PUBLISHER: TechSci Research | PRODUCT CODE: 1300163
PUBLISHER: TechSci Research | PRODUCT CODE: 1300163
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India Decorative Paints market was valued at USD 7.28 billion in 2023 and is expected to project robust growth during the forecast period, registering a CAGR of 12.14%.
Decorative paints are applied to a surface to improve its aesthetic appeal. They are frequently used for painting walls, ceilings, and other decorative features. Decorative paints are a flexible tool that interior designers and homeowners can use to give their space a special appearance and feel because they are available in a wide variety of colors, textures, and finishes.
There is an increasing need for residential and commercial areas, including new houses, offices, retail malls, hotels, and other infrastructure, as urbanization and the nuclearization of families continue to expand. For the purpose of maintenance, protection, and esthetics, these areas need painting and coating. Furthermore, as people's lifestyles and aspirations change due to urbanization, they are increasingly seeking out attractive and visually appealing living and working spaces. Due to this, decorative paints with a wide variety of colors, textures, and finishes are becoming increasingly popular as a way to improve urban environments' aesthetic appeal. According to UN estimates, 40% of Indians are expected to live in cities by 2030. As a result, the decorative paint industry would continue to expand as urbanization increases the demand for housing. Moreover, the demand for decorative paints is also increasing because of an increase in the number of households owing to the nuclearization of families.
The Decorative Paints market is being driven owing to the increase in construction activities, which has resulted in a requirement for paints and coatings for both interior and outdoor applications. Indian consumers are becoming more conscious of the aesthetic value of their homes and workplaces. The use of various colors and finishes for indoor and external walls is becoming more popular, which has raised the need for decorative paints. The rising disposable incomes of consumers, shifting lifestyles, and exposure to fashion trends have all aided this tendency. Additionally, demand for residential properties has surged due to increased urbanization and rising household income. India is among the top 10 price-appreciating housing markets internationally.
The price of raw materials makes up a significant portion of the overall manufacturing expenses in the market for decorative paints. The profitability of the Decorative Paints market is likely to be impacted by changes in raw material prices, which are affected by variables including supply and demand, geopolitical events, and currency exchange rates. Decorative paint manufacturers need to carefully manage their raw material costs to maintain competitive pricing and profit margins. Impact of COVID-19: Shift in Consumer Demand
The COVID-19 pandemic impacted customer preferences and behavior. A change in consumer demand for antimicrobial paints or paints used for home renovations and DIY projects occurred because of a greater emphasis on health and hygiene. The supply chain techniques used by decorative paint producers in India have changed as a result of shifting consumer needs and preferences. In addition, due to reverse migration, greater areas, and affordable development, the demand for housing in India has increased during the COVID-19 epidemic in cities of the second and third tier. Due to the greater emphasis on the need for more spacious and pleasant living spaces because of the large number of people working from home, the demand for decorative paint has increased.
Decorative paint offers a wide range of financing options for consumers, contractors, and businesses to purchase paints, coatings, and related products. These financing options may vary depending on the region and specific paint manufacturer or retailer. Some common financing options available in the decorative paint industry are credit cards. Many paint manufacturers and retailers accept credit cards, which allow customers to make purchases and pay off the balance over time with interest or as per the credit card terms. Some paint retailers offer in-store financing options, such as zero-interest installment plans, where customers can pay for their paint purchases in installments over a period without incurring interest charges. Some paint manufacturers or retailers offer leasing options, where customers can lease or rent paint products or equipment for a specified period and have the option to purchase them at the end of the lease or rental period. Some paint manufacturers or retailers have financing programs, either in-house or through partnerships with financial institutions, that offer special promotions, discounts, or favorable terms for customers who qualify based on creditworthiness or other criteria.
To increase their market share in India, the majority of the major companies in the Decorative Paints market have aggressively increased the size of their distribution networks. Continuous innovation has appeared in several market sectors, and players are largely concentrating on better finish quality, consumption, and sustainability. For instance, Nerolac uses environment-friendly "Healthy Home Paints," introducing a full line of 100% Heavy Metal Free by Design and low VOC products, offering painting solutions across a range of price points. Another illustration is Indigo Paints, where it is projected that dealer strength is going to grow as the decorative paints industry expands into smaller towns and villages. As a result of this expansion, companies rapidly expand their distributor base in new areas, especially in Tier 2-4 Cities and Rural Areas. In the beginning, Indigo Paints focused on the untapped cities in Tiers 2 and 4, where brand penetration was easier, and dealers had more influence over customers' purchasing decisions. Owing to the significant expansion potential provided by these Tier 2 to Tier 4 regions, the company's revenue increased, and its brand and presence in the Indian market significantly expanded.
The India Decorative Paints Market is divided into product type, type of paint, application, sales channel, and end user. Based on product type, the market is further divided 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 divided into exterior and interior. Based on sales channels, the market is further bifurcated into offline and online. Based on end-user, the market is 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.
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, and Jotun India Private Limited are among the major players that are driving the growth of the India Decorative Paints market.
In this report, the India Decorative Paints market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the India Decorative Paints market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
The data given for any year represents the market during the period, i.e., 1st April of the former year to 31st March of the latter year. Eg: For FY2023E, the data represents the period, from 1st April 2022 to 31st March 2023.