India Decorative Paints Market By Product Type (Water Based, Solvent Based), By Type of Paint (Emulsion, Enamel, Distemper, Primer, Textures, Others), By Application (Exterior, Interior), By Sales Channel (Offline, Online), By End User (Residential, Non-Residential), By Region, Competition, Forecast & Opportunities 2028

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Summary

Report Description

India Decorative Paints market was valued at USD 7,280.48 million in 2023 and is expected to project robust growth during the forecast period, registering a CAGR of 12.14%. Decorative paints are applied to a surface to improve its esthetic appeal. They are frequently used for painting , walls, ceilings, and other decorative features. Decorative paints are a flexible tool that interior designers and homeowners can use to give their space a special appearance and feel because they are available in a broad variety of colors, textures, and finishes.

Urbanization and Nuclearization of Families
There is an increasing need for residential and commercial areas, including new houses, offices, retail malls, hotels, and other infrastructure, as urbanization and nuclearization of families continue to expand. For the purpose of maintenance, protection, and esthetics, these areas need painting and coating. Furthermore, as people's lifestyles and aspirations change due to urbanization, they are increasingly seeking out attractive and visually appealing living and working spaces.  Due to this, decorative paints with a broad variety of colors, textures, and finishes are becoming increasingly popular as a way to improve urban environments' esthetic appeal. According to UN estimates, 40% of Indians are expected to live in cities by 2030. As a result, the decorative paint industry would continue to expand as urbanization increases the demand for housing. Moreover, the demand for decorative paints is also increasing because of an increase in the number of households owing to the nuclearization of families.

Growing building and construction industry
The Decorative Paints market is being driven owing to the increase in construction activities, which has resulted in  requirement for paints and coatings for both interior and outdoor applications. Indian consumers are becoming more conscious of the esthetic value of their homes and workplaces. The use of various colours and finishes for indoor and external walls is becoming more popular, which has raised the need for decorative paints. The rising disposable incomes of consumers, shifting lifestyles, and exposure to fashion trends have all aided this tendency. Additionally, demand for residential properties has surged due to increased urbanisation and rising household income. India is among the top 10 price-appreciating housing markets internationally.

Challenges: Cost of Raw Materials
The price of raw materials makes up a significant portion of the overall manufacturing expenses in the market for decorative paints. The profitability of the Decorative Paints market is likely to be impacted by changes in raw material prices, which are affected by variables including supply and demand, geopolitical events, and currency exchange rates. Decorative paint manufacturers need to carefully manage their raw material costs to maintain competitive pricing and profit margins. Impact of Covid-19: Shift in Consumer Demand

The Covid-19 pandemic  impacted customer preferences and behaviour. A change in consumer demand for antimicrobial paints or paints used for home renovations and DIY projects occurred because of a greater emphasis on health and hygiene. The supply chain techniques used by decorative paint producers in India have changed as a result of shifting consumer needs and preferences. In addition, due to reverse migration, greater areas, and affordable development, the demand for housing in India has increased during the COVID-19 epidemic in cities of the second and third tier. Due to the greater emphasis on the need for more spacious and pleasant living spaces because of the large number of people working from home, demand for decorative paint has increased.

Wide Range Of Financing Options
Decorative paint offers a wide range of financing options for consumers, contractors, and businesses to purchase paints, coatings, and related products. These financing options may vary depending on the region and specific paint manufacturer or retailer. Some common financing options available in the decorative paint industry are credit cards. Many paint manufacturers and retailers accept credit cards, which allow customers to make purchases and pay off the balance over time with interest or as per the credit card terms. Some paint retailers offer in-store financing options, such as zero-interest installment plans, where customers can pay for their paint purchases in installments over a period without incurring interest charges. Some paint manufacturers or retailers offer leasing options, where customers can lease or rent paint products or equipment for a specified period and have the option to purchase them at the end of the lease or rental period. Some paint manufacturers or retailers have financing programs, either in-house or through partnerships with financial institutions, that offer special promotions, discounts, or favorable terms for customers who qualify based on creditworthiness or other criteria.

Initiatives by Companies
To increase their market share in India, the majority of the major companies in the Decorative Paints market have aggressively increased the size of their distribution networks. Continuous innovation has appeared in several market sectors, and players are largely concentrating on better finish quality, consumption, and sustainability. For instance, Nerolac uses environment-friendly "Healthy Home Paints", introducing a full line of 100% Heavy Metal Free by Design and low VOC products, offering painting solutions across a range of price points. . Another illustration is Indigo Paints, where it is projected that dealer strength is going to grow as the decorative paints industry expands into smaller towns and villages. As a result of this expansion, companies rapidly expand their distributor base in new areas, especially in Tier 2-4 Cities and Rural Areas. In the beginning, Indigo Paints focused on the untapped cities in Tiers 2 and 4, where brand penetration was easier and dealers had more influence over customers' purchasing decisions. Owing to the significant expansion potential provided by these Tier 2 to Tier 4 regions, the company's revenue increased and its brand and presence in the Indian market significantly expanded.

Recent Developments & Investments:

  • In February 2023, the budget for the Pradhan Mantri Awas Yojana (PMAY) was raised 66% from the previous year. The Urban Infrastructure Development Fund (UIDF), which would be utilized to enhance urban infrastructure in Tier 2 and Tier 3 cities, was also introduced by the nation's finance minister. Therefore, the demand for decorative paints is expected to boost in the upcoming years.
  • The budget for 2023–24 seeks a 33% increase in infrastructure capital investment amounting to USD 122 billion, or 3.3% of GDP, which is approximately three times the amount allocated in 2019–20.
  • The Decorative paints market is expected to grow in the upcoming years owing to various investments, for instance, Under its "National Infrastructure Pipeline," India plans to invest USD 1.4 trillion in infrastructure over the next five years. A little over 13% of the USD 81.72 billion in total FDI inflows in FY21 came from operations tied to infrastructure. India is anticipated to build 43,000 dwellings each day till 2022 to achieve the objective of providing housing for everyone by that time. As of August 22, 2022, 122.69 lakh residences under the Pradhan Mantri Awas Yojna (PMAY-Urban) plan had been approved, 103.01 lakh had been built, and 62.21 lakh had been completed.
  • On 26th April 2023, At Central Stadium in Thiruvananthapuram, Kerala, the Prime Minister of India laid the foundation and dedicated several development initiatives worth more than USD 390.6 million to the country. This led to the demand of decorative paints across the nation in the upcoming years.
  • In the third quarter of 2021, Institutional real estate investment grew by 7% YoY in India. The amount of investment recorded during the first nine months of 2021 was USD 2,977 million, compared to USD 1,534 million during the same time previous year. Thus, in real estate investment is likely to propel the demand for decorative paints during 2024-2028F.
  • In May 2021, in order to increase its footprint in the nation, Blackstone Real Estate acquired Embassy Industrial Parks for USD 716.49 million. Additionally, Godrej Properties declared in March 2021 that it would introduce 10 new real estate projects in the fourth quarter. Thus, above mentioned investment is likely to propel the demand for decorative paints in the upcoming years.
  • In Union Budget 2022-23, investment in the rural and urban residents by the union government helps to rise the demand of the decorative paints in the upcoming years:

Ø  The Ministry of Housing and Urban Affairs was allocated USD 9.85 billion by the Union Government to construct homes for both urban and rural residents.

Ø  The government invested USD 130.57 billion to the growth of the infrastructure sector, significantly boosting the national economy. On February 1, 2023, the Finance Minister announced that, the budget for the PM Awas Yojana increased by 66% to USD 9602.70  million in the Union Budget 2023–24. This new nationwide investment will significantly benefit the government's housing for all initiatives.


Market Segmentation
The India Decorative Paints Market is divided into product type, type of paint, application, sales channel, and end user. Based on product type, the market is further divided into water based and solvent based. Based on the type of paint, the market is divided into emulsion, enamel, distemper, primer, textures and others. Based on application, the market is further divided into exterior and interior. Based on sales channel, the market is further bifurcated into offline and online. Based on end user, the market is divided into residential and non-residential. On the basis of region, the market is divided into South India, North India, West India, and East India.

Company Profiles
Asian Paints Limited, Berger Paints India Limited, Akzo Nobel India Limited, Kansai Nerolac Paints Limited, Shalimar Paints Limited, Sheenlac Paints Limited, Acro Paints Limited, Ecopaints Private Limited, Esdee Paints Limited, Indigo Paints Limited, Nippon Paint (India) Private Limited, and Jotun India Private Limited are among the major players that are driving the growth of the India Decorative Paints market.

Attribute

Details

Market Size Value in 2023

USD7,280.48 million

Revenue Forecast in 2029

USD 14,152.74 million

Growth Rate

12.14%

Base Year

2023

Historical Years

2019 – 2023

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Revenue in USD Billion and CAGR for 2019-2023 and 2024E-2029F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Product Type

Type of Paint

Application

Sales Channel

End User

Region

Regional Scope

South India, North India, West India, East India

Key Companies Profiled

Asian Paints Limited, Berger Paints India Limited, Akzo Nobel India Limited, Kansai Nerolac Paints Limited, Shalimar Paints Limited, Sheenlac Paints Limited, Acro Paints Limited, Ecopaints Private Limited, Esdee Paints Limited, Indigo Paints Limited, Nippon Paint (India) Private Limited, Jotun India Private Limited

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

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Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the India Decorative Paints market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Decorative Paints Market, By Product Type:
    • Water Based
    • Solvent Based
  • India Decorative Paints Market, By Type of Paint:
    • Emulsion
    • Enamel
    • Distemper
    • Primer
    • Textures
    • Others
  • India Decorative Paints Market, By Application:
    • Exterior
    • Interior
  • India Decorative Paints Market, By Sales Channel:
    • Offline
    • Online
  • India Decorative Paints Market, By End User:
    • Residential
    • Non-Residential
  • India Decorative Paints Market, By Region:
    • South India
    • North India
    • West India
    • East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Decorative Paints market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information:

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.          Markets Covered

1.2.2.          Years Considered for Study

1.2.3.          Key Market Segmentations

1.3.  Product Definition

1.3.1.          By Product Type

1.3.2.          By Type of Paint

1.3.3.          By Application

1.3.4.          By Sales Channel

1.3.5.          By End User

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.2.1.          Methodology Followed for Calculation of Market Size

2.2.2.          Methodology Followed for Calculation of Market Share

2.2.3.          Methodology Followed for Forecasting

2.3.  Partial List of Companies Interviewed

2.4.  Partial List of Secondary Sources

3.    Executive Summary

4.    Impact of Covid-19 on India Decorative Paints Market

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Key Factors Considered Before Making Purchase Decision

5.3.  Key Satisfaction Level

6.    India Decorative Paints  Market Outlook

6.1.  Market Size & Forecast

6.1.1.          By Value

6.2.  Market Share & Forecast

6.2.1.          By Product Type (Water Based, Solvent Based)

6.2.2.          By Type of Paint (Emulsion, Enamel, Distemper, Primer, Textures, Others)

6.2.3.          By Application (Exterior, Interior)

6.2.4.          By Sales Channel (Offline, Online)

6.2.5.          By End User (Residential, Non-Residential)

6.2.6.          By Region (South India, North India, West India, East India)

6.3.  By Company (2023)

6.4.  Market Map (By Product Type, By Type of Paint, By Application, By Sales Channel, By End User, By Region)

7.    North India Decorative Paints Market Outlook

7.1.  Market Size & Forecast

7.1.1.          By Value

7.2.  Market Share & Forecast

7.2.1.          By Product Type

7.2.2.          By Type of Paint

7.2.3.          By Application

7.2.4.          By Sales Channel

7.2.5.          By End User

8.    South India Decorative Paints Market Outlook

8.1.  Market Size & Forecast

8.1.1.          By Value

8.2.  Market Share & Forecast

8.2.1.          By Product Type

8.2.2.          By Type of Paint

8.2.3.          By Application

8.2.4.          By Sales Channel

8.2.5.          By End User

9.    West India Decorative Paints Market Outlook

9.1.  Market Size & Forecast

9.1.1.          By Value

9.2.  Market Share & Forecast

9.2.1.          By Product Type

9.2.2.          By Type of Paint

9.2.3.          By Application

9.2.4.          By Sales Channel

9.2.5.          By End User

10. East India Decorative Paints Market Outlook

10.1.             Market Size & Forecast

10.1.1.        By Value

10.2.             Market Share & Forecast

10.2.1.        By Product Type

10.2.2.        By Type of Paint

10.2.3.        By Application

10.2.4.        By Sales Channel

10.2.5.        By End User

11. Market Dynamics

11.1.             Drivers

11.2.             Challenges

12. Market Trends and Developments

13. Policy and Regulatory Landscape

14. Production Cost Analysis

15. Value Chain & Margins

16. India Economic Profile

17. Company Profiles

17.1.             Asian Paints Limited

17.1.1.        Business Overview

17.1.2.        Key Products/Services Offered

17.1.3.        Key Revenue & Financials

17.1.4.        Key Management Personnel

17.1.5.        Manufacturing Location

17.1.6.        Price Point Analysis

17.2.             Berger Paints India Limited

17.2.1.        Business Overview

17.2.2.        Key Products/Services Offered

17.2.3.        Key Revenue & Financials

17.2.4.        Key Management Personnel

17.2.5.        Manufacturing Location

17.2.6.        Price Point Analysis

17.3.             Akzo Nobel India Limited

17.3.1.        Business Overview

17.3.2.        Key Products/Services Offered

17.3.3.        Key Revenue & Financials

17.3.4.        Key Management Personnel

17.3.5.        Manufacturing Location

17.3.6.        Price Point Analysis

17.4.             Kansai Nerolac Paints Limited

17.4.1.        Business Overview

17.4.2.        Key Products/Services Offered

17.4.3.        Key Revenue & Financials

17.4.4.        Key Management Personnel

17.4.5.        Manufacturing Location

17.4.6.        Price Point Analysis

17.5.             Shalimar Paints Limited

17.5.1.        Business Overview

17.5.2.        Key Products/Services Offered

17.5.3.        Key Revenue & Financials

17.5.4.        Key Management Personnel

17.5.5.        Manufacturing Location

17.5.6.        Price Point Analysis

17.6.             Sheenlac Paints Limited

17.6.1.        Business Overview

17.6.2.        Key Products/Services Offered

17.6.3.        Key Revenue & Financials

17.6.4.        Key Management Personnel

17.6.5.        Manufacturing Location

17.6.6.        Price Point Analysis

17.7.             Acro Paints Limited

17.7.1.        Business Overview

17.7.2.        Key Products/Services Offered

17.7.3.        Key Revenue & Financials

17.7.4.        Key Management Personnel

17.7.5.        Manufacturing Location

17.7.6.        Price Point Analysis

17.8.             Ecopaints Private Limited

17.8.1.        Business Overview

17.8.2.        Key Products/Services Offered

17.8.3.        Key Revenue & Financials

17.8.4.        Key Management Personnel

17.8.5.        Manufacturing Location

17.8.6.        Price Point Analysis

17.9.             Esdee Paints Limited

17.9.1.        Business Overview

17.9.2.        Key Products/Services Offered

17.9.3.        Key Revenue & Financials

17.9.4.        Key Management Personnel

17.9.5.        Manufacturing Location

17.9.6.        Price Point Analysis

17.10.          Indigo Paints Limited

17.10.1.     Business Overview

17.10.2.     Key Products/Services Offered

17.10.3.     Key Revenue & Financials

17.10.4.     Key Management Personnel

17.10.5.     Manufacturing Location

17.10.6.     Price Point Analysis

17.11.          Nippon Paint (India) Private Limited

17.11.1.     Business Overview

17.11.2.     Key Products/Services Offered

17.11.3.     Key Revenue & Financials

17.11.4.     Key Management Personnel

17.11.5.     Manufacturing Location

17.11.6.     Price Point Analysis

17.12.          Jotun India Private Limited

17.12.1.     Business Overview

17.12.2.     Key Products/Services Offered

17.12.3.     Key Revenue & Financials

17.12.4.     Key Management Personnel

17.12.5.     Manufacturing Location

17.12.6.     Price Point Analysis

18. Strategic Recommendations

19. About Us & Disclaimer

The data given for any year represents the market during the period, i.e., 1st April of the former year to 31st March of the latter year. Eg: For FY2023E, the data represents the period, from 1st April 2022 to 31st March 2023.

Figures and Tables

Figure 1: India Decorative Paints Market Size, By Value (USD Million), 2019-2029

Figure 2:  India Decorative Paints Market Share, By Product Type, By Value, 2019-2029

Figure 3:  India Decorative Paints Market Share, By Type of Paint, By Value, 2019-2029

Figure 4:  India Decorative Paints Market Share, By Application, By Value, 2019-2029

Figure 5:  India Decorative Paints Market Share, By Sales Channel, By Value, 2019-2029

Figure 6:  India Decorative Paints Market Share, By End User, By Value, 2019-2029

Figure 7:  India Decorative Paints Market Share, By Region, By Value, 2019-2029

Figure 8:  India Decorative Paints Market Share, By Company, By Value, 2023

Figure 9:  India Decorative Paints Market Map, By Product Type, Market Size (USD Million) & Growth Rate (%), 2023

Figure 10: India Decorative Paints Market Map, By Type of Paint, Market Size (USD Million) & Growth Rate (%), 2023

Figure 11: India Decorative Paints Market Map, By Application, Market Size (USD Million) & Growth Rate (%), 2023

Figure 12: India Decorative Paints Market Map, By Sales Channel, Market Size (USD Million) & Growth Rate (%), 2023

Figure 13: India Decorative Paints Market Map, By End User, Market Size (USD Million) & Growth Rate (%), 2023

Figure 14: India Decorative Paints Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2023

Figure 15: North India Decorative Paints Market Size, By Value (USD Million), 2019-2029

Figure 16: North India Decorative Paints Market Share, By Product Type, By Value, 2019-2029

Figure 17: North India Decorative Paints Market Share, By Type of Paint, By Value, 2019-2029

Figure 18: North India Decorative Paints Market Share, By Application, By Value, 2019-2029

Figure 19: North India Decorative Paints Market Share, By Sales Channel, By Value, 2019-2029

Figure 20: North India Decorative Paints Market Share, By End User, By Value, 2019-2029

Figure 21: South India Decorative Paints Market Size, By Value (USD Million), 2019-2029

Figure 22: South India Decorative Paints Market Share, By Product Type, By Value, 2019-2029

Figure 23: South India Decorative Paints Market Share, By Type of Paint, By Value, 2019-2029

Figure 24: South India Decorative Paints Market Share, By Application, By Value, 2019-2029

Figure 25: South India Decorative Paints Market Share, By Sales Channel, By Value, 2019-2029

Figure 26: South India Decorative Paints Market Share, By End User, By Value, 2019-2029

Figure 27: West India Decorative Paints Market Size, By Value (USD Million), 2019-2029

Figure 28: West India Decorative Paints Market Share, By Product Type, By Value, 2019-2029

Figure 29: West India Decorative Paints Market Share, By Type of Paint, By Value, 2019-2029

Figure 30: West India Decorative Paints Market Share, By Application, By Value, 2019-2029

Figure 31: West India Decorative Paints Market Share, By Sales Channel, By Value, 2019-2029

Figure 32: West India Decorative Paints Market Share, By End User, By Value, 2019-2029

Figure 33: East India Decorative Paints Market Size, By Value (USD Million), 2019-2029

Figure 34: East India Decorative Paints Market Share, By Product Type, By Value, 2019-2029

Figure 35: East India Decorative Paints Market Share, By Type of Paint, By Value, 2019-2029

Figure 36: East India Decorative Paints Market Share, By Application, By Value, 2019-2029

Figure 37: East India Decorative Paints Market Share, By Sales Channel, By Value, 2019-2029

  Figure 38: East India Decorative Paints Market Share, By End User, By Value, 2019-2029

Frequently asked questions

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The market size of the India Decorative Paints market was estimated to be USD 7,280.48 million in 2023.

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Based on end user, the residential segment dominated the market, accounting for 65.01% market share in the Decorative Paints Market in India, and it is expected to register a CAGR of 12.82% between 2024-2029F. The residential end user plays a key role in the India Decorative Paints market. Residentials are dominating end users in India as there is a demand for housing in metro cities due to high population density and urbanization. Areas with good metro connectivity tend to have better transportation infrastructure, which can reduce commute times and expenses. This makes it easier for people to access job opportunities, educational institutions, and other essential services, thereby increasing the housing, which is increasing the demand for the decorative paint.

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In 2023, the emulsion type of paint held the highest market share of 26.73% in the India Decorative Paints market. The emulsion paint type was USD 1,946.04 million in 2023 and is expected to reach USD 4,126.84 million by 2029. Emulsion paint comes in a variety of colors, finishes, and sheens, making it suitable for a variety of surfaces such as walls and ceilings. It offers versatility in design options and can be utilized in various rooms and areas of a house or business establishment.

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The growing building & construction industry and the shortening of the re-painting cycle are the major drivers of the India Decorative Paints Market.

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Srishti Verma

Business Consultant
Press Release

India Decorative Paints Market to Register a CAGR of 12.14% During the Forecast Period, 2025-2029F

May, 2023

The growing building & construction industry and shortening of the re-painting cycle are driving the India Decorative Paints market across the country.

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