The India paints and coatings market was valued at $6,194.05 million in 2015. The market is projected to reach $11,480.19 million by 2020, at a CAGR of 13.13 percent during the forecast period 2015- 2020. The automotive refinish paints and coatings segment is estimated to grow at a CAGR of 14.47 percent.
Paints and coatings industry is divided into two sub-sectors namely, industrial and architectural. Architectural coatings include, both interior and exterior paints, varnishes, primers, stains and sealers, and their demand is primarily depended on the growth and performance of the construction sector. Industrial coatings include coil coatings, automotive paints, refinishers, furniture finishing and road marking paints, and their demand is linked to the growth and performance of the industrial equipment sectors, automotive industry and appliance industries.
Paints and coatings find wide range of application in buildings & construction, automotive, aerospace & defence, aerospace, marine, consumer durables, oil & gas, refinery & petrochemical and industrial coatings industries.
The architecture & decorative paints and coatings segment accounted for 70.53 percent of the India paints and coatings market in terms of revenue as of 2015. The segment under technology includes powder coatings, water-borne coatings and solvent-borne coatings. The solvent-borne technology accounted for 59 percent of the India paints and coatings market in term of revenue as of 2015.
A major market driver for this market is the growing demand from infrastructure industry. With the continuous economic growth in the country, the demand for roads, bridges, new buildings (both residential and commercial) and dams is consistently increasing, which in turn is boosting the paints and coatings market. India, owing to its huge business potential, has become one of the major destination and host for international events. This has increased the need for shopping malls, hotels, stadiums and high-rise buildings, in turn boosting the construction industry and thus, driving the growth of India paints and coatings market. However, the market growth is hindered by the fluctuating raw material prices.
The India paints and coatings industry are growing at faster pace with the new skills and technological development in recent past. Many companies for different market opportunities and coatings applications have upgraded the production process.
The high performance of paints and coatings depends on the production process and the selection of raw materials with precise measurement. Now the digital technology advancement with software development for processing paints and coatings that require customised production has started to employ at their manufacturing sites to have the opportunity for a company to compete for their product to International standard. The new technological advancements help companies to manufacture better paints and coatings with the new formulation process.
Few companies have shared their technology for a better market opportunity, for eg., Berger Paints India Ltd & Nippon, India has an agreement and joint venture Company (BNB Coating India Pvt Ltd) in India. Nippon has high-end technology for automotive coatings, which it will share with their joint venture company to increase the market for automotive coating in India. Moreover, companies are looking for better technology to produce eco-friendly paints and coatings with natural raw materials like bio-based polyurethane or biodegradable materials. These production processes with new technology will have better opportunities in paints and coatings market in recent future.
Source: Mordor Intelligence
© Coatings Special by Chemical Today Magazine
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