India Paints & Coatings Market is expected to grow at a CAGR of 9.82% Through 2029
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, 2020-2030,” the India Paints &
Coatings Market is expected to register robust growth during the forecast
period 2026-2030, owing to rising infrastructure activities and the
union government’s increased allocation of funds in the residential sector. Additionally,
government schemes including AMRUT and the Pradhan Mantri Awas Yojana (PMAY), Housing
for All among others across the nation.
The wood, automobile &
transportation, and construction sectors all make extensive use of paints and
coatings. They are widely employed in the building and construction sector to
shield structures from any damage from the outside. Also, the product is
applied in a number of ways to decorate infrastructure and buildings, both
residential and non-residential, as well as industrial machinery, automobiles
and boats, industrial wood, and other things.
These materials are
extensively employed in a variety of applications, as can be seen from a quick
glance at the market overview, owing to qualities including environmental
resistance, corrosion resistance, reflection-absorption, anti-friction, and
hardness.
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Figures spread through XX Pages and an in-depth TOC on the "India Paints & Coating Market”
Based on Technology segment, Solvent Based dominates 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.
Market dynamics are evolving with increasing consumer awareness and preference for sustainable and eco-friendly products. This trend is encouraging manufacturers to adopt greener practices and develop environmentally responsible coatings that align with sustainability goals. As a result, the paints and coatings industry in India is witnessing a gradual shift towards water-based and other eco-friendly technologies, alongside ongoing advancements in solvent-based formulations.
While solvent-based coatings continue to dominate the Indian paints and coatings market due to their performance advantages and widespread application versatility, the segment faces challenges related to environmental regulations and consumer preferences for sustainability. Ongoing innovations and technological advancements are driving the evolution of solvent-based formulations towards greener and more environmentally responsible alternatives, ensuring continued relevance and competitiveness in the dynamic market landscape.
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 India Pvt.
Ltd
- Nippon Paint
(India) Private Limited
- Sheenlac Paints Ltd
- Snowcem Paints
Private Limited
- Weilburger Coatings
(India) Private Limited
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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. For instance, Smt. Nirmala Sitharaman, the Union Finance Minister, stated in her budget speech for 2023–2024 that the Central Government intended to create an Urban Infrastructure Development Fund with an annual budget of USD 1221.78 million that would be used to develop infrastructure in Tier-2 and Tier-3 cities all across the nation. Additionally, the national government has allocated USD 16.5 million to the HRIDAY initiative, which promotes the growth of old cities. Among other 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 2026-2030.’’ said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Paints & Coatings Market By Technology (Water
Based and Solvent Based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy,
Polyester, and Others), By Sales Channel (Direct, and Indirect), By End Use
(Architectural, Industrial and 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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