BURNABY, Canada, September 25, 2014 /PRNewswire/ --
Upcoming Greenfield and Brownfield Projects are Expected to Drive Significant Growth in Automotive Paints Consumption in India
According to a recently released TechSci Research report, "India Automotive Paint Market Forecast & Opportunities, 2019", the automotive paint market in India is anticipated to grow at CAGR of 10.42% during 2014-19. Upcoming Greenfield / brownfield projects in automotive sector and growth in automotive refinished market are among the prominent factors driving automotive paint market in India. For instance, various greenfield and brownfield automotive projects worth over USD10,000 million are currently either under implementation or in pipeline. Major OEMs such as Ashok Leyland, Bajaj Auto, Hero Moto Corporation, General Motors, Mahindra and Mahindra, Maruti Suzuki, etc. are expected to expand their production capacities and set up new vehicle manufacturing facilities in India during the forecast period. Taking into consideration these factors, the automotive paint market in India is expected to witness significant upsurge during 2014-2019F.
The report reveals that Kansai, Asian PPG, Berger and AkzoNobel are the major automotive paint companies operating in India. These players are focusing on selling their automotive paints through auto OEM and authorized auto service stations located across pan India. Unorganized players, on the other hand, are focusing on selling their automotive paints to local garages, vehicle body builders and small automotive component suppliers. Two Wheeler and Passenger Car are among the two major segments in India's automotive paints market, roughly contributing about three - fourth of the overall automotive paint consumption in volume terms in 2013. Primer and base coat are the two prominent automotive paints consumed in automotive paint industry in India.
"Region-wise, north and western region are the leading contributors in automotive paint consumption due to majority of the two wheelers and passenger OEMs having significant footprint in cities like Gurgaon, Haridwar, Rewari, Nalagarh, Pantnagar, Pune, Nashik, Sanand, Halol, Pithampur, etc. However, over the forecast period, southern and western India are expected to witness highest growth in automotive paint consumption due to various greenfield and brownfield projects coming up in these two regions", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Since more than 30% of the raw materials used in manufacturing automotive paints are petroleum-based products, even a slight fluctuation in petroleum prices affects the price of automotive paint, and hence the overall market.", added Mr. Chechi.
"India Automotive Paint Market Forecast & Opportunities, 2019" has evaluated the future growth potential of India automotive paint market. The report provides statistics and information on market share and growth across various segments based on region, vehicle type, coating type, texture type and demand category in the Indian market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in India automotive paint market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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