The new report by Expert Market Research titled, ‘ India Powder Coatings Market Report and Forecast 2023-2028’, gives an in-depth analysis of the India powder coatings market share, assessing the market based on its segments like resin type, coating method, application and major regions like North India, South India, East India and West India.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 01 billion
- Forecast CAGR (2023-2028): 4%
- Forecast Market Size (2026): USD 1.51 billion
The India Powder Coatings market has seen decent growth in the historical period, due to increasing urbanization and rapid industrialisation in the country. Furthermore, the market is being driven by an increase in demand from applications such as automotive, general manufacturing, furniture, and other applications.
Industry Definition and Major Segments
Powder coating is a form of coating in which the coating is applied as a free-flowing, dry powder. It is specifically used for metal coating for corrosion prevention and finishing applications. Powder coatings outperform liquid coatings because they are free of volatile organic compounds (VOCs), whereas liquid coatings contain VOCs.
Powder coating is typically applied electrostatically and cured under pressure, as opposed to traditional liquid paint, which is supplied by evaporating solvents.
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Based on resin type, the market is segregated into:
- Thermoset
- Epoxy
- Polyester
- Epoxy Polyester Hybrid
- Acrylic
- Thermoplastic
- Polyvinyl chloride (PVC)
- Nylon
- Polyolefin
- Polyvinylidene Fluoride (PVDF)
Based on coating method, the industry is split into:
- Electrostatic Spray
- Fluidized Bed
Based on application, the industry is split into:
- Appliances
- Automotive
- Architectural
- Furniture
- Agriculture, Construction, and Earthmoving equipment (ACE)
- General Industrial
The Indian market for Glycolic Acid is:
- North India
- South India
- East India
- West India
Market Trends
The powder coatings market in India is primarily driven by the automotive, furniture, appliance, and other industries, as powders are an important component of a damaged construction due to spillage, abrasion, dust exposure, chemicals, and UV light. Increased understanding of the benefits of industrial powder coatings, as well as the production of environmentally friendly powder coatings, are also driving market growth.
Increased consumer spending, the per capita income, shifting consumer tastes, and technological innovation are all expected to drive the industry forward. Efficiency and overspray are important market-controlling factors. One of the main factors driving the industry’s overall growth is a higher consumption rate relative to liquid forms. For constraints, the introduction and growth in competition from substitutes is anticipated to stunt the growth of the market in the forecast period.
Key Market Players
The major players in the market are Akzo Nobel India Ltd., Berger Paints India Limited [BERGEPAINT (NSE)], Durolac Paints, Inc., Jotun India Private Limited, Maharani Paints Pvt. Ltd., Marpol Private Limited, PPG Asian Paints Private Limited and few others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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