Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) — The “India Paints & Coatings Market, By Region, Competition, Forecast & Opportunities, 2020-2030F” report has been added to ResearchAndMarkets.com’s offering.
The India Paints & Coatings Market was valued at USD 15.78 Billion in 2024, and is expected to reach USD 27.93 Billion by 2030, rising at a CAGR of 9.82%.
A significant driver of the paints and coatings market in India is the expanding automotive industry. India is one of the largest automotive markets in the world, and the automotive sector is witnessing rapid growth due to increased demand for both passenger and commercial vehicles. This growth is creating a higher demand for automotive paints, which are used for the exterior finishes of vehicles as well as for protective coatings in the underbody and interior parts of vehicles.
The automotive industry’s need for paints extends beyond traditional applications. With the rise in vehicle customization trends, there is an increasing preference for premium automotive paints, which offer features like better durability, aesthetic appeal, and environmental resistance. Consumers are opting for vehicles with custom finishes, such as matte, metallic, and pearlescent coatings, which require specialized paint formulations. Furthermore, the rapid adoption of electric vehicles (EVs) in India is opening up new avenues for the automotive paint market. EV manufacturers are increasingly focusing on vehicle aesthetics and innovative coatings to attract environmentally conscious consumers. These manufacturers also require specialized coatings that provide higher durability, scratch resistance, and resistance to UV degradation.
Automotive manufacturers are continuously exploring technological advancements in paint formulations to improve quality and performance. The use of eco-friendly paints, such as water-based paints and low-VOC formulations, is on the rise, driven by government regulations to reduce emissions and environmental impacts. As the automotive industry grows and evolves, the demand for advanced and high-performance automotive paints will continue to drive growth in the paints and coatings market in India.
Growth of the Decorative Paints Segment
The India paints and coatings market has witnessed significant growth in the decorative paints segment, which is primarily driven by the growing real estate and construction industry in the country. As the middle class expands and disposable income rises, there is an increasing demand for aesthetically pleasing and well-maintained homes. This has resulted in a surge in the demand for interior and exterior paints, particularly in urban areas. The rise of modern living spaces, coupled with the growing influence of urbanization, is a major factor contributing to this trend.
A significant trend within this segment is the growing demand for premium and luxury paints. Consumers are shifting from traditional low-cost options to premium brands, which offer advanced features such as longer durability, better coverage, and a wider range of color choices. The rising demand for value-added paints with added benefits like anti-bacterial properties, weather resistance, and easy maintenance is further bolstering the growth of the decorative paints sector. Moreover, technological advancements in digital paint mixing and custom color selection are improving the consumer experience, making it easier for individuals to get the exact shade and finish they desire. These innovations, combined with a rising preference for high-quality decorative paints, are expected to drive further growth in the Indian decorative paints market.
Adoption of Eco-Friendly and Sustainable Coatings
The increasing awareness of environmental issues and the need for sustainable solutions have propelled the growth of eco-friendly and sustainable coatings in India. The government’s push for sustainable development, coupled with global environmental concerns, has led to a rise in demand for paints and coatings that are low in VOCs, non-toxic, and biodegradable. Eco-friendly paints have gained significant traction in both the residential and industrial sectors. These paints do not release harmful chemicals into the air, which helps improve indoor air quality. With a growing emphasis on green buildings and sustainable construction practices, eco-friendly coatings are increasingly being adopted in commercial and residential projects.
The trend towards “green building” certifications, such as LEED (Leadership in Energy and Environmental Design), has further accelerated the demand for low-VOC and environmentally friendly paints. In addition to eco-friendly decorative paints, the industrial coatings segment is also witnessing the adoption of sustainable solutions. Industries, particularly in automotive and manufacturing, are increasingly opting for coatings that not only meet functional requirements like corrosion protection, durability, and aesthetic appeal but also align with environmental regulations and sustainability goals. Many paint manufacturers are now focusing on reducing the environmental impact of their products by using water-based formulations, eliminating harmful solvents, and ensuring the recyclability of packaging.
Segmental Insights
Resins Insights
The Epoxy segment held the largest market share in 2023. In the Indian paints and coatings market, the epoxy segment holds a dominant position, driven by its versatile applications across various industries. Epoxy coatings are known for their exceptional durability, chemical resistance, adhesion properties, and ability to withstand harsh environmental conditions. These coatings find extensive use in sectors such as automotive, construction, aerospace, marine, electronics, and industrial manufacturing.
In the construction sector, epoxy coatings are favored for their high-performance characteristics, making them ideal for flooring, walls, and infrastructure protection. They offer superior resistance to abrasion, chemicals, and moisture, ensuring long-lasting protection and aesthetic appeal. Additionally, epoxy coatings are widely employed in the automotive industry for corrosion protection, enhancing the durability and aesthetic finish of vehicles. Moreover, the industrial sector utilizes epoxy coatings for machinery, equipment, pipelines, and storage tanks due to their ability to withstand extreme temperatures and mechanical stresses. In the electronics industry, epoxy coatings provide insulation and protection against moisture and environmental contaminants, ensuring the reliability and longevity of electronic components.
The dominance of the epoxy segment in the Indian paints and coatings market is further bolstered by continuous innovations in formulation technologies, offering improved performance, sustainability, and compliance with regulatory standards. Manufacturers are increasingly focusing on developing eco-friendly epoxy coatings with reduced VOC emissions and enhanced application properties, catering to the evolving needs of industries and consumers alike.
Regional Insights
South India held the largest market share in 2024, South India has emerged as a dominant region in the Indian paints and coatings market, driven by several key factors that contribute to its significant market share and growth. One of the primary drivers is the region’s robust industrial and economic development, particularly in sectors such as automotive, manufacturing, IT services, and pharmaceuticals. These industries generate substantial demand for paints and coatings for various applications, including industrial machinery, automotive refinishing, infrastructure projects, and commercial establishments.
The construction sector in South India is also a major contributor to the paints and coatings market. Rapid urbanization, population growth, and infrastructure development initiatives fuel demand for decorative paints, protective coatings, and specialty finishes. The region’s urban centers, such as Bengaluru, Chennai, and Hyderabad, witness extensive construction activity in residential, commercial, and institutional segments, driving the need for high-quality coatings that offer durability, aesthetics, and environmental protection.
South India’s favorable climatic conditions, which include moderate temperatures and relatively lower humidity levels compared to other regions, create conducive environments for paint application and curing processes. This factor enhances the efficiency of painting projects and contributes to the overall demand for paints and coatings. The presence of major paint manufacturing facilities, distribution networks, and technical expertise also strengthens South India’s position in the market. Companies leverage strategic locations in the region to cater to local demand and expand their market reach across the southern states and neighboring regions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 88 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $15.78 Billion |
| Forecasted Market Value (USD) by 2030 | $27.93 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | India |
Report Scope:
Key Market Players
- 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
India Paints & Coatings Market, By Technology:
India Paints & Coatings Market, By Resins:
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
India Paints & Coatings Market, By Sales Channel:
India Paints & Coatings Market, By End Use:
- Architectural
- Industrial
- Infrastructure
India Paints & Coatings Market, By Region:
- South India
- West India
- North India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/n1ne3h
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- Indian Paints & Coatings Market
