Market Research India Paints & Coatings Market Analysis 2018

The India paints & coatings market is estimated to register a growth rate of 7.10% during the forecast
period (2018 - 2023). Architectural segment is estimated to lead the market, due to rapid rise in
investments by the government in the country. Water-based coatings are expected to be the fastest-
growing type, by technology.
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Growing Demand from the Automotive Industry
In the automotive sector, paints and coatings impart protection to both interior and exterior surfaces
against various aggressive environmental agents, such as sunlight, corrosive materials, and
environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and
blowing sand, amongst others. In India, the automotive production has been growing at a higher rate,
with the passenger vehicle segment exhibiting the highest growth rate during 2016. In 2016, more than
4.48 million units of vehicles were produced in the country. Production of passenger vehicles (PV), light
commercial vehicles (LCV), and heavy trucks registered growth rates of 7.9%, 8%, and 9.9%, respectively
in FY 2016 over FY 2015. India is also a prominent auto exporter, and is expected to witness robust
growth in the export sector over the forecast period. In FY 2016, the overall automobile exports grew by
1.91% over FY 2015. Ford Motor Co. plans to invest INR 1,300 crore (USD 195 million) to build a global
technology and business center in Chennai, which will be designed as a hub for product development,
mobility solutions, and business services for India and other regions. BMW has planned to manufacture
a local version of below-500 CC motorcycle, the G310R, in TVS Motors Hosur plant in Tamil Nadu, for
India. South Koreas Kia Motors Corp is close to finalizing a site for its first factory in India, slated to
attract USD1 billion (INR 6,700 crore) of investment; it is deciding between Andhra Pradesh and
Maharashtra. The target for operationalizing the factory is by the end of 2018 or early 2019. Suzuki
Motor Corporation, the Japan-based automobile manufacturer, plans to invest INR 2,600 crore (USD 390
million) for setting up its second assembly plant in India, and an engine and transmission unit in
Mehsana, Gujarat. Hence, owing to the increasing demand for new, lightweight, & fuel-efficient
vehicles, and less or no VOC-emitting vehicles in the automotive sector, the automotive industry is
anticipated to boom, thus, bolstering the demand for paints and coatings.
Water-borne Technology - The Fastest Growing Type by Technology
The VOCs released from solvent-borne coatings is the core reason for the switch of manufacturers to
water-borne coatings. Also, other properties, like low odor, more durability, and more block resistance
make water-borne coatings more preferable. There are many regulations from several governments,
which support water-based coatings. These are usually used in several applications, which include
transportation, building & construction, and industrial applications. In recent times, there has been a
propensity to seek coatings with high usability, and water clean-up characteristics among the users.
Water-borne coatings meet the requirements and facilitate low viscosity as well, without the addition of
low-molecular weight monomers.
Notable Developments in the Market