Top 10 Asian Paints Competitors and Alternatives

Asian Paints is a multinational paint company based in Mumbai, Maharashtra, India. Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil founded the company in 1942. A temporary ban on paint imports during WWII and the Quit India Movement created an opportunity for Asian Paints to conquer the Indian market. By 1967, the company was India’s leading paint manufacturer.

Asian Paints seeks to transform itself into a complete home decor and lifestyle brand. In May 2023, Asian Paints unveiled a 17,000 sq ft home decor studio in Chennai. This location showcases lighting, furniture, fixtures, furnishings, and home designs. [1]

Asian Paints diversified its product portfolio through strategic acquisitions, including Sleek Kitchens and Ess Ess bath fittings. As of August 2023, the company operated 44 Beautiful Home Studios in India. Asian Paints MD & CEO Amit Syngle plans to increase Beautiful Home Studios to 65-70 in FY24. This move can help the company boost the home decor share to 8-10% of decorative revenues.

Asian Paints acquired a 49% stake in lighting specialist White Teak and a 51% stake in window and door manufacturer Weatherseal in 2022. In June 2023, the company raised its stake in White Teak by 11% to 60%. Both White Teak and Weatherseal will help Asian Paints hedge risk by grabbing more opportunities in lucrative segments before competitors. The company faces stiff competition from Berger, Kansai Nerolac, AkzoNobel, Nippon Paint, Shalimar, Jotun, Snowcem, Indigo, JSW, and Sirca. [2]

Here is an in-depth analysis of Asian Paints’ competitors and alternatives:

Table of Contents

1. Berger Paints

Year founded: 1923
Headquarter: Kolkata, India

Berger is India’s second-largest paint company after Asian Paints. It offers interior and exterior paints, waterproofing solutions, wood coatings, and other specialty products across several countries. In Q1 2023, Berger Paints Nepal underperformed due to country-specific issues, but Berger Paints India reported a 40% increase in net profit. [3]

Berger has a strong distribution network with over 25,000 dealers across India. As of March 2023, the company controlled 19.4%-19.5% share of India’s paints market. The paint manufacturer seeks to increase its market share to 20% in 2023. The business expanded its presence in rural areas and invested in R&D and technology to improve its distribution system and create eco-friendly products. Berger is the top competitor for Asian Paints. [4]

This World Soil Day, embrace the shades of sustainability! Berger Paints is proud to contribute to a greener future as we plant the seeds of change with our tree plantation drives and recycling of plastic waste that helps prevent soil pollution.

Let’s adopt eco-friendly… pic.twitter.com/8CspNxIJFE
— Berger Paints (@BergerPaintsInd) December 5, 2023

2. Kansai Nerolac Paints

Year founded: 1920
Headquarter: Mumbai, India

Kansai Nerolac is India’s leading industrial paint company and the third-largest decorative paint manufacturer. Kansai Paint of Japan owns it. In October 2023, the company opened a sales depot at Amritsar, Punjab, which is the 107^th Kansai Nerolac outlet in India. [5]

Kansai Nerolac offers decorative, industrial, automotive, and powder coating and paints. In March 2023, Kansai Nerolac invested in digital interventions, network expansion, and new product launches. The company will leverage these investments to increase growth in the decorative sector. Kansai Nerolac is one of the top competitors for Asian Paints. [6]

Don’t trick your wall, treat it with Nerolac Paint Plus!🎃👻#Nerolacpaints #PaintPlus #Nerolac #HomePaint #HomePainting #Halloween #HappyHalloween pic.twitter.com/ODqzZ8zfXU
— Nerolac Paints India (@Nerolac_Paints) October 31, 2023

3. AkzoNobel

Year founded: 1994
Headquarter: Amsterdam, Netherlands

AkzoNobel is a Dutch multinational company offering paints and performance coatings to industries and consumers globally. The company operates in over 150 countries, including India. In 2022, AkzoNobel had around 35,200 employees.

AkzoNobel is known for its Dulux products in India. The Dulux brand offers innovative color solutions, including interior and exterior paints and wood coatings. It also provides specialty products for industries and consumers. In July 2023, AkzoNobel raised its annual profit outlook to reflect increasing demand and declining raw material costs. AkzoNobel is one of the best alternatives to Asian Paints. [7]

Recognize this? It’s Tokyo, Japan, exactly 30 years ago. And that’s the first ever “Akzo” sign to be installed in the city. It can’t have been there long, however. A few months later, the company merged with Nobel Industries and we changed our name to Akzo Nobel.#AkzoNobel pic.twitter.com/eZyQuqmzIU
— AkzoNobel (@AkzoNobel) December 15, 2023

4. Nippon Paint

Year founded: 1881
Headquarter: Osaka, Japan

Nippon Paint is a Japanese paint and paint products manufacturer. The company has a strong market presence in Japan, India, Bangladesh, and several other countries globally. In 2022, Nippon Paint had around 33,000 employees.

Nippon Paint is the world’s fourth-largest paint manufacturer and the leader in Asia. The company entered Bangladesh in 2011 and set up its factory in Manikganj. As of June 2023, Nippon Paint was the fourth-largest player in the Bangladesh paint market. The company seeks to leverage its depots and over 2,000 dealers to take the second position in Bangladesh. Nippon Paint can replicate this strategy in India and grab market share from Asian Paint. [8]

Step into the Blobbywood Archives – where the captivating world of classic movies come to life through Blobby posters! Are you ready?#Blobbywood #BlobbywoodArchives #Blobby #NipponPaint #NipponPaintIndia #classicmovies #movieposter #movieposters pic.twitter.com/oKX8rxv4ro
— Nippon Paint Blobby (@NipponIndia) December 15, 2023

5. Shalimar Paints

Year founded: 1902
Headquarter: Mumbai, India

Shalimar Paints is a renowned Indian paint company. It offers interior and exterior decorative paints and specialty products, including industrial and protective coatings. In September 2023, Shalimar Paints’ shares surged by 5.19% after Hella Infra Market made an offer to acquire 2.17 crore shares, or 26% equity, in the company. [9]

Shalimar is the oldest Indian paint company; however, the company stagnated for nearly two decades. In 2022, Hella Infra Market invested INR 270 crore in Shalimar to upgrade its plant infrastructure, expand R&D capacities, and fortify the supply chain. The company also leveraged modernization and automation to increase its capacity from 6,000 to 26,000 kiloliters monthly. These improvements can help Shalimar grab market share from Asian Paints in the decorative and industrial segments. [10]

‘What doesn’t kill you makes you stronger’ have never been truer than now – Minal Srivastava, VP – Strategy, Growth & Marketing, Shalimar Paints, talking about Life in Quarantine. https://t.co/o0QgLLAzhx
— Shalimar Paints (@ShalimarPaints_) May 18, 2020

6. Jotun Paints

Year founded: 1926
Headquarter: Sandefjord, Norway

Jotun is a Norwegian multinational chemicals company offering decorative paints and coatings. In 2022, Jotun completed the construction of its regional head office and R&D center in Dubai, UAE. The company also opened new factories in Qatar, Pakistan, and Bangladesh in 2022. [11]

Jotun competes against Asian Paints in India and internationally and is best known for its innovative products. In June 2023, Jotun introduced Jotashield Eterna and Kanva to its Jotashield premium portfolio. These exterior paints are formulated for durability and dust resistance to protect homes and buildings from damage in regions with harsh climes. Jotun is an innovative competitor for Asian Paints. [12]

Great discussions in first breakout session at this year's#CaptainsCoatingForum @SuperyachtEvent pic.twitter.com/h5Pb3MVqLj
— Jotun (@PaintJotun) September 2, 2014

7. Snowcem Paints

Year founded: 1959
Headquarter: Mumbai, India

Snowcem is a leading Indian manufacturer offering exterior cement-based masonry paints. In May 2021, Saurashtra Cement acquired Snowcem Paints. The company now operates under Saurashtra Cement – Paint Division.

The main competitive advantage of Snowcem is its cement-based paints. Unlike Asian Paints, Snowcem offers water-repellent cement paints with light-resistant and heatproof pigments. Snowcem paints provide long-lasting protection and timeless beauty, making it a durable and cost-effective alternative to Asian Paints. [13]

Imagination is the beginning of creation. #ChalRangDe #SwachhBharatAbhiyan #CleanMumbaiGreenMumbai #TrueColoursOfLife #SnowcemPaints.com pic.twitter.com/hTBjdri1uD
— Snowcem (@Snowcem_Paints) December 31, 2017

8. Indigo Paints

Year founded: 2000
Headquarter: Pune, India

Indigo Paints is an Indian paint company with five manufacturing facilities. The company offers top-quality interior and exterior paints and specialty products in India and globally. In Q3 2022, Indigo commissioned a water-based paint plant to expand its distribution network. [14]

Indigo and Asian Paints are leading Indian paint manufacturers. Both have diversified their portfolios to cover different segments within the home décor sector. Indigo offers decorative paints, metallic finishes, and floor coatings. According to analysts, Indigo’s revenue will grow by 18% annually on average in the next three years. Indigo is a fast-growing competitor for Asian Paints. [15]

Legendary captain MS Dhoni's No. 7 jersey forever retired by BCCI, a testament to his unmatched legacy. #ThalaForAReason #MSDForever #IndigoPaints #BeSurprised #MSDhoni pic.twitter.com/SUg6Dy9egS
— INDIGO Paints (@indigopaints) December 15, 2023

9. JSW Paints

Year founded: 2016
Headquarter: Mumbai, India

JSW Paints is the paint brand of JSW Group, an Indian multinational conglomerate founded and led by Sajjan Jindal. The group operates steel, energy, infrastructure, cement, and paint businesses. In October 2023, JSW Paints launched its Think Beautiful digital campaign to emphasize how beautiful thoughts and inspiring actions enrich the world. [16]

The main competitive advantage of JSW Paints is its link to the $23 billion JSW Group. In May 2023, JSW Group engaged Axis Capital as an advisor for a stake sale in JSW Paints to expand the paint brand countrywide and enhance its capacity. The deal values JSW Paints at around $2 billion. JSW is an emerging competitor for Asian Paints. [17]

Your winter shade card has arrived! ❄#WinterSeason #Winters #Cold #ThinkBeautiful #JSWPaints pic.twitter.com/Jo6QWjDy5s
— JSW Paints (@JSWPaints) November 30, 2023

10. Sirca Paints India

Year founded: 2006
Headquarter: New Delhi, India

Sirca Paints is an Indian wall paint and coatings manufacturer. The company offers wood, metal, and glass coatings, wood fillers, finishes, and pigments. As of March 2023, Sirca served customers in India, Bangladesh, Nepal, and Sri Lanka. [18]

Sirca is best known for bringing Italian finesse to Indian homes. Its premium Italian wood coatings, effects, and wall paint emulsions beautify interiors and exteriors. Unlike Asian Paints, Sirca focuses on the furnishing segment and collaborates with prestigious furniture stores to develop products. Sirca is a high-end alternative to Asian Paints.

References & more information