The fortunes of the paints sector are inextricably linked to the country’s strong economy, which has displayed outstanding strength despite a hard global climate. With India’s growth story unfolding gradually, the paints sector is primed for progress. Positive outlook supported by increased urbanization, increasing building industry demand, infrastructure growth, automotive sector recovery, PMAY government initiatives, and evolving consumer lifestyle choices create higher demand for paints and allied products.
The Indian paints and coatings sector is expected to increase by 10-12% in the current fiscal year (FY24). With a market of over INR 65,000 crores, the sector is likely to flourish, fueled by increased consumer sentiment and economic recovery.
The Industrial Internet of Things (IIoT), automation, analytics, and artificial intelligence are enhancing efficiency and productivity by elevating fundamental operational processes like as R&D, production, and supply chain management. AI-powered paint mixers and color-matching tools, for example, improve precision, reduce waste, and optimise workflows, making digitalization and AI adoption critical for remaining competitive in a fragmented industry.
Paint and related industries are also investing big on the launch of digitally enabled goods, as well as the development of new business models to increase consumer relations. This has aided in the development of a large amount of data, allowing for partnerships and the exchange of statistics across several verticals and the whole value chain of the paint business.
To maintain environmental and human well-being, the sector is focusing on strengthening quality control, promoting improvements supported by research, and utilising sustainable components. Paints now have lower amounts of volatile organic compounds (VOCs), and there is a greater emphasis on biodegradability and waste reduction.
Furthermore, nanotechnology is playing an important role in improving adhesion, microbial resistance, hygiene, and protection against damaging sun rays. It reduces surface friction, allowing dirt to effortlessly slide off or discouraging anything that may stain. 3D printing, which enables the fabrication of unique paint solutions adapted to individual requirements, is also gaining traction. This technology enables accurate pigment mixing to produce unique colors, benefiting customers while also streamlining the supply chain for producers by minimizing waste and expenses.
Manufacturing methods in the paints sector are also improving, with the use of energy-efficient technology, environmentally friendly packaging, and waste reduction practises, in line with India’s decarbonization goal.
As the paint business accepts this technology transformation, it has the potential to reshape existing practizes while also enhancing efficiency, sustainability, and overall consumer experience. The paint industry’s future is indisputably bright as it embraces and harnesses technology’s potential to build a more colorful and sustainable world.
