Market Size of India Paints And Coatings Industry
| 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
*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.
