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India Industrial Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Indian Industrial Coatings Market is Segmented by Resin Type (Epoxy, Acrylic, Polyurethane, Polyester, and other resin types), Technology (Water-borne Coatings, Solvent-borne Coatings, and Others Technologies), End-user Industry (Automotive, Oil and Gas, Electrical and Electronics, Aircraft, Decorative, Marine, and other end-user Industries). The report offers market size and forecasts for the Indian Industrial Coatings Market in revenue (USD million) for all the above segments.

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India Industrial Coatings Market Size

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India Industrial Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 5.00 %
Market Concentration High

Major Players

India Industrial Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of India Industrial Coatings Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

India Industrial Coatings Market Analysis

India's industrial coatings market is expected to register a CAGR of over 5% during the forecast period. The Government of India announced a strict lockdown on 25th March 2020 due to the COVID-19 pandemic, which impacted the operations of the construction, automotive, and oil and gas industries. Furthermore, this negatively impacted industrial coating manufacturing in India during the COVID-19 situation. The Government restrictions eased curbing the spread of the virus, which, on the other hand, resulted in the steady growth of the industrial coatings market in India.

  • Increasing demand for protective coatings and growing usage of corrosion coatings are expected to drive the industrial coatings market's growth in India.
  • Rising demand for highly durable products is likely to act as an opportunity in the future.
  • The adverse environmental effects of solvent-borne coatings are likely to impede market expansion.

India Industrial Coatings Market Trends

This section covers the major market trends shaping the India Industrial Coatings Market according to our research experts:

Automotive Segment to Dominate the Market

  • Automotive parts such as cars, motorcycles, and heavy motor vehicles are coated to make them rust-free and have a smooth finish and shiny look.
  • In the automotive sector, urethane is the most common resin which is used as a topcoat due to its long-lasting nature and affordability. In addition to this, it is UV resistant, which also increases its consumption in that sector.
  • According to India Brand Equity Foundation (IBF), India is likely to hit the electric vehicles market with annual sales of 17 million units by 2030 which shows a better growth opportunity for industrial coatings in the automotive sector.
  • In 2021, production and sales of vehicles increased significantly in India. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), India produced 43,99,112 vehicles in 2021, witnessing a growth rate of 30%, compared to the previous year.
  • Hence, increasing demand for coatings in the automotive segment is likely to dominate the market.
India Industrial Coatings Market Revenue CAGR (%), by End-user Industry, India (2022-2027)

Growing Demand for Water-borne Coatings Technology

  • Waterborne technology is a surface treatment that uses water as a solvent to dissolve resin for making coatings or paints. Water-borne coatings are most widely used due to their non-reactive and environmental nature.
  • Solvent-borne coatings use organic solvent to disperse the resin which is costly as well as toxic in nature as compared to water-borne coatings. Hence, water-borne coatings are gradually replacing solvent-borne coatings in the automotive and construction sectors.
  • Nowadays, water-borne coatings are widely used in the construction sector for floor paints, walls, roofs, metal bodies, swimming pools, and many other applications.
  • Automotive industries are extensively making use of water-borne technology. For instance, according to India Brand Equity Foundation (IBF), India is the largest tractor producer, second-largest bus manufacturer, and third-largest heavy truck manufacturer, thus the demand for water-borne technology in the automotive sector is expected to be high.
  • According to the Ministry of Road Transport and Highways (India), the construction of national highways reached 36.4 kilometers per day in 2021, this is estimated to increase over the forecast period. Water-borne coatings are mostly used in road construction due to their fast drying and environment-friendly properties which further promote the demand for water-borne industrial coatings.
  • Hence, with increasing demand for water-borne coatings technology, the market for Indian Industrial coatings is projected to increase over the forecast period.

India Industrial Coatings Market Revenue CAGR (%) by Technology Type, India (2022-2027)

India Industrial Coatings Industry Overview

India's industrial coatings market is consolidated in nature. Some of the major players in the market include Asian Paints PPG Pvt. Ltd., AkzoNobel India Ltd., Berger Paints India Ltd., The Sherwin-Williams Company, and Nippon Paint (India) Private Ltd. 

India Industrial Coatings Market Leaders

  1. Asian Paints PPG Pvt. Ltd.

  2. AkzoNobel India Ltd.

  3. Berger Paints India Ltd.

  4. The Sherwin-Williams Company

  5. Nippon Paint (India) Private Ltd.

*Disclaimer: Major Players sorted in no particular order

India Industrial Coatings Market Concentration
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India Industrial Coatings Market News

  • In November 2021, a memorandum of understanding was signed by Asian Paints in India with the Gujarat government to expand their resin manufacturing capacity from 32,000 MT to 85,000 MT for the next two to three years. This expansion will fulfill the increasing market demand for Industrial coatings within the country.

India Industrial Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Protective Coatings

      2. 4.1.2 Increasing Usage Of Corrosion Coatings

    2. 4.2 Restraints

      1. 4.2.1 Harmful Environmental Impact of Solvent-borne Coatings

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Epoxy

      2. 5.1.2 Polyurethane

      3. 5.1.3 Acrylic

      4. 5.1.4 Polyester

      5. 5.1.5 and other resin types

    2. 5.2 Technology

      1. 5.2.1 Water-borne Coatings

      2. 5.2.2 Solvent-borne Coatings

      3. 5.2.3 Other coatings Technologies

    3. 5.3 End-User Industry

      1. 5.3.1 Automotive

      2. 5.3.2 Oil and Gas

      3. 5.3.3 Electrical and Electronics

      4. 5.3.4 Aircraft

      5. 5.3.5 Decorative

      6. 5.3.6 Marine

      7. 5.3.7 Other End-user industries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Rank Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AkzoNobel India Ltd.

      2. 6.4.2 Asian Paints PPG Pvt. Ltd

      3. 6.4.3 Axalta Coating Systems

      4. 6.4.4 BASF SE

      5. 6.4.5 Beckers Group

      6. 6.4.6 Berger Paints India Ltd.

      7. 6.4.7 Chugoku Marine Paints, Ltd

      8. 6.4.8 Hempel A/S

      9. 6.4.9 Jotun

      10. 6.4.10 Kansai Nerolac Paints Limited

      11. 6.4.11 Nippon Paint (India) Private Ltd.

      12. 6.4.12 RPM International, Inc.

      13. 6.4.13 Sika AG

      14. 6.4.14 The Sherwin-Williams Company

      15. 6.4.15 Wacker Chemie AG

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand For High Durable Products

**Subject to Availability
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India Industrial Coatings Industry Segmentation

Industrial coatings are polymer substances that are primarily used to meet industrial design requirements such as non-stick performance, noncorrosive, and chemical protection to the applied surface. India's industrial coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into epoxy, acrylic, polyurethane, polyester, and other resin types. By technology, the market is segmented into water-borne coatings, solvent-borne coatings, and other technology types. By end-user industry, the market is segmented into automotive, oil and gas, electrical and electronics, aircraft, decorative, marine, and other end-user industries. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Resin Type
Epoxy
Polyurethane
Acrylic
Polyester
and other resin types
Technology
Water-borne Coatings
Solvent-borne Coatings
Other coatings Technologies
End-User Industry
Automotive
Oil and Gas
Electrical and Electronics
Aircraft
Decorative
Marine
Other End-user industries
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India Industrial Coatings Market Research FAQs

The India Industrial Coatings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Asian Paints PPG Pvt. Ltd. , AkzoNobel India Ltd. , Berger Paints India Ltd., The Sherwin-Williams Company and Nippon Paint (India) Private Ltd. are the major companies operating in the India Industrial Coatings Market.

The report covers the India Industrial Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Industrial Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

India Industrial Coatings Industry Report

Statistics for the 2024 India Industrial Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. India Industrial Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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India Industrial Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)