India Automotive Paints and Coatings Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
The India Automotive Paints and Coatings Market is estimated to grow at a CAGR of around 8.2% during the forecast period, i.e., (2024-30). The industry has been witnessing robust growth owing to factors such as growing disposable income, changing consumer preferences, the establishment of dynamic manufacturing capabilities, etc., in turn, supporting the development of automotive paints & coatings demand in the country. India being a global hub for automobile manufacturing, has attracted major market players to establish their production units in the country. Companies such as Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Hyundai, Toyota, and Volkswagen are actively expanding their manufacturing capacities in India, which paved the way for the growth of paints & coatings across the country.
Markntel Advisor’s India Automotive Paints and Coatings Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, India Automotive Paints and Coatings Market drivers, barriers, India Automotive Paints and Coatings Market Trends, and Key Players in India Automotive Paints and Coatings Market.
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India Automotive Paints and Coatings Market Dynamics: 2024-2030
India Automotive Paints and Coatings Market Driver:
Growing Demand for Functional Coatings to Promote Automotive Paints and Coatings Market – The Indian Automotive Paints & Coatings Industry has evolved significantly, with a marked change in consumers’ preferences & requirements within the sector. The growth in demand for functional coatings is at the forefront of trends that have transformed this industry in recent years. Functional coatings are specialized formulations designed not just to beautify surfaces but also to enhance their performance & durability. These coatings are particularly important in electric vehicles, where thermal management varnishes help to regulate the temperature of batteries so that they will last longer & perform better. For instance:
In 2023, MG launched its new EV in the Indian market by the name Comet EV.
Furthermore, functional coatings are applied to different vehicle components to provide benefits such as corrosion resistance, heat insulation, scratch resistance, and self-cleaning properties. Hence, owing to the beneficial aspects of the Automotive Paints and Coatings Market in India is destined to uplift.
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India Automotive Paints and Coatings Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Resin Type
- Polyurethane- Market Size & Forecast 2019-2030, Thousand Tons
- Epoxy- Market Size & Forecast 2019-2030, Thousand Tons
- Acrylic- Market Size & Forecast 2019-2030, Thousand Tons
- Alkyd- Market Size & Forecast 2019-2030, Thousand Tons
- Polyester- Market Size & Forecast 2019-2030, Thousand Tons
- Others (Fluoropolymers, Vinyl, etc.)- Market Size & Forecast 2019-2030, Thousand Tons
According to report, Polyurethane (PU) is becoming a prominent player in the India Automotive Paints & Coating Market due to increasing demand.
- By Composition
- Water-based- Market Size & Forecast 2019-2030, Thousand Tons
- Solvent-based- Market Size & Forecast 2019-2030, Thousand Tons
- Powder-based- Market Size & Forecast 2019-2030, Thousand Tons
- By Coating type
- E-coat- Market Size & Forecast 2019-2030, Thousand Tons
- Primer- Market Size & Forecast 2019-2030, Thousand Tons
- Basecoat- Market Size & Forecast 2019-2030, Thousand Tons
- Clearcoat- Market Size & Forecast 2019-2030, Thousand Tons
- By Vehicle type
- Two-wheelers- Market Size & Forecast 2019-2030, Thousand Tons
- Passenger Cars- Market Size & Forecast 2019-2030, Thousand Tons
- Medium & Heavy Commercial Vehicles- Market Size & Forecast 2019-2030, Thousand Tons
- Light Commercial Vehicles- Market Size & Forecast 2019-2030, Thousand Tons
- By Application
- OEM- Market Size & Forecast 2019-2030, Thousand Tons
- Refinish- Market Size & Forecast 2019-2030, Thousand Tons
According to report, The OEM segment accounts for the potential share of the India Automotive Paints and Coatings Market.
- By Region
- North
- South
- East
- West
Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
Top Companies Operating in the India Automotive Paints and Coatings Market:
- Asian Paints Limited
- Berger Paints India Limited
- Kansai Nerolac Paints Ltd
- AkzoNobel India Ltd
- BASF India Limited.
- Jenson & Nicholson Paints Private Limited
- Nippon Paint (India) Private Limited
- Sheenlac Noroo Coatings India Private Limited
- Esdee Paints Ltd
- Taralac
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