India Automotive Paints and Coatings Market is Expected to Grow Annually by 5.30% CAGR 2024-2032

India Automotive Paints and Coatings Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 5.30% (2024-2032)

Market Size in 2023: USD 982.3 Million

Market Size in 2032: USD 1,573.1 Million

The India automotive paints and coatings market is growing, driven by increased vehicle production and demand for durable, aesthetic finishes. According to the latest report by IMARC Group, the India automotive paints and coatings market size reached USD 982.3 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 1,573.1 Million by 2032, exhibiting a growth rate (CAGR) of 5.30% during 2024-2032.

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India Automotive Paints and Coatings Market Trends and Drivers:

The rising automotive industry as well as growing vehicle production are the factors responsible for the growth of the India automotive paints and coatings market. Additionally, the market is propelling as there is increasing consumer demand for automobiles, and manufacturers are focusing on enhancing the aesthetic appeal and durability of vehicles through advanced paint and coating solutions.

Besides this, the growth of the automotive aftermarket, including repair and customization services, is also contributing to the demand for high-quality paints and coatings. Moreover, stringent regulations by government authorities regarding vehicle emissions and environmental standards are prompting manufacturers to adopt eco-friendly and sustainable coating technologies, further propelling market growth.

Emerging trends in the India automotive paints and coatings market include the adoption of innovative technologies such as waterborne coatings, powder coatings, and UV-cured coatings. These technologies offer superior performance, reduced environmental impact, and compliance with regulatory standards. Furthermore, the increasing popularity of electric vehicles is driving the demand for specialized coatings that provide thermal management and corrosion resistance.

In addition to this, advancements in nanotechnology are enabling the development of coatings with improved scratch resistance, self-healing properties, and improved longevity, which is acting as another significant growth-inducing factor. Customization and personalization of vehicle exteriors are becoming more prevalent, leading to a higher need for a broad range of colors, finishes, and special effects, which is anticipated to drive the India automotive paints and coatings market over the forecasted period.

India Automotive Paints and Coatings Market Segmentation:

Breakup by Resin Type:

• Polyurethane

• Epoxy

• Acrylic

• Others

Breakup by Technology:

• Solvent-borne

• Water-borne

• Powder

• Others

Breakup by Layer:

• E-coat

• Primer

• Base Coat

• Clear Coat

Breakup by Application:

• Automotive OEM

• Automotive Refinish

Breakup by Region:

• North India

• West and Central India

• South India

• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

• Comprehensive mapping of the competitive landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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