Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the India Automotive Paints and Coatings Market, The India Automotive Paints and Coatings Market size is estimated to grow at a CAGR of around 8.2% during the forecast period, i.e., 2024–30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the India Automotive Paints and Coatings Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

• Forecast Period: 2024-2030
• CAGR (2024-2030): 8.2%

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India Automotive Paints and Coatings Market Segmentation Breakdown:

The India Automotive Paints and Coatings Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

By Resin Type

• Polyurethane- Market Size Forecast 2019-2030, Thousand Tons
• Epoxy- Market Size Forecast 2019-2030, Thousand Tons
• Acrylic- Market Size Forecast 2019-2030, Thousand Tons
• Alkyd- Market Size Forecast 2019-2030, Thousand Tons
• Polyester- Market Size Forecast 2019-2030, Thousand Tons
• Others (Fluoropolymers, Vinyl, etc.)- Market Size Forecast 2019-2030, Thousand Tons

By Composition

• Water-based- Market Size Forecast 2019-2030, Thousand Tons
• Solvent-based- Market Size Forecast 2019-2030, Thousand Tons
• Powder-based- Market Size Forecast 2019-2030, Thousand Tons

By Coating type

• E-coat- Market Size Forecast 2019-2030, Thousand Tons
• Primer- Market Size Forecast 2019-2030, Thousand Tons
• Basecoat- Market Size Forecast 2019-2030, Thousand Tons
• Clearcoat- Market Size Forecast 2019-2030, Thousand Tons

By Vehicle type

• Two-wheelers- Market Size Forecast 2019-2030, Thousand Tons
• Passenger Cars- Market Size Forecast 2019-2030, Thousand Tons
• Medium Heavy Commercial Vehicles- Market Size Forecast 2019-2030, Thousand Tons
• Light Commercial Vehicles- Market Size Forecast 2019-2030, Thousand Tons

By Application

• OEM- Market Size Forecast 2019-2030, Thousand Tons
• Refinish- Market Size Forecast 2019-2030, Thousand Tons

Geographical Growth Insights:

By Region

• North
• South
• East
• West

MarkNtel Advisors Highlights Key Market Drivers for India Automotive Paints and Coatings Market:

Growing Demand for Functional Coatings to Promote Automotive Paints and Coatings Market –  The Indian Automotive Paints Coatings Industry has evolved significantly, with a marked change in consumers' preferences requirements within the sector. The growth in demand for functional coatings is at the forefront of trends that have transformed this industry in recent years. Functional coatings are specialized formulations designed not just to beautify surfaces but also to enhance their performance durability. These coatings are particularly important in electric vehicles, where thermal management varnishes help to regulate the temperature of batteries so that they will last longer perform better. For instance:

• In 2023, MG launched its new EV in the Indian market by the name Comet EV.

Furthermore, functional coatings are applied to different vehicle components to provide benefits such as corrosion resistance, heat insulation, scratch resistance, and self-cleaning properties. Hence, owing to the beneficial aspects of the Automotive Paints and Coatings Market in India is destined to uplift.

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A Comprehensive Analysis of Leading Companies in India Automotive Paints and Coatings Market

• Asian Paints Limited
• Berger Paints India Limited
• Kansai Nerolac Paints Ltd
• AkzoNobel India Ltd
• BASF India Limited.
• Jenson Nicholson Paints Private Limited
• Nippon Paint (India) Private Limited
• Sheenlac Noroo Coatings India Private Limited
• Esdee Paints Ltd
• Taralac
• Others

India Automotive Paints Coatings Industry Recent Development:

• 2022: McLaren Racing and AkzoNobel have extended and enhanced their enduring collaboration.The new agreement between the companies was built on the successful 13-year partnership and was expected to explore new sustainability, technical innovation, and product development potential.
• 2022: BASF has extended its Automotive Coatings Application Centre at its Coatings Technology Centre in Mangalore, India. The expansion is planned to boost its customer service capabilities in the country.

What are the growth Opportunity driving the India Automotive Paints and Coatings Market?

Growing Market for Automotive Refinishes to Open New Doors for the Market Players – Recently, the India Automotive Market has been witnessing dynamic growth, owing to changing consumer expectations, rising market demand for used vehicles, and an increased interest in car customization. This industry shift has prompted a surge in the demand for automotive refinish products, thus boosting the growth of automotive paints coatings across the country. Given the desire to be affordable and reliable, the market for used cars in India is experiencing strong growth, thus augmenting the demand for refinishing products in the country.

Additionally, in the Indian market, environmental consciousness is on the rise. Consequently, a shift to eco-friendlier paint coating solutions has been boosting the acceptance of water-based paints coatings. Further, meeting these requirements, coupled with strict regulatory policies, has highly motivated the manufacturers of automotive paints coating products to invest in environmentally friendly products, thus opening new opportunities in the India Automotive Paints and Coatings Market.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative quantitative research company, strive to deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

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