India Coating Market: Industry Analysis and Forecast (2024-2030)

The India Coating Market size was valued at INR 619.09 Bn in 2023 and the total India Coating revenue is expected to grow at a CAGR of 5.43% from 2024 to 2030, reaching nearly INR 896.38 Bn by 2030.

India Coating Market Overview:

With the exception of the years 2020 and 2021, the Indian coating market has consistently displayed high growth rates, demonstrating its resilience and potential for expansion. Over the medium and long haul, it is normal that this development way will go on at a sound rate. The majority of the market's segmentation consists of decorative paints, which account for 75% of the market overall, and industrial paints, which account for the remaining 25% of the market. In addition to exterior and interior wall paints, wood finishes, and polishes, the ornamental section also includes auxiliary items like preliminary and putties. Key players like Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India lead the India coating market. They have a significant presence in the decorative paints industry and collectively control more than 65% of the paints and coatings market. These key parts have had the option to outperform their pre-pandemic marketing projections notwithstanding the difficulties presented by the Coronavirus pandemic, incompletely because of the normal interest from 2020. Significant investments are being made in the sector by both established giants and newcomers like Grasim Industries and JSW Group. For instance, Asian Paints has detailed a huge breaking point expansion at its Gujarat office, while Berger Paints is setting up its greatest greenfield experience in Uttar Pradesh. Kansai Nerolac is building a new plant in Andhra Pradesh to increase its production capacity and establish itself as a key player in industrial coatings. Strategic investments in technological advancements and capacity expansions are pushing the Indian coatings market towards the north. The industry's dynamism and adaptability to shifting consumer and industrial requirements are highlighted by these developments. As both new entrants and established players continue to innovate and expand their footprint, it is anticipated that the market will flourish and significantly contribute to India's overall industrial and economic landscape. India Coating MarketTo know about the Research Methodology :- Request Free Sample Report

India Coating Market Trends:

Shift Towards High-Performance Coatings High-performance coatings are becoming increasingly popular in many industries, including infrastructure, industrial machinery, and automobiles. Elite execution coatings offer predominant sturdiness, protection from consumption, and improved tasteful allure contrasted with conventional coatings. This pattern is driven by increasing interest for longer-enduring and more reasonable covering arrangements in India's developing modern and business areas. Rising Demand for Eco-Friendly Coatings: Eco-friendly coatings are getting more and more attention as a result of regulatory pressures and environmental concerns. Coatings in view of practical natural substances and discharging less unstable natural compound (VOC) outflows are progressively being picked by consumers and manufacturers. This trend, which is a reflection of a larger global shift toward sustainable practices, is influencing product development and market strategies in the Indian coating industry. Technological Advancements and Digitalization: The coatings industry in India is being changed by mechanical growths, with developments like nanotechnology, brilliant coatings, and digitalization acquiring unmistakable quality. Nanotechnology is enhancing coating properties like UV protection and scratch resistance, while smart coatings provide functionalities like self-healing and anti-fouling properties. Organizations operating in the Indian covering market are benefiting from increased proficiency and competitive advantage as a result of digitalization, which is further developing manufacturing processes, store network the board, and client commitment.

India Coating Market Dynamics:

A key driver of the India coating market is the development of the industrial sector, which shows over 30% of the total industry. This sector has seen fast growth, essentially energized by the steady development in the automotive sector. Due to India's growing automotive industry, the automotive coating market is expected to grow at a significant rate during the forecast period. India overtook Japan in 2022 to become the third-largest vehicle market globally, following China and the United States. Over 4.25 million vehicles were sold, driven by repressed request and expanded creation via vehicle manufacturers. According to the Society of Indian Automotive Manufacturers (SIAM), 4.13 million passenger and commercial vehicles were sold in India in the year 2022. The demand for automotive coatings is significantly increased as a result of this growth in the automotive sector, which contributes to the growth of the coating market in India. These trends continue to benefit the coating market in India, highlighting the significance of the automotive industry in driving growth. The significance of the India coating market is bolstered by the rising demand for specialized coatings caused by India's expanding automotive industry. This positive direction grandstands the potential for supported development inside the India coating market. High raw material prices The Russia-Ukraine war affected the Indian coating market, especially concerning raw material costs. The conflict caused the price of crude oil to rise for most of the year, driving up the cost of important inputs like titanium dioxide and crude-based monomers, which are needed to make coatings. In order to balance their increased production costs, significant coating manufacturers in India undertook five consecutive cost increases between May and October 2022 as a result of this flood of natural material costs. However coating manufacturers faced challenges passing on the increased costs to customers due to their sensitivity to prices and competitive pressures. As a result, these manufacturers profits were impacted throughout the year by the high prices of raw materials. Fortunately, toward the end of 2022, costs for fundamental sources of info, for example, titanium dioxide and rough based monomers began to decline, offering a help to coating manufacturers. Manufacturers were able to stabilize their production costs and possibly increase profitability as a result of this decrease in raw material costs, which provided the industry with a much-needed respite. The Russia-Ukraine war at first driven higher natural substance costs and resulting difficulties for Indian coating manufacturers. However, the industry's operational and financial performance in the future improved as these costs decreased toward the end of the year.

India Coating Market Segment Analysis:

Based on resins type India coating market is segmented by Acrylic, Alkyd, Epoxy, Polyester, Vinyl, Others. With a substantial 43.2% share in 2023, the acrylic segment was dominated India's coatings market. Acrylic resins versatility, including excellent durability, resistance to UV rays, weathering, and color retention, make them ideal for a wide range of applications. Their ease of application by rolling, spraying improves operational efficiency, increasing their popularity among manufacturers and applicators. Due to their lower VOC content in comparison to alternatives like alkyd resins, acrylic coatings also conform well to environmental regulations. This environmentally friendly aspect meets sustainability objectives, appeals to customers who care about the environment, and satisfies stringent environmental standards. The acrylic segment's robust market presence in India's coating industry highlights its adaptability, performance rewards, and commitment to environmental sustainability, driven by constant developments in acrylic resin technology, like the development of water-based formulations, which cater to evolving industry requirements driving the coating market. Based on End Users India coating market is segmented by Residential, Non-Residential, Industrial, Other End Users. The residential segment in the India coating market is expected to grow at a rate of 5.87% during the forecast period. India's rising urbanization, increasing disposable incomes, and growing emphasis on home maintenance & aesthetics are all contributing factors to this growth. The residential sector's growth is further boosted by a surge in construction activities, both in urban & semi-urban areas, leading to higher demand for coatings for new homes as well as renovation plans. Moreover, patterns towards eco-accommodating and strong coatings are impacting shopper inclinations, driving the reception of cutting-edge paint advances in private applications. India Coating Market

India Coating Market Regional Insights:

Based on region India coating market is segmented by North India, South India, East India West India. West India had a market size of 223.77 billion INR, primarily due to its significant industrial and commercial activities. Coatings are in high demand in a variety of industries, including the automotive, manufacturing, construction, and infrastructure development sectors, thanks to the presence of major industrial hubs like Mumbai, Pune, Ahmedabad, and Surat in this region. The presence of key ventures and progressing foundation projects in states like Maharashtra and Gujarat further adds to the hearty market size in West India. Coatings demand in this region of the country is also bolstered by the region's economic expansion, urbanization, and rising investments in the industrial and real estate sectors.

India Coating Market Scope: Inquire Before Buying

India Coating Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: INR 619.09 Bn.
Forecast Period 2024 to 2030 CAGR: 5.43% Market Size in 2030: INR 896.38 Bn.
Segments Covered: by Resins Type Acrylic Alkyd Epoxy Polyester Vinyl Others
by Application Industrial Wood Can Coating Coil Coating Ant-Corrosion Coatings Deck coatings Marine Aerospace Architecture Automotive Refinish Heavy Machinery & Equipment Others
by End User Residential Non-Residential Industrial Other End Users

India Coating Market, by Region:

1. North India 2. South India 3. East India 4. West India

Leading India Coating Market, Key Players:

1. Asian Paints Ltd. 2. Berger Paints India Ltd. 3. Kansai Nerolac Paints Ltd. 4. Akzo Nobel India Ltd. 5. PPG Asian Paints Pvt. Ltd. 6. Nippon Paint India Pvt. Ltd. 7. Indigo Paints Pvt. Ltd. 8. Jotun India Pvt. Ltd. 9. Shalimar Paints Ltd. 10. Sheenlac Paints Ltd. 11. Hempel Paints India Pvt. Ltd. 12. Snowcem Paints Pvt. Ltd. 13. British Paints India Ltd. 14. Jenson & Nicholson India Ltd. 15. Grasim Industries Ltd. FAQs: 1. What are the growth drivers for the India Coating market? Ans. Rapid urbanization and infrastructure development, coupled with a Increasing demand from the automotive and industrial sectors are expected to be the major drivers for the India Coating market. 2. Which region is expected to lead the global India Coating market during the forecast period? Ans. West India is expected to lead the global India Coating market during the forecast period. 3. What is the projected market size and growth rate of the India Coating Market? Ans. The India Coating Market size was valued at INR 619.09 Bn in 2023 and the total India Coating revenue is expected to grow at a CAGR of 5.43% from 2024 to 2030, reaching nearly INR 896.38 Bn. by 2030. 4. What segments are covered in the India Coating Market report? Ans. The segments covered in the India Coating market report are Resins Type, Application, End Use Industry, and Region.
1. India Coating Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. India Coating Market: Competitive Landscape 2.1. MMR Competition Matrix 2.2. Competitive Landscape 2.3. Key Players Benchmarking 2.3.1. Company Name 2.3.2. Product Segment 2.3.3. End-users Segment 2.3.4. Revenue (2023) 2.3.5. Company Headquarter 2.4. Market Structure 2.4.1. Market Leaders 2.4.2. Market Followers 2.4.3. Emerging Players 2.5. Mergers and Acquisitions Details 3. India Coating Market: Dynamics 3.1. India Coating Market Trends by Region 3.1.1. North India 3.1.2. South India 3.1.3. East India 3.1.4. West India 3.2. India Coating Market Dynamics 3.3. PORTER’s Five Forces Analysis 3.4. PESTLE Analysis 3.5. Regulatory Landscape 3.6. Key Opinion Leader Analysis for India Coating Industry 3.7. Analysis of Government Schemes and Initiatives for India Coating Industry 3.8. The COVID-19 Pandemic Impact on India Coating Market 4. India Coating Market: Global Market Size and Forecast by Segmentation (by Value in INR Bn) (2023-2030) 4.1. India Coating Market Size and Forecast, by Resins Type (2023-2030) 4.1.1. Acrylic 4.1.2. Alkyd 4.1.3. Epoxy 4.1.4. Polyester 4.1.5. Vinyl 4.1.6. Others 4.2. India Coating Market Size and Forecast, by End Users (2023-2030) 4.2.1. Residential 4.2.2. Non-Residential 4.2.3. Industrial 4.2.4. Other End Users 4.3. India Coating Market Size and Forecast, by Application (2023-2030) 4.3.1. Industrial Wood 4.3.2. Can Coating 4.3.3. Coil Coating 4.3.4. Ant-Corrosion Coatings 4.3.5. Deck coatings 4.3.6. Marine 4.3.7. Aerospace 4.3.8. Architecture 4.3.9. Automotive Refinish 4.3.10. Heavy Machinery & Equipment 4.3.11. Others 4.4. India Coating Market Size and Forecast, by region (2023-2030) 4.4.1. North India 4.4.2. South India 4.4.3. East India 4.4.4. West India 5. Company Profile: Key Players 5.1. Asian Paints Ltd 5.1.1. Company Overview 5.1.2. Business Portfolio 5.1.3. Financial Overview 5.1.4. SWOT Analysis 5.1.5. Strategic Analysis 5.1.6. Recent Developments 5.2. Berger Paints India Ltd. 5.3. Kansai Nerolac Paints Ltd. 5.4. Akzo Nobel India Ltd. 5.5. PPG Asian Paints Pvt. Ltd. 5.6. Nippon Paint India Pvt. Ltd. 5.7. Indigo Paints Pvt. Ltd. 5.8. Jotun India Pvt. Ltd. 5.9. Shalimar Paints Ltd. 5.10. Sheenlac Paints Ltd. 5.11. Hempel Paints India Pvt. Ltd. 5.12. Snowcem Paints Pvt. Ltd. 5.13. British Paints India Ltd. 5.14. Jenson & Nicholson India Ltd. 5.15. Grasim Industries Ltd. 6. Key Findings 7. Industry Recommendations 8. India Coating Market: Research Methodology 9. Terms and Glossary