India: Paint And Varnish Market 2025

Paint And Varnish Market Size in India

The Indian paint and varnish market was estimated at $X in 2022, remaining stable against the previous year. In general, consumption continues to indicate a pronounced expansion. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Paint And Varnish Production in India

In value terms, paint and varnish production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 6.7%. Paint and varnish production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports from India

In 2022, overseas shipments of paints and varnishes decreased by -12.9% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2016 when exports increased by 158%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports expanded notably to $X in 2022. In general, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 37%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Bangladesh (X tons), the United Arab Emirates (X tons) and Nepal (X tons) were the main destinations of paint and varnish exports from India, with a combined 30% share of total exports. Qatar, Bhutan, China, Kenya, Thailand, Russia, Indonesia, Sri Lanka, Australia and Myanmar lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bhutan (with a CAGR of +101.5%), while the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), the United Arab Emirates ($X) and Qatar ($X) appeared to be the largest markets for paint and varnish exported from India worldwide, together comprising 32% of total exports. Nepal, Thailand, Kenya, Australia, Bhutan, Indonesia, Russia, Sri Lanka, Myanmar and China lagged somewhat behind, together comprising a further 41%.

Bhutan, with a CAGR of +97.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, surging by 26% against the previous year. In general, the export price recorded measured growth. The most prominent rate of growth was recorded in 2018 an increase of 42%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into India

Paint and varnish imports into India expanded significantly to X tons in 2022, increasing by 5.3% on the previous year. In general, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.6% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 42% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, paint and varnish imports expanded sharply to $X in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 36%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

Italy (X tons), China (X tons) and the United States (X tons) were the main suppliers of paint and varnish imports to India, together comprising 43% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +15.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to India were Italy ($X), Germany ($X) and South Korea ($X), with a combined 37% share of total imports. China, the United States, Japan, Belgium, Thailand, the Netherlands, the United Arab Emirates, Taiwan (Chinese), the UK and Indonesia lagged somewhat behind, together accounting for a further 50%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +19.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, surging by 8.6% against the previous year. In general, the import price, however, saw a perceptible contraction. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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