India Architectural Coatings Market Size

The India Architectural Coatings Market is projected to experience significant growth over the forecast period, driven by various factors influencing its market size. The residential sector leads in consumption, supported by increased construction activities and government initiatives. Waterborne coatings are anticipated to be the largest and fastest-growing segment, attributed to heightened awareness of their low VOC emissions. Additionally, acrylic coatings dominate the resin segment, appealing to the price-sensitive nature of the market while also offering low VOC emissions.

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Market Size of india architectural coatings Industry

India Architectural Coatings Market Summary
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svg icon Study Period 2016 - 2028
svg icon Market Size (2024) USD 8.93 Billion
svg icon Market Size (2028) USD 11.41 Billion
svg icon Largest Share by Sub End User Residential
svg icon CAGR (2024 - 2028) 6.32 %
svg icon Fastest Growing by Sub End User Residential

Major Players

India Architectural Coatings Market Major Players India Architectural Coatings Market Major Players India Architectural Coatings Market Major Players India Architectural Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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India Architectural Coatings Market Analysis

The India Architectural Coatings Market size is estimated at USD 8.93 billion in 2024, and is expected to reach USD 11.41 billion by 2028, growing at a CAGR of 6.32% during the forecast period (2024-2028).

  • Largest Segment by End-user - Residential : The residential sector dominated the architectural coating consumption due to the rising construction of new houses and the government initiatives for the building
  • Largest Segment by Technology - Waterborne : The waterborne coating is estimated to be the largest and the fastest growing segment due to the rising awareness for the low VOC emission waterborne coatings.
  • Largest Segment by Resin - Acrylic : The acrylic coating has dominated the resin market as the country is price sensitive marketplace and the acrylic coatings are cheaper and has low VOC emission.
Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.

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

Residential is the largest segment by Sub End User.

  • The architectural coating consumption in India dipped in 2016 and 2017 due to the demonetisation and introduction of GST. The demonetisation impacted the retail spending of the consumers due to limited availability of cash. Thus, diverting the priority of consumers spending on the daily needs rather than painting the houses. The Goods and service tax, which came into effect in July, 2017 also laid a considerable impact on the paint industry as the Paints have been classified in the GST tax rate slab of 28%, higher than 24-27% paid out in the form of excise, value added tax (VAT) and entry taxes. Furthermore, the country’s GDP declined by 1.5% in 2017 compared to the previous years.
  • The consumption recovered quickly and peaked in 2018 due to the higher addition of floor area and increasing foreign direct investment (FDI) equity inflows for the construction development sector. For instance, According to Department for Promotion of Industry and Internal Trade (India) the FDI in 2018 increased to 540 USD million from 105 USD million in 2017.
  • The slow growth in the architectural coating consumption was observed in 2019 followed by a decline in 2020 due to lower new constructions in both residential cand commercial sector owing to the spread of covid-19 in the country and lockdown of 50 days across the country. The increase in consumption and sales is expected to grow at a significant rate in the forecasted period due to the rising population in the country and positive investment in the rapid growing construction sector. According to IMF, The total population in the country is expected to increase by 3.6% during the 2022-26.
India Architectural Coatings Market : Residential is the largest segment by Sub End User.

India Architectural Coatings Industry Segmentation

Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.
Sub End User
Commercial
Residential
Technology
Solventborne
Waterborne
Resin
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Other Resin Types
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India Architectural Coatings Market Size Summary

The India Architectural Coatings Market is poised for significant growth, driven by the expanding residential construction sector and government initiatives aimed at boosting housing development. The market is characterized by a strong preference for waterborne coatings, which are gaining traction due to their low VOC emissions, aligning with increasing environmental awareness. Acrylic resins dominate the market, primarily due to their cost-effectiveness and reduced environmental impact, catering to the price-sensitive Indian market. The market experienced a downturn in 2016 and 2017 due to demonetisation and the implementation of GST, which affected consumer spending and increased tax burdens. However, recovery was swift, with a peak in 2018 attributed to increased construction activity and foreign direct investment inflows. The COVID-19 pandemic in 2020 led to a temporary decline in market consumption, but the sector is expected to rebound strongly, supported by population growth and positive investments in construction.

The market landscape is moderately consolidated, with major players like AkzoNobel N.V., Asian Paints, Berger Paints India, Kansai Paint Co., Ltd., and Nippon Paint Holdings Co., Ltd. holding significant market shares. Strategic expansions and partnerships, such as Asian Paints' collaboration with the Gujarat government to enhance manufacturing capacity, underscore the competitive dynamics within the industry. The market's growth trajectory is further bolstered by ongoing investments in capacity expansion and supply chain optimization, positioning it for robust development in the coming years.

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India Architectural Coatings Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION

    1. 1.1 Sub End User

      1. 1.1.1 Commercial

      2. 1.1.2 Residential

    2. 1.2 Technology

      1. 1.2.1 Solventborne

      2. 1.2.2 Waterborne

    3. 1.3 Resin

      1. 1.3.1 Acrylic

      2. 1.3.2 Alkyd

      3. 1.3.3 Epoxy

      4. 1.3.4 Polyester

      5. 1.3.5 Polyurethane

      6. 1.3.6 Other Resin Types

India Architectural Coatings Market Size FAQs

The India Architectural Coatings Market size is expected to reach USD 8.93 billion in 2024 and grow at a CAGR of 6.32% to reach USD 11.41 billion by 2028.

In 2024, the India Architectural Coatings Market size is expected to reach USD 8.93 billion.

India Architectural Coatings Report Snapshots

India Architectural Coatings Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2028