The Indian paint industry has witnessed significant growth in recent years, driven by urbanization, economic growth, and rising incomes. The market has shifted towards water based paints and paints with lower VOC and heavy metal content. The mid-tier paint market, which offers affordable options similar to premium paints, caters strongly to India's large middle class and is expected to reach $2.27 billion by 2015, growing at 11.3% annually. Key trends include adapting to consumer color preferences, the popularity of water based paints, and new technologies, while challenges involve rising costs, competition, and limited penetration in rural areas.