The Indian paint industry has evolved from a predominant decorative paints market with seasonal fluctuations to a more diversified market. In recent years several factors have contributed to the fortunes of the Indian paint industry including adoption of latest technologies, launch of innovative products, aggressive marketing strategies, comprehensive product portfolios, and value added services offered by the companies. Currently the Indian paint industry is valued at US$ 5 Billion and is expected to double by 2018.
The Indian paint industry has begun to look more like the FMCG industry where branding, distribution strength and innovative use of technology have become decisive aspects of growth against a backdrop of ever changing customer preferences. There have been innovations in the paint market both at the product technology and development level while the usage side has seen some changes. These have been with a view to create better and safer products, environment friendly paints, cheaper technology and better aesthetics.
In recent years, there has been a major transition in the type of products and services owing to the range of innovations being brought in by the manufacturers and evolving preference towards mid and premium segment products. The innovation has been seen all around the market landscape of decorative and industrial paint categories. As the paints market has grown and evolved there has been increased demand for premium products. This has come about as buyers have become more aesthetically aware, and have the means to opt for better value products, even at higher prices. Premium products account for less than 25% of the organized decorative paints market and has grown at more than 15% annually in the last few years.
“India Paint Industry Opportunity Analysis 2018” research report by KuicK Research is an intriguing text that gives detailed facts and analysis on latest developments in the Indian paint industry. Report discusses various segments of the paint industry and analyzes the factors responsible for the growth and the need to resolve challenges to maintain growth momentum in future. Report discusses following aspects related to booming paint industry in India: