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India Paints And Coatings MarketÐ Growth, Trends, And Forecast (2019 Ð 2024)

Published on: Sep 2019 | From USD $3250 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 110

Market Overview

The market for India paints and coatings is expected to expand at a CAGR of 8.56% during the forecast period of 2019 2024. Growing demand from the construction industry, coupled with rising infrastructure activities, is driving the demand for the market studied.

- Decreasing automotive production and sales in the country are estimated to hamper the growth of the market studied.
- The use of nanotechnology in the paints and coatings industry is expected to offer various opportunities for the growth of the market studied during the forecast period.

Acrylic Resin Dominating the Market

- Acrylic resins are the most widely used polymers in the paint and coatings industry. Most of the acrylic paints are water-based or solvent-based and are available as emulsions (latices), lacquers (lower volume solids), enamels (higher volume solids), and powders (100% solids).
- The common acrylic polymers come in a wide variety of types and combinations, such as methyl and butyl methacrylate. In the case of inexpensive paints, polyvinyl acetate is used primarily.
- The two principal forms of acrylic used are thermoplastic and thermoset. Thermoplastics acrylic resins are synthetic resins achieved by polymerization of different acrylic monomers. Thermosets are cured at elevated temperatures by reacting them with other polymers. Thermoplastic acrylic resins are of two types, namely solution acrylics and acrylic latex coatings.
- Furthermore, the acrylic resins develop properties, such as transparency, high colorability, and UV resistance in coating solutions. They are used in waterborne systems very often, which result in low VOC emission. The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, the acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids.
- The application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. The water-based acrylic coatings are high in demand, owing to the environmental concerns, as the negative impact of VOCs affecting the air quality in the environment.
- The primary binder type in the India paints and coatings market is acrylic, with a total share of more than 70% of all the waterborne coatings. Acrylic is widely used in architectural coatings.
- Such positive factors are likely to increase demand over the forecast period.

Increasing Demand from Architectural Industry

- Paints and coatings are not only used in the interiors of houses to add colors or decorative purposes, but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used on.
- For example, because of moisture, the bathroom walls need to have wipe-ability for keeping them clean. Paints with glossier sheens have a tighter molecular structure than flat paints, making it more difficult for moisture to penetrate. So, these types of paints are used in bathroom.
- Paints and coatings are applied on the exterior of the house to not only to give them a new look, but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
- The modern advancements in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
- As of 2019, the construction industry is next in line (after agriculture) in India. The industry accounts for 11% of Indias GDP.
- The government initiatives, such as the Housing for All by 2022 act, are going to change the dynamics of the construction industry in India.
- Similarly, AMRUT scheme (Atal Mission for Rejuvenation and Urban Transformation) and the demand for affordable housing that will greatly increase the construction activities across many towns and cities of the country.
- It is estimated that by the end of 2025, the construction industry in India may emerge as the third-largest on a global level. According to the Industry experts, the annual growth rate of the Indian construction industry is expected to be about 7.1% by 2025, which is expected to drive the consumption of paints and coatings in the country.

Competitive Landscape

The market studied is highly consolidated, with the top five players contributing to more than 70% of the market share in 2018. The major companies include Asian paints, Berger Paints India Limited, Kansai Nerolac Paints Ltd, Akzo Nobel NV, and Nippon Paints, etc.

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- The market estimate (ME) sheet in Excel format
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Construction Industry
4.1.2 Rising Infrastructure Activities
4.2 Restraints
4.2.1 Hazardous to health
4.2.2 Substitution of Alternative Chemicals
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION
5.1 By Resin Type
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 By End-user Industry
5.2.1 Architectural
5.2.2 Automotive
5.2.3 Wood
5.2.4 Industrial
5.2.5 Transportation
5.2.6 Packaging
5.3 By Technology
5.3.1 Water-borne
5.3.2 Solvent-borne
5.3.3 Powder Coatings
5.3.4 Other Technologies

6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 Asian Paints
6.4.3 Berger Paints India Limited
6.4.4 Jotun India Pvt. Ltd
6.4.5 Kansai Nerolac Paints Limited
6.4.6 Nippon Paint Holding Co. Ltd
6.4.7 Shalimar Paints
6.4.8 Sheenlac Paints Ltd
6.4.9 Snowcem Paints
6.4.10 Weilburger

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Nanotechnology in the Paints and Coatings Industry

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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