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

The India Automotive Paints and Coatings Market is Segmented by Resin Type (Acrylic, Polyurethane, Epoxy, and Other Resin Types), Technology (Water-borne, Solvent-borne, Powder, and Other Technologies), Layer (E-coat, Primer, Base Coat, Clear Coat), and Application (Automotive OEM and Automotive Refinish). The report offers size and forecasts for all the above segments in revenue (USD million).

India Automotive Paints & Coatings Industry Overview

India Automotive Paints and Coatings Market Size
Study Period: 2018 - 2028
CAGR: > 3 %

Major Players

India Automotive Paints and Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Automotive Paints & Coatings Market Analysis

The Indian automotive paints and coatings market is expected to record a CAGR of over 3% during the forecast period.

The market saw substantial growth in 2021 due to the increasing production of vehicles. The car after-sales market includes paint protection. Despite severe production limitations and lengthy delivery backlogs, automakers delivered 30.82 lakh vehicles to dealerships in 2021, up from 24.33 lakh in 2020. With the growing demand for automotive and increasing after-sale services for various car segments, the market is expected to see positive growth over the coming years.

· The growing demand for electric vehicles is expected to be one of the main factors driving the market studied in the forecast period.

· By resin type, polyurethane resin is expected to dominate the market studied over the forecast period.

India Automotive Paints & Coatings Industry Segments

Automotive paint and coatings are generally used in cars and other automobiles for both protection and adornment. The market is segmented by resin type (acrylic, polyurethane, epoxy, and other resin types), technology (water-borne, solvent-borne, powder, and other technologies), layer (e-coat, primer, base coat, clear coat), and application (automotive OEM and automotive refinish). The report offers market size and forecasts for all the above segments in revenue (USD million).

Resin Type
Polyurethane
Epoxy
Acrylic
Other Resin Types
Technology
Solvent-borne
Water-borne
Powder
Other Technologies
Layer
E-coat
Primer
Base Coat
Clear Coat
Application
Automotive OEM
Automotive Refinish

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India Automotive Paints & Coatings Market Trends

This section covers the major market trends shaping the India Automotive Paints & Coatings Market according to our research experts:

Polyurethane Resin Type to Dominate the Market

· Polyurethanes are a vast family of polymers that may be adapted to a variety of purposes, and they play an important role in the construction, automotive, and electrical industries.

· Automobile primer, intermediate coat, and finishing paint are all types of automotive coatings. Cathodic electric deposit is used in 92% of primers, according to the coating procedure (CED). It's made up of 90% cathode electrophoretic paint. The overall performance of polyurethane electrophoretic paint is good.

· Polyurethane coatings provide car exteriors with high gloss, durability, scratch resistance, and corrosion resistance. They are also used for glazing windshields and windows, increasing strength, and providing fog resistance.

· As a car primer, paint manufacturers in China have gradually introduced thick film type polyurethane cathode electrophoretic paint from Japan's Kansai Paint Company.

· Because of the aforementioned factors, polyurethane paints and coatings are expected to dominate the market studied over the next few years.

India Automotive Paints and Coatings Market Trends

Automotive Refinish to Witness Rapid Growth During the Forecast Period

· The automotive sector has been one of the biggest markets in India and has been growing at a steady rate in recent years as well.

· According to the IBEF, the total number of passenger cars produced in FY21 was 22,652,108. The premium automobile market sold 8,500 units in the July-September 2021 quarter.

· In October 2021, total passenger vehicle production (excluding BMW, Mercedes, Tata Motors, and Volvo Auto) of three-wheelers, two-wheelers, and quadricycles totaled 2,214,745 units.

· 2021 came to a close on a strong note, with the small SUV sector leading the country in sales. In December 2021, the compact SUV class saw a 23% increase in sales. In 2021, small SUVs bolstered total sales for the SUV/crossover class, with a market share of 38%, an all-time high. The small hatchback and mid-SUV sectors were ranked second and third, respectively.

· With the automotive sector recovering from the impact of the COVID-19 pandemic, the Indian automotive paints and coatings market is expected to grow in the forecast period.

India Automotive Paints and Coatings Market Forecast

India Automotive Paints & Coatings Market Competitor Analysis

The Indian automotive paints and coatings market is partially consolidated in nature, with only a few major players dominating the market. Some of the major companies are Akzo Nobel NV, PPG Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, and Nippon Paint (India) Company Limited.

India Automotive Paints & Coatings Market Top Players

  1. Akzo Nobel N.V.

  2. ppg asianpaints

  3. Berger Paints India Limited

  4. Kansai Nerolac Paints Limited

  5. Nippon Paint (India) Company Limited

*Disclaimer: Major Players sorted in no particular order

Akzo Nobel NV, PPG Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, and Nippon Paint (India) Company Limited.

India Automotive Paints & Coatings Market Recent Developments

  • · In February 2022, the long-standing cooperation between McLaren Racing and AkzoNobel was extended and enhanced. The new multi-year agreement will build on the successful 13-year partnership and explore new sustainability, technical innovation, and product development potential.

India Automotive Paints & Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Automotive Refinish

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Polyurethane

      2. 5.1.2 Epoxy

      3. 5.1.3 Acrylic

      4. 5.1.4 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Solvent-borne

      2. 5.2.2 Water-borne

      3. 5.2.3 Powder

      4. 5.2.4 Other Technologies

    3. 5.3 Layer

      1. 5.3.1 E-coat

      2. 5.3.2 Primer

      3. 5.3.3 Base Coat

      4. 5.3.4 Clear Coat

    4. 5.4 Application

      1. 5.4.1 Automotive OEM

      2. 5.4.2 Automotive Refinish

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 PPG Asian Paints

      3. 6.4.3 Berger Paints India Limited

      4. 6.4.4 Cresta Paints India Pvt. Ltd

      5. 6.4.5 Fabula Coatings India Pvt. Ltd

      6. 6.4.6 Jotun

      7. 6.4.7 Kansai Nerolac Paints Limited

      8. 6.4.8 Kwality Paints and Coatings Pvt. Ltd

      9. 6.4.9 Nippon Paint (India) Company Limited

      10. 6.4.10 Sheenlac Paints Ltd

      11. 6.4.11 Snowcem Paints

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Electronic Vehicles

**Subject to Availability
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India Automotive Paints & Coatings Market Research FAQs

The India Automotive Paints and Coatings Market is studied from 2018 - 2028.

The India Automotive Paints and Coatings Market is growing at a CAGR of >3% over the next 5 years.

Akzo Nobel N.V., ppg asianpaints, Berger Paints India Limited, Kansai Nerolac Paints Limited, Nippon Paint (India) Company Limited are the major companies operating in India Automotive Paints and Coatings Market.

India Automotive Paints and Coatings Industry Reports

In-depth industry statistics and market share insights of the India Automotive Paints and Coatings sector for 2020, 2021, and 2022. The India Automotive Paints and Coatings research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the India Automotive Paints and Coatings report PDF.

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