Market Size of India Automotive Paints And Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.41 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Automotive Paints And Coatings Market Analysis
The India Automotive Paints and Coatings Market size is expected to grow from USD 608.17 million in 2023 to USD 910.69 million by 2028, at a CAGR of 8.41% during the forecast period (2023-2028).
- 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 demand for functional coatings and the rise in the usage of automotive refinish coatings is expected to drive the market growth.
- The ongoing geopolitical disturbances across the globe can disrupt the supply chain of key automotive components which can act as a restraint for the market.
- The growing demand for electric vehicles is expected to be one of the main factors providing opportunity to the market studied in the forecast period.
- By resin type, polyurethane resin is expected to dominate the market studied over the forecast period.
