India Coating Market to Reach USD 10.66 Bn by 2030 at 5.43 % CAGR - India Coating Market Forecast

According to a new report by Maximize Market Research, the India coating market was valued at USD 7.36 billion in 2023 and is projected to reach USD 10.66 billion by 2030, growing at a CAGR of 5.43 %. This growth spurt is supported by rising industrialization and surging demand for automotive and decorative coatings across India.

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♦ Key Highlights:

Market size: USD 7.36 Bn in 2023; projected to reach USD 10.66 Bn by 2030 at a CAGR of 5.43 %

Leading segment: Decorative coatings comprise about 75 % of the India coating market

Regional leader: West India commands the largest regional share due to concentration of industrial and commercial hubs

Key drivers: Growth in automotive production, infrastructure development, and urbanization

Restraints & trends: Volatile raw-material costs, regulatory pressures for low-VOC/eco-friendly coatings, shift toward specialty coatings

Top companies: Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel India dominate over 65 % of the market

♦ Market Outlook

The India coating market is expected to maintain a steady growth trajectory through 2030. The decorative (architectural) coatings segment, constituting approximately 75 % of current market share, remains the backbone of demand, especially in interior/exterior wall paints, putties and primers. Among resin types, acrylic resins lead adoption, balancing performance and weather durability

In the industrial coatings sub-segment, expanding automobile manufacturing and allied industries are key growth engines. India overtook Japan in 2022 to become the third-largest vehicle market globally, boosting demand for automotive coatings. However, fluctuations in crude oil and raw material prices pose margin risks, while environmental regulations and the drive to low-VOC formulations pressurize manufacturers to innovate.

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♦ Regional Insights

The India coating market is relatively concentrated, with Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India commanding the lion's share of market presence. These incumbents compete through product innovation (e.g., eco-friendly coatings), expanded distribution, and cost optimization. Recent large-scale M&A activity is reshaping dynamics: for instance, JSW Paints is acquiring a controlling stake in Akzo Nobel India. Emerging entrants, such as Grasim Industries through its Birla Opus business, seek to disrupt incumbents' dominance.

♦ Key Players & Competitive Landscape

"India's coating sector stands at an inflection point: the structural growth of automotive and infrastructure, paired with consumer demand for premium and eco-friendly decorative paints, opens avenues for both scale and specialization," said Riya Sharma, Lead Analyst at Maximize Market Research. "To succeed, players must balance cost pressures with innovation in sustainable formulations."

♦ Quote

"Given boron's critical role in glass, ceramics, and micronutrient fertilizers, the market presents a compelling growth opportunity over the next decade," said an industry analyst at Maximize Market Research. "However, companies that can manage raw material supply risks and optimize production costs will be best positioned to capture market share."

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

This release was published on openPR.