“Look matters. Everything else is secondary.”
This used to be the mindset of the Customers of the Paints & Coating industry for decades. Traditionally, the focus of ‘painting’ or ‘coating’ was limited to a mere whitewash or a single coat of paint – any paint. A bright-white or pale-yellow, used to be the go-to option, as they would lend an immediate sense of ‘newness’ to the premises, making the place ready for occupants instantly.
Today, Customers are much more familiar about the industry and its products. They know the types of paints available in the market, their distinct purposes, and the impact of getting painting or coating done the right way. This surge of awareness along with a boost in the Indian economy has led to a consequential spike in demand for P&C products in the country. Here are some interesting projections about the future of this sector.
“Globally, the Paints and Coatings Market is expected to grow at a CAGR of around 6.2% within a decade and reach approximately $286 billion by 2025. Accounting for 55% of the global market, the APAC region garners the highest demand for paint and coatings, with Indian P&C market is poised to grow 6.6%annually through 2021. (IHS Markit).
Undeniably, the next few years are going to be exciting times for Paints & Coatingindustry, depicting explosive with a lot of avenues for innovation and expansion.
THE MARKET SEGREGATION
P&C sector can be classified into three broad categories – industrial application, decorative applications and special purpose coatings
| Industrial application:|
Comprises of industrial wood coatings, automotive-specific products, consumer durables, marine paints, and other OEMS.
Polyester, polyurethane, epoxy, acrylic, alkyd etc.
THE WAY FORWARD
With so many varieties of coatings and paints available in stores, it has become hard for the customers to select an appropriate product. And even harder to pick the right combination that’ll ‘magically’ enhance the overall feel of premises while acting as a defence line against weathering. This need has created a demand for specialists like interior decorators and expert contractors.
With the surge of growth in the auxiliary industries such as Interior Decoration, Real Estate, Hospitality, Homestays, Wedding Planners, Automotives etc., many small & big Paints & Coating Industry players have stepped into the market to cash in on the spiking demand for their products.
This phenomenon is actually a blessing in disguise for the end Consumers. The dynamic competitive environment has led to the introduction of many innovative product lines. Following are some of the new trends seen in the Paints and Coatingindustry in India:
●Market Study To Innovative Advertising Methods
Paint industry has moved past the zone where products were sold merely on the basis Customers’ needs and Contractors’ demands. Now, every big player invests in a full-fledged marketing team that:
- Researches on the demand and supply
- Predicts the market trends
- Develops a distribution strategy for getting their products on the shelf at maximum locations
- Devises detailed Media plans for advertisements (from print to digital ads)
- Integrates celebrity influencers into the promotional strategy to promote their brands
- Engages in creating YouTube shows like ‘Apollo Paints – Small budget big makeover’.
Basically, industry players are going great lengths to expand their reach and get their potential customers onboard by using every medium possible.
●Exhibitions and Conferences
Nowadays, conferences and exhibitions related to the Paint Industry are held in all metro cities. People come from all over the world to discuss their ideas, to see what is new in this field, and to learn what they can do to make their product better. Last year, a similar event called Paint India Exhibition was organised in Mumbai, witnessed a gathering of 5,200 people from India, China, and even European countries. Such is the scale of the Paint & Coating Industry now.
●Reaching the Consumers Directly
Despite being the world’s second most populated country, India is still far behind in per capita consumption of coatings. With around 4 kg per capita consumption, India is far behind from countries like Germany and Japan which have per capita consumption of around 21 kg and 15 kg respectively. With such a large population and the high rise building concept, India has a great potential to increase the per capita consumption. For the same reason, many companies organise seminars where they educate people about the benefits of choosing the right coating for their houses, offices, vehicles, furniture, and every such thing. Awareness plays a vital role in any product’s success or failure, and that is why many big brands are hell-bent on making people aware of the need for their product.
●The Water-Borne Coatings
Not long ago, the industry switched to water-borne coatings. These coatings use water as a solvent to disperse the resin added to it. It may have as high as 80% water. Such high water to other chemicals ratio makes the coating environment-friendly and easy to apply. These coatings are more durable, have comparatively low odour, and better block resistance. With its invention, many industries such as transportation and building & construction have benefitted from it.
Propelled by the rapid rise in investments by the Indian Government as well as innovations introduced by P&C market giants, the architectural segment is estimated to lead the market growth, with Water-based coatings leading the way (technology-wise).
●Thorough Analysis of the Upcoming Economy
With initiatives like India Paint Market Outlook, it has become possible for the firms to see what lies for them in the near future. Such reports show a detailed analysis of consumer behaviour and how would the market react in the next 5 years.
India Paint Market 2018-2023 states that the market is expected to grow over Rs.75,000 crores in terms of value between FY 2017-18 to FY 2022-23.
Such analysis and predictions highlight the extent of interest & focus the Indian research agencies are showing in P&C sector. In fact, today, there are many agencies solely dedicated to the paint industry.
●Innovations That Are Trailblazing The Painting Industry
Many industry giants have come up with pro-environment and health-friendly products with properties like:
- Anti-bacterial Paints like Satin glo+ that protects against harmful elements like MRSA, E-coli & Staphylococcus Aureus.
- Silicon Lamination Technology
- Air Purifying Paints like Odour-less AirCare that uses Active Carbon Technology to achieve a more hygienic indoor environment. These products don’t contain lead & mercury. These products are great for eco-sensitive premises like schools, hospitals, nurseries etc.
- Water Resistant Paints like Tractor Aqualock provides twice the water resistance as compared to ordinary distempers. This water-based, acrylic wall paint gives the walls a great matt finish.
- Anti-Dampness coatings like SmartCare Damp Sheath Interior Primer is an undercoat developed for interior surfaces. It is made of acrylic (copolymer base) that prevents surface dampness from seeping on to the top coat.
Such inventions and initiatives have made India trending in the paint and coating sector. As the numbers suggest, it will become only better and better!
At AVA Chemicals, we supply some of the below products which are used as ingredients by the Paints & Coating industry. This helps them move forwardwith developing innovative product lines.
|EDTA Disodium||Zinc Acetate||NTA Trisodium||EDTA Tetrasodium||Trisodium Phosphate|
You can contact us on firstname.lastname@example.org for any enquiries.
More About AVA Chemicals:
AVA Chemicals is a globally renowned company engaged in formulation and supply of premium-grade chemicals to diverse industries such as Pharmaceutical & Lab Reagents, Agrochemicals, Home & Personal Care, Oil & Gas, Coatings, Water Treatment and many more. Over the last two decades, AVA Chemicals set-up three state-of-the-art Facilities (ISO and HALAL certified) in Badlapur, India, and a strong Clientele presence in over 20 countries. To learn more please visitwww.avachemicals.com.