India Industrial Coatings Market Size (2024 - 2029)

The market size of India's industrial coatings sector is anticipated to experience steady growth, driven by increasing demand for protective and corrosion-resistant coatings. The easing of government restrictions post-COVID-19 has contributed to this growth, despite the initial negative impact on manufacturing. Opportunities are expected to arise from the rising demand for highly durable products. However, the market's expansion may face challenges due to the adverse environmental effects associated with solvent-borne coatings.

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Market Size of India Industrial Coatings Industry

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

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 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 Size Summary

The industrial coatings market in India is poised for significant growth, driven by increasing demand for protective and corrosion-resistant coatings. The market experienced a temporary setback due to the COVID-19 pandemic, which disrupted operations in key sectors such as construction, automotive, and oil and gas. However, as government restrictions eased, the market began to recover steadily. The automotive sector, in particular, is expected to be a major contributor to market expansion, with the rising demand for durable and UV-resistant coatings like urethane. The anticipated growth in electric vehicle sales further underscores the potential for industrial coatings in this sector. Despite the promising outlook, the market faces challenges from the environmental impact of solvent-borne coatings, which are gradually being replaced by more eco-friendly water-borne technologies.

Water-borne coatings are gaining traction due to their non-toxic and environmentally friendly properties, making them increasingly popular in the automotive and construction industries. This shift is expected to bolster the demand for industrial coatings in India, especially in road construction and other applications where fast-drying and sustainable solutions are required. The market is characterized by a consolidated landscape, with major players such as Asian Paints PPG Pvt. Ltd., AkzoNobel India Ltd., and Berger Paints India Ltd. leading the charge. Recent expansions, such as Asian Paints' agreement with the Gujarat government to increase resin manufacturing capacity, highlight the industry's response to growing domestic demand. Overall, the Indian industrial coatings market is set to experience robust growth, supported by technological advancements and strategic industry developments.

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India Industrial Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Protective Coatings

      2. 1.1.2 Increasing Usage Of Corrosion Coatings

    2. 1.2 Restraints

      1. 1.2.1 Harmful Environmental Impact of Solvent-borne Coatings

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Resin Type

      1. 2.1.1 Epoxy

      2. 2.1.2 Polyurethane

      3. 2.1.3 Acrylic

      4. 2.1.4 Polyester

      5. 2.1.5 and other resin types

    2. 2.2 Technology

      1. 2.2.1 Water-borne Coatings

      2. 2.2.2 Solvent-borne Coatings

      3. 2.2.3 Other coatings Technologies

    3. 2.3 End-User Industry

      1. 2.3.1 Automotive

      2. 2.3.2 Oil and Gas

      3. 2.3.3 Electrical and Electronics

      4. 2.3.4 Aircraft

      5. 2.3.5 Decorative

      6. 2.3.6 Marine

      7. 2.3.7 Other End-user industries

India Industrial Coatings Market Size 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.

India Industrial Coatings Report Snapshots

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