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Asian Paints uses advanced artificial intelligence (AI) and machine learning (ML) software & algorithms to improve the demand forecast. The company has executed its digital vision with utmost focus. The company expanded its product portfolio from paints to decorative coating and now also present in the home interior designing segment and recently added furniture and lighting solutions to its portfolio. Additionally, also diversified into chemical products used for the paint manufacturing process. Rough estimates are that the company delivers paints to more than 70,000 registered dealers nearly 3-4 times a day.
According the report on 'India Paint Market Outlook, 2027-28' published by Bonafide Research, the paint market has grown with a CAGR of 8.33% in value terms and more than 6.5% in volume terms during 2016-17 to 2021-22 period. It is made up of decorative paint industry and industrial paint industry. Decorative industry is bifurcated into Emulsion (Interior & Exterior), Enamel, Cement Paint (distemper), primer and thinner, ancillary products (putties, wood finishes). On the other side, industrial paint market is divided into OEM paints and protective coatings, automotive coatings, GI (General Industrial) paints, powder coatings and others. Rapid industrialization and increasing customer needs have forced leading manufacturers to develop differentiated products, which results new products or variant, and pricing. It has over 3,000 paint manufacturers, with nearly all global majors present in the country.
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Paints are not only used in the interiors of houses to add colors or decorative purposes but also to perform a wide range of functions. Their functions vary depending on the type of environment and room that they are used in. The residential sector in India is set to rise, with government initiatives like The Ministry of Housing and Urban Development 2021 . Additionally Pradhan Mantri Awas Yojana program intends to provide affordable homes to public by 2022. Also, the expanding commercial sector, would have a positive impact on the architectural emulsion market. For instance, in September 2021, almost 92 new school buildings, with 48 labs and three libraries, were opened in the Southern part of the country.
Covid Impact: Construction work in the country came to a standstill due to lockdown. Companies suffered a halt in production, processing and delivering. Companies incurred losses and revenue decreased. This delayed the implementation of projects, leading to cost overruns and impacts on the workforce. However, growing demand from the construction industry, coupled with rising infrastructure activities, is driving the demand for the market studied.
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Major drivers of the Paint market are changing customer needs, growth of automobile and infrastructure sector, entry of various Indian and international brands and easy availability of financing options. Along with growth factors there are challenges too like seasonal demand and competition from unorganized players. Some other restraints are inventory management at dealer level.
Major companies that operate into the Paint market in India are Asian paints Ltd, Berger paints Ltd, Akzo Nobel India, Kansai Nerolac paint Ltd, Pidilite industries ltd, Jenson & Nicholson India Ltd, Shalimar paints ltd, Snowcem paints Pvt Ltd, British paints India Ltd, Jotun India Pvt Ltd, Mysore paints and Varnish Ltd, British Paints, Birla white, Gem paints, Suraj coats, Apollo paints Pvt Ltd, Advance paints Pvt ltd and Nippon Paints
Covered in the report:
Organised market Unorganised market Decorative paints Industrial paints Overall market
The report gives an in-depth understanding of the Paint market in India:
India Paint Market Outlook India Paint Market Size By Value & Forecast India Paint Market Size By Volume & Forecast India Paint Market Segmental Analysis: By Company, By category, By Segment, India Paint Organized Market Size By Value & Forecast India Paint Organized Market Size By Volume & Forecast India Paint Unorganized Market Size By Value & Forecast India Paint Unorganized Market Size By Volume & Forecast India Paint Decorative market size by value and forecast India Paint Decorative market size by volume and forecast India Paint Decorative market share by product type India Paint Industrial market size by value and forecast India Paint Industrial market size by volume and forecast India Paint Industrial market share by product type Key Vendors in this market space
This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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Report Methodology
The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various channel partners of Paints in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Other Report
published by Bonafide Research states that the market is expected to grow robustly with revenue in 2021-22 worth INR 9927 Crores. The increasing household hygiene consciousness of consumers and various awareness programmes led by government to promote healthy living environment is driving the household cleaning market in India. The promotional and advertising activities endorsed by famous celebrities further initiate consumer buying. The rising environmentally friendly products in the category is highly trending.
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