India Paint Market

India Paint Market Overview:

The India paint market size reached USD 6.82 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 11.24 Billion by 2032, exhibiting a growth rate (CAGR) of 5.30% during 2024-2032. The market is experiencing significant growth, driven by urbanization, rising income levels, rising infrastructure development, innovating eco-friendly products, and leveraging digital technologies to meet increasing demand and enhance customer experience.

India Paint Market Trends:

Rise in Decorative Paints Segment

The decorative paints segment in India is experiencing robust growth, driven by urbanization, rising disposable incomes, and a growing middle class. This segment includes interior and exterior wall paints, enamels, and wood finishes, widely used in residential and commercial buildings. Government initiatives like the Pradhan Mantri Awas Yojana, aiming to provide affordable housing, have significantly boosted the demand for decorative paints. Additionally, the trend of home renovation and do-it-yourself (DIY) projects has surged, particularly post-coronavirus (COVID-19), as people spend more time at home. According to the First Post India, India's urban population to reach 600 million by 2031, it is a United Nations-backed report, further driving the demand for decorative paints. This growth is also supported by increased marketing efforts and product innovation by leading paint manufacturers, focusing on eco-friendly and low-VOC (volatile organic compounds) paints, which appeal to environmentally conscious consumers.

Technological Advancements in Industrial Paints

The industrial paints segment in India is evolving with significant technological advancements. These include high-performance coatings that offer superior protection against corrosion, chemicals, and extreme weather conditions. The adoption of smart coatings that can self-heal and provide long-term durability is on the rise. Industries, such as automotive, marine, and construction, are major consumers of these advanced industrial paints. The Make in India initiative has accelerated the growth of the manufacturing sector, thereby increasing the demand for industrial paints. According to the India Brand Equity Foundation, the Indian manufacturing industry generated 16-17% of India's GDP pre-pandemic and is projected to be one of the fastest-growing sectors. This growth is coupled with stringent environmental regulations that are pushing manufacturers to develop water-based and low-VOC industrial paints, reducing the environmental impact, and ensuring compliance with global standards.

Growth in Rural Paint Markets

Rural India is emerging as a significant market for the paint industry, driven by increasing rural incomes and improved infrastructure. The government's focus on rural development through schemes like Pradhan Mantri Gram Sadak Yojana and Swachh Bharat Abhiyan has improved connectivity and sanitation, creating demand for paints. Additionally, awareness campaigns and the penetration of e-commerce have made quality paints more accessible to rural consumers. According to the National Sample Survey Office (NSSO), rural consumption expenditure is expected to grow by 10% annually, reflecting the rising purchasing power. Paint companies are tailoring their products and marketing strategies to cater to this segment, offering smaller pack sizes and affordable pricing. The introduction of low-cost, durable paints designed to withstand harsh rural environments is also contributing to the growth. This trend is further supported by government subsidies and financial schemes aimed at promoting rural housing and infrastructure development. Such initiatives are projected to substantially expand the India paint market size over the forecast period.

India Paint Market News:

• In May 2024, JSW Paints aims to match industry profitability levels in the next three to four years, targeting a 15-18% operating margin range. The paint-maker turned profitable at an operating level in 2023-24 with margins over 3% and crossed ₹2,000 crore in revenue.
• In March 2024, Birla Opus aims to have a higher usage of renewable energy and water recycling at its manufacturing plants, and IFC's investment will help this decarbonization process.
   

India Paint Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on technology, type of paint, resin, and end user.

Technology Insights:

• Water-based
• Solvent-based
   

The report has provided a detailed breakup and analysis of the market based on the technology. This includes water-based and solvent-based.

Type of Paint Insights:

• Emulsion
• Enamel
• Distemper
• Textures
• Others
   

A detailed breakup and analysis of the market based on the type of paint have also been provided in the report. This includes emulsion, enamel, distemper, textures, and others.

Resin Insights:

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others
   

The report has provided a detailed breakup and analysis of the market based on the resin. This includes acrylic, alkyd, polyurethane, epoxy, polyester, and others.

End User Insights:

• Architectural and Decorative
• Non-Architectural 
  • Automotive and Transportation
  • Wood
  • General Industrial
  • Marine
  • Others
     

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes architectural and decorative, and non-architectural (automotive and transportation, wood, general industrial, marine, and others).

Regional Insights:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include north India, south India, west and central India, east and northeast India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The companies in the market are adopting various strategic initiatives including new product launches and business alliances to gain a significant India paint market share.

India Paint Market Report Coverage:

Key Questions Answered in This Report:

• How has the India paint market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the India paint market?
• What is the breakup of the India paint market on the basis of technology?
• What is the breakup of the India paint market on the basis of type of paint?
• What is the breakup of the India paint market on the basis of resin?
• What is the breakup of the India paint market on the basis of end user?
• What are the various stages in the value chain of the India paint market? 
• What are the key driving factors and challenges in the India paint?
• What is the structure of the India paint market and who are the key players?
• What is the degree of competition in the India paint market? 
• What is the size of the paint market in India?
• What is the market share of the paint industry in India?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India Paint market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India Paint market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India Paint industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.