India Paints & Coatings Market is expected to Register a High CAGR During the Forecast Period
Rising infrastructure activities and the union
government’s increased allocation of funds in the residential sector are
driving the India Paints & Coating Market in the forecast period.
According to
TechSci Research report, “India Paints & Coatings Market - By Region,
Competition Forecast & Opportunities, 2018-2028,” the India Paints &
Coatings Market is expected to register robust growth during the forecast
period 2024-2028, owing to rising infrastructure activities and the
union government’s increased allocation of funds in the residential sector. Additionally,
government schemes including AMRUT and the Pradhan Mantri Awas Yojana (PMAY), Housing
for All among others across the nation.
The wood, automobile &
transportation, and construction sectors all make extensive use of paints and
coatings. They are widely employed in the building and construction sector to
shield structures from any damage from the outside. Also, the product is
applied in a number of ways to decorate infrastructure and buildings, both
residential and non-residential, as well as industrial machinery, automobiles
and boats, industrial wood, and other things.
These materials are
extensively employed in a variety of applications, as can be seen from a quick
glance at the market overview, owing to qualities including environmental
resistance, corrosion resistance, reflection-absorption, anti-friction, and
hardness.
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The India Paints & Coatings market is segmented into Technology,
Resin, Sales Channel, End Use, Region and Competitive Landscape. Based on
technology, the market is segmented into water based, and solvent based. Based
on resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy,
polyester, others. Based on sales channel, the market is segmented into direct
and indirect. Based on end use, the market is segmented into architectural,
industrial, and infrastructure.
Based on resin,
the market is fragmented into Acrylic, Alkyd, Polyurethane, Epoxy, Polyester,
and Others. The epoxy segment is expected to maintain the largest share in the
upcoming years and maintain a high CAGR during 2024-2028. Due to its advantages
over conventional heat-cured powder coatings, such as using less energy, epoxy
resins are frequently employed by the paint and coating industry on heavy-duty
metal substrates. Epoxy resin-based paints and varnishes are furthermore
regarded as being more ecologically benign than other chemicals. Epoxy
resin-based paints and coatings are utilized in water treatment facilities,
swimming pool finishes, seal coats, tank lining, wet rooms, and wall coatings
for food storage and manufacturing. Thus, it is anticipated that the paints and
coatings market would grow throughout the forecast period.
Based on end use, the market is segmented into Architectural, Industrial
and Infrastructure.
The architectural segment is expected to maintain the largest market
share and a high CAGR during the forecast period. Coatings and paints are
mostly employed for ornamental purposes in architectural applications to
protect residential and non-residential structures from the elements,
ultraviolet radiation, and other hazards. The market for these materials is
anticipated to rise as their application expands in a variety of sectors,
including the automotive and construction industries. The architectural segment
includes the residential sub-segment. Paints and coatings are frequently used
in residential construction to enhance the concrete's appearance and
functionality while reducing shrinkage and cracks. New plant and repainting are
two examples of architectural paints and coatings for home building.
Architectural paints and coatings are utilized in the residential sector for
both interior and outdoor applications.
Key market
players in the India Paints & Coatings Market include:
- Asian Paints
Limited
- Berger Paints India
Limited
- Akzo Nobel India
Ltd
- Kansai Nerolac
Paints ltd
- Shalimar Paints
Limited
- Jotun India Pvt.
Ltd
- Nippon Paint
(India) Private Limited
- Sheenlac Paints Ltd
- Snowcem Paints
Private Limited
- Weilburger Coatings
(India) Private Limited
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“The India Paints & Coatings
market is expected to boost in the upcoming years and maintain a high CAGR
during 2024-2028 owing to rising infrastructure development in the commercial
and residential sectors. Moreover, the government increasing fund allocation in
the infrastructure sector is also contributing to the market growth. For
instance, Smt. Nirmala Sitharaman, the Union Finance Minister, stated in her
budget speech for 2023–2024 that the Central Government intended to create an
Urban Infrastructure Development Fund with an annual budget of USD 1221.78
million that would be used to develop infrastructure in Tier-2 and Tier-3
cities all across the nation. Additionally, the national government has
allocated USD 16.5 million to the HRIDAY initiative, which promotes the growth
of old cities. Among other government initiatives, AMRUT and the Pradhan Mantri
Awas Yojana (PMAY), a national housing program, are anticipated to have a
significant positive impact on the infrastructure and building sectors.
Therefore, these factors propel the demand for paints & coatings in the
upcoming years 2024-2028.’’ said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Paints & Coatings Market By Technology (Water
Based and Solvent Based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy,
Polyester, and Others), By Sales Channel (Direct, and Indirect), By End Use
(Architectural, Industrial and Infrastructure), By Region, Competition Forecast
& Opportunities, 2018-2028F,” has assessed the India Paints
& Coatings market's future development potential and provides data and
information on market size, structure, and projected market growth. The
report's goal is to give current market knowledge and assist decision makers in
making informed investment decisions. Furthermore, the study identifies and
analyses emerging trends, as well as key drivers, constraints, and
opportunities in the India Paints & Coatings market.
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