India Paints & Coatings Market: Unlocking Growth Secrets, Trends and Developments [2028]Posted by Kumar on May 13th, 2024 In the vibrant landscape of India's paints and coatings market, the forecast for the period 2024-2028 is one of robust growth. This projection stems from a confluence of factors, including escalating infrastructure activities and increased government funding in the residential sector. As articulated in the TechSci Research report titled “India Paints & Coatings Market - By Region, Competition Forecast & Opportunities, 2018-2028,” various governmental schemes like AMRUT and the Pradhan Mantri Awas Yojana (PMAY), aimed at achieving Housing for All, further buoy the market outlook. Recent Trends and Drivers Recent trends in the paints and coatings industry in India reflect a growing emphasis on sustainability, technological innovation, and diverse application areas. With environmental concerns looming large, there's a notable shift towards eco-friendly formulations and processes. Water-based paints, for instance, are gaining traction due to their lower VOC emissions and reduced environmental impact compared to solvent-based counterparts. Furthermore, technological advancements are reshaping the industry landscape. Innovations such as self-healing coatings, anti-microbial coatings, and nano-coatings are expanding the functionalities of paints and coatings, catering to evolving consumer demands for durability, hygiene, and aesthetics. The surge in construction activities, fueled by rapid urbanization and infrastructure development initiatives, stands out as a primary driver for the paints and coatings market. The wood, automobile & transportation, and construction sectors are significant consumers of these materials, utilizing them for protection, decoration, and functional enhancement purposes. Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Paints & Coating Market” - https://www.techsciresearch.com/report/india-paints-and-coatings-market/3138.html Market Overview Paints and coatings find extensive application across diverse sectors, ranging from building and construction to automotive and industrial machinery. Their versatile properties, including environmental resistance, corrosion protection, and aesthetic appeal, make them indispensable in safeguarding structures and enhancing their longevity. Segmentation:
Key Findings and Forecast The epoxy resin segment emerges as a frontrunner in the market, poised to maintain its dominance and witness a high CAGR during the forecast period. This dominance is attributed to epoxy resin's superior performance on heavy-duty metal substrates and its eco-friendly profile compared to conventional alternatives. Applications such as water treatment facilities, tank linings, and food storage coatings underscore its diverse utility across critical sectors. In terms of end-use segmentation, the architectural segment commands the largest market share, driven by the burgeoning demand for decorative and protective coatings in residential and non-residential construction projects. With coatings playing a vital role in safeguarding structures against environmental factors and enhancing aesthetics, the architectural segment is poised for sustained growth. Competitive Landscape The competitive landscape of the India Paints & Coatings Market is characterized by the presence of established players and a constant drive for innovation and market differentiation. Key market players include:
These industry stalwarts leverage their extensive expertise, R&D capabilities, and distribution networks to maintain their competitive edge and cater to the evolving needs of customers across diverse sectors. Benefits of the Research Report
India Paints & Coatings Market presents a promising outlook for the forecast period 2024-2028, driven by escalating infrastructure activities, government initiatives, and technological advancements. With sustainable practices, innovation, and strategic partnerships, industry players can capitalize on emerging opportunities and navigate through challenges to unlock their full growth potential in this dynamic market landscape.
Facts-
“The India Paints & Coatings market is expected to boost in the upcoming years and maintain a high CAGR during 2024-2028 owing to rising infrastructure development in the commercial and residential sectors. Moreover, the government increasing fund allocation in the infrastructure sector is also contributing to the market growth. For instance, Smt. Nirmala Sitharaman, the Union Finance Minister, stated in her budget speech for 2023–2024 that the Central Government intended to create an Urban Infrastructure Development Fund with an annual budget of USD 1221.78 million that would be used to develop infrastructure in Tier-2 and Tier-3 cities all across the nation. Additionally, the national government has allocated USD 16.5 million to the HRIDAY initiative, which promotes the growth of old cities. Among other government initiatives, AMRUT and the Pradhan Mantri Awas Yojana (PMAY), a national housing program, are anticipated to have a significant positive impact on the infrastructure and building sectors. Therefore, these factors propel the demand for paints & coatings in the upcoming years 2024-2028.’’ said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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