Growth in the automobile and housing sectors, coupled with rising consumer demand are fuelling the growth of the paint industry in India  With the growth in the country’s automobile, construction and housing sectors, the road for the Indian paint industry is looking bright. Considering the current economic scenario, the country’s paint industry is expected to grow by 9-10 % in the next 5 years. The paint industry is divided in two broad categories namely, decorative and industrial. While growth in the industrial paints category is fuelled by growth in automobile and white goods segment, the decorative category’s growth is led by the real estate sector.
The overall growth of the Indian paint industry has been influenced by several factors including adoption of latest technologies, launch of innovative products, aggressive marketing strategies, comprehensive product portfolios, and value-added services offered by the companies etc. Therefore, paint companies are increasingly focusing on value-added services and manufacturing a wide range of colours/finishes.
Changing trends in paint industry
With more and more white-collar jobs resulting in higher disposable income, the demand for housing has increased, thereby leading to a surge in demand for paint as well.
Moreover, present-day consumers are keen to create their unique identity and exhibit flare for experimenting with colours. Therefore, paint companies are continuously launching new products and finishes. It has been observed that emulsion paints for interiors are preferred more than distempers, while for exteriors emulsion-based coatings are preferred against conventional cement-based coatings. Today, more and more consumers are opting for high-priced emulsions, which are more durable and offer better looking finishes in a wide range of colours.
In order to choose the best colour, consumers rely heavily on third persons such as architects or interior decorators. Such a deep involvement in colour selection is making the jobs of these professionals very challenging and paint companies are coming out with various shades to help these professionals suggest the best for their clients. Today, customers look for value for money. Therefore, wide range of products is being launched at cost-effective price points to suit consumer needs and meet their budgets.
Women and children play a vital role when it comes to selection of a colour or a finish, while men decide on the brand. Considering these trends, it is no surprise that paint companies, in association with leading fashion designers, are carrying out extensive research to come out with various colours for different season and different occasions.
Colour preferences
Colour preferences in India are greatly influenced by geography, fashion and home architecture. The colour scheme is a reflection of the state of mind of consumers and colour preferences have undergone a significant change over the past few years. In the current era, focus is more on getting an eco-friendly look with new and creative ways to reuse, renew and recycle. With consumers becoming more environment conscious, paint companies are trying to come with paints that have less usage of toxic chemicals.
Apart from urban India, the paint industry is also benefiting from infrastructure projects being undertaken in rural India and in the next few years, the industry is expected to scale new highs.
Amrit Rekhi, general manager, Kansai Nerolac Paints Ltd, a leading paint manufacturing company in Mumbai |
