Report Overview

Rapid urbanization across the country, the government’s favorable initiatives like "Make in India" and infrastructure projects, growing automotive industry, and an increasing number of middle class people with increasing disposable incomes are expected to drive India Paint and Coating Market during the forecast period between 2024 and 2030.

India Paint and Coating Market – Industry Trends & Forecast Report, 2030

India Paint and Coating Market size was estimated at USD 9.3 billion in 2023. During the forecast period between 2024 and 2030, India Paint and Coating Market size is projected to grow at a CAGR of 10% reaching a value of USD 15.8 billion by 2030. Prominent drivers of the market include rising infrastructure development, increasing urbanization, and evolving consumer preferences for durable and eco-friendly solutions. The expanding construction sector and real estate boom have significantly boosted demand for decorative and protective coatings to enhance durability and aesthetics. Major infrastructure projects such as highways, bridges, and airports further drive the need for coatings resistant to corrosion, weathering, and chemical exposure. Additionally, the growing automotive industry contributes to market growth, with rising vehicle production fueling the demand for corrosion-resistant and visually appealing coatings. The shift toward sustainable and environmentally friendly solutions also aligns with evolving consumer preferences, supporting market expansion across construction, automotive, and industrial applications.

Paint and Coating – Overview

Paints are liquid substances with pigments designed to enhance surface aesthetics, while coatings are applied to improve surface properties and protect against deterioration. Key product types include waterborne, powder, high solids, radiation curing, and solvent-borne coatings. Widely used for industrial equipment and residential and commercial structures, paints and coatings offer features like anti-fouling, flame retardancy, and antimicrobial properties. These materials are essential for protecting surfaces from environmental damage, weathering, rust, and chemical exposure. As a result, they find applications across diverse industries, including marine, construction, automotive, and transportation.

India Paint and Coating Market

Growth Drivers

Government’s Initiatives Like "Make in India" and Infrastructure Projects

The Indian government’s initiatives like "Make in India" and infrastructure projects are significantly boosting the growth of the India Paint and Coating Market. The market is witnessing a resurgence as economic activities and construction projects regain momentum following the setbacks caused by the COVID-19 pandemic. Programs such as the Pradhan Mantri Awas Yojana, which focus on affordable housing and financial incentives, are driving demand for architectural coatings, particularly in the residential sector. Additionally, the expansion of the commercial sector is increasing the need for high-performance emulsion coatings. Infrastructure development, including roads, bridges, and urban housing, further fuels the market's growth. The automotive industry's expansion has also led to higher demand for advanced coatings, such as acrylics, for both interior and exterior applications. Companies like Asian Paints, Berger Paints, and Kansai Nerolac are investing in technology and production capabilities, with sustainability and efficiency at the forefront, exemplified by initiatives like AkzoNobel's collaboration with coatingAI.

Challenges

Fluctuations in Raw Material Prices

Volatile raw material prices pose a significant challenge to the growth of India Paint and Coating Market. Key raw materials like pigments, resins, and solvents are derived from crude oil, making their costs highly sensitive to global oil price volatility. This unpredictability increases production expenses, directly impacting profit margins for manufacturers. Additionally, supply chain disruptions and currency fluctuations further exacerbate cost pressures. Smaller manufacturers face heightened challenges in maintaining competitiveness, while end users may experience price increases for finished products. Such instability in raw material pricing acts as a critical restraint on the market's otherwise robust growth trajectory.

Impact of Escalating Geopolitical Tensions on India Paint and Coating Market

Escalating geopolitical tensions among countries and further spreading across the major regions could have a significant impact on the growth of India Paint and Coating Market. Political, economic, and trade tensions could disrupt global trade, leading to supply chain challenges and increased raw material costs, particularly for oil-derived inputs like solvents and resins. The disruptions affect production timelines and raise operational expenses for manufacturers. Additionally, uncertainty in international relations can delay infrastructure projects and investments, impacting demand for paints and coatings in construction and industrial sectors. While domestic demand may offset some effects, prolonged geopolitical instability poses risks to the market’s long-term growth and profitability.

India Paint and Coating Market

Segmental Coverage

India Paint and Coating Market – By Formulation

By formulation, India Paint and Coating Market is divided into Acrylic Coatings, Epoxy Coatings, Polyurethane Coatings, Alkyd Coatings, Polyester Coatings, and other segments. The acrylic coating segment holds the highest share in India Paint and Coating Market by formulation. Known for its excellent gloss, color retention, durability, and strong adhesion, acrylic coatings are widely used in architectural applications and construction projects such as bridges, roofs, and floors. The demand for water-based acrylic coatings is particularly high due to their eco-friendly properties and low volatile organic compound (VOC) emissions. In the automotive sector, acrylic coatings are extensively used for both interior and exterior surfaces, serving as base and topcoats for vehicle exteriors. With India producing 22.93 million vehicles in FY 2022 and exporting 4.76 million in FY 2023, the automotive industry's growth significantly drives acrylic coating demand. Additionally, government initiatives like the USD 9.81 billion investment in Gujarat's Gift City further boost the segment, ensuring continued market expansion.

India Paint and Coating Market – By Technology

Based on technology, India Paint and Coating Market is divided into Waterborne Coatings, Solvent borne Coatings, Powder Coatings, and UV Coatings segments. The waterborne coatings segment holds the highest share in India Paint and Coating Market by technology. The growth is driven by the segment's advantages, including low volatile organic compound (VOC) emissions, environmental friendliness, exceptional durability, and reduced energy consumption, making it a preferred choice across industries.

India Paint and Coating Market – By Application

By application, India Paint and Coating Market is divided into Interior, Exterior, Metal Coating, Wood Coating, and Plastic Coating segments. The interior segment holds the highest share in India Paint and Coating Market by application. It is driven by the growing demand for architectural and decorative coatings in residential and commercial spaces. This segment benefits from the increasing focus on enhancing aesthetic appeal and the durability of interior surfaces, particularly walls and ceilings. Rising urbanization, coupled with the expansion of the real estate and construction sectors, has significantly boosted the demand for high-quality interior coatings. Additionally, consumer preferences for eco-friendly, low-odor, and VOC-free products further contribute to the segment's growth. As homeowners and businesses prioritize premium finishes and innovative designs, the interior segment is expected to maintain its leadership in the market.

India Paint and Coating Market – By End User

On the basis of end user, India Paint and Coating Market is divided into Residential, Commercial, and Industrial segments. The residential segment holds the highest share in India Paint and Coating Market by end user. It is attributed to the rising demand for decorative and protective coatings in housing projects, driven by rapid urbanization, increased disposable incomes, and government initiatives like the Pradhan Mantri Awas Yojana, which promote affordable housing. Additionally, growing consumer preference for high-quality, eco-friendly paints and coatings to enhance the aesthetic appeal and longevity of residential spaces further supports the segment's dominance.

India Paint and Coating Market – By Distribution Channel

By distribution channel, India Paint and Coating Market is bifurcated into Direct Sales and Indirect Stores segments.

India Paint and Coating Market – By Region

The in-depth research report on India Paint and Coating Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. South India holds the highest share in India Paint and Coating Market and is expected to maintain its dominance during the forecast period. The leadership is driven by robust industrial and economic growth across sectors such as automotive, manufacturing, IT, and pharmaceuticals, which create substantial demand for paints and coatings. The thriving construction sector, fueled by rapid urbanization, population growth, and infrastructure development in cities like Bengaluru, Chennai, and Hyderabad, further boosts demand for decorative and protective coatings. Favorable climatic conditions enhance paint application efficiency, while the region's strong manufacturing presence and distribution networks ensure market accessibility and sustained growth.

Competitive Landscape

Major players operating in India Paint and Coating Market include Akzo Nobel N.V., Asian Paints, Berger Paints India Limited, Indigo Paints, Jotun, JSW Paints, Kamdhenu Colour and Coatings Limited (KCCL), Kansai Nerolac Paints Limited, Nippon Paint Holding Co. Ltd, Shalimar Paints, and Sheenlac Paints Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In July 2024 - Asian Paints announced significant investments to enhance production capacity at multiple facilities, including doubling the Mysuru plant's capacity and expanding operations at Ankleshwar, Kasna, and Khandala. Additionally, a new water-based product manufacturing facility is under construction in Madhya Pradesh.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2030
	Base Year – 2023
	Estimated Year – 2024
	Forecast Period – 2024–2030
Facts Covered	USD Billion
Market Coverage	India
Product/ Service Segmentation	Formulation, Technology, Application, End User, Distribution Channel, Region
Key Players	Akzo Nobel N.V., Asian Paints, Berger Paints India Limited, Indigo Paints, Jotun, JSW Paints, Kamdhenu Colour and Coatings Limited (KCCL), Kansai Nerolac Paints Limited, Nippon Paint Holding Co. Ltd, Shalimar Paints, Sheenlac Paints Ltd

 

By Formulation

• Acrylic Coatings

• Epoxy Coatings

• Polyurethane Coatings

• Alkyd Coatings

• Polyester Coatings

• Others

By Technology

• Waterborne Coatings

• Solvent borne Coatings

• Powder Coatings

• UV Coatings

By Application

• Interior

• Exterior

• Metal Coating

• Wood Coating

• Plastic Coating

By End User

• Residential

• Commercial

• Industrial

By Distribution Channel

• Direct Sales

• Indirect Stores

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Paint and Coating Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rapid urbanization in India
         2. Government initiatives like "Make in India" and infrastructure projects
         3. Growing automotive industry
         4. Increasing disposable incomes
      2. Restraints
         1. Fluctuations in the prices of raw materials
         2. Presence of counterfeit products
         3. Inefficient distribution networks and logistical challenges
      3. Opportunities
         1. Expanding into rural markets with increasing awareness and disposable incomes
         2. Growing demand for specialty coatings
         3. Leveraging digital technologies for marketing, sales, and supply chain management
      4. Challenges
         1. Stringent environmental regulations can increase compliance costs and limit the use of certain chemicals.
         2. Shortage of skilled labor can impact production and quality control.
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Paint and Coating Market: Marketing Strategies
5. India Paint and Coating Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Formulation
         1. Acrylic Coatings
         2. Epoxy Coatings
         3. Polyurethane Coatings
         4. Alkyl Coatings
         5. Polyester Coatings
         6. Others
      2. By Technology
         1. Waterborne Coatings
         2. Solvent borne Coatings
         3. Powder Coatings
         4. UV Coatings
      3. By Application
         1. Interior
         2. Exterior
         3. Metal Coating
         4. Wood Coating
         5. Plastic Coating
      4. By End User
         1. Residential
         2. Commercial
         3. Industrial
      5. By Distribution Channel
         1. Direct Sales
         2. Indirect Stores
      6. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Paint and Coating Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Formulation
      2. By Technology
      3. By Application
      4. By End User
      5. By Distribution Channel
7. South India Paint and Coating Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Formulation
      2. By Technology
      3. By Application
      4. By End User
      5. By Distribution Channel
8. East India Paint and Coating Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Formulation
      2. By Technology
      3. By Application
      4. By End User
      5. By Distribution Channel
9. West India Paint and Coating Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Formulation
      2. By Technology
      3. By Application
      4. By End User
      5. By Distribution Channel
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Paint and Coating Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Paint and Coating Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Akzo Nobel N.V.
    2. Asian Paints
    3. Berger Paints India Limited
    4. Indigo Paints
    5. Jotun
    6. JSW PAINTS
    7. Kamdhenu Colour and Coatings Limited (KCCL)
    8. Kansai Nerolac Paints Limited
    9. Nippon Paint Holding Co. Ltd
    10. Shalimar Paints
    11. Sheenlac Paints Ltd
    12. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

* Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1       India Paint and Coating Market Segmentation

Figure 2       India Paint and Coating Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Figure 6       India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 7       India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 8       India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Figure 9       India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Figure 10     India Paint and Coating Market Share, By Region, By Value (USD Billion), 2019–2030

Figure 11     North India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Figure 12     North India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Figure 13     North India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 14     North India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 15     North India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Figure 16     North India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Figure 17     South India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Figure 18     South India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Figure 19     South India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 20     South India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 21     South India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Figure 22     India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Figure 23     East India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Figure 24     East India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Figure 25     East India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 26     East India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 27     East India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Figure 28     East India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Figure 29     West India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Figure 30     West India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Figure 31     West India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 32     West India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 33     West India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Figure 34     West India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

 

List of Tables

 

Table 1      India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Table 2      India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Table 3      India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 4      India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Table 5      India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Table 6      India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 7      India Paint and Coating Market Share, By Region, By Value (USD Billion), 2019–2030

Table 8      North India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Table 9      North India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Table 10    North India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 11    North India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Table 12    North India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Table 13    North India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 14    South India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Table 15    South India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Table 16    South India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 17    South India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Table 18    South India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Table 19    South India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 20    East India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Table 21    East India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Table 22    East India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 23    East India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Table 24    East India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Table 25    East India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 26    West India Paint and Coating Market Size, By Value (USD Billion), 2019–2030

Table 27    West India Paint and Coating Market Share, By Formulation, By Value (USD Billion), 2019–2030

Table 28    West India Paint and Coating Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 29    West India Paint and Coating Market Share, By Application, By Value (USD Billion), 2019–2030

Table 30    West India Paint and Coating Market Share, By End User, By Value (USD Billion), 2019–2030

Table 31    West India Paint and Coating Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 31    Akzo Nobel N.V. Company Overview

Table 32    Akzo Nobel N.V. Financial Overview

Table 33    Asian Paints Company Overview

Table 34    Asian Paints Financial Overview

Table 35    Berger Paints India Limited Company Overview

Table 36    Berger Paints India Limited Financial Overview

Table 37    Indigo Paints Company Overview

Table 38    Indigo Paints Financial Overview

Table 39    Jotun Company Overview

Table 40    Jotun Financial Overview

Table 41    JSW Paints Company Overview

Table 42    JSW Paints Financial Overview

Table 43    Kamdhenu Colour and Coatings Limited (KCCL) Company Overview

Table 44    Kamdhenu Colour and Coatings Limited (KCCL) Financial Overview

Table 45    Kansai Nerolac Paints Limited Company Overview

Table 46    Kansai Nerolac Paints Limited Financial Overview

Table 47    Nippon Paint Holding Co. Ltd Company Overview

Table 48    Nippon Paint Holding Co. Ltd Financial Overview

Table 49    Shalimar Paints Company Overview

Table 50    Shalimar Paints Financial Overview

Table 51    Sheenlac Paints Ltd Company Overview

Table 52    Sheenlac Paints Ltd Financial Overview