Paint is any liquid, liquefiable, or mastic composition that, after application to a substrate in a thin layer, converts to a solid film. It is most commonly used to protect, color, or provide texture to objects. Paint can be made or purchased in many colors—and in many different types, such as watercolor, synthetic, etc. Paint is typically stored, sold, and applied as a liquid, but most types dry into a solid.

A pigment is a material that changes the color of reflected or transmitted light as the result of wavelength-selective absorption. This physical process differs from fluorescence, phosphorescence, and other forms of luminescence, in which a material emits light.

Many materials selectively absorb certain wavelengths of light. Materials that humans have chosen and developed for use as pigments usually have special properties that make them ideal for coloring other materials. A pigment must have a high tinting strength relative to the materials it colors. It must be stable in solid form at ambient temperatures.

Varnish is a transparent, hard, protective finish or film that is primarily used in wood finishing but also for other materials. Varnish is traditionally a combination of a drying oil, a resin, and a thinner or solvent. Varnish finishes are usually glossy but may be designed to produce satin or semi-gloss sheens by the addition of "flatting" agents. Varnish has little or no color, is transparent, and has no added pigment, as opposed to paints or wood stains, which contain pigment and generally range from opaque to translucent. Varnishes are also applied over wood stains as a final step to achieve a film for gloss and protection. Some products are marketed as a combined stain and varnish.

Enamel paint is paint that air dries to a hard, usually glossy, finish, used for coating surfaces that are outdoors or otherwise subject to hard ware or variations in temperature; it should not be confused with decorated objects in "painted enamel", where vitreous enamel is applied with brushes and fired in a kiln. The name is something of a misnomer, as in reality, most commercially available enamel paints are significantly softer than either vitreous enamel or stoved synthetic resins, and are totally different in composition; vitreous enamel is applied as a powder or paste and then fired at high temperature. There is no generally accepted definition or standard for use of the term enamel paint, and not all enamel-type paints may use it.

Market Outlook

The market size of the Indian paints sector has been pegged at Rs 170 bn in value terms and is very fragmented. While in value terms, the industry grew by 17% to 18% in FY09, in volume terms, the growth stood at 9% YoY, the lowest in the last five years. The per capita consumption of paints in India stands at 0.5 kg per annum as compared to 1.6 kgs in China and 22 kgs in the developed economies. India's share in the world paint market is just 0.6%.

Indian paint market is expected to reach 49,545 INR Crs by 2016 - 17, decorative market will continue to grow and would have higher share compared to industrial paints.

The decorative paint market is expected to witness CAGR of 12.7 per cent and the industrial paint market CAGR of 9.5 per cent.

The Indian paint market will grow with a CAGR of around 14% during 2015-16 to 2019-20.

Demand for interior paint is forecast to grow 2.9% per year to 535 million gallons in 2020.

Paints and varnishes production expected to post 10.9% CAGR over 2015-2020, due to a healthy construction sector and expected growth of automotive production capacity.

The global pigments market is expected to reach revenues of $34.2 billion USD by 2020.

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