Over the past few years, efforts on the part of the manufacturers to introduce innovative technologies in the paint market have led to a growth in demand for paints in India. Manufacturers have introduced new and better performance products which are eco-friendly and cater to the needs of individual customers. According to the latest report by RNCOS “Booming Paint Industry in India” new technologies in the paint market would lead to better performance, cost reduction and wider applications of paints in India.
Companies are increasingly investing in their R&D, to carve out a differentiated product in the market. For instance, paints which use water in place of solvent have been introduced in the market. They are better in performance and not harmful for health as it emits little or no Volatile Organic Compounds (VOC). The industry has also seen the introduction of solar reflective coatings, which is a roof surface coating that lowers the surface temperatures of the roof resulting in greater comfort inside the building.
The report has given a complete overview of the paint industry in India. It has provided a brief outlook of the paint market by dividing the market into decorative and industrial paints. Further, market forecasts till FY 2015-16 has been provided for these components along with their segments. The components of the decorative market have further been divided into sub-segments to give a clearer picture of the demand pattern in the industry. The report has also covered a detailed overview of the raw materials and the trade scenario in the paint market. In addition, macroeconomic indicators and trends affecting the industry have been identified. Profiling of major players in the paint market has also been covered with an emphasis on their product portfolio, key financials and industrial activities, in order to track the dynamic changes taking place in the industry.
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