High growth rate for exterior and interior emulsions in the decorative paints segment is driving the Indian Paints Industry, says RNCOS in its latest research report.
The paint industry in India has witnessed growth in recent years on account of the evolution in the paint process wherein the consumer also seeks for functional features along with the desired color. With the acceleration in the repainting cycles backed by rise in disposable incomes, the modern day consumer is now willing to experiment in beautifying their personal space. Thus, owing to shift in the consumer trend coupled by rising innovation by players, the Indian paint industry is expected to grow at a CAGR of 12% during forecast period 2016-17 to 2021-22.
According to our report, “India Paint Industry Outlook 2022”, rising disposable income, shift from traditional paint to modern paint industry, proactive government initiatives and exposure to global trends has been the factors behind the boom in the residential paint industry sector.
With the gaining momentum in phenomenon of experimenting with the decorative space through paint, players operating in the industry are working aggressively on its expansion and innovation to cater to the need in the industry. The shift in focus to tap the rural market, by providing low price products and easing the distribution through various channels, has been witnessed in the paint industry in India.
Further, the demand in industry witnesses upsurge especially on festive season wherein consumer actively indulge in the redecoration of the home décor accelerating demand for value added products, with additional features such as durability and stain resistance etc. Hence, players are providing various options accentuating visual appeal while catering to changing consumer needs driving the growth of the paint industry in India.
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