With production value of USD10.4 billion, India accounts for 7.1% of the Asia Pacific total in 2023. The industry’s exports share decreases in 2023 to 16.1% of total production output. The industry’s profitability increases and stands at 18.3% of production value in 2023, the sixth highest regionally. The costs of the industry increase by 1.6% in 2023, largely driven by rising B2B costs. The total number of companies increases in 2023, to 84,657 units. The industry is fragmented, with the top five companies generating 46.4% of total production value in 2023. Asian Paints Ltd (APL) is the largest company in India, generating 26.7% of the industry’s total production value in 2023. India has the second largest market size for paints and varnishes regionally, with demand reaching USD15.3 billion in 2023. B2B drives market demand, with B2B spending representing 96.7% of total demand in 2023. The market is dominated by domestic suppliers, as imports account for 16.1% of total market size in 2023.
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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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