
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 10.46 Billion |
Market Size (2030) | USD 16.37 Billion |
CAGR (2025 - 2030) | 9.38 % |
Market Concentration | High |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
India Paints And Coatings Market Analysis
The India Paints And Coatings Market size is estimated at USD 10.46 billion in 2025, and is expected to reach USD 16.37 billion by 2030, at a CAGR of 9.38% during the forecast period (2025-2030).
The Indian paints and coatings industry is experiencing robust growth driven by extensive infrastructure development and urbanization initiatives. The construction sector has witnessed significant foreign direct investment inflows, reaching USD 26.24 billion in the construction development sector between April 2000 and September 2022. The government's ambitious Smart City Mission targeting 100 cities and various infrastructure development programs have created substantial demand for architectural coatings. These initiatives, coupled with the rising urban population and increasing disposable income, have fundamentally transformed the market landscape.
The manufacturing sector's evolution has created new opportunities for industrial coatings applications. According to the Indian Brand Equity Foundation (IBEF), India has established itself as a major manufacturing hub, with the country possessing the fourth-largest rail network globally, spanning over 67,368 km of railway tracks. The expansion of manufacturing facilities, particularly in sectors like electronics, railways, and industrial equipment, has led to increased demand for specialized industrial coatings. This industrial growth has prompted coating manufacturers to develop innovative solutions that meet specific performance requirements while complying with environmental regulations.
Technological advancements and sustainability initiatives are reshaping the industry landscape. The electric vehicle (EV) sector, according to the India Energy Storage Alliance (IESA), is projected to grow at a CAGR of 36%, driving demand for specialized functional coatings. Manufacturers are increasingly investing in research and development to develop eco-friendly formulations, including water-based coatings and products with lower volatile organic compound (VOC) emissions. The integration of nanotechnology in coating formulations has enabled enhanced performance characteristics, including improved durability, chemical resistance, and self-cleaning properties.
The industry is witnessing significant developments in supply chain optimization and raw material sourcing strategies. The wood coatings segment has shown remarkable growth potential, with India exporting wooden furniture to over 169 countries, generating export revenues of USD 366.81 million between April 2020 and November 2021. Manufacturers are focusing on vertical integration and establishing local manufacturing facilities to reduce dependence on imports and maintain price competitiveness. This shift towards local production has been accompanied by investments in advanced manufacturing technologies and quality control systems to meet international standards.
India Paints And Coatings Market Trends
Growing Demand for Architectural Coatings in the Country
India's rapid urbanization and infrastructure development have created substantial demand for architectural coatings across both commercial and residential sectors. The construction sector demonstrated remarkable growth, expanding by 13.3% in July-September 2023, marking its strongest performance in five quarters. This growth is further supported by robust government initiatives, including the allocation of INR 76,549.46 crore in the 2022-23 budget for housing construction and development projects. Additionally, the government has committed INR 80,671 crore to programs like the Pradhan Mantri Awas Yojana (PMAY), which aims to provide affordable housing solutions and includes interest subsidies for first-time homebuyers.
The residential real estate sector has shown particularly strong momentum, with home sales in major metropolitan areas including Mumbai, New Delhi, and Bangalore surging by 36% in the July-September quarter of 2023, reaching over 112,000 units. This growth is complemented by significant commercial sector expansion, with projects like the Gift City development in Gujarat receiving substantial funding of USD 9.81 billion, scheduled for completion by 2025. The architectural coatings market is further driven by the versatility of applications, including interior and exterior surfaces, sealers, and specialty products used in office buildings, warehouses, retail stores, shopping malls, and residential complexes. These developments, combined with ongoing urbanization trends, indicate sustained demand for construction paints in the Indian market.
Recovery of the Automotive Industry
The Indian automotive industry has demonstrated strong recovery and growth, establishing itself as a significant driver for the paints and coatings market, particularly in the segment of automotive coatings used for both interior and exterior applications. The sector's robust performance is evidenced by the production of 22.93 million vehicles in the financial year 2022, showcasing the industry's manufacturing capabilities and market demand. This production volume is further supported by strong export performance, with automobile exports reaching 4,761,487 units in the financial year 2023, indicating the sector's global competitiveness and the quality of Indian automotive manufacturing.
The growth in automotive production has directly stimulated demand for specialized automotive coatings, particularly acrylic-based paints used as bases and topcoats for automotive OEM exterior applications. The industry's expansion is characterized by increasing sophistication in coating requirements, with manufacturers seeking products that offer excellent gloss retention, color stability, and durability. Water-based acrylic coatings have gained particular prominence due to growing environmental consciousness and stricter regulations regarding volatile organic compounds (VOCs). The automotive sector's continued growth trajectory, supported by both domestic demand and export opportunities, suggests sustained demand for high-performance protective coatings in the Indian market.
Segment Analysis: Resin Type
Acrylic Segment in India Paints and Coatings Market
The acrylic segment dominates the India paints and coatings market, holding approximately 39% of the market share in 2024. This significant market position is attributed to acrylic's widespread use in architectural applications, particularly due to its eco-friendly nature in waterborne coatings. Acrylic coatings are highly preferred for their excellent durability, weather resistance, and superior adhesion properties. The segment's growth is driven by increasing demand from the construction sector, particularly in residential and commercial applications. Acrylic coatings offer exceptional UV resistance, color retention, and flexibility, making them ideal for exterior applications in India's diverse climate conditions. Additionally, the segment benefits from the growing trend toward sustainable and low-VOC coating solutions, as acrylic-based formulations can be easily modified to meet environmental regulations while maintaining high performance standards.

Polyurethane Segment in India Paints and Coatings Market
The polyurethane segment is experiencing robust growth in the India paints and coatings market, with a projected growth rate of approximately 10% during 2024-2029. This growth is primarily driven by increasing demand from automotive refinish, industrial, and protective coating applications. Polyurethane coatings are gaining popularity due to their exceptional chemical resistance, durability, and superior finish quality. The segment's expansion is further supported by growing investments in infrastructure development and the automotive sector. The versatility of polyurethane coatings in providing both decorative and protective properties makes them increasingly popular in high-performance applications. Additionally, technological advancements in polyurethane formulations are enabling manufacturers to develop more sustainable and efficient coating solutions that meet stringent performance requirements while complying with environmental regulations.
Remaining Segments in Resin Type
The other significant segments in the India paints and coatings market include epoxy, alkyd, polyester, and various specialty resin types. Epoxy coatings maintain a strong presence in industrial and protective applications due to their excellent chemical resistance and durability. Alkyd resins continue to be important in decorative paints and industrial maintenance coatings, offering good durability and cost-effectiveness. The polyester segment serves specialized applications in powder coatings and industrial finishes. These segments collectively cater to diverse market needs, from heavy-duty industrial applications to decorative finishes, complementing the overall market growth with their unique properties and application advantages. The ongoing development of hybrid and specialized formulations within these segments continues to drive innovation in the Indian paints and coatings industry.
Segment Analysis: Technology
Solvent-borne Segment in Indian Paints and Coatings Market
Solvent-borne coatings continue to dominate the Indian paints and coatings market, holding approximately 46% market share in 2024. The segment's dominance can be attributed to its lower cost combined with limited regulatory restrictions in the country compared to other regions. These coatings demonstrate superior performance characteristics, particularly in terms of protection from corrosion, film hardness, and chemical resistance, making them the preferred choice for industrial coatings applications. The segment's strong position is further reinforced by the high growth of industrial applications in India, which continues to support the demand for solvent-borne coatings. Additionally, these coatings provide excellent block resistance, as the coating films do not stick to each other when two painted surfaces come into close contact, and offer superior resistance to weathering and harsh conditions compared to their counterparts.
Water-borne Segment in Indian Paints and Coatings Market
The water-borne coatings segment is experiencing rapid growth in the Indian market, projected to grow at approximately 10% during 2024-2029. This growth is driven by increasing environmental awareness and the gradual shift towards more sustainable coating solutions. Waterborne coatings are gaining traction due to their low VOC emissions and reduced toxicity compared to traditional solvent-based alternatives. Major industry players are investing significantly in water-borne technology, as evidenced by Asian Paints' announcement to build a USD 242 million water-based paint manufacturing facility in Madhya Pradesh. The segment's growth is also supported by its expanding applications in architectural coatings, where water-borne solutions are increasingly preferred for their environmental benefits and ease of application. The rising adoption in residential and commercial construction sectors, coupled with growing regulatory support for environmentally friendly coating solutions, is expected to further accelerate the segment's growth.
Remaining Segments in Technology
The powder coatings and other technologies segments complete the Indian paints and coatings market landscape, offering unique advantages for specific applications. Powder coatings are gaining prominence in industrial applications due to their durability, cost-effectiveness, and environmental benefits, with zero VOC emissions. This segment is particularly strong in automotive, appliances, and architectural applications where high-performance finishes are required. Other technologies, including UV-curable coatings and high-solids coatings, represent emerging solutions that address specific market needs such as rapid curing requirements and specialized industrial applications. These segments are increasingly important in niche markets where conventional liquid coatings may not provide optimal performance or meet specific regulatory requirements.
Segment Analysis: Application
Architectural Segment in India Paints and Coatings Market
The architectural segment dominates the India paints and coatings market, accounting for approximately 70% market share in 2024. This segment's prominence is driven by rapid urbanization and the booming construction sector in India. According to the National Investment Promotion & Facilitation Agency, the Indian construction industry is projected to reach USD 1.4 trillion by 2025, with the real estate industry anticipated to reach USD 1 trillion by 2030. The segment is also experiencing the fastest growth rate of around 10% during 2024-2029, supported by various government initiatives like the Smart City Mission targeting 100 cities and the "Housing for All" program. The growing demand for residential construction, coupled with increasing foreign direct investment in construction and development projects, continues to strengthen the demand for architectural surface coatings. Additionally, the rising population and sizeable working-class segment are driving real estate industry growth, with an estimated 170 million housing properties to be built by 2030 to meet growing housing demands.
Remaining Segments in Application Market
The industrial segment represents the second-largest application area, serving various sectors including chemical plants, power equipment, and general industrial applications. The automotive segment maintains significant importance due to India's position as the fifth-largest automotive market globally, with a strong focus on both conventional vehicles and the emerging electric vehicle sector. The wood coatings segment serves the furniture industry and construction applications, while the transportation segment caters to railways, aviation, and maritime sectors. The packaging segment, though smaller, plays a crucial role in serving various end-user industries including processed foods, dairy products, and beverages. Each of these segments contributes uniquely to the market's diversity, with manufacturers developing specialized products to meet the specific requirements of these applications while adhering to environmental and performance standards.
India Paints And Coatings Industry Overview
Top Companies in India Paints and Coatings Market
The leading companies in the Indian paints and coatings market are demonstrating a strong commitment to innovation and market expansion through various strategic initiatives. Companies are increasingly focusing on developing specialized products like antibacterial coatings, eco-friendly formulations, and energy-efficient solutions to meet evolving customer demands. Operational excellence is being pursued through automation implementation, IoT integration, and manufacturing capacity expansions across different regions. Strategic moves include strengthening distribution networks, establishing technical service divisions, and expanding dealer partnerships. Companies are also investing heavily in research and development capabilities to create differentiated offerings while simultaneously working on improving their production efficiencies through advanced technology adoption and process optimization.
Consolidated Market Led By Domestic Players
The Indian paints and coatings market exhibits a consolidated structure with domestic players holding dominant positions in the industry. The top five companies command a significant market share, with local manufacturers having established strong brand presence and extensive distribution networks over decades of operation. While international players maintain a presence in specialized segments like marine coatings and protective coatings, domestic companies lead in architectural and decorative segments through their deep market understanding and localized product offerings.
The market has witnessed notable merger and acquisition activities as companies seek to expand their presence and capabilities. Recent transactions include strategic stake acquisitions in specialty coatings manufacturers and consolidation moves by larger players to strengthen their market position. Companies are also forming joint ventures and technical collaborations to enhance their product portfolios and manufacturing capabilities. The trend of larger companies acquiring smaller specialized players is expected to continue as the industry focuses on expanding into new application segments and geographical regions.
Innovation and Distribution Key to Growth
Success in the Indian paints and coatings market increasingly depends on companies' ability to innovate while maintaining strong distribution networks. Market leaders are investing in developing sustainable products, including low-VOC formulations and water-based coatings, to address growing environmental concerns. Companies need to focus on building strong relationships with dealers and distributors while simultaneously expanding their direct-to-consumer channels. The ability to provide technical support and customized solutions to industrial coatings customers is becoming increasingly important for maintaining market position.
Future growth opportunities lie in developing specialized products for emerging applications while maintaining cost competitiveness. Companies need to balance premium product offerings with value-based solutions to serve different market segments effectively. The regulatory environment is becoming more stringent regarding environmental compliance and safety standards, making it essential for companies to invest in compliant technologies and processes. Success will also depend on companies' ability to manage raw material costs effectively while maintaining product quality and service levels. New entrants need to focus on identifying and serving niche segments while building a strong local presence before expanding into broader markets.
India Paints And Coatings Market Leaders
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Asian Paints
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Berger Paints India Limited
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Kansai Nerolac Paints Limited
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Nippon Paint Holdings Co. Ltd
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Akzo Nobel N.V.
- *Disclaimer: Major Players sorted in no particular order

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. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Construction Industry in the Country
- 4.1.2 Recovery of The Automotive Industry
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4.2 Restraints
- 4.2.1 Fluctuation in the Raw Material Prices
- 4.2.2 Stringent Environmental Regulations Regarding Volatile Organic Compounds (VOC)
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market size in Value)
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5.1 Technology
- 5.1.1 Water-borne Coatings
- 5.1.2 Solvent-borne Coatings
- 5.1.3 Powder Coatings
- 5.1.4 Radiation Cured Coatings
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5.2 Resin Type
- 5.2.1 Acrylic
- 5.2.2 Alkyd
- 5.2.3 Polyurethane
- 5.2.4 Epoxy
- 5.2.5 Polyester
- 5.2.6 Other Resin Types (Vinyl, Latex)
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5.3 End-user Industry
- 5.3.1 Architectural
- 5.3.2 Automotive
- 5.3.3 Wood
- 5.3.4 Protective Coatings
- 5.3.5 General Industrial
- 5.3.6 Transportation
- 5.3.7 Packaging
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Akzo Nobel N.V.
- 6.4.2 Asian Paints
- 6.4.3 Berger Paints India Limited
- 6.4.4 Indigo Paints
- 6.4.5 Jotun
- 6.4.6 JSW PAINTS
- 6.4.7 KAMDHENU COLOUR AND COATINGS LIMITED (KCCL)
- 6.4.8 Kansai Nerolac Paints Limited
- 6.4.9 Nippon Paint Holding Co. Ltd
- 6.4.10 Shalimar Paints
- 6.4.11 Sheenlac Paints Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Use of Nanotechnology in the Paints and Coatings Industry
- 7.2 Rising Demand for Eco-friendly Paints
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).
Technology | Water-borne Coatings |
Solvent-borne Coatings | |
Powder Coatings | |
Radiation Cured Coatings | |
Resin Type | Acrylic |
Alkyd | |
Polyurethane | |
Epoxy | |
Polyester | |
Other Resin Types (Vinyl, Latex) | |
End-user Industry | Architectural |
Automotive | |
Wood | |
Protective Coatings | |
General Industrial | |
Transportation | |
Packaging |
India Paints & Coatings Market Research FAQs
How big is the India Paints And Coatings Market?
The India Paints And Coatings Market size is expected to reach USD 10.46 billion in 2025 and grow at a CAGR of 9.38% to reach USD 16.37 billion by 2030.
What is the current India Paints And Coatings Market size?
In 2025, the India Paints And Coatings Market size is expected to reach USD 10.46 billion.
Who are the key players in India Paints And Coatings Market?
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.
What years does this India Paints And Coatings Market cover, and what was the market size in 2024?
In 2024, the India Paints And Coatings Market size was estimated at USD 9.48 billion. The report covers the India Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Paints And Coatings Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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India Paints And Coatings Market Research
Mordor Intelligence provides a comprehensive analysis of the paints and coatings industry. We leverage extensive expertise in surface coatings research. Our latest report examines the complete spectrum of coating technologies. These range from powder coatings and waterborne coatings to advanced smart coatings and antimicrobial coatings. The analysis covers crucial segments, including industrial coatings, protective coatings, and specialty coatings. It provides detailed insights into interior paint trends and industrial paint applications.
Stakeholders gain valuable insights into diverse applications. These span architectural coatings, aerospace coatings, and automotive coatings. The report, available as an easy-to-download PDF, thoroughly examines the marine coatings, wood coatings, and packaging coatings sectors. Our analysis encompasses decorative paints, construction paints, electronic coatings, metal coatings, thermal spray coatings, and emerging functional coatings technologies. This offers stakeholders a comprehensive understanding of market dynamics and growth opportunities in the Indian context.