India Paints and Coatings Market expected to reach $ US$ 20.134 Bn by 2026

Indian Paints and Coatings Market was valued at US$ 7.82 Bn in 2017 is projected to reach $ US$ 20.134 Bn by 2026, at a CAGR of 12.45 % during the forecast period.

Growing demand from infrastructure industry with the rapid economic growth in the country, the demand for roads, bridges, new buildings and dams is continuously increasing, which in turn is boosting the India paints and coatings market. Rising urbanization, disposable income and nuclear families are expected to propel a growth for the paint and coatings industry throughout the forecast. However, the market growth is hindered by the fluctuating raw material price. Research to produce eco-friendly paints and coatings with natural raw materials like bio-based polyurethane or biodegradable materials will have better opportunities in paints and coatings market.

Epoxy resins are largely used by the paints and coating industry on the heavy duty metal substrates due to its advantages like less energy than that compared to other heat-cured powder coatings. Paints and coatings containing epoxy resins are also considered environmental friendly than other chemicals. Epoxy resin-based paints and coatings are used in wall coatings of food storage and manufacture, swimming pools finishes, seal coats, tank lining, wet rooms, waterproofing and decorative finishes, and water treatment plants.

Solvent Based technology is dominating segment in the India paint & coatings market. Solvent borne coatings are less vulnerable to environmental conditions such as temperature during the curing phase solvent borne coatings bring effective results when applied even in humid environments due to the fact that the former cures effectively as a result of a chemical reaction between atmospheric oxygen and the chemical ingredients. However, government regulation on VOCs emission and adverse effects on human health hence, manufacturer and players are looking for eco-friendly substitute thereby restraining the growth solvent borne market.

Architectural is major end user segment in India paints & coatings market. Rapid urbanization, and growing construction activities drives the market for architectural segment. Automotive segment to grow at high CAGR during forecast this is due to increasing focus on lightweight vehicle market and shift to electric vehicle.

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