In 2023, India imported a certain base amount of polyester-based paints and varnishes in a non-aqueous medium. Over the next five years, the import volume is forecasted to increase consistently, showing a year-on-year growth rate of approximately 4% to 4.5%. The import volume is projected to reach 14.207 million kilograms by 2028, with a compound annual growth rate (CAGR) over this period approximately at 3.1%. This increase suggests steady demand within the Indian market, driven by the continuous expansion of industries requiring these materials.
Future trends to watch for include potential changes in domestic production capabilities, which may affect import volumes. Additionally, fluctuations in global oil prices, environmental regulations, and advancements in paint technology could influence the import trends and market dynamics.
