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India Paints and Coatings Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2025-2034)

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    Report

  • 102 Pages
  • May 2025
  • Region: India
  • Expert Market Research
  • ID: 6096020
The India paints and coatings market was valued at USD 9.37 Billion in 2024. The industry is expected to grow at a CAGR of 9.10% during the forecast period of 2025-2034 to attain a valuation of USD 22.39 Billion by 2034.

India Paints and Coatings Market Growth

The Indian paints and coatings market is one of the fastest-growing sectors across Asia. The rising real estate investments and infrastructure development in India are supporting the demand for paints and coatings across the country. The project completion in 2024-2025, along with increased government funding for affordable infrastructure and housing is supporting the market. In April 2024, the government of India announced their plans to construct 30 million affordable houses over the upcoming five years through PM Awas Yojana, in addition to the 40 million houses that are already under construction.

Prominent growth and contributions from the architectural and industrial sectors in India have allowed Indian manufacturers to witness growth over the years. Repainting of buildings is a key factor driving the demand for decorative paints. This is due to the increasing population, rising rental homes, and growing income levels of the population.

From July to September 2023, home sales in the seven largest cities of India including Mumbai, New Delhi, and Bangalore increased 36% compared to the same period in 2022, to more than 112,000 units. The growing recognition of some of the major cities like Bengaluru, Hyderabad, and Chennai as the best performing and preferred real estate destinations in India (South India in particular) is supporting the regional demand for paints and coatings.

India Paints and Coatings Industry Segmentation

India Paints and Coatings Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Architectural Coatings
  • Industrial Coatings
  • Market by Industry
  • Automotive
  • Wood
  • Transportation Railroad Cards Construction and Repair Marine Uses Traffic Bridges Containers Civil Infrastructure
  • Packaging Can Coating Food and Beverage Processing
  • Others Oil and Gas Primary Metals, Mining Operations Polymer Flooring Systems Coil Coating Passive Fire Protection Public Utilities Water and STP National Defense and Space Pulp and Paper Mills Other Processing Uses Incl. Textiles
  • Market by Binder Type
  • Epoxy (Two-Component)
  • Urethane (One-Component Moisture Cure or Two-Component)
  • Ethyl Silicate
  • Silicone
  • Vinyl
  • Chlorinated Rubber
  • Acrylic
  • Alkyd
  • Modified Binders Modified Epoxies Organic Zinc-Rich Coatings Epoxy Esters Coal Tar Epoxies Phenolic-Modified Alkyds Silicone-Modified Alkyds Organic-Inorganic Siloxane Hybrids (Polysiloxanes)
  • Market by Coating Type
  • Primers
  • Intermediates
  • Direct-to-Metal
  • Market by Paint Composition
  • Solid Content of Binder
  • Other Contents
  • Thermosetting Powder Coating
  • Market by End Use
  • General Metal Finishing
  • Appliances
  • Heating, Ventilation, and Air Conditioning (HVAC)
  • Electrical
  • Architectural
  • Automotive
  • Functional
  • Nonmetal
  • Market by Resin Type
  • Pure Epoxy
  • Epoxy/Carboxyl-Functional Polyester (Hybrid)
  • Polyester (Carboxyl-Functional)
  • Polyester (Hydroxyl-Functional) (Polyurethane)
  • Acrylic (Functionalized with Glycidyl Methacrylate)
  • Market by Decorative Properties
  • Smooth
  • Textures
  • Hammers
  • Metallics
  • Antiques
  • Clears
  • Special Effects Pigments
  • Wood Grain Effect

Market Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India

India Paints and Coatings Market Share

Based on region, the market is divided into North India, East and Central India, West India, and South India. South India is anticipated to grow significantly with the increasing number of government investments to boost the real estate and infrastructure sector, increasing incomes of the population, and rising middle-class.

Leading Companies in the India Paints and Coatings Market

New players are entering the market while existing companies are scaling up and modernising their operations, further enhancing their competitive edge.
  • Asian Paints Limited
  • Berger Paints India Limited
  • Akzo Nobel India Ltd
  • Indigo Paints Ltd
  • Kansai Nerolac Paints Limited
  • Shalimar Paints Limited
  • Jotun India Pvt. Ltd
  • Nippon Paint (India) Private Limited
  • Sheenlac Paints Ltd
  • Maharani Innovative Paints Pvt. Ltd
  • Others

Table of Contents

1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
5 India Paints and Coatings Market Analysis
5.1 Key Industry Highlights
5.2 India Paints and Coatings Historical Market (2018-2024)
5.3 India Paints and Coatings Market Forecast (2025-2034)
6 India Paints and Coatings Market by Type
6.1 Architectural Coatings
6.1.1 Historical Trend (2018-2024)
6.1.2 Forecast Trend (2025-2034)
6.2 Industrial Coatings
6.2.1 Historical Trend (2018-2024)
6.2.2 Forecast Trend (2025-2034)
6.2.3 Market share of Top 5 Leading Players (Production Capacity, Production, and Sales in FY2024)
6.2.4 Market by Industry
6.2.4.1 Automotive
6.2.4.2 Wood
6.2.4.3 Transportation
6.2.4.3.1 Railroad Cards Construction and Repair
6.2.4.3.2 Marine Uses
6.2.4.3.3 Traffic
6.2.4.3.4 Bridges
6.2.4.3.5 Containers
6.2.4.3.6 Civil Infrastructure
6.2.4.4 Packaging
6.2.4.4.1 Can Coating
6.2.4.4.2 Food and Beverage Processing
6.2.4.5 Others
6.2.4.5.1 Oil and Gas
6.2.4.5.2 Primary Metals, Mining Operations
6.2.4.5.3 Polymer Flooring Systems
6.2.4.5.4 Coil Coating
6.2.4.5.5 Passive Fire Protection
6.2.4.5.6 Public Utilities
6.2.4.5.7 Water and STP
6.2.4.5.8 National Defense and Space
6.2.4.5.9 Pulp and Paper Mills
6.2.4.5.10 Other Processing Uses Incl. Textiles
6.2.5 Market by Binder Type
6.2.5.1 Epoxy (Two-Component)
6.2.5.2 Urethane (One-Component Moisture Cure or Two-Component)
6.2.5.3 Ethyl Silicate
6.2.5.4 Silicone
6.2.5.5 Vinyl
6.2.5.6 Chlorinated Rubber
6.2.5.7 Acrylic
6.2.5.8 Alkyd
6.2.5.9 Modified Binders
6.2.5.9.1 Modified Epoxies
6.2.5.9.2 Organic Zinc-Rich Coatings
6.2.5.9.3 Epoxy Esters
6.2.5.9.4 Coal Tar Epoxies
6.2.5.9.5 Phenolic-Modified Alkyds
6.2.5.9.6 Silicone-Modified Alkyds
6.2.5.9.7 Organic-Inorganic Siloxane
6.2.5.9.8 Hybrids (Polysiloxanes)
6.2.6 Market by Coating Type
6.2.6.1 Primers
6.2.6.2 Intermediates
6.2.6.3 Direct-to-Metal
6.2.7 Market by Paint Composition
6.2.7.1 Solid Content of Binder
6.2.7.2 Other Contents
6.3 Thermosetting Powder Coating
6.3.1 Historical Trend (2018-2024)
6.3.2 Forecast Trend (2025-2034)
6.3.3 Market share of Top 5 Leading Players (Production Capacity, Production, and Sales in FY2023)
6.3.4 Market by End Use
6.3.4.1 General Metal Finishing
6.3.4.2 Appliances
6.3.4.3 Heating, Ventilation, and Air Conditioning (HVAC)
6.3.4.4 Electrical
6.3.4.5 Architectural
6.3.4.6 Automotive
6.3.4.7 Functional
6.3.4.8 Nonmetal
6.3.5 Market by Resin Type
6.3.5.1 Pure Epoxy
6.3.5.2 Epoxy/Carboxyl-Functional Polyester (Hybrid)
6.3.5.3 Polyester (Carboxyl-Functional)
6.3.5.4 Polyester (Hydroxyl-Functional) (Polyurethane)
6.3.5.5 Acrylic (Functionalized with Glycidyl Methacrylate).
6.3.6 Market by Decorative Properties
6.3.6.1 Smooth
6.3.6.2 Textures
6.3.6.3 Hammers
6.3.6.4 Metallics
6.3.6.5 Antiques
6.3.6.6 Clears
6.3.6.7 Special Effects Pigments
6.3.6.8 Wood Grain Effect
7 India Paints and Coatings Market by Region
7.1 North India
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.2 East and Central India
7.2.1 Historical Trend (2018-2024)
7.2.2 Forecast Trend (2025-2034)
7.3 West India
7.3.1 Historical Trend (2018-2024)
7.3.2 Forecast Trend (2025-2034)
7.4 South India
7.4.1 Historical Trend (2018-2024)
7.4.2 Forecast Trend (2025-2034)
8 Market Dynamics
8.1 SWOT Analysis
8.1.1 Strengths
8.1.2 Weaknesses
8.1.3 Opportunities
8.1.4 Threats
8.2 Porter’s Five Forces Analysis
8.2.1 Supplier’s Power
8.2.2 Buyer’s Power
8.2.3 Threat of New Entrants
8.2.4 Degree of Rivalry
8.2.5 Threat of Substitutes
8.3 Key Indicators for Demand
8.4 Key Indicators for Price
9 Import And Export Volumes in KMT and INR Billion (Architectural, Industrial, and Thermosetting Powder Coatings)10 Value Chain Analysis
11 Competitive Landscape
11.1 Supplier Selection
11.2 Key Global Players
11.3 Key Regional Players
11.4 Key Player Strategies
11.5 Company Profiles
11.5.1 Asian Paints Limited
11.5.1.1 Company Overview
11.5.1.2 Product Portfolio
11.5.1.3 Demographic Reach and Achievements
11.5.1.4 Certifications
11.5.2 Berger Paints India Limited
11.5.2.1 Company Overview
11.5.2.2 Product Portfolio
11.5.2.3 Demographic Reach and Achievements
11.5.2.4 Certifications
11.5.3 Akzo Nobel India Ltd
11.5.3.1 Company Overview
11.5.3.2 Product Portfolio
11.5.3.3 Demographic Reach and Achievements
11.5.3.4 Certifications
11.5.4 Indigo Paints Ltd
11.5.4.1 Company Overview
11.5.4.2 Product Portfolio
11.5.4.3 Demographic Reach and Achievements
11.5.4.4 Certifications
11.5.5 Kansai Nerolac Paints Limited
11.5.5.1 Company Overview
11.5.5.2 Product Portfolio
11.5.5.3 Demographic Reach and Achievements
11.5.5.4 Certifications
11.5.6 Shalimar Paints Limited
11.5.6.1 Company Overview
11.5.6.2 Product Portfolio
11.5.6.3 Demographic Reach and Achievements
11.5.6.4 Certifications
11.5.7 Jotun India Pvt. Ltd
11.5.7.1 Company Overview
11.5.7.2 Product Portfolio
11.5.7.3 Demographic Reach and Achievements
11.5.7.4 Certifications
11.5.8 Nippon Paint (India) Private Limited
11.5.8.1 Company Overview
11.5.8.2 Product Portfolio
11.5.8.3 Demographic Reach and Achievements
11.5.8.4 Certifications
11.5.9 Sheenlac Paints Ltd
11.5.9.1 Company Overview
11.5.9.2 Product Portfolio
11.5.9.3 Demographic Reach and Achievements
11.5.9.4 Certifications
11.5.10 Maharani Innovative Paints Pvt. Ltd.
11.5.10.1 Company Overview
11.5.10.2 Product Portfolio
11.5.10.3 Demographic Reach and Achievements
11.5.10.4 Certifications
11.5.11 Others

Companies Mentioned

  • Asian Paints Limited
  • Berger Paints India Limited
  • Akzo Nobel India Ltd
  • Indigo Paints Ltd
  • Kansai Nerolac Paints Limited
  • Shalimar Paints Limited
  • Jotun India Pvt. Ltd
  • Nippon Paint (India) Private Limited
  • Sheenlac Paints Ltd
  • Maharani Innovative Paints Pvt. Ltd.

Table Information