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Historical Year
Forecast Year
The India paints and coatings market is projected to grow at a CAGR of 9.1% in the forecast period of 2024-2032.
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 Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Region
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.
New players are entering the market while existing companies are scaling up and modernising their operations, further enhancing their competitive edge.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
The market is estimated to grow at a CAGR of 9.1% between 2024 and 2032.
The different types of coatings included in the report are architectural coatings, industrial coatings, and thermosetting powder coatings.
The key trends driving the market growth are the rising use of water-based paints and coatings, rising demand for low-VOC paints, and increasing integration of advanced formulations.
The market is being driven by rising population, improving demographics, rising urbanisation, increasing disposable income and favourable government initiatives for infrastructure development.
The government initiatives include Smart City Mission, Urban Infrastructure Development Fund, PM Awas Yojana, etc.
As of June 10, 2024, the population of India is estimated to be 1,440,946,267.
Based on region, the market is divided into North India, East and Central India, West India, and South India.
The major players in the market are 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, and Maharani Innovative Paints Pvt. Ltd, among others.
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