The growing building & construction industry and the shortening of the re-painting cycle are driving the India Decorative Paints market across the country. According to the TechSci Research report, “India Decorative Paints Market – By Region, Competition, Forecast & Opportunities, 2029F.” The India Decorative Paints Market is expected to register a CAGR of 12.14% during the forecast period owing to the growing building & construction industry, urbanization, the shortening of the re-painting cycle, and technological advancements among others, across the country.
The Important Elements of India Decorative Paints Market
Enhancing a surface’s esthetic attractiveness is the goal of decorative paints. They are frequently used both indoors and outside, for things including walls, ceilings, and other decorative components. Decorative paints are a flexible tool that both homeowners and interior designers can use to give their spaces a distinctive look and feel since they are offered in a broad variety of colors, textures, and finishes.
The driving factor for the growth of the decorative paint market in India is the shortening of re-painting cycles. With changing lifestyles, increasing disposable incomes, and rising aspirations, people are more inclined to renovate and redecorate their homes at shorter intervals. This has led to a higher demand for paints and coatings to give homes a fresh look and protect them from external damage.
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The India Decorative Paints Market is divided on the basis of product type, type of paint, application, sales channel, and end user. Based on product type, the market is further bifurcated into water-based and solvent-based. Based on the type of paint, the market is divided into emulsion, enamel, distemper, primer, textures, and others. Based on application, the market is further bifurcated into exterior and interior. Based on sales channels, the market is further split into offline and online. Based on end-user, the market is further divided into residential and non-residential. On the basis of region, the market is divided into South India, North India, West India, and East India.
In 2023, based on end users, the residential segment dominated the market, accounting for 65.01% market share in the Decorative Paints Market in India, and it is expected to register a CAGR of 12.84% between 2024-2029F The residential end user plays a key role in the Decorative Paints Market. As homeowners are looking for paints that are both durable and aesthetically pleasing, the manufacturers must meet their needs by offering a wide range of products. The residential end-user has more alternatives than ever before, owing to technological advancements when choosing most paint for their project. Owing to urbanization and the high density of the population in major cities, residentials now account for the majority of end users in India. Greater transport infrastructure is more common in areas with good metro connectivity, which can shorten commute times and lower costs. This facilitates access to employment opportunities, educational institutions, and other fundamental services, leading to an increase in housing and a consequent rise in the need for decorative paint.
Based on region, the market is divided into South India, North India, West India, and East India. North and South India regions cumulatively held more than 60% of the Decorative Paints Market. This is explained by the fact that the region has led the nation’s industrialization and development. The decorative paint industry is dominated by North India. It has developed into a hub for original and imaginative interior design ideas because of its thriving culture and diverse population. Additionally, South India has experienced a significant increase in migration in recent years. South India region has a high cultural diversity, vibrant cities, and economic opportunities. There has been an increase in the market for decorative paints in the region, and many companies now provide a wide range of products to meet customer demand.
Key market players in the India Decorative Paints market include:
- Asian Paints Limited
- Berger Paints India Limited
- Akzo Nobel India Limited
- Kansai Nerolac Paints Limited
- Shalimar Paints Limited
- Sheenlac Paints Limited
- Acro Paints Limited
- Ecopaints Private Limited
- Esdee Paints Limited
- Indigo Paints Limited
- Nippon Paint (India) Private Limited
- Jotun India Private Limited
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“The India Decorative Paints market is expected to boost in the upcoming years owing to urbanization and nuclearization of families, shortening of re-painting cycle, growing building and construction industry among others across the country. There are various initiatives by the government such as housing for all, Pradhan Mantri Awas Yojana, Rajiv Awas Yojana, Delhi development scheme, among others are likely to propel the market of decorative paints across the nation.
Additionally, the Union Government invested as of August 22, 2022, 122.69 lakh residences under the Pradhan Mantri Awas Yojna (PMAY-Urban) plan had been approved, 103.01 lacks had been built, and 62.21 lacks had been completed. Furthermore, the Dubai government and India government agreed to establish industrial parks, information technology towers, multifunctional towers, logistical hubs, medical colleges, and specialized hospitals in Jammu and Kashmir in October 2021.
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Therefore, the market for decorative paints across the country is expected to rise during the forecast period, 2024-2029F,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Decorative Paints Market By Product Type (Water Based, Solvent Based), By Type of Paint (Emulsion, Enamel, Distemper, Primer, Textures, Others), By Application (Exterior, Interior), By Sales Channel (Offline, Online), By End User (Residential, Non-Residential), By Region, Competition, Forecast & Opportunities, 2029F”, has evaluated the future growth potential of the India Decorative Paints market and provides statistics and information on market structure, size, share, and future 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 the India Decorative Paints market.
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