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The Indian Building Paints Market
Frost & Sullivan, Sep 2009, Pages: 71
This research service covers the entire Indian building paints market study to include the decorative paints segment used in buildings.
Research Overview
This Frost & Sullivan research service titled The Indian Building Paints Market provides the market dynamics, trends, and viable growth strategies. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: premium, mid, and economy segments.
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Market Overview
Growing Disposable Income and Lifestyle Changes Provide Vibrant Prospects for the Indian Building Paints Market
The rising Indian middle class has added a splash of color to the Indian building paints market with their improving product awareness and disposable income. The growth in the construction segment, which mirrors the mounting affluence of the middle class, has further fuelled the demand for building paints. The market’s main revenue stream is the repainting segment, and the growing prosperity of the public has augmented business from this segment. The Indian Government’s plan to declare huge economic packages for investments in housing schemes is also expected to hike the demand for both interior and exterior paints for new projects as well as repainting requirements. The market is witnessing a slow shift from low-quality economy paints to high-quality premium, environment-friendly paints due to consumers’ willingness to spend on aesthetically appealing premium products. 'Earlier, sales were seasonal, hitting a high during festivities, but the current market is maintaining an average high sale throughout the year,' says the analyst of this research. 'Additionally, the growing brand awareness and novel marketing strategies are boosting the use of paints.'
While the local participants are finding the going good currently, they should be wary about the escalating presence of multinationals. As the market becomes increasingly populated, the intense competition, rising raw material costs, and price variations are likely to restrain the market. The key raw materials, which account for nearly 70 percent of the cost of the paints, are experiencing extreme price fluctuations, which have rippled into the cost of paints. With more than 2,000 participants in the market, the paint companies find it difficult to maintain their price margins since consumers have a wide choice of paints to select from. On the other hand, the entry of multinationals has greatly enhanced the quality of paints in the country. Moreover, it has compelled participants to invest in R&D to develop technologies that cater to the diverse demands of Indian consumers.
One of the main challenges of catering to this market is reaching out across the country. To ensure complete reach, participants have to establish a complex, yet efficient distribution structure. 'A strong distribution network is critical to success in this market since the products are made available to the consumers only through distributors,' notes the analyst. Participants also have to focus on product development to offer value-added products and features for their discerning customers that are demanding newer and better products.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Premium
Mid
Economy
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