India Industrial Coating Resins Market: Size, Share, Trends, Competitive Landscape, Industry Analysis, and Forecast 2026–2034

India Coating Resins market was estimated to be around 2300 kilo tons in 2025, and it is estimated to register a CAGR of 7.6% during 2026-2034 to reach 4780 kilo tons. The decorative segment accounts for over 60% of the total coating resins market in India while Industrial accounted for remaining 40%. Paints & coating market in India was valued at nearly USD 13 billion in 2025, and it is poised to register a CAGR of 11% during the long-term forecast period. Indian paint industry is the fastest-growing paint market, experiencing double-digit growth over the past two decades, with over 3,000 manufacturers, this sector includes nearly all global major players. 

India paints & coating market in segmented into decorative and industrial sector, which decorative accosting for over 73% of the total paints & coating market in India. Industrial segment which includes automotive (OEM & refinish), wood coating, protective coating, marine, aerospace, can & coil coating, general industrial coating, etc accounts for remaining share. During the forecast period decorative coating is estimated to register a CAGR of 13% while the industrial segment is estimated to register a slightly lower growth.

In 2025, coating resins demand for Industrial segment was estimated to be around 1000 kilo tons and it is projected to register a CAGR of 6% to reach 1860 kilo tons by the end of 2034. This strong growth in the coating resins market can be attributed to strong growth in industrial production and rising demand from various end-user industries

Coating Resins Raw Material Analysis

The key raw materials required for producing coating resins depend on the resin type, but most coating resin manufacturing use monomers, polyols, additives, catalysts & Initiators, natural oils & fatty acids, solvents, isocyanates, etc.

Phthalic Anhydride

Phthalic anhydride is a key raw material for producing high-performance materials, polyester and alkyd resin-based paints and coatings. Paints containing phthalic anhydride are widely used in construction, automotive, home appliances, medical equipment, and furniture, improving the aesthetics and durability of products.

India is one of the largest markets for phthalic anhydride, exporting almost 23 kilo tons in 2025. India imported over 60 kilo tons in 2025 and most of it was used for the manufacture of plasticizers, alkyd and polyester resins.

In India, IG Petrochemicals Limited (IGPL) is the largest producer of phthalic anhydride (PAN), accounting for about 47% of the country’s total installed capacity. Thirumalai Chemicals holds the second-largest share at around 40%, followed by Mysore Petrochemicals Ltd with 3% and SI Group with another 3%. Asian Paints accounts for the remaining 7%, primarily for captive consumption. IGPL is also the lowest-cost domestic PAN producer, supported by its captive power plant and strategic proximity to Nhava Sheva Port.

Pentaerythritol

Pentaerythritol is an important raw material used in the production of alkyd resins, where it functions as a polyol. It reacts with dibasic acids such as phthalic anhydride and fatty acids or oils during the esterification process to form the alkyd resin.  Asian Paints, Kanoria Chemicals and Perstorp are the top manufacturers of Pentaerythritol in India.

Asian Paints is one of the leading manufacturers, having expanded its capacity from 9 kilo tons to 18 kilo tons in 2023. In India, the total supply stands at around 20 kilo tons, while demand is significantly higher at around 40 kilo tons. This demand gap is currently met through imports, with Perstorp contributing a major share of the imported volumes.

• On February 21, 2024, Perstorp launched a new state-of-the-art pentaerythritol plant in Sayakha, Gujarat with a manufacturing capacity of 40 kilo tons.

The other major raw materials required in manufacturing of coating resins are Vegetable oils, Glycerin, Methyl methacrylate, Butyl glycol, Ethyl acrylate, Styrene, etc.

Industrial Coating Resins Market Dynamics

India continues to emerge as a global manufacturing hub. Sectors such as automotive, electronics, engineering, machinery, and consumer goods are witnessing increasing investments. As manufacturing facilities expand, the requirement for industrial coatings used on equipment, machinery, storage tanks, pipelines, and production facilities increases. This growth directly translates into higher demand for coating resins.

The growth of India’s automotive and industrial manufacturing sectors is another significant driver for coating resins. India is one of the largest automotive markets globally, with increasing production of passenger vehicles, two-wheelers, and commercial vehicles. Automotive coatings require high-performance resin systems such as acrylics, polyurethanes, and polyesters to achieve durability, gloss, and resistance to environmental stress.

Alkyd and polyester resins are among the most widely used materials in automotive coatings due to their balanced performance and cost-effectiveness. Alkyd resins are commonly used in primers and topcoats because of their good adhesion, flexibility, and ease of application. They also provide decent gloss and corrosion protection, making them suitable for maintenance and refinishing applications.

Resins Capacity By Company- 2025

Industrial Coating Resins Demand by Application

In terms of applications, India Industrial Coating Resins market is segmented into Industrial coating such as Marine Coatings, Can & Coil Coating, Construction (Infrastructure) & Protective Coatings, Wood Coatings, Automotive Coatings (OEM & Refinish) and Other / Specialty Applications. Automotive coating accounts for a share of over 25% in 2025. and it has grown at 4% since 2018. Acrylic and polyester resins are the most used resins in automotive coatings. India is one of the largest automotive markets in the world and contributes nearly 7% to the country’s GDP and several initiatives by the government such as Automotive Mission Plan 2026 aims to increase vehicle production to 50 million by 2030 and 200 million by 2047, positioning the country among the top two global automobile producers. India is the world’s largest two-wheeler market, and a leading market for three wheelers, these vehicles are heavily used for quicker mobility and for transporting smaller cargo across the country.

Protective & General Industrial accounted for a share of ~30% in the Indian Coating Resins market, In the oil and gas sector, upstream equipment, pipelines, storage tanks, and offshore platforms operate under highly aggressive conditions such as crude oil immersion, corrosion, and extreme mechanical stress. To ensure long-term protection, high-performance resins such as polyesters and alkyds are widely used. In infrastructure applications like bridges, highways, and transit systems, coatings must withstand de-icing salts, moisture, and continuous traffic abrasion. Acrylic resins are used as topcoats to provide weatherability, UV resistance, and mechanical strength.

Can and coil coatings are specialized protective coatings applied to metal substrates used in packaging and continuous metal sheets. Can coatings be used for food and beverage containers, which use high chemical resistance, flexibility, and compliance with food safety standards. Coil coatings are applied to steel or aluminum coils for applications such as roofing, appliances, and construction panels, offering durability, corrosion resistance, and aesthetic appeal. Common resins used in these coatings include polyester resins for flexibility and weather resistance and acrylic resins for color and gloss retention. India’s ambition to achieve a USD 5 trillion economy has necessitated significant investments in infrastructure and construction, which in turn is driving strong demand for coil coatings. With rapid growth in steel production positioning India as the world’s second-largest crude steel producer in 2025 and the need for coil coating solutions is expected to rise substantially in the coming years, poised to grow at a CAGR of 6.8% between 2026 and 2034.

Industrial Paints and Coatings Value Chain

Source: Secondary Research

Coating resins accounts for around 30-40% in the coating formulation, although the exact proportion varies depending on the manufacturer, coating technology, and end-use application. The coating resins market is segmented into resins type such as alkyd resins, acrylic resins, polyester resins, Urethane resins, Epoxy resins, Vinyl Resins, Nitrocellulose, Fluoropolymer Resins and Others. Coating resins are the backbone of paints and coatings, they play an important role in determining the performance characteristics of a coating. These resins act as binders which help to bind pigments, fillers and additives together which helps to impart adhesion and strongly influences gloss, durability, flexibility and toughness.

Coating Resins Pricing Analysis

Coating resins pricing trends is influenced by a combination of raw material costs, supply-demand dynamics, energy prices, regulatory requirements, and global economic conditions. Since coating resins are derived from petrochemical feedstocks, fluctuations in crude oil prices impact production costs. Key raw materials such as bisphenol-A, epichlorohydrin, acrylic acid, polyols, isocyanates, and various solvents often experience price volatility due to supply chain disruptions, geopolitical developments, and changes in global production capacities.

Among different coating resin types, polyurethane resins generally command higher prices because of their superior performance characteristics, including excellent chemical resistance, durability, and corrosion protection. Acrylic resins maintain stable pricing due to their widespread production and broad market demand, while specialty resins such as fluoropolymers resins often occupy the premium pricing segment because of their advanced functional properties.

Major Coating Resins Importer in India- 2025

Key Industrial Coating Resins Manufacturers

Kansai Nerolac Paints Ltd. (Marpol), Kamsons, Arkema, Rapid Coat Powder Coatings, Crystic Resins, Allnex Resins India (DR Coat), Ideal Chemi Plast (DIC), Berger Becker Coatings Pvt. Ltd, Macro Polymers, Orson Resins and Coatings Private Limited (ORCPL), Vision Products Pvt Ltd, and Cherry Paints and Polymers Pvt. Ltd are some of the player in the Industrial coating resins market in India

Recent Development in the Coating Resins Market

• Berger Becker Coatings Pvt Ltd, a leading player in the coil coating paints segment, has recently expanded capacity from 7 kilo tons to 17 kilo tons at their Nagpur facility to cater the surge in coil coatings demand.
• Allnex manufacturers Acrylic, Alkyd, and Polyester resins with a combined production capacity of around 30 kilo tons. To cater the global coating resins demand in India, the company is undertaking capacity expansion, targeting an increase to nearly 66 kilo tons by 2027.
• DCM Shriram plans to start a 75 kilo tons epoxy resins plant in Gujarat which is set to start by 2029.

In 2024 Kansai Nerolac announced to expand its Industrial alkyd and polyester Resin at Sayakha plant by 6 kilo tons and at the Acrylic Resin at Bawal plant by 5 kilo tons. The company plan to enter premium segment in coil coatings, and has introduced coil coating products for appliance industries and has a dedicated