India Paints and Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyester & Others), by Technology (Water-Based Technology, Solvent-Based Technology & Power Coatings and UV curable) and End use (Architectural, Automotive, General Industrial, Transportation, Packaging and Other) is projected to reach $ US$ XX Mn by 2027, at a CAGR of XX % during the forecast period.
Growing demand from infrastructure industry with the rapid economic growth in the country, the demand for roads, bridges, new buildings and dams is continuously increasing, which in turn is boosting the India paints and coatings market. India, attributed to its huge business potential, has become one of the major destination and host for international events hence has increased the need for shopping malls, hotels, stadiums and high-rise buildings, in turn boosting the construction industry and thus, driving the growth of India paints and coatings market. Rising crude oil prices have been a major cause of concern for Indian paint and coating producers as more than half of the raw materials used in the paint industry are petro-based thereby restraining to the market.
Epoxy resins is major end use segment of India paint & coatings market.
Epoxy resins are largely used by the paints and coating industry on the heavy duty metal substrates due to its advantages like less energy than that compared to other heat-cured powder coatings. Paints and coatings containing epoxy resins are also considered environmental friendly than other chemicals. Epoxy resin-based paints and coatings are used in wall coatings of food storage and manufacture, swimming pools finishes, seal coats, tank lining, wet rooms, waterproofing and decorative finishes, and water treatment plants.
Solvent Based technology is dominating segment in the India paint & coatings market.
Solvent borne coatings are less vulnerable to environmental conditions such as temperature during the curing phase Solvent borne coatings bring effective results when applied even in humid environments due to the fact that the former cures effectively as a result of a chemical reaction between atmospheric oxygen and the chemical ingredients.
Automotive segment to grow at high CAGR during forecast.
Indian automotive industry is expected to reach 282.8 billion by 2026. Indian auto industry became the 4th largest in the world with sales increasing 9.5 % in 2017. Rise in disposable income, government initiative and shift toward electric vehicle further accelerate the market.
This report includes a study of marketing and development strategies, along with the portfolios of leading companies. It includes the profiles of leading manufacturers such as PPG, Sherwin-Williams, AkzoNobel, Nippon Paint, RPM, BASF Coatings, Axalta Coating Systems, Kansai, Asian Paints, Masco, Jotun, Hempel, Daw, Berger Paints, DuluxGroup, Shawcor, Benjamin Moore, SK Kaken, Cromology and Chugoku Marine
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the India paints & coatings market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making the informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the India paints & coatings market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing the market of our clients and at the same time explain India paints & coatings market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “India paints & coatings Market”.
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