Paint Manufacturing Unit – Market Analysis, Growth Opportunities and Driving Factors

Although major players often dominate the paint manufacturing market, the industry is still diverse and has enough room for everyone. In recent years, paint manufacturing has been on the rise in India due to the interminably rising demand for the commodity. In fact, research reveals that the local players directly control over 30% of the market — that’s sizeable considering how prominent and aggressive the big players have been in reflecting upon their market prowess. 

Technologically speaking, the industry has been undergoing a steady evolution in recent years. For instance, recent innovations and engineering endeavours have managed to help the industry leverage self-made paints and higher sales. This has led some enterprises to allude to a noteworthy increase in profits.

Factors Influencing the Paint Manufacturing Unit

The market for paint manufacturing depends on several factors, such as the requirements and preferences for the colour schemes, cost, performance requirements, output, and more.

Besides, in this day and age, consumers are consistently looking for environmentally-friendly paints and free from toxic chemicals. Undoubtedly, the aggressive marketing tactics undertaken by the major players have fuelled this ideology, and understandably so. 

It is also worth mentioning that rapid urbanisation in India has immensely contributed to the growth of the paint manufacturing industry. There’s been an immense rise in the number of people migrating to cities, particularly from rural areas. In fact, this trend is likely to be a key demographic-related influencer for the years ahead.

Growth of the Indian Paint Manufacturing Industry

The Indian paint manufacturing industry is likely to witness exponential growth in the coming years. Given the obvious fact that there’s been steady growth in the number of consumers over the years, it is highly unlikely that this growth will stop any time soon. 

Analysis reveals that the Indian Paint Industry in 2020 ranked #2 in the entire Asia-pacific region. This was on the back of a trade value of INR 57 trillion, which was reported a year before — with both imports and exports contributing to the market size valuation. 

As such, India prominently showed up on the global market, which was valued at USD 145.15 billion last year. It is projected that this market would continue to grow at a CAGR of 5.4% for the next five years or so. Since the Covid-19 restrictions have been relieved from most parts of the world and things are getting back to normal, it’s safe to say that this market could experience unprecedented growth. 

To add to it, innovations and technological advances have played a key role in inspiring Indian enterprises to venture into this sector. The industry has already witnessed a considerable level of maturity, and digitisation holds significant promise. 

Investment Opportunities in Paint Manufacturing Unit

In recent years, there has been a steady rise in the demand for paints in India. This demand is largely fuelled by the increasing number of industries and establishments beginning to explore this sector. 

How do you make your paint manufacturing unit stand out from the rest? It’s relatively straightforward — by offering innovative products at competitive prices. How can this be done? By establishing a solid relationship with your clients and customers — a relationship where you build trust, act responsibly towards one another and create an effective working environment.

This relationship is what helps you to ensure that you’re getting the best out of both parties. If your clients are pleased with what you’ve offered, they are likely to continue patronising your business. This is when there’s a chance for you to elevate yourself up in the industry and make a mark as an industry leader. 

The fact that this industry continues to grow in leaps and bounds indicates that there’s certainly room for growth. If you’re ready to take the plunge, there are limitless opportunities for you to explore. The market is ripe with profitable possibilities. 

However, it becomes essential that you stay on your feet in this highly competitive industry. You must remain updated with the latest changes in the industry and find ways to improve your business. 

There have been instances where some players have chosen not to keep up with the changing trends in order to recoup their losses. That’s why we recommend you avail the services of market experts. 

Engineers India Research Institute (EIRI) is a leading market research company. Over the years, we have provided businesses with insightful informationhelping them make intelligent business decisions. This is the reason why so many companies rely on EIRI for their market intelligence needs. 

As an established and reputed market research firm in India, EIRI offers scrupulous research reports on all key sectors of the Indian economy. Not only are these reports top-notch, but are offered at highly competitive rates too.