for paints and coatings. This growing demand for construction materials fuels the consumption of both decorative and protective coatings. The rising middle-class population and changing consumer lifestyles in North India also play a pivotal role. With increasing disposable incomes, consumers are willing to invest in home improvement and interior decoration. As people become more inclined toward enhancing the aesthetic appeal of their homes, there is a surge in the demand for high-quality decorative paints that offer a wide range of color options, textures, and finishes. Additionally, the region’s strong industrial base contributes to the growing demand for industrial coatings, particularly in sectors such as automotive, manufacturing, and infrastructure. North India is home to numerous industrial hubs, including in cities like Faridabad, Noida, and Ludhiana, where industries require coatings for corrosion resistance, durability, and functionality. Government initiatives aimed at promoting infrastructure development, such as the Smart Cities Mission and Pradhan Mantri Awas Yojana (PMAY), further accelerate the demand for paints and coatings in North India. These initiatives not only boost residential and commercial construction but also promote the use of eco-friendly and sustainable materials, driving demand for advanced, low-VOC coatings.
Key market
players in the India Paints & Coatings Market include:
- Asian Paints
Limited
- Berger Paints India
Limited
- Akzo Nobel India
Ltd
- Kansai Nerolac
Paints ltd
- Shalimar Paints
Limited
- Jotun A/S
- Nippon Paint
(India) Private Limited
- Sheenlac Paints
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The India Paints & Coatings market is expected to boost in the upcoming years and maintain a high CAGR during 2026-2030 owing to rising infrastructure development in the commercial and residential sectors. Moreover, the government increasing fund allocation in the infrastructure sector is also contributing to the market growth. Among government initiatives, AMRUT and the Pradhan Mantri Awas Yojana (PMAY), a national housing program, are anticipated to have a significant positive impact on the infrastructure and building sectors. Therefore, these factors propel the demand for paints & coatings in the upcoming years.’’ said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India Paints & Coatings Market By Technology (Water
Based, Solvent Based), By Resins (Acrylic, Alkyd, Polyurethane, Epoxy,
Polyester, Others), By Sales Channel (Direct, Indirect), By End Use
(Architectural, Industrial, Infrastructure), By Region, Competition, Forecast
& Opportunities, 2020-2030F,” has assessed the India Paints
& Coatings market's future development potential and provides data and
information on market size, structure, and projected market growth. The
report's goal is to give current market knowledge and assist decision makers in
making informed investment decisions. Furthermore, the study identifies and
analyses emerging trends, as well as key drivers, constraints, and
opportunities in the India Paints & Coatings market.
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