Product Code: 93088
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).
Key Highlights
- 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.
India Architectural Coatings Market Trends
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 Industry Overview
The India Architectural Coatings Market is moderately consolidated, with the top five companies occupying 63.10%. The major players in this market are AkzoNobel N.V., Asian paints, Berger Paints India, Kansai Paint Co.,Ltd. and Nippon Paint Holdings Co., Ltd. (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY & KEY FINDINGS
2 INTRODUCTION
- 2.1 Study Assumptions & Market Definition
- 2.2 Scope of the Study
- 2.3 Research Methodology
3 KEY INDUSTRY TRENDS
- 3.1 Floor Area Trends
- 3.2 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
4 MARKET SEGMENTATION
- 4.1 Sub End User
- 4.1.1 Commercial
- 4.1.2 Residential
- 4.2 Technology
- 4.2.1 Solventborne
- 4.2.2 Waterborne
- 4.3 Resin
- 4.3.1 Acrylic
- 4.3.2 Alkyd
- 4.3.3 Epoxy
- 4.3.4 Polyester
- 4.3.5 Polyurethane
- 4.3.6 Other Resin Types
5 COMPETITIVE LANDSCAPE
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
- 5.3 Company Landscape
- 5.4 Company Profiles
- 5.4.1 Acro Paints Limited
- 5.4.2 AkzoNobel N.V.
- 5.4.3 Asian paints
- 5.4.4 Axalta Coating Systems
- 5.4.5 Berger Paints India
- 5.4.6 Jotun
- 5.4.7 JSW
- 5.4.8 Kansai Paint Co.,Ltd.
- 5.4.9 Nippon Paint Holdings Co., Ltd.
- 5.4.10 Shalimar Paints
- 5.4.11 Surfa Coats India Private Limited
6 KEY STRATEGIC QUESTIONS FOR ARCHITECTURAL COATINGS CEOS
7 APPENDIX
- 7.1 Global Overview
- 7.1.1 Overview
- 7.1.2 Porter's Five Forces Framework
- 7.1.3 Global Value Chain Analysis
- 7.1.4 Market Dynamics (DROs)
- 7.2 Sources & References
- 7.3 List of Tables & Figures
- 7.4 Primary Insights
- 7.5 Data Pack
- 7.6 Glossary of Terms