The market is dominated by domestic suppliers, as imports account for 18.4% of total market size in 2022. B2B drives market demand, with B2B spending representing 95.8% of total demand in 2022. India has the second largest market size for paints and varnishes regionally, with demand reaching USD14.5 billion in 2022. Asian Paints Ltd (APL) is the largest company in India, generating 25.4% of the industry’s total production value in 2022. The industry is concentrated, with the top five companies generating 52.7% of total production value in 2022. The total number of companies increases in 2022, to 105,118 units. The costs of the industry increase by 3.1% in 2022, largely driven by rising B2B costs. The industry’s profitability decreases and stands at 19.5% of production value in 2022, the sixth highest regionally. The industry’s exports share increases in 2022 to 16.4% of total production output. With production value of USD9.8 billion, India accounts for 6.6% of the Asia Pacific total in 2022.
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This Euromonitor industrial report provides unique information on Paints and Varnishes in India: ISIC 2422. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Paints and Varnishes in India: ISIC 2422 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
This is the aggregation of basic chemicals, fertilisers and nitrogen compounds, man-made fibers, paints and varnishes, pesticides and other agro-chemical products, photochemicals, explosives and other chemicals, plastic in primary forms and synthetic rubber.
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