Today, the Indian paints industry is worth over Rs 62,000 crore ($ 8 billion) and is the fastest-growing major paint economy in the world with over 3,000 paint manufacturers and a consistent double-digit growth over the past two decades. It registered fast-paced growth across all segments, from architectural to powder, automotive to coil, high-performance to general industrial, refinish to wood, and packaging to plastic.The architectural segment accounts for nearly 69 per cent of paint consumption in the country on a volume basis, while the industrial segment accounts for the remaining 31 per cent of the paints and coatings produced in the country. The share of the architectural segment has declined over the past five years, indicating that the consumption of industrial sub-segments such as automotive has risen, which is a positive sign for the future growth of the overall paints and coatings industry in India.The architectural segment is spurred by real-estate and infrastructural projects, comprising industrial, residential, commercial, infrastructural, institutional and energy and utilities construction, as well as repainting and renovation projects. On the other hand, steady growth in automotive production in India over the past decade has led to brisk growth in automotive paint consumption. The country is expected to play a key role in the global automotive industry in the medium and long term. These factors will push demand for automotive coatings to new highs in the coming years. Besides volume, there is a significant uptick in the value of coating products in the Indian automotive industry on account of growing ‘premiumisation’ in the car segment.The paints and coatings industry is estimated to grow to Rs 1 lakh crore in the next five years. As mentioned above, while the architectural segment still dominates the industry, robust growth in the industrial sector, with strong fundamentals of consumer durables, automobiles, and allied industries, has fuelled demand for industrial coatings. These coatings find applications in sectors like automotive, infrastructure, machinery and equipment, functional and domestic appliances, and packaging. The industry has emerged as an attractive sector with the entry of several new players that are actively investing in infrastructure, technology and marketing to establish their presence and capture a share of the market.Fastest Growing Paint CompanyINDIGO PAINTS Indigo Paints is engaged in the manufacturing, sales and distribution of decorative paints, emulsions, enamels, wood coatings, distemper, primers, putties and cement paints. Based in Pune, it commenced as a manufacturer of lower-end cement paints and gradually expanded its range to cover most segments of water-based paints like exterior emulsions, interior emulsions, distempers and primers, among others. Today, it is reputed as a company providing innovative paint solutions, with a focus on delivering customers with top-quality paint products. It stands out as one of the strongest contenders in the Indian paint industry, being rated as an innovative paint manufacturer with unique products.The company has three manufacturing facilities located in Jodhpur, Kochi and Pudukkottai and has expanded its footprint across the country, with a distribution network of 12,000 dealers across 27 states and seven union territories.Over time, the company has created a niche in the paint industry through innovation, with new ideas for painting solutions. Gradually, it has emerged as a futuristic thinker and storehouse of new product development.With changing time and trends, Indigo Paints has revamped its identity – it has clubbed its multiple brands for different product categories into a single umbrella brand ‘Indigo’.ASIAN PAINTS Since its small beginnings in 1942, Asian Paints has come a long way. It was initially set up as a partnership firm by four friends willing to take on the world's biggest, most famous paint companies operating in India. Over its course of 25 years, Asian Paints has become a corporate force and India's leading paints company.Driven by its strong consumer-focus and innovative spirit, Asian Paints has been the market leader in paints since 1967. Today, it is India’s leading paint and decor company and ranked among the top 10 decorative coatings companies in the world with a consolidated turnover of Rs 345 billion. The company is ranked 2nd in Asia and 8th among the top coating companies in the world.The company manufactures a wide range of paints for decorative and industrial use and also offers wall coverings, waterproofing, adhesives and services. It is also present in the home improvement and decor segment, besides offering bath and kitchen products. Further, it has added lighting, furnishing and furniture to its portfolio.In decorative paints, the company offers interior, exterior, wood and metal paints. It also offers waterproofing, adhesives and wall coverings. In the industrial coatings space, it operates through two 50:50 JVs with PPG Inc. USA, one of the largest automotive coatings manufacturers in the world. The first JV services the increasing requirements of the Indian automotive coatings market while the second services the protective, industrial powder, industrial containers and light industrial coatings markets in India.The company recently entered into a definite agreement with Weatherseal Fenestration to acquire a 51 per cent stake. Incorporated in March 2022, Weatherseal is set to be engaged in the business of interior decoration and furnishing, including manufacturing uPVC windows and door systems. It has also entered into a definite agreement to acquire a 49 per cent stake in Obgenix Software, commonly known as White Teak, engaged in the business of decorative lighting products and fans.The Asian Paints group has established an enviable reputation for professionalism, fast-track growth and building shareholder equity. It operates in 15 countries and has 27 paint manufacturing facilities in the world, servicing consumers over 60 countries. Besides Asian Paints, the group operates around the world through its subsidiaries – Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Asian Paints Causeway and Kadisco Asian Paints.During FY2022-23, its revenue from operations on a standalone basis increased to Rs 300.78 billion, as against Rs 251,885 million the previous year, recording a growth of 19 per cent. PAT stood at `41.0 billion as against Rs 31.35 billion, a growth of 31 per cent. On a consolidated basis, the group achieved a revenue of RS 344.88 billion as against Rs 291.01 billion, a growth of 18 per cent. Net profit after non-controlling interest for the group for the current year stood at Rs 41.06 billion, as against Rs 30.31 billion the previous year, recording a growth of 35.5 per cent.BERGER PAINTS INDIA Located in Kolkata, Berger Paints is an Indian multinational paint company. Its founder Lewis Berger laid the foundation of brand Berger in 1760 in the UK. Incorporated in 1923 with just one factory in Howrah, today Berger Paints India is the second-largest paint company in India with a consistent track record of being the fastest-growing paint company (quarter on quarter) for the past few years.Engaged in the manufacturing of paints and varnishes, enamels and lacquers, it has 16 strategically located manufacturing units across India, two in Nepal, and one each in Poland and Russia. It has a countrywide distribution network of over 25,000 dealers, besides an international presence in five countries. Berger is acclaimed as a game changer in the paints sector with its vibrant portfolio of paints and tailor-made customer services in every paint segment. Its manufacturing units are located in Howrah and Rishra, Arinso, Taloja, Naltoli, Goa, Devla, Hindupur, Jejuri, Jammu, Puducherry and Udyognagar. It has commissioned its fully automated manufacturing facility in Sandila, Hardoi, Uttar Pradesh, which commenced production in February 2023. For FY2022-23, revenue from operations increased 22 per cent at Rs 94.71billion, against Rs 77.41 billion in the previous year. Consolidated sales crossed the Rs 100 billion mark, with year-on-year growth of 21 per cent. Net profit increased 10 per cent at `8,280 million, compared to Rs 7,500 million in FY2021-22.