India Paints and Coatings Market size was valued at USD 8.85 Billion in 2024 and is Expected grow to USD 15.96 Billion by 2030, growing at a CAGR of 8.78% during the forecast period (2024-2030). 

India Paints and Coatings Market Overview

The Indian paint and coatings industry is the 7th largest industry in the world. The industry has many decades of transition and transformation across the range of paints and coatings, from primarily being a residential paints market, to very diversified sectors catering to both decorative and industrial end uses. The industry has promoted the capabilities for the largest paints firm in India, Asian Paints, to be recognised as 8th biggest globally in terms of sales and manufacturing capacity, illustrating the growth of what India is capable of. The industry's acceptance of innovative technologies, automated manufactured, with quality research and development to be able to expect consumer requirements, and the latest innovations in colours available globally, to capture new products and new ideas related to paints and coatings.

India's per capita paint consumption is among the lowest in the world, with estimates of about 1-3.5 kg of paint consumed per year, compared to the rate of 15-25 kg per capita paint consumption in developed markets such as the United States and Japan.  The low per capita consumption and the fact that the rural market for paint is penetrated to only about 10% indicates an enormous opportunity for both domestic and international companies.  Paint in India can be broken down into two categories: decorative and industrial. Decorative paints primarily serve the residential and commercial market; industrial coatings primarily serve original equipment manufacturers (OEMs) of automotive, railways and other equipment.  The decorative market is by far the larger, accounting for about USD 1.7 billion, while the industrial market is approximately USD 0.8 billion in the year 2024.

India Paints and Coatings Market Dynamics

In Financial Year 2024 the paints & coatings industry witnessed a decline in raw material prices compared to their previous high levels. Raw materials play a crucial role in the production process, constituting approximately 55-60 % of the total input costs for the industry. As a result, any fluctuations in raw material prices directly affect the industry's overall cost structure. During FY24, there were price corrections in essential components, including crude oil and other raw materials utilized in paints and coatings manufacturing. These price corrections created a favorable scenario for the India Paints & Coatings industry, leading to improved profit margins. The reduction in raw material prices effectively lowered production costs for paints and coatings, enabling companies within the industry to operate more efficiently and competitively. With decreased input expenses, the industry achieved higher profit margins for its products. This development proved advantageous for the industry's financial performance, signifying increased profitability and potential financial stability.

Environmental and safety regulations in India have led to higher limits for paint ingredients, including VOC emissions and dangerous chemicals. Companies in the industry invested much in R&D to create environmentally friendly and compatible products. While these efforts resulted in increased, they not only reduce operational expenses for paint makers, but they also demonstrate corporate responsibility and compliance with the changing regulatory environment. Adopting eco-friendly practices and compliance methods can provide a competitive advantage by appealing to environmentally sensitive consumers and meeting evolving regulatory standards.

The industry generates 25% of its value from metros and tier I areas, with 75% coming from smaller towns (tier II/III/IV cities) and rural regions. Over the last few years, demand in smaller cities and towns has grown faster than in metro and tier I areas. This growth may be Factors contributing to growth include rising disposable income, greater consumption, increased awareness, rural market development, and new product introductions in the industry. Paint firms are expanding their dealer networks in newer geographies, including tier II/III/IV cities and rural areas, to gain a stronger market position.

The paint and coating industry is the primary end-use for titanium dioxide (TiO2). Titanium dioxide colouring, which accounts for around 25% of paint content, is the most widely used substance in the paint and coating industry as a result of its whiteness, opacity, and refractive index, which allows it to bend and scatter light. It is commercially accessible in two forms: Anatase and Rutile. Rutile TiO2 is more durable, stable, and efficient in scattering light than anatase pigments, which are commonly used in cheap dispersion paints, self-cleaning paints, and road markings. Rutile pigments are widely used in all sorts of paints.

India Paints and Coatings Segment Analysis

India Paints and Coating Market is Segmented into By Resin, Technology and Applications.

By Resin,

Based on Resin, The India Paints and Coatings Market is segmented into Epoxy, Acrylic, Polyurethane, Polyester and Others. The acrylic segment, which garnered approximately 72% of the industry earnings in 2024, is expected to make key contributions towards the industry growth in the forecasting timeline. The surge of the segment in the analysis timeframe can be as a result of versatility, cost-efficiency, and extensive use of resins in architectural paints & vehicle refinishing.

By Technology,

Based on Technology, The India Paints and Coatings Market is segmented into Water-Based, Solvent-Based, Powder Coatings and Others. Water-based paints and coatings have gained popularity in the market for their environmentally friendly qualities and low volatile organic compound (VOC) content. The market share for water-based paint is 8.76% during the forecast period. These paints are largely made up of water-soluble resins such polyesters, polyacrylates, alkyds, epoxy, and epoxy esters, which are synthesized via polycondensation and polymerization in an organic solvent medium. Alcohols, glycol ethers, and other oxygen-containing solvents that are miscible with water make up the resultant resins.

India Paints and Coatings Market Competitive Analysis

The Indian paint and coatings industry is undergoing a dynamic transformation in its competitive landscape, as seen by strategic acquisitions, regional growth, and changing market shares among important competitors. Asian Paints, the market leader, holds a 39.31% share in 2024. This reduction is as a result of increased competition from newer entrants such as Birla Opus, which has taken around 6.8% of the market since its launch in early 2024. Birla Opus, sponsored by Grasim Industries, has spent $1.2 billion in five operational factories to strengthen its market position.

Berger Paints maintains its position as the second-largest player, with a 20.3% market share. The company is focusing on sustainable growth through brand creation and extending its distribution network, with an aim to quadruple its retail touchpoints to 100,000 by 2030. JSW Paints acquired a 74.7% stake in Akzo Nobel India for ₹8,986 crore, making it the fourth-largest player with a combined market share of 9.2%. This strategic approach allows JSW Paints to compete more aggressively in both decorative and industrial coating areas.

India Paints and Coatings Market Scope:

India Paints and Coatings Market Key Players –

·       Asian Paints Limited

·       Berger Paints

·       Kansai Nerolac Paints

·       AkzoNobel India

·       Nippon Paints

·       British Paints India Limited

·       Indigo Paints

·       Chromaflo Technologies

·       Sheenlac Paints

·       JSW Paints Private Limited

·       Sunanda Speciality Coatings Pvt. Ltd.

·       Acro Paints Ltd.

·       Shalimar Paints

·       Sirca Panits India Limited

·       Agsar Paints

·       Hawks Paints & Coatings Pvt. Ltd

Frequently Ask Questions –

1)   Who are the major Key players of India Paints and Coatings Market?

Ans – The major key players of the India Paints and Coatings market are Asian Paints Limited, Berger Paints and Kansai Nerolac Paints.

2)    What was the market size of India Paints and Coatings market in 2024?

Ans – In 2024, market size of the India Paints and Coatings market is USD 8.85 Billion.

3)    Which Segment is expected to lead the market during forecast period?

Ans – Resin segment is expected to lead the market during forecast period.

4)    What will be the market size of India Paints and Coatings market in 2030?

Ans – The market size of India Paints and Coatings market in 2030 will be USD 15.96 Billion.

5)    What Will be the CAGR value of the India paints and Coating market during forecast period (2024-2030)?

Ans - The India paints and coatings market is expected to record a CAGR of 8.78% during the forecast period.