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India Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • August 2022
  • Region: India
  • Mordor Intelligence
  • ID: 4515095
The Indian paints and coatings market is estimated to witness significant growth at an estimated CAGR of over 8% over the forecast period. Construction work in the country came to a standstill due to the nationwide lockdown imposed in 2020 to combat the COVID-19 pandemic, triggering concerns that the companies would see revenues being hurt and may even incur losses on some projects. The country-wide lockdown imposed by the government to check the spread of coronavirus resulted in construction companies announcing a shutdown of operations. This delayed the implementation of projects, leading to cost overruns and impacts on the workforce. The COVID-19 outbreak is expected to bring several short-term and long-term consequences in the various industries, including a major impact on the construction industry, which may affect the paints and coatings market in the country. Growing demand from the construction industry, coupled with rising infrastructure activities, is driving the demand for the market studied.

Key Highlights

  • Decreasing automotive production and sales in the country are estimated to hamper the growth of the market studied.
  • The use of nanotechnology in the paints and coatings industry is expected to offer various opportunities for the market's growth during the forecast period.

Key Market Trends

Acrylic Resin Segment Dominating the Market

  • Acrylic resins are the most widely used polymers in the paint and coatings industry. Most of the acrylic paints are water-based or solvent-based and are available as emulsions (latices), lacquers (lower volume solids), enamels (higher volume solids), and powders (100% solids).
  • The common acrylic polymers come in a wide variety of types and combinations, such as methyl and butyl methacrylate. In the case of inexpensive paints, polyvinyl acetate is used primarily.
  • The two principal forms of acrylic used are thermoplastic and thermoset. Thermoplastic acrylic resins are synthetic resins achieved by the polymerization of different acrylic monomers. Thermosets are cured at elevated temperatures by reacting with other polymers. Thermoplastic acrylic resins are of two types, namely solution acrylics and acrylic latex coatings.
  • Furthermore, acrylic resins develop properties, such as transparency, high colorability, and UV resistance in coating solutions. They are used in water-borne systems very often, resulting in low VOC emissions. The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, the acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface if employed with some fluids.
  • The application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are high in demand due to environmental concerns, such as the negative impact of VOCs on the environment's air quality.
  • The primary binder type in the Indian paints and coatings market is acrylic, with a total share of more than 70% of all the water-borne coatings. Acrylic is widely used in architectural coatings.
  • Such positive factors are expected to increase demand over the forecast period.

Increasing Demand from the Architectural Industry

  • Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used in.
  • For example, bathroom walls need to have wipe-ability for keeping them clean because of moisture. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate. So, these types of paints are used in bathrooms.
  • Paints and coatings are applied on the exterior of the house to give them a new look and protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
  • The residential sector in the country is on an increasing trend, with government support/initiatives further boosting the demand. The Ministry of Housing and Urban Development (MoHUA) allocated funds in the 2021 budget for the construction of houses and the creation of funds in order to complete the halted projects.
  • Furthermore, initiatives such as Pradhan Mantri Awas Yojana (PMAY) program are intended to provide affordable homes to many people by 2022. Also, the government is into providing some subsidiary on interest on housing loan if the citizen builds/buys their first house.
  • Also, the country is expanding its commercial sector, thus having a positive impact on the architectural emulsion coatings market. For instance, in September 2021, almost 92 new school buildings, with 48 labs and three libraries, were opened in the Southern part of the country.

Competitive Landscape

The market studied is highly consolidated, with the top five players contributing to more than 70% of the market share. The major companies include Asian paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, AkzoNobel NV, and Nippon Paint (India) Company Limited.

Additional Benefits:

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

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Growing Construction Industry
4.1.2 Rising Infrastructure Activities
4.2 Restraint
4.2.1 Hazardous to health
4.2.2 Substitution of Alternative Chemicals
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Resin Type
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 End User
5.2.1 Architectural
5.2.2 Automotive
5.2.3 Wood
5.2.4 Industrial
5.2.5 Transportation
5.2.6 Packaging
5.3 Technology
5.3.1 Water-borne
5.3.2 Solvent-borne
5.3.3 Powder Coating
5.3.4 Other Technologies
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 Asian Paints
6.4.3 Berger Paints India Limited
6.4.4 Jotun
6.4.5 Kansai Nerolac Paints Limited
6.4.6 Nippon Paint (India) Company Limited
6.4.7 Shalimar Paints
6.4.8 Sheenlac Paints Ltd
6.4.9 Snowcem Paints
6.4.10 Weilburger
7.1 Use of Nanotechnology in the Paints and Coatings Industry

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AkzoNobel NV
  • Asian Paints
  • Berger Paints India Limited
  • Jotun
  • Kansai Nerolac Paints Limited
  • Nippon Paint (India) Company Limited
  • Shalimar Paints
  • Sheenlac Paints Ltd
  • Snowcem Paints
  • Weilburger