India Paint Market is expected to grow at a robust CAGR
India Paint Market is expected to grow
owing to increased construction activities, both residential and commercial
throughout the forecast period.
According to TechSci Research report, “India Paint Market – By Region, Competition, Forecast and
Opportunities, 2019-2029”, India Paint Market is expected to
register robust growth during the forecast period. Alongside residential and
commercial construction, infrastructure development is a major aspect of
urbanization. India is investing in large-scale infrastructure projects,
including smart cities, transportation networks, public facilities, and
industrial zones. These projects create substantial opportunities for the paint
market, as they require specialized coatings for structures, bridges, roads,
and transportation systems. Protective coatings, in particular, are essential
for infrastructure development to ensure the longevity and safety of these
projects.
India's ongoing urbanization is driving
the demand for paints, particularly in residential and commercial construction.
The growth of cities and the need for modern housing, office spaces, and
commercial establishments present significant opportunities for the paint
industry. Manufacturers can tap into this by offering a wide range of paint
products to cater to various construction needs.
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Based on technology, the Water based segment is expected to
dominate the market during the forecast period. Water-based paints are popular
among do-it-yourself (DIY) enthusiasts, as they are easier to handle and have a
milder odor compared to solvent-based paints. Additionally, professional
painters and contractors favor water-based paints for their ease of application
and quick drying properties, which allow for faster project completion and
reduced downtime. Water-based paints are available in a wide spectrum of colors
and finishes, from flat to high-gloss. This variety allows consumers to achieve
their desired aesthetic preferences. Manufacturers are continuously innovating
to provide an extensive color palette and finish options, catering to diverse
consumer tastes. Both domestic and international paint manufacturers have
expanded their portfolios to include a range of water-based paint products.
This has intensified competition within the segment, leading to innovations in
formulations, packaging, and marketing strategies. In conclusion, the
water-based segment of the Indian paint market is on a growth trajectory driven
by environmental considerations, consumer preferences, and versatility in
applications. As environmental regulations become more stringent and consumers
become increasingly conscious of health and sustainability, the water-based
paint segment is expected to continue expanding and evolving to meet these
demands.
Based on end user, the Architectural
segment is projected to dominate the market throughout the forecast period.
Consumer preferences for color and aesthetics play a significant role in the
architectural paint segment. The Indian market sees a variety of color trends
influenced by factors such as cultural preferences, regional variations, and
global design trends. Paint manufacturers often release new color palettes and
collections to keep up with evolving consumer tastes. As environmental
awareness grows, there is a notable shift towards low-VOC (volatile organic
compound) and eco-friendly architectural paints. Consumers and builders are
increasingly choosing paints with lower VOC content, which contribute to
improved indoor air quality and reduce harm to the environment. Paint
manufacturers are responding to this trend by formulating products that are
more sustainable and compliant with environmental regulations. Innovation in
the architectural paint segment is ongoing. Manufacturers are continually developing
new formulations that offer features like durability, stain resistance,
anti-bacterial properties, and easy cleanability. Additionally, advancements in
technology have led to the creation of digital tools and applications for color
visualization, helping consumers make informed choices about their paint
selections. In conclusion, the architectural segment of the Indian paint market
is the largest and most dynamic segment, driven by factors such as construction
activities, consumer preferences, and environmental considerations. As the
construction industry continues to thrive and consumers seek more sustainable
and aesthetically pleasing options, the architectural paint segment is expected
to remain a key driver of growth and innovation in the Indian paint market.
Key market players in the India Paint
Market are:
- Asian Paints
- Berger Paints
- Kansai Nerolac Paints
- AkzoNobel India
- Shalimar Paints
- Jotun Paints India
- Nippon Paint India
- Indigo Paints
- Snowcem Paints
- British Paints
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“The India Paint Market in South India
is poised to be the dominant force in the industry. South India is home to
major information technology (IT) and technology hubs, including cities like
Bangalore and Hyderabad. This has led to the development of modern office
spaces, residential complexes, and commercial projects. The architectural and
decorative paint segment in South India is influenced by these modern
construction trends, with a demand for innovative and aesthetically appealing
coatings.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“India Paint Market Segmented By Product
Type (Decorative Paint and Industrial Paint), By Technology (Water based,
Solvent based, Powder Coating and Others), By Type of Paint (Emulsion, Enamel,
Distemper, Primer, Textures and Others), By End User (Architectural, General
Metals, Automotive and Others), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy,
Polyester and Others), By Region, and By Competition, 2019-2029,” has evaluated the future growth
potential of India Paint Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Paint Market.
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