India Automotive Paint Market: Industry Size and Growth Trends [2029] Analyzed by TechSci ResearchPosted by Kumar on June 3rd, 2024 According to TechSci Research report, “India Automotive Paint Market – By Region, Competition, Forecast and Opportunities, 2019-2029,” the India Automotive Paint Market is expected to register robust growth during the forecast period. The rapid expansion of the Indian automotive industry is a primary driver of the automotive paint market. Increasing disposable income, urbanization, and a growing middle-class population have led to higher demand for vehicles, including passenger cars, two-wheelers, commercial vehicles, and electric vehicles. India Automotive Paint Market has valued at USD 671.59 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.46% through 2029. Market Dynamics Drivers Expansion of the Automotive Industry The Indian automotive industry has been witnessing significant growth, driven by factors such as increasing disposable incomes, rapid urbanization, and a burgeoning middle-class population. This expansion has directly influenced the automotive paint market, as higher vehicle sales translate to increased demand for automotive coatings. Browse market data Figures and an in-depth TOC on the "India Automotive Paint Market." Technological Advancements in Coatings The adoption of advanced coating technologies, such as nanotechnology, ceramic coatings, and smart coatings, is on the rise. Manufacturers who invest in research and development to innovate and offer cutting-edge coatings can benefit from the growing demand for high-performance and technologically advanced products. These innovations enhance the durability, appearance, and protective capabilities of automotive paints. Trends Rise of Powder Coatings Based on technology, the Powder Coatings segment is expected to dominate the market during the forecast period. The application of powder coatings is highly efficient, with minimal overspray and waste. This efficiency reduces material costs and contributes to cost-effectiveness. Powder coatings can provide a wide range of finishes, including glossy, matte, metallic, and textured appearances. This versatility allows automotive manufacturers to meet the diverse aesthetic preferences of consumers. Manufacturers are investing in research and development to improve powder coating formulations, enhancing their resistance to environmental factors and their ability to meet the stringent requirements of the automotive industry. The convenience of e-commerce platforms has enabled easier access to a variety of powder coatings, offering consumers more choices and suppliers a broader reach. Dominance of Polyurethane Coatings Based on coating, the Polyurethane segment is projected to dominate the market throughout the forecast period. Polyurethane coatings can withstand exposure to a variety of chemicals, such as fuels, oils, and cleaning agents, which are commonly encountered in the automotive environment. The robustness of polyurethane coatings makes them capable of withstanding minor scratches and impacts, ensuring the protection of the vehicle's surface. Manufacturers are investing in research and development to create advanced polyurethane formulations that offer enhanced performance, such as increased scratch resistance and improved color retention. These innovations are driven by consumer expectations for high-quality and long-lasting finishes. Some manufacturers are exploring the development of polyurethane coatings with anti-graffiti properties. These coatings make it easier to remove graffiti or other markings from the vehicle's surface, providing benefits to public transportation and commercial vehicle operators. Competitive Analysis The competitive landscape of the India Automotive Paint Market is characterized by the presence of several key players who are driving innovation and striving to meet the evolving demands of the automotive industry. These players include:
These companies are focusing on enhancing their product offerings, investing in research and development, and adopting sustainable practices to gain a competitive edge in the market. The emphasis on quality, durability, and environmental sustainability is driving these companies to innovate continuously and align their strategies with market trends. Market Segmentation Technology Segmentation Powder Coatings The powder coatings segment in the India Automotive Paint Market is experiencing growth due to its numerous advantages, including durability, environmental friendliness, and versatility. As automotive manufacturers adapt to consumer demands for customization and the industry's shift toward sustainability, powder coatings play a vital role in meeting these requirements. The outlook for the powder coatings segment in the Indian Automotive Paint Market is positive, driven by its resilience and adaptability in the changing automotive landscape. Polyurethane Coatings The polyurethane segment in the India Automotive Paint Market is a critical part of the industry, known for its high performance and durability. It is adapting to market trends, such as customization and sustainability, and facing challenges related to environmental regulations, adhesion, and cost management. The segment's future looks promising as it continues to meet the evolving demands of the automotive sector and align with sustainability goals. Coating Process Segmentation Primer Automobile primer, intermediate coat, and finishing paint are all types of automotive coatings. Cathodic electric deposit is used in 92% of primers, according to the coating procedure (CED). It's made up of 90% cathode electrophoretic paint. The overall performance of polyurethane electrophoretic paint is good. Regional Analysis Performance Indicators The automotive industry in India is an important indicator of how well the Indian economy is performing, as this sector plays a vital role in both technological advancements and macroeconomic expansion. As per the India Brand Equity Foundation (IBEF), the country's annual production of automobiles in FY 2022 was nearly 22.93 million. Furthermore, in the first nine months of 2022, Indian passenger car sales remained strong due to the accumulation of savings, coupled with lower interest rates and an increasing preference for personal mobility, which convinced customers to buy new cars. As a result, new car registrations in India grew by around 20.2% in the first three quarters of 2022 to reach 2.8 million units. Also, government reforms such as "Aatma Nirbhar Bharat" and "Make in India" programs supported the automotive industry in the country. Production Statistics Moreover, in India, during FY 2021-22 (April 2021-March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22,933,230 vehicles, compared to 22,655,609 units during April 2020-March 2021. Further, according to the Center for Monitoring the Indian Economy (CMIE), car production increased to 193,629 units in July 2022 from 169,519 units in June 2022. Such factors are likely to increase the demand for the studied market. Market Projections Future Trends According to the OICA, around 5,456,857 vehicles were produced in 2022, which increased by 24% in comparison to 4,399,112 units manufactured in 2021. The increasing automotive sector is expected to augment the market during the forecast period. Moreover, the government's reforms, such as "Aatma Nirbhar Bharat" and "Make in India" programs, are likely to boost the automotive industry, which will further support the demand for PFA in high-end automotive applications. Benefits of the Research Report
The India Automotive Paint Market is poised for robust growth, driven by the expansion of the automotive industry, technological advancements, and increasing consumer demand for high-quality and sustainable coatings. The powder coatings and polyurethane segments are expected to dominate the market, supported by their durability, versatility, and environmental benefits. As the market evolves, key players are focusing on innovation, sustainability, and meeting consumer expectations to maintain their competitive edge. The future of the India Automotive Paint Market looks promising, with opportunities for growth and development in alignment with the broader trends in the automotive and coatings industries. “The India Automotive Paint Market in South India is poised to be the dominant force in the industry. South India has been a hotbed for electric vehicle manufacturing and adoption, with companies like Ather Energy and Ola Electric operating in the region. The demand for specialized coatings for EVs, such as those for battery enclosures and thermal management, is an emerging trend.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. “India Automotive Paint Market Segmented By Vehicle Type (Passenger cars, Light commercial vehicle and Heavy commercial vehicle), By Technology (Waterborne Coatings, Solvent Borne Coatings and Powder Coatings), By Coating (Acrylic, Epoxy and Polyurethane), By Texture Type (Solid, Metallic, Pearlescent and Others), By Region, and By Competition, 2019-2029,” has evaluated the future growth potential of India Automotive Paint Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Automotive Paint Market.
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