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AI Infrastructure I Construction Materials I India Paint Market

India Paint Market Segmented By Product Type (Decorative Paint and Industrial Paint), By Technology (Water based, Solvent based, Powder Coating and Others),
By Type of Paint (Emulsion, Enamel, Distemper, Primer, Textures, Others), By End User (Architectural, General Metals, Automotive and Others), By Resin (Acrylic,
Alkyd, Polyurethane, Epoxy, Polyester, Others), By Region, and By Competition 2020-2030

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Summary

IREPORT DESCRIPTION TABLE OF CONTENT FREQUENTLY ASKED QUESTIONS RELATED REPORTS

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Report Description

Forecast Period 2026-2030

Market Size USO 8.71 Billion
(2024) USO 14.27
Market Size (2030)
Billion 8.42%
CAGR (2025-2030) Architectural
Fastest Growing Segment
South India
Largest Market

Market Overview

India Paint Market has valued at USD 8.71 billion in 2024 and is anticipated to project robust growth in the forecast period with a CAGR of
8.42% through 2030. The Indian government's initiatives, such as "Housing for All" and "Make in India," are supporting and promoting
urbanization, real estate, and infrastructure development. These government programs create favorable conditions for the growth of the paint
market by stimulating construction and renovation activities.

Key Market Drivers

Increasing Disposable Income and Urbanization

The Indian paint market has experienced significant growth in recent years, and one of the primary drivers behind this expansion is the
increasing disposable income of the population coupled with rapid urbanization. As more people migrate from rural to urban areas in search of
better opportunities, their living standards tend to improve, leading to an increased demand for various products and services, including paints.

Urbanization has not only led to the construction of new residential and commercial buildings but also to the renovation and repainting of
existing structures. As people move into modern homes and commercial spaces, they often seek aesthetically pleasing and durable paints to
enhance the interiors and exteriors. This trend has created a substantial market for decorative paints in India, with consumers willing to invest
in premium and branded paint products.
Additionally, the growth in disposable income has allowed consumers to choose from a wider array of paint options, including environmentally
friendly and innovative products. The affordability of higher-quality paints has encouraged consumers to explore different colors, textures, and
finishes, driving innovation and variety within the Indian paint market.

Furthermore, the construction of infrastructure projects, such as airports, metro systems, and smart cities, has added to the demand for
industrial and protective coatings. These coatings are essential for protecting structures and equipment from environmental factors and wear
and tear. The growth in disposable income and urbanization is expected to continue to fuel the expansion of the Indian paint market, making it
an attractive opportunity for paint manufacturers and suppliers.

Government Initiatives and Policies

Government policies and initiatives play a significant role in driving the Indian paint market. Various government schemes and regulations have
a direct or indirect impact on the paint industry. One of the most notable factors is the 'Make in India' campaign, which aims to boost domestic
manufacturing and promote the production of goods within the country. This initiative encourages paint manufacturers to invest in local
production, creating employment opportunities and reducing the dependency on imports.

Furthermore, environmental regulations and sustainability concerns have become increasingly important in recent years. The Indian
government has implemented policies to promote eco-friendly products and reduce the environmental impact of the paint industry. This has led
to a growing demand for low-VOC (volatile organic compound) and water-based paints, as well as the adoption of environmentally responsible
production processes. These policies have spurred innovation within the paint market, encouraging manufacturers to develop and promote
sustainable paint solutions.

Additionally, the rollout of infrastructure development projects and affordable housing initiatives, such as Pradhan Mantri Awas Yojana (PMAY),
has driven the demand for paint in both residential and commercial construction. These government-led programs are expected to continue to
provide substantial opportunities for the paint market, as they aim to improve housing conditions and create new infrastructure across the
country.

Government incentives, tax benefits, and subsidies for the construction and real estate sectors also indirectly support the paint market by
stimulating construction activity. Overall, government initiatives and policies significantly influence the growth and dynamics of the Indian paint
market.

Increasing Real Estate and Construction Activity

The booming real estate and construction sectors in India serve as a pivotal driver for the country's paint market. The demand for paints and
coatings is intrinsically linked to the construction of residential, commercial, and industrial structures, as well as infrastructure projects like
roads, bridges, and airports. Several factors contribute to the sustained growth in these sectors:

Rap.id Urbanization: As India's urban population continues to grow, the need for housing and commercial spaces escalates. Urban areas
require more construction to accommodate the rising population, leading to a surge in construction activity. This, in turn, fuels the demand for
paints and coatings for both interior and exterior applications.

Infrastructure DeveloP-ment: The Indian government's focus on infrastructure development is creating significant opportunities for the paint
market. Large-scale projects such as smart cities, highways, and public transportation systems require durable and protective coatings for
various surfaces. These projects contribute substantially to the demand for industrial and specialty paints.

Real Estate Investment: The real estate sector attracts substantial investments from both domestic and international investors. This influx of
capital supports the development of new housing and commercial projects, further increasing the need for paints and coatings. Developers are
increasingly investing in innovative, aesthetically pleasing, and long-lasting paint solutions to meet the expectations of modern consumers.

Residential Renovation: In addition to new construction, the renovation and repainting of existing structures are common practices in India. As
homeowners and businesses seek to upgrade and modernize their properties, they often invest in new paint and coating solutions. This trend
adds to the demand for decorative paints.

Commercial and Industrial SP-aces: The growth of the manufacturing and industrial sectors necessitates specialized coatings for machinery,
equipment, and facilities. This results in a steady demand for industrial coatings in applications ranging from automotive manufacturing to food
processing.

In conclusion, the flourishing real estate and construction sectors, driven by urbanization, infrastructure development, investment, and
renovation, are fundamental drivers of the Indian paint market. The continual expansion of these industries is expected to sustain and propel
the growth of the paint market in India in the coming years.
 Ind ia Paint Market

India Paint Market Size, By Region, By Value, 2020-2030F

2020 2021 2022 2023 2024 2025£ 2026F 2027F 2028F 20Z9 F 2030 F

•South India • North India •West India •East India

Download Free SamP-le ReP-or1

Key Market Challenges

Intense ComR.etition and Price Sensitivity_

The Indian paint market is characterized by intense competition among numerous domestic and international paint manufacturers. While
competition can be healthy for innovation and consumer choice, it also presents a significant challenge, especially in a price-sensitive market
like India.

One of the primary challenges is the constant pressure to offer products at competitive prices. Indian consumers, especially in the mass market
segment, are highly price-sensitive and often prioritize cost over quality. This leads to a race to the bottom in terms of pricing, making it
challenging for paint manufacturers to maintain healthy profit margins while delivering high-quality products.

As a result of this price sensitivity, paint companies are compelled to optimize their production processes, source raw materials efficiently, and
sometimes compromise on product quality to keep costs low. This can lead to a situation where the market becomes flooded with low-cost,
substandard paints, negatively impacting the overall reputation and quality of the industry.

Furthermore, the presence of numerous players, both established and emerging, adds to the competitive landscape. To address this challenge,
paint manufacturers must focus on differentiating their products through innovation, branding, and marketing strategies, all while ensuring cost
effectiveness. Maintaining a delicate balance between quality and affordability is an ongoing challenge in the Indian paint market.

Regulatoey_ ComR.liance and Environmental Concerns

The Indian paint market faces a substantial challenge in adhering to increasingly stringent environmental regulations and addressing growing
concerns about the environmental impact of the industry. Paints and coatings traditionally contain volatile organic compounds (VOCs) that are
harmful to human health and the environment. In response to these concerns, the Indian government has implemented and enforced
regulations to reduce voe emissions and promote the use of low-VOC or zero-VOC paints.

Complying with these regulations necessitates significant investments in research and development to develop eco-friendly, low-VOC, and
water-based paint formulations. While these products are better for the environment and human health, they are often more expensive to
produce and may not be as cost-competitive as traditional solvent-based paints. This puts pressure on paint manufacturers to make a
substantial shift in their production processes and formulations.

Additionally, waste management and disposal issues are significant concerns. Proper disposal of paint-related waste, including unused paints,
empty containers, and cleaning solvents, is necessary to prevent soil and water pollution. Paint manufacturers and users need to adopt
responsible practices, which can be logistically challenging and costly.

The regulatory landscape is continuously evolving, and non-compliance can lead to penalties and reputational damage for manufacturers. Paint
companies must invest in research, development, and operational changes to ensure compliance, making it a complex and ongoing challenge
in the Indian paint market.

Raw Material Price Volatility_

The Indian paint market is highly dependent on a variety of raw materials, including pigments, binders, solvents, and additives. These raw
materials are often subject to price volatility due to factors such as global supply and demand, currency fluctuations, geopolitical events, and
natural disasters. This price instability can significantly impact the cost of production and, subsequently, the final pricing of paint products.

One of the primary challenges faced by paint manufacturers in India is managing these raw material price fluctuations. When the prices of key
raw materials increase unexpectedly, it can put pressure on profit margins unless the additional costs can be passed on to consumers, which
may not always be possible in a competitive and price-sensitive market.

Moreover, the paint industry is affected by the global availability of certain raw materials. For example, titanium dioxide is a critical pigment used
in many paints, but its supply can be influenced by international factors, leading to potential shortages and price spikes.
To address this challenge, paint manufacturers must implement robust supply chain management, consider alternative raw materials, negotiate
favorable contracts with suppliers, and diversify sourcing to mitigate the impact of raw material price volatility. However, managing these
uncertainties remains a complex and ongoing challenge in the Indian paint market.

Key Market Trends

Shift Towards Environmentally_ Friendly_ and Sustainable Paints

One notable trend in the Indian paint market is the increasing consumer preference for environmentally friendly and sustainable paint products.
As awareness of environmental issues and health concerns related to traditional paints and coatings grows, consumers are actively seeking
alternatives that have a reduced impact on the environment and human well-being.

In response to this trend, paint manufacturers in India are expanding their portfolios of low-VOC (volatile organic compound) and zero-VOC
paints. These formulations emit fewer harmful chemicals into the atmosphere, resulting in improved indoor air quality and a reduced
environmental footprint. Water-based paints, which have lower VOC levels compared to solvent-based counterparts, have gained significant
popularity.

Additionally, there is a growing demand for eco-friendly paint products made from renewable resources and recyclable materials.
Manufacturers are investing in research and development to create sustainable paint options that use plant-based ingredients, recycled
content, or bio-based resins. This trend aligns with the global push for more sustainable and responsible consumer choices.

Sustainability is not limited to the product itself but also extends to the production processes. Manufacturers are adopting eco-friendly
manufacturing practices and reducing energy consumption to lower their carbon footprint.

Moreover, sustainability is not just a consumer-driven trend; it is also influenced by government regulations and initiatives aimed at reducing
the environmental impact of the paint industry. As a result, the adoption of sustainable and eco-friendly paint products is expected to
continue to grow in the Indian market, influencing product development, consumer choices, and industry practices.

Digitalization and Online Sales

The Indian paint market is witnessing a growing trend of digitalization and the increasing prominence of online sales channels. This trend has
been accelerated by changing consumer behaviors, especially in the wake of the COVID-19 pandemic, which prompted a significant shift
towards online shopping and remote interactions.

Digitalization has reshaped various aspects of the paint market:

Online Sales: Paint manufacturers and retailers have expanded their online presence, offering customers the convenience of purchasing paint
products, accessories, and tools through e-commerce platforms. This trend is especially attractive for do-it-yourself (DIY) consumers,
professionals, and those seeking a hassle-free buying experience. Online sales also provide access to a broader range of products and
brands.

Virtual Color Matching and Visualization: The adoption of digital tools and applications for color matching and visualization has
become increasingly popular. Consumers can virtually experiment with different paint colors and finishes to make more informed
decisions. This technology enhances the customer experience and helps reduce the risk of dissatisfaction with color choices.

Digital Marketing Paint manufacturers are investing in digital marketing strategies to reach a wider audience and engage with consumers
through social media, websites, and other online platforms. This allows for better communication of product features, benefits, and promotions.

Supply Chain Management Digital tools are also being used to optimize supply chain and inventory management, improving efficiency and
ensuring timely product availability.

The convenience, accessibility, and information-rich environment of online platforms have made digitalization a significant trend in the Indian
paint market. As more consumers embrace online shopping and the use of digital tools in their painting projects, the industry is likely to further
embrace technology to meet evolving consumer needs and preferences. Digitalization is not only a response to current trends but also a
forward-looking strategy to remain competitive in an increasingly digital world.

Segmental Insights

Technology Insights

The Water based segment emerged as the dominating segment in 2024. The water-based segment of the Indian paint market is a rapidly
growing and increasingly important category within the industry. Water-based paints, also known as waterborne paints, have gained popularity
due to their eco-friendly properties, low VOC (volatile organic compound) content, ease of application, and improved safety compared to
solvent-based alternatives.

The water-based paint segment has been experiencing robust growth in India. The increasing awareness of environmental concerns and the
health risks associated with high-VOC paints have driven the demand for water-based paints. While solvent-based paints still dominate the
market, the water-based segment is steadily gaining ground and is expected to continue its growth trajectory in the coming years.
One of the primary drivers of the water-based paint segment is the focus on environmental sustainability. Water-based paints have lower VOC
content, reducing their impact on indoor air quality and the environment. This aligns with government regulations and consumer preferences for
eco-friendly products. As environmental concerns continue to mount, the demand for water-based paints is likely to increase.

Water-based paints are suitable for a wide range of applications, including both residential and commercial projects. They are used for interior
and exterior wall coatings, wood finishes, metal surfaces, and more. The versatility of water-based paints makes them a preferred choice for
homeowners, contractors, and professionals in various industries.

India Paint Ma rket

End User Outlook
Report Segmentation
Architectural
Region Outlook General Metals
South India Automotive
West India Others
North I ndia Resin Outlook
East India Acrylic
Alkyd
Polyurethane
Product Type Epoxy
Outlook Polyeste r
Decorative Paint • Water based Others
Typ• af Point Outlook
• Industrial Paint Solvent based
Emulsion
Powder
Enamel
Coating Others
Distemper
Primer
Textures
Others

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Regional Insights
South India emerged as the dominating region in the India Paint Market in 2024. The South Indian paint market is substantial and continues to
grow. Rapid urbanization, increasing disposable incomes, and a booming real estate sector have fueled the demand for paint products in this
region. The residential and commercial construction sectors, along with infrastructure projects, contribute significantly to the market's
expansion.

South India has diverse climate conditions, ranging from tropical in coastal areas to semi-arid in some interior regions. These climate variations
influence the choice of paint products, especially for exterior applications. Paints need to withstand high humidity, heavy monsoon rains, and
scorching temperatures. This has led to the demand for weather-resistant and durable coatings.

South India's rich cultural diversity and regional preferences affect the choice of paint colors and aesthetics. For example, traditional color
palettes, such as earthy tones, are often preferred in some areas, while modem urban centers may lean towards contemporary and vibrant
color schemes. Paint manufacturers often tailor their product offerings to accommodate these regional variations.

South India has seen a surge in green building practices and sustainable construction. Builders and consumers are increasingly interested in
eco-friendly and low-VOC (volatile organic compound) paints. As a result, paint manufacturers are developing products that meet these
environmental preferences, including LEED (Leadership in Energy and Environmental Design) certified coatings.

In conclusion, the South India paint market is a dynamic and growing sector, driven by factors such as construction activities, consumer
preferences, climate considerations, and environmental concerns. The region's unique cultural diversity and economic vibrancy contribute to the
complexity and opportunities within this market. As urbanization and construction continue to flourish in South India, the paint market is
expected to remain a key player in the region's economic development.

Recent Developments

• In September 2023, Asian Paints launched a new range of water-based paints called "Ace." The Ace range is targeted at the premium
segment and is designed to offer superior performance and aesthetics.

Key Market Players

• Asian Paints Ltd
• Kamdhenu Group
• Kansai Nerolac Paints Limited
• Akzo Nobel N.V.
• Shalimar Paints
• Jotun A/S
• Nippon Paint (India) Private Limited.
• Indigo Paints Ltd
• Snowcem Paints
 • British Paints

By Product Type By Technology By Type of Paint By End User By Resin By Region

• Decorative Paint • Water based • Emulsion • Architectural • Acrylic • North India
• Industrial Paint • Solvent based • Enamel • General Metals • Alkyd • South India
• Powder Coating • Distemper • Automotive • Polyurethane • West India
• Others • Primer • Others • Epoxy • East India
• Textures • Polyester
• Others • Others

Report Scope:

In this report, the India Paint Market has been segmented into the following categories, in addition to the industry trends which have also been
detailed below:

• India Paint Market, By Product Type:

o Decorative Paint

o Industrial Paint

• India Paint Market, By Technology:

o Water based

o Solvent based

o Powder Coating

o Others

• India Paint Market, By Type of Paint:

o Emulsion

o Enamel

o Distemper

o Primer

o Textures

o Others

• India Paint Market, By End User:

o Architectural

o General Metals

o Automotive

o Others

• India Paint Market, By Resin:

o Acrylic

o Alkyd

o Polyurethane

o Epoxy

o Polyester

o Others
 • India Paint Market, By Region:

o North India

o South India

o West India

o East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Paint Market.

Available Customizations:

India Paint Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The
following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

India Paint Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at techscjresearch.com

Table of content

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1.Markets Covered
1.2.2.Years Considered for Study
1.2.3.Key Market Segmentations

2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1.Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1.The Bottom-Up Approach
2.6.2.The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary

4. Impact of COVID-19 on India Paint Market

5. Voice of Customer

6. India Paint Market Overview

7. India Paint Market Outlook

7.1. Market Size & Forecast
7.1.1.By Value

7.2. Market Share & Forecast

7.2.1. By Product Type (Decorative Paint and Industrial Paint)
7.2.2. By Technology (Water based, Solvent based, Powder Coating and Others)
7.2.3. By Type of Paint (Emulsion, Enamel, Distemper, Primer, Textures and Others)
7.2.4. By End User (Architectural, General Metals, Automotive and Others)
 7.2.5. By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester and Others}
7.2.6. By Region (North India, South India, West India and East India}
7.3. By Company (2024)
7.4. Market Map

8. North India Paint Market Outlook

8.1. Market Size & Forecast

8.1.1.By Value

8.2. Market Share & Forecast

8.2.1. By Product Type
8.2.2. By Technology
8.2.3. By Type of Paint
8.2.4. By End User
8.2.5. By Resin
9. South India Paint Market Outlook

9.1. Market Size & Forecast

9.1.1.By Value

9.2. Market Share & Forecast

9.2.1. By Product Type
9.2.2. By Technology
9.2.3. By Type of Paint
9.2.4. By End User
9.2.5. By Resin
10. West India Paint Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product Type
10.2.2. By Technology
10.2.3. By Type of Paint
10.2.4. By End User
10.2.5. By Resin
11. East India Paint Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Product Type
11.2.2. By Technology
11.2.3. By Type of Paint
11.2.4. By End User
11.2.5. By Resin

12. Market Dynamics

12.1. Drivers
12.2. Challenges

13. Market Trends and Developments

14. Company Profiles

14.1. Asian Paints Ltd

14.1.1. Business Overview

14.1.2. Key Revenue and Financials
14.1.3. Recent Developments
14.1.4. Key Personnel/Key Contact Person
14.1.5. Key Product/Services Offered

14.2. Kamdhenu Group

 14.2.1. Business Overview
14.2.2. Key Revenue and Financials
14.2.3. Recent Developments
14.2.4. Key Personnel/Key Contact Person
14.2.5. Key Product/Services Offered

14.3. Kansai Nerolac Paints Limited

14.3.1. Business Overview

14.3.2. Key Revenue and Financials
14.3.3. Recent Developments
14.3.4. Key Personnel/Key Contact Person
14.3.5. Key Product/Services Offered

14.4. Akzo Nobel N.V.

14.4.1. Business Overview

14.4.2. Key Revenue and Financials
14.4.3. Recent Developments
14.4.4. Key Personnel/Key Contact Person
14.4.5. Key Product/Services Offered

14.5. Shalimar Paints

14.5.1. Business Overview
14.5.2. Key Revenue and Financials
14.5.3. Recent Developments
14.5.4. Key Personnel/Key Contact Person
14.5.5. Key Product/Services Offered

14.6. Jotun A/S

14.6.1. Business Overview
14.6.2. Key Revenue and Financials
14.6.3. Recent Developments
14.6.4. Key Personnel/Key Contact Person
14.6.5. Key Product/Services Offered

14.7. Nippon Paint (India) Private Limited.

14.7.1. Business Overview
14.7.2. Key Revenue and Financials
14.7.3. Recent Developments
14.7.4. Key Personnel/Key Contact Person
14.7.5. Key Product/Services Offered

14.8. Indigo Paints Ltd

14.8.1. Business Overview

14.8.2. Key Revenue and Financials
14.8.3. Recent Developments
14.8.4. Key Personnel/Key Contact Person
14.8.5. Key Product/Services Offered

14.9. Snowcem Paints

14.9.1. Business Overview

14.9.2. Key Revenue and Financials
14.9.3. Recent Developments
14.9.4. Key Personnel/Key Contact Person
14.9.5. Key Product/Services Offered

14.10. British Paints

14.10.1. Business Overview

14.10.2. Key Revenue and Financials
14.10.3. Recent Developments
14.10.4. Key Personnel/Key Contact Person
 14.10.5. Key Product/Services Offered

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked

questions

What was the market size of the I ndia Paint Market i n 2024?

The market size of the India Paint Market was USO 8.71 billion in 2024.

Which was the dominant segment by: Technology: in the India Paint Market in 2024? v

Which i s the dominant region In the I ndia Paint Market? v

What are the major drivers for the I ndia Paint Market? v

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Business Consultant
 Talk To Analy

Press Release
India Paint Market is ex!)ected to grow at a 8.42% CAGR Through 2030
Jul, 2024

India Paint Market is expected to grow owing to increased construction activities, both residential and commercial throughout the forecast period.

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