For years, Asian Paints was the undisputed market leader in the paints sector in India. But over the last few years, their position is being challenged by new entrants that are rapidly expanding: Birla Opus has brought the Aditya Birla Group into the market with a ₹10,000-crore investment, while JSW Paints has strengthened its position through the acquisition of Akzo Nobel India, the owner of the Dulux paints business in India.
One of the obvious questions is how the “paint wars” may play out, in terms of who gains market share and in which category. But another interesting development of more companies (with deep pockets!) entering the fray is the impact it may have on ancillary companies within the supply chain.
If you think about it, every fresh litre of paint produced also needs to be packaged and transported, which brings a handful of relatively small listed companies into the picture: the manufacturers of the plastic pails and buckets that carry the paint.
A snapshot of the Indian paints industry
The Indian paints and coatings market is estimated at around ₹85,000 crore, according to a report from Avendus, with the market expected to grow at roughly 10–12% annually through FY30. The organised segment accounts for around 80% of the market.
It’s also a highly concentrated market: Asian Paints accounts for roughly 40%, followed by Berger at 12% and Kansai Nerolac at 9%, according to Avendus’ industry estimates. Asian Paints is the clear market leader across all decorative paints categories. Berger has a dominant presence in industrial coatings and in Tier 2/3 cities. Kansai Nerolac is largely focused on the industrial sector, while Dulux — which is now owned by JSW Paints — fits in the premium paints category.
The landscape, however, is changing. Birla Opus, the paints business of the Aditya Birla Group, entered the decorative paints market in 2024 with a ₹10,000-crore investment. The group planned capacity of 1,332 million litres per annum, and by FY25, five of its six plants were operational, with 1,096 MLPA of capacity commissioned, representing 21% of the organised sector’s capacity.
The other big name that’s scaling up is JSW group. JSW Paints has taken a slightly different expansion route, though. In December 2025, the company completed the acquisition of a 60.76% stake in Akzo Nobel India, bringing the Dulux business under its control.The result? A market where established companies are defending their market share and innovating, while large business groups are putting fresh capital into manufacturing capacity and distribution.
As paints grow, so does the market for paint pails
Paint is a product that requires physical packaging. And decorative paints are generally sold in rigid plastic pails, from smaller containers to 20-litre formats. These containers require specialised moulding, handles, lids, leak-proof construction and, increasingly, high-quality printing and in-mould labelling. As more paint is produced, more pails will be required downstream. So as paint manufacturers compete for market share, parallely, packaging manufacturers can potentially supply to several of them — which brings us to three listed smallcap companies with varying degrees of exposure.
Here’s a closer look at Moldtek Packaging, Hitech Corporation, and Time Technoplast, and why they could potentially benefit from a growing paints business.
Mold-Tek Packaging: The rigid plastic packaging experts
One company that has direct exposure to the paints business, it’s Mold-Tek.
- What they do: Mold-Tek manufactures rigid plastic packaging containers for paints, lubricants, food and FMCG and other industries. Its paint portfolio includes plastic pails in different sizes, with technologies including in-mould labelling (IML), high-tech labelling and decorated containers. The company was also among the first in India to introduce plastic pails for paints and lubricants.
- USP: Its relatively specialised focus on rigid plastic packaging, combined with in-house mould design and manufacturing, IML capabilities, robotics and design capabilities, gives Mold-Tek.
- control over much of the packaging-development process. It also has a significant existing presence in the paint-pail segment: in FY25, its Paints-Pack segment grew 13.39%.
- How they may benefit: For Mold-Tek, more paint production means more pails, while the entry of large companies could create additional demand for specialised packaging. Mold-Tek has already commenced operations to serve the packaging needs of the Aditya Birla Group Paints Division (as the preferred supplier in 3 out of their 6 locations), with new plants at Panipat and Cheyyar.
Hitech Corporation: The everyday packaging specialists
Hitech Corporation operates in a less visible part of the consumer supply chain: the plastic containers used to package everything from paints and chemicals to household and industrial products.
- What they do: Hitech manufactures plastic containers and packaging solutions, with paints and varnishes forming one of its end-user markets. Its product range includes plastic pails in formats 1 litre, 5 litre and 20 litre formats.
- USP: Hitech has an impressive breadth of applications: its plastic-container business serves multiple industries and product categories. That gives it exposure to the growth of packaging demand without making it a pure play on any single end market.
- How they may benefit: Paint is one of the markets where Hitech already supplies packaging, so an expansion in industry capacity and volumes could translate into higher demand for its pails.
Time Technoplast: Industrial packaging and polymers
Time Technoplast is the broadest of the three plays: rather than focusing specifically on paint packaging, it operates across a much wider industrial polymer-products ecosystem.
- What they do: Time Technoplast manufactures polymer drums, barrels, jerry cans and pails, along with IBCs (Intermediate Bulk Containers) and a range of other polymer-based products. Industrial packaging is its largest established-products category. In FY25, the company generated ₹3,398 crore from industrial packaging, comprising polymer drums, jerry cans and pails.
- USP: Its key differentiator is scale and diversification: Time Technoplast serves a wide range of industries, including specialty chemicals, FMCG, construction chemicals, paints, pharmaceuticals, food products and lubricants.
- How they may benefit: Paints are one of several end-user industries for Time Technoplast’s industrial packaging products. In its FY25 presentation, paints accounted for 12% of industrial-packaging sales by user industry.That makes Time Technoplast a less direct but potentially broader beneficiary on the theme.
Growth beyond paint
India’s paint sector is becoming larger and more competitive, with new capacity and new players changing a market that was once dominated by a handful of companies. But the expansion doesn’t stop with the brands consumers see on the shelves. It extends to the businesses supplying the packaging, materials and other inputs that the industry needs to operate.
For companies like Mold-Tek, Hitech Corporation and Time Technoplast, paints are one part of their overall business. As the industry expands, the growth may be felt at several layers of the value chain, including in the humble plastic pails that carry paints.
Sources
Building the Blueprint for Viksit Bharat
Birla Opus: Revolutionizing Paints with 40% Capacity Boost
Leak-Proof Plastic Packaging for Paints & Varnishes
Time Technoplast Corporate Presentation Nov 2024