The Indian paint industry has witnessed enormous growth over the past few years with rapid urbanization, revival of the economy and increase in the disposable incomes. This has put the paint market, specifically decorative paint market, on a growth trajectory. Under the decorative paint market, emulsion paints are the fastest growing segment. According to the latest report by RNCOS “Booming Paint Industry in India” emulsion paints are becoming popular among the masses as they are less toxic than most oil-based paints, with no profound odor and release less number of VOCs.
Increasing penetration of emulsions in the market have also been supported by the efforts on the part of the paint manufacturers to provide varying degrees of shine in emulsions ranging from matt and eggshell to gloss and luxurious silk effects. Moreover, manufacturers have also forayed into providing a wide choice to customers with introduction of plastic, acrylic and textured emulsions, each having their unique properties to lure the customers.
The report has provided an insight on the paint market by dividing the market into decorative and industrial paints, with market forecasts until FY 2015-16 for various components along with their segments. Further, the components of the decorative market have been divided into various sub-segments. The report has also provided 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 to give a clearer picture of the industry. Profiling of major players in the paint market has also been provided with an emphasis on their product portfolio, key financials and industrial activities, in order to track the transformations happening in the industry.