India Paints and Coatings Market to Reach USD 26.78 Billion by 2030 at 9.13% CAGR

Unveiling the Dynamics of the India Paints and Coatings Market

The India paints and coatings market has been experiencing significant growth, driven by rapid urbanization, infrastructure development, and evolving consumer preferences. As of 2023, the market was valued at approximately USD 14.53 billion and is projected to reach USD 26.78 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 9.13% during the forecast period.

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Competitive Landscape and Regional Demand

The market is characterized by the presence of key players such as Asian Paints, Kansai Nerolac Paints Ltd., Berger Paints India Ltd., Akzo Nobel India Ltd., and Shalimar Paints Ltd. These companies are actively engaging in strategic initiatives to strengthen their market positions. Notably, South India holds the largest market share, propelled by robust industrial and economic growth across sectors like automotive, manufacturing, IT, and pharmaceuticals. The thriving construction sector in cities like Bengaluru, Chennai, and Hyderabad further boosts demand for decorative and protective coatings.

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United States: Consolidation Trends and Growth Opportunities
In the United States, the paints and coatings industry is witnessing consolidation trends aimed at optimizing portfolios and focusing on core strengths. PPG Industries, for instance, has agreed to sell its U.S. and Canada architectural coatings business to American Industrial Partners for $550 million. This strategic move, announced in November 2024, is accompanied by a cost-reduction program impacting approximately 1,800 employees, primarily in Europe and the U.S., and is expected to achieve annual pretax savings of $175 million.

Asia Pacific: Expansion and Strategic Reviews
The Asia Pacific region continues to be a hub of growth and strategic realignments. AkzoNobel, the maker of Dulux paints, announced plans in October 2024 to review its business portfolio in South Asia, focusing initially on decorative paints. This strategic move aims to explore partnerships, joint ventures, mergers, or divestitures to streamline costs and enhance its core coatings business. Additionally, in February 2025, Sika, a Swiss construction chemicals company, acquired Singapore-based Elmich Pte, aiming to expand its presence in the Asia-Pacific region.

Middle East and Africa: Strategic Acquisitions and Market Penetration
The Middle East and Africa region is witnessing strategic acquisitions aimed at enhancing market penetration and technological capabilities. Abu Dhabi's state oil company, Adnoc, is nearing a significant acquisition, targeting the German chemical company Covestro. This acquisition presents Adnoc opportunities in sustainable technologies and access to a global operational footprint.

Europe: Portfolio Optimization and Cost Management
In Europe, companies are focusing on portfolio optimization and cost management to navigate economic challenges. PPG Industries has announced a cost-reduction program that will impact about 1,800 employees, primarily in Europe and the U.S., aiming to achieve annual pretax savings of $175 million.

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India Paints and Coatings Market Segmentation

by Resin Type

Acrylic Resins
Alkyd
Epoxy
Polyester
Others (Silicone, Polyolefin, etc.)

by Technology

Water-Based Technology
Solvent-Based Technology
Powder Coatings
UV Cured Coatings

by Paint Category

Decorative
Industrial (Application and types)

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