How big is the India Automotive Paints and Coatings market?
According to MarkNtel Advisors study, India Automotive Paints and Coatings Market size is projected to grow at a CAGR of around 8.2% during the forecast period, i.e., 2024-30.
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India Automotive Paints and Coatings Market Trend:
Growing Demand for Electric Vehicles Creating New Trends Across the Market – India’s automotive landscape is experiencing a monumental shift as the demand for electric vehicles (EVs) surges. With increasing environmental awareness, government incentives, and advancements in technology, EVs are rapidly gaining traction in the Indian market, thus supporting the growth of paints & coatings in this industry. India with an alarming level of pollution increase in many of the cities has made it an attractive market for electric vehicles. These vehicles produce zero tailpipe emissions, making them an attractive choice for environmentally conscious consumers and government bodies committed to improving air quality, thus propelling the market’s growth. For instance
- In 2023, Hyundai launched its new electric vehicle by the name Ioniq 5 under its flagship product line. This new EV vehicle launched will be assembled in India only.
The Indian government has played a pivotal role in promoting electric vehicles. Initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provide financial incentives, including subsidies and tax benefits, to both manufacturers and consumers. Additionally, some states offer additional incentives to encourage the adoption of EVs, thus supporting the growth of EVs, which in turn will enhance the market size of the Automotive Paints and Coatings Market in India.
Leading Companies in the India Automotive Paints and Coatings market:
- Asian Paints Limited
- Berger Paints India Limited
- Kansai Nerolac Paints Ltd
- AkzoNobel India Ltd
- Jenson & Nicholson Paints Private Limited
- Nippon Paint (India) Private Limited
- others
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India Automotive Paints and Coatings Market Segmentation:
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
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
Regional/ Countries Insight:
- North
- South
- East
- West
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