Paint Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Paint Industry Growth in India and is Segmented by Technology (Water-Borne Coatings, Solvent-borne Coatings, Powder Coatings, And Radiation Cured Coatings), Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, And Other Resin Types), And End User Industry (Architectural, Automotive, Wood, Protective Coatings, General Industrial, Transportation, And Packaging). The Report Offers Market Size and Forecasts for the Indian Paints and Coatings Market in Revenue (USD Million) for all the Above Segments.

India Paints And Coatings Market Size

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India Paints And Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 9.56 Billion
Market Size (2029) USD 15 Billion
CAGR (2024 - 2029) 9.38 %
Market Concentration High

Major Players

India Paints And Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order


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India Paints And Coatings Market Analysis

The India Paints And Coatings Market size is estimated at USD 9.56 billion in 2024, and is expected to reach USD 15.00 billion by 2029, growing at a CAGR of 9.38% during the forecast period (2024-2029).

COVID-19 hampered the paint industry market in India. With economic uncertainties and a slowdown in various sectors such as real estate, construction, and automotive, the demand for paints decreased significantly. Many construction projects were halted or delayed, leading to reduced demand for decorative and industrial paint. As economic activities gradually resumed and construction projects restarted, the demand for paints in the construction and real estate sectors began to recover.

Factors such as the growing demand from the construction industry, coupled with the recovering automotive industry, are driving the demand for the paint industry in India.

On the flip side, fluctuations in raw material prices and stringent environmental regulations regarding volatile organic compounds (VOC) are likely to hamper the market's growth.

The use of nanotechnology in the paints and coatings industry and the rising demand for eco-friendly paints are expected to offer various market growth opportunities during the forecast period.

India Paints And Coatings Market Trends

Architectural Industry to Dominate the Market

  • Architectural coatings are used for commercial purposes, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings. These coatings can be applied on outer and inner surfaces and include sealers or specialty products.
  • India has been experiencing rapid urbanization and infrastructure development, which has led to a surge in construction projects. Thus, this has directly increased the demand for architectural paints used in buildings and structures.
  • The residential sector in the country is on an increasing trend, with government support and initiatives that are further boosting the demand. For instance, the Ministry of Housing and Urban Development (MoHUA) allocated the funds of INR 76,549.46 crore in the 2022-23 budget for the construction of houses and the creation of funds in order to complete the halted projects.
  • Furthermore, according to Business Today, the government has allocated INR 80,671 crore for initiatives, such as the Pradhan Mantri Awas Yojana (PMAY) program, which is intended to provide affordable homes to many people. Also, the government offers subsidies for interest on housing loans if the citizens wish to build or buy their first house.
  • According to the Economic Times, in July - September 2023, compared with a year earlier, the construction sector grew by 13.3%, up from 7.9% in the previous quarter and its best performance in five quarters.
  • Home sales in India's seven most prominent cities, including Mumbai, New Delhi, and Bangalore, increased by 36% in the July-September quarter in 2023 from the previous year to more than 112,000 units, with an 8-18% increase in prices, according to data released by the Economic Times.
  • Also, the country is expanding its commercial sector, which has a positive impact on the architectural emulsion coatings market.
  • Hence, according to the factors mentioned above, the demand for paints from the architectural segment is expected to witness robust growth in India in the upcoming period.
India Paints And Coatings Market: Export Value of Paints and Allied Products in India, 2019 - 2022

Acrylic Resin Segment to Dominate the Market

  • Acrylic paints have excellent gloss and color retention along with excellent durability and good adhesion to many substrates. Acrylic paints are also the major architectural paints.
  • The application of acrylic coatings is significant in the construction industry for bridges, high-end finishing in roofs, floors, decks, and other applications. Furthermore, water-based acrylic coatings are in huge demand due to their environmental concerns, which include the adverse effect of volatile organic compounds (VOCs) on the environment.
  • In the automotive industry, acrylic coatings have applications in both interior and exterior surfaces. Acyclic-based paints are mainly used as bases and topcoats for automotive OEM exterior applications. In recent years, the automotive sector has been growing at a faster rate, which has led to an increase in the growth of acrylic automotive paint.
  • For instance, according to data published by the Indian Brand Equity Foundation (IBEF), India produced 22.93 million vehicles in the financial year 2022.
  • Moreover, automobile exports in India reached 4,761,487 in the financial year 2023.
  • According to the data published by the National Investment Promotion and Facilitation Agency (Invest India), the Government of India has allocated USD 9.81 billion for the development of Gift City in Gujarat, India, which is expected to be completed by 2025.
  • Thus, the positive factors mentioned above are expected to increase the demand for acrylic resin in the country's paints and coatings market over the forecast period.
India Paints And Coatings Market: Number of Houses Completed Under Pradhan Mantri Awaas Yojana - Gramin in Rural Areas of India, 2019 - 2023

India Paints And Coatings Industry Overview

The Indian paints and coatings markets are highly consolidated in nature. Some of the major players in the market (not in any particular order) include Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, Akzo Nobel NV, and Nippon Paint Holding Co. Ltd.

India Paints And Coatings Market Leaders

  1. Asian Paints

  2. Berger Paints India Limited

  3. Kansai Nerolac Paints Limited

  4. Nippon Paint Holdings Co. Ltd

  5. Akzo Nobel N.V.

*Disclaimer: Major Players sorted in no particular order

Paint Industry in India Concentration
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India Paints And Coatings Market News

  • Dec 2023: AkzoNobel collaborated with coatingAI to develop software to improve the paint application process and reduce carbon footprint. This technology is called Flightpath. This technology uses equipment settings to reduce defects and overspray. It also improves powder consumption, thereby reducing costs, avoiding rework, and saving time and energy.
  • Oct 2022: Asian Paints announced that it would invest INR 2,650 crore (~USD 324.20 million) in order to set up a production facility for vinyl acetate plant monomer in India. The company will benefit from this investment in the area of backward integration.

India Paints & Coatings Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Construction Industry in the Country

      2. 4.1.2 Recovery of The Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Fluctuation in the Raw Material Prices

      2. 4.2.2 Stringent Environmental Regulations Regarding Volatile Organic Compounds (VOC)

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market size in Value)

    1. 5.1 Technology

      1. 5.1.1 Water-borne Coatings

      2. 5.1.2 Solvent-borne Coatings

      3. 5.1.3 Powder Coatings

      4. 5.1.4 Radiation Cured Coatings

    2. 5.2 Resin Type

      1. 5.2.1 Acrylic

      2. 5.2.2 Alkyd

      3. 5.2.3 Polyurethane

      4. 5.2.4 Epoxy

      5. 5.2.5 Polyester

      6. 5.2.6 Other Resin Types (Vinyl, Latex)

    3. 5.3 End-user Industry

      1. 5.3.1 Architectural

      2. 5.3.2 Automotive

      3. 5.3.3 Wood

      4. 5.3.4 Protective Coatings

      5. 5.3.5 General Industrial

      6. 5.3.6 Transportation

      7. 5.3.7 Packaging


    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 N.V.

      2. 6.4.2 Asian Paints

      3. 6.4.3 Berger Paints India Limited

      4. 6.4.4 Indigo Paints

      5. 6.4.5 Jotun

      6. 6.4.6 JSW PAINTS


      8. 6.4.8 Kansai Nerolac Paints Limited

      9. 6.4.9 Nippon Paint Holding Co. Ltd

      10. 6.4.10 Shalimar Paints

      11. 6.4.11 Sheenlac Paints Ltd

    5. *List Not Exhaustive

    1. 7.1 Use of Nanotechnology in the Paints and Coatings Industry

    2. 7.2 Rising Demand for Eco-friendly Paints

**Subject to Availability
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India Paints And Coatings Industry Segmentation

Paints and coatings are utilized in the architectural, automotive, wood, industrial, transportation, and packaging industries. They are intended for several applications, such as corrosion resistance, damage prevention, decorative reasons, and others.

The Paint Industry in India is segmented by technology, resin type, and end-user industry. On the basis of technology, the market is segmented into water-borne coatings, solvent-borne coatings, powder coatings, and radiation-cured coatings. On the basis of resin type, the market is segmented into acrylic, alkyl, polyurethane, epoxy, polyester, and other resin types (vinyl and latex). In the end-user industry, the market is segmented into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging. For each segment, the market sizing and forecasts were made on the basis of value (USD).

Water-borne Coatings
Solvent-borne Coatings
Powder Coatings
Radiation Cured Coatings
Resin Type
Other Resin Types (Vinyl, Latex)
End-user Industry
Protective Coatings
General Industrial
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India Paints & Coatings Market Research FAQs

The India Paints And Coatings Market size is expected to reach USD 9.56 billion in 2024 and grow at a CAGR of 9.38% to reach USD 15 billion by 2029.

In 2024, the India Paints And Coatings Market size is expected to reach USD 9.56 billion.

Asian Paints, Berger Paints India Limited, Kansai Nerolac Paints Limited, Nippon Paint Holdings Co. Ltd and Akzo Nobel N.V. are the major companies operating in the India Paints And Coatings Market.

In 2023, the India Paints And Coatings Market size was estimated at USD 8.66 billion. The report covers the India Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Architectural Paints and Coatings segment holds the largest share of India Paints and Coatings Market.

India Paints & Coatings Industry Report

The paint industry in India is witnessing significant growth, driven by increasing demand from the infrastructure and construction sectors, a trend that is reflected in the India Paints & Coatings market share, size, and revenue growth rate statistics created by Mordor Intelligence™ Industry Reports. This growth is fueled by rapid economic development and urbanization in the country. The industry is exploring new opportunities through research into eco-friendly paints and coatings, using natural raw materials like bio-based polyurethane or biodegradable materials. Epoxy resins, known for their environmental friendliness and effectiveness on heavy-duty metal substrates, are widely used in the paint industry in India. While solvent-based technology currently dominates the paints market share in India, concerns over VOC emissions and human health effects are driving a shift towards more eco-friendly alternatives. The architectural sector, driven by construction activities and urbanization, is a major end-user in the paint industry, contributing to the industry's growth rate in India. The use of nanotechnology in the paint industry is expected to offer various growth opportunities. The architectural industry holds the highest market share in the paint industry, with paints and coatings used to protect and decorate buildings and homes. The demand for acrylic resin, known for its excellent color and gloss retention, durability, and good adhesion to many substrates, is growing, contributing to the paint industry overview. This analysis includes a market forecast outlook and historical overview, with a sample of this industry analysis available as a free report PDF download.

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Paint Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)