Paint Industry: Soaring Heights with Technology
Driven by improved consumer sentiment and economic recovery, the sector, with a market value of over INR 65,000 crores, is expected to flourish. With 80% of the market, the home decor category is expected to make a major contribution to this expansion.
The success of the paint industry in India is directly related to the nation's strong economy, which has proven to be exceptionally strong in spite of difficult international conditions. India's growth narrative is taking shape, and this presents an opportunity for the paints industry to grow. The demand for paints and related products is rising due to a positive outlook supported by factors like fast urbanization, growing infrastructure, the automotive industry's recovery, and changing consumer lifestyle preferences.
Driven by improved consumer sentiment and economic recovery, the sector, with a market value of over INR 65,000 crores, is expected to flourish. With 80% of the market, the decorative category is anticipated to make a major contribution to this expansion.
Although the paint industry growth in India has historically been associated with conventional methods of color mixing and application, technology is currently transforming this ancient industry. The painting industry is changing due to new paint formulations and creative application techniques. With advancements in manufacturing techniques, design, and application trends, homeowners can now search for paints that offer benefits beyond aesthetics for their homes.
Cutting-edge solutions that make spaces smarter, safer, and healthier include air purifying, VOC-Free, antibacterial, and green paint, among others. Paints and coatings are among the advanced materials and chemistry sectors where big digital themes have been found.
Efficiency and productivity are rising as a result of businesses becoming more digitally connected through the Industrial Internet of Things (IIoT), automation, analytics, and artificial intelligence. AI-enabled paint mixers and color-matching tools, for instance, improve accuracy, reduce waste, and streamline processes; therefore, adopting digitalization and AI is essential to remaining competitive in a fragmented market.
In order to enhance customer interactions, paints and related companies are also placing significant bets on the introduction of digitally enabled products and new business models. This has aided in the generation of a lot of data, facilitating cooperation and the sharing of statistics throughout the paint industry's value chain and various verticals.
In line with India's decarbonization plan, the paint industry is also changing its manufacturing processes by implementing eco-friendly packaging, energy-efficient machinery, and waste reduction techniques.
The paint industry has the opportunity to transform conventional methods and enhance efficiency, sustainability, and the overall customer experience by embracing this technological revolution.
In order to enhance customer interactions and enhance the paint industry future in India, paints and related companies are also placing significant bets on the introduction of digitally enabled products and new business models. This has aided cooperation and the sharing of statistics throughout the paint industry's value chain and various verticals.