India's decorative coating market size
India's decorative coating market size is projected to reach INR 159,000 crore by 2032, from the current market size of INR 70,000 crore, at an annual average rate of 9.5% between 2024-2032. The Decorative coating market in India is segmented into Organised and Unorganised sectors. In 2023, the Organised sector accounted for around 77% of the total decorative coating market which translates to around INR 54,000 crore. Asian Paints, Berger Paints, Shalimar Paints Ltd, Indigo Paints, Kansai Nerolac, Akzo Nobel, Retina Paints, Sirca, and JSW Paints are some of the leading companies in the Organised sector.
India Decorative Coating Market 2016-2032
Organized Decorative Coating Market
Currently, Asian Paints dominates the decorative coating market in India accounting for over 40% of the decorative paints market (including Organised and Unorganised) while in the Organised decorative coating market, the company holds over 50% market share and is estimated to continue its dominance in the forecast period. In terms of volume, Asian Paints is the largest paints manufacturer in India with an installed capacity of over 1750 million liters as of 2023. The company is further planning to increase the production capacity by 4000 – 5000 million liters in the short-term forecast period. Berger Paints is the second largest paints manufacturer with an installed capacity of around 900 million liters. The company is further planning to invest around INR 2700 crores over the next five to six years. The company will carry greenfield and brownfield expansion in East India mainly. Kansai Nerolac, Akzo Nobel, Indigo Paints, Sirca, and JSW Paints are some of the few players together having installed capacity of over 1200 million liters as of 2023.
The organised decorative coatings market in India is projected to grow at a CAGR of 9.8% to cross INR 125,000 crore by the end of 2032. New announced capacity additions, rapid urbanization, growth in the popularity of branded paints, and shortening of the re-painting cycle are projected to drive the Indian organized decorative coating market.
India Decorative Coating Market by Sector 2016-2032
Unorganised Decorative Coating Market
Indian Unorganised decorative coating market comprises more than 2200 small and medium scale companies together accounting for around 23% share. These companies have revenue of around INR 1 crore to INR 1000 for decorative coatings. The Unorganised decorative coating manufacturers have 1 or 2 manufacturing facilities and generally cater to the regional market. A few major players with revenue of over INR 200 crore have a presence in more than 2 States and strong distributor networks.
The Unorganised decorative coating market was valued at INR 16,000 crore in 2023 and it is projected to grow at a CAGR of 8.6% during the forecast period. The companies in Unorganised decorative coating companies in India offer their products at lower prices and offer better margins to dealers/distributors in comparison to the Organised players.
Decorative Coating market by region
Decorative coating market in India was valued at INR 70,000 crore in 2023, an increase of around 8% in comparison to the previous year. The decorative coating market in India is segmented into four regions mainly, North India, East India, West India, and South India. North India, West India, and South India are the major decorative coating markets together accounting for around 90% of the total market. East India, which includes states such as West Bengal, Chhattisgarh, Jharkhand, Orissa, etc. In the long-term forecast period, South India and West India are estimated to continue their dominance owing to new capacity addition in the region, rapid urbanization, and rising purchasing power.
India Decorative Coating Market 2023
Product Segmentation
The decorative coating market in India includes various categories tailored to different surfaces, such as interior and exterior emulsion, enamels, wood finishes, primers, distempers, putties, etc. Several factors contribute to the accelerated growth of the decorative such as rapid urbanization, rising levels of disposable income, and government initiatives supporting housing development.
In terms of market by application, emulsion paints, which are water-based, have experienced rapid growth owing to their washability, durability, and aesthetic appeal. Additionally, manufacturers have introduced acrylic, plastic, and textured emulsions, each with its distinct properties to cater to unique customer requirements. In 2023, Emulsion paints accounted for around 31% of the Indian decorative coating market and it is further anticipated to continue the dominance during the forecast period.
Enamel paints are oil or solvent-based paints offering features like washable, hard, and durable, making them suitable for use on a wide range of surfaces such as glass, wood, metals, and masonry surfaces.
Distempers are traditional water-based paints known for their thick, paste-like consistency. Distemper is primarily utilized for interior applications, they are favored for their affordability, particularly in rural areas.
Emulsion and Enamels have emerged as the fastest-growing segments. Currently, emulsions dominate the decorative coating market, gaining popularity among consumers due to their lower toxicity, minimal release of Volatile Organic Compounds (VOCs), and absence of strong odors.
Market Drivers
India's per capita paint consumption has grown from 2.6 kilograms in 2011 to around 4.1 kilograms in 2023. In contrast to the global average consumption of around 13-15 kilograms per capita, India's paint consumption per capita remains considerably lower, despite the substantial size of the market. This suggests significant untapped potential for growth in the domestic market over the forecast period.
Key Players in the India Decorative Coating Market
Asian Paints, Berger Paints, Shalimar Paints Ltd, Indigo Paints, Kansai Nerolac, Akzo Nobel, Sirca, JSW Paints, Sonalac Paints and Coatings Limited, Sheenlac Paints, Esdee Paints Limited, Tata Pigments Ltd., Spectrum PaintsPVt ltd, Glossy Paints India Pvt Ltd, and MRF Paints are some of the leading decorative paints manufacturers in India
Note: Demand Analysis has been provided for all major Regions / Countries as mentioned below. The demand (consumption) split by battery type, materials and end-use has been provided for each of the countries/regions in Volume (Kilo tons) and Value (USD Million).
Note: CAGR will be calculated for all materials and end-use to arrive at the regional / global Demand growth for the forecast period (2024 – 2032)
Note: This section includes company information, company financials, manufacturing bases and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.
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