Demand for Cars Boosts Coatings Industry in India
NOIDA, India – According to a new report by research firm RNCOS, the industrial paint market in India is growing at a high rate backed by a boost in demand for automobiles. The growth in car ownership and increasing levels of consumer spending are a few of the reasons for the growing automobile sector. The level of competition in the automotive industry is intense, and consolidation has resulted in an increase in larger groups competing to supply the market. The report predicts that the increasing importance of the region as a car-manufacturing center will ensure continued growth at a comparatively faster pace than the markets in Europe and North America for the next 10 years.
According to the report, India Paint Industry Outlook 2018, high growth in construction, a rise in automotive manufacturing and sales, and an increase in infrastructure investment are expected to create an increased demand for industrial coatings in near future. India’s growing population, more affordability and various initiatives to propel car sales will further increase the market size of automotive coating in the coming years.
The report covers current and future market forecasts for the paint industry in India. It provides forecasts for the decorative and the industrial paint markets until 2018. Forecasts until 2018 for the decorative coatings market by application areas, region, tier cities, and product class (premium coatings, mid-tier coatings and economy coatings) have also been provided.
The report also sheds light on the current and future markets for the raw materials used in coatings, such as pigments, solvents, additives and binders. It also includes a section on the prevailing trends and roadblocks in the industry. An analysis of the competitive landscape has also been reviewed. This covers a business overview, product portfolio, major brands, key financials, and recent activities of major players in the industry.
For additional information about the report, visit http://www.rncos.com/Report/IM710.htm.