Asian Paints is creating a great digital vision and helping build technology platforms for customers with new innovations. The company has a strong web presence and thus is a strong platform for consumers looking for painting and decorating their homes.
There is a huge supply in today’s paint market and it is necessary to be different. A retailer needs to be different from the masses and anticipate market changes. There needs to be strong channel between online and physical stores in order to make the profile strong. There is lot of information available for consumer and can easily compare prices. Also online and in-store a chosen colour combination may be sent to an e-mail address. This way the consumer can let it sink in, discuss with others and always has the right colour codes at hand. Thus, it would be great for both consumers and retailers. With the paint industry growing faster and faster, due to increase level of education, customer awareness and willingness to spend, this has brought about a revolutionary change in the paint industry.
According the report on 'India Paint Market Outlook, 2027-28' published by Bonafide Research, the paint market has grown with a CAGR of 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.
So to address this customer need, Asian Paints has invested in 3-D visualization technology for the ‘Asian Paints Homes Stores’ and for the kitchen business. This empowers the Asian Paints consultants to create a visual model within a short period of time and making the customers work easy. Asian Paints is devising innovative ways to help customers help themselves. It is in the process which can help customers in taking the right decisions. Asian Paints has also come up with software “Eureka” for getting new ideas around new products. It has helped in generating a significant number of ideas and has seen an encouraging response across. These initiatives are devised keeping the customer in mind and helps them to deliver better.
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.
Report: India Paint Market Outlook, 2027-28
Base Year: 2021-22, Estimated Year: 2022-23, Forecast Year: 2027-28