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India Automotive OEM Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 80 Pages
  • April 2023
  • Region: India
  • Mordor Intelligence
  • ID: 5764541
The India Automotive OEM Coatings market is expected to reach around 670 million by the end of this year. It is projected to register a CAGR of over 9.7% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.

Key Highlights

  • The Increasing Demand for Passenger Cars is anticipated to be one of the major factors driving the growth of the Automotive OEM coatings market.
  • On the flip side, shortages of semiconductors and other components are likely to negatively affect the demand for Auto OEM coatings consumption in the country.
  • The Market expansion is anticipated to be supported by Increasing Demand for Electronic Vehicles.
  • In the End-User segment, the Passenger Cars segment is expected to dominate the country's automotive OEM coatings market.

Coatings Market Trends

Passenger Vehicles Dominate the Market

  • Automotive OEM coatings are generally used in cars and other automobiles for protection and adornment.
  • In India, the Automotive industry is one of the largest manufacturing sectors in the country and contributes about 7.5% to the nation’s GDP. In 2021, India became the third-largest automobile market and the fifth-largest light commercial vehicle manufacturer.
  • The Increasing Demand for passenger cars in the automotive OEM Coating is expected to increase due to the gradual shift of consumers from convenient transportation to a luxurious and safe ride.
  • The Automotive OEM coatings for passenger cars are estimated to have an upside demand in the forecast period. For instance, due to COVID-19, passenger car production in 2020 declined by 22% compared to 2019. However post, COVID-19, due to the recovery of the passenger car market, the production of passenger cars in the country reached 3.63 million units in 2021, which shows a recovery of 28% compared to 2020.
  • Furthermore, Increased investments and advancements in the automobile industry in India are expected to increase the consumption of Automotive OEM coatings.
  • For Example, In April 2022, Tata Motors announced plans to invest USD 3.08 billion in its passenger vehicle business over the next five years. This is expected to positively impact the production of Auto OEM coatings in the country.
  • All the factors above are expected to act as driving factors for the Automotive OEM coatings market during the forecast period.​

Water-borne Coating Dominate the Market

  • Although solvent-borne technology accounts for most of the market, it is predicted to grow slowly over the forecast period.
  • Regulations governing VOC emissions from hazardous air pollutants contained in solvent-borne automotive OEM coatings such as toluene, xylene, ethylbenzene, and methyl ethyl ketone are one of the major factors limiting the expansion of solvent-borne automotive OEM coatings.
  • Water-based automotive OEM coatings are becoming increasingly popular due to the continuously changing environmental regulations. Water-based coatings are constantly developing to provide the same performance as solvent-based coatings. For example, mild co-solvent reducers and additives are being developed to improve water-based coatings' performance and drying times.
  • The increasing adoption of waterborne automotive coatings is due to their physical and chemical qualities, such as high chemical resistance, low processing temperature, and solvent-free formulations.
  • Owing to above mentioned factor, waterborne technology is expected to grow significantly during the forecast period.

Coatings Market Competitor Analysis

The India Automotive OEM Coatings Market is consolidated, as most of the market share is divided among a few companies. Some of the key players in the market include (not in any particular order) Akzo Nobel N.V., PPG Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, and Nippon Paint (India) Company Limited.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study



4.1 Market Drivers
4.1.1 Passenger Cars to Dominate the Market
4.1.2 Other Drivers
4.2 Market Restraints
4.2.1 Ongoing Shortage of Semiconductors
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition

5 MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyester
5.1.6 Other Resin Type
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Others
5.3 End-user Industry
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.3.3 ACE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel N.V.
6.4.2 Axalta Coating Systems, LLC
6.4.3 BASF SE
6.4.4 Beckers Group
6.4.5 Jotun
6.4.6 Kansai Nerolac Paints Limited
6.4.7 Nippon Paint Holdings Co. Ltd
6.4.8 PPG Industries, Inc.
6.4.9 RPM International Inc
6.4.10 Teknos Group
6.4.11 The Sherwin-Williams Company

7.1 Growing Trend for Electric Vehicles to Reduce Emissions

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • AkzoNobel N.V.
  • Axalta Coating Systems, LLC
  • Beckers Group
  • Jotun
  • Kansai Nerolac Paints Limited
  • Nippon Paint Holdings Co., Ltd
  • PPG Industries, Inc.
  • RPM International Inc
  • Teknos Group
  • The Sherwin-Williams Company