Press Release Description
India Automotive Paints and Coatings Market Forecasts 8.2% CAGR Growth from 2024 to 2030
The India Automotive Paints and Coatings Market size is projected to grow at a CAGR of around 8.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth reflects the dynamic nature of the country's automobile industry. The automotive sector in India is poised for continued growth, driven by a focus on quality, sustainability, and innovation. It remains imperative for automotive paint & coatings manufacturers to prioritize meeting global standards & captivating consumers with appealing aesthetics and durability. With India solidifying its position in the Global Car Market, there is anticipated growth in demand for advanced paint & coatings, presenting lucrative opportunities for manufacturers across this sector.
Moreover, the market's evolution has been notably shaped by environmental awareness and stringent regulations. In efforts to minimize emissions and carbon footprint, there's a notable shift towards eco-friendly paints with low volatile organic compound (VOC) content. Water-based paints, in particular, are gaining prominence due to their environmental advantages, thus fueling market expansion during the projection period, “India Automotive Paints and Coatings Market Analysis, 2024.”
Market Segmentation Analysis:
Polyurethane Resin to Hold a Significant Share in the Market
Based on the resin type, the market is bifurcated into Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, and Others (Fluoropolymers, Vinyl, etc.). Polyurethane (PU) resin type captures the potential share of the India Automotive Paints and Coatings Market. Polyurethane stands out as the preferred choice for automotive paints & coatings due to its outstanding durability and resistance to diverse environmental elements. This is particularly crucial in the Indian market, where vehicles endure extreme climatic conditions ranging from intense heat to heavy monsoon rains. With the aim of ensuring the longevity of a vehicle's appearance and structure, polyurethane paint provides exceptional protection against corrosion, abrasion, and weathering. As a result, the demand for this segment is propelled significantly within the country.
OEM will be the Leading Application Segment Across the Market
Based on application, the market is fragmented into OEM and Refinish. The demand for paints & coatings in OEM applications is witnessing a major boom owing to the escalating growth of the automotive industry in India. The country’s automotive sector is expected to continue its expansion as a result of increasing emphasis on FDI investment, government initiatives, and the development of new automotive technologies. Thus, automotive paints & coating would play an essential role in ensuring the attractiveness & durability of Indian vehicles coupled with compliance with global standards, boosting the overall market growth during the projected timeframe.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Asian Paints Limited, Berger Paints India Limited, Kansai Nerolac Paints Ltd, AkzoNobel India Ltd, Jenson & Nicholson Paints Private Limited, Nippon Paint (India) Private Limited, and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the India Automotive Paints and Coatings Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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