Increase in residential projects and growing adoption of new coating technologies to drive India primer market through 2025
According to TechSci Research report, “India Primer Market - By Resin Type (Acrylic, Epoxy and Others), By Surface (Interior and Exterior), By Pack Size (Up to 1 Liter, 1 Liter, 4 Liter, 10 Liter and above), By Price Category (Premium, Mid-Range, Economy), By Type (Water Based, Solvent Based), By End Use, By Region, Competition, Forecast & Opportunities, 2015 – 2025”, India primer market stood at INR 4982.73 Crore in 2020 and is projected to grow a CAGR of 11.48% by 2025, on the back of strong growth in construction and residential projects. Rapid urbanization, shorter repaint life and strong demand from tier II and tier III cities are expected to boost the primer demand during 2021-2025. Continuous focus on public infrastructure revamping by state and central government over past few years has been augmenting demand for primer. Primer consumption by Indian households and commercial sector is undergoing a paradigm shift in terms of preference of premium range of acrylic based products. Organized player are likely to increase their market share during forecast period. India economy has been adversely affected by the COVID-19 pandemic, leading to slowdown in growth in 1st half of 2020. However, the overall economy is likely to bounce back in 2021. Moreover, dealer and distributor check suggests a strong recovery in primer consumption in second and third quarter of FY2021 supported by strong demand from rural and semi urban areas.
Browse 58 market Figures and 1 Table spread through 93 Pages and an in-depth TOC on "India Primer Market"
India primer market is segmented based on resin type, by pack size, by price category, by type, by end use, by industry, and by region. Based on pack size, primer market can be segmented into up to 1 Liter, 1 Liter, 4 Liter, 10 Liter and above. 10 liters and above SKU (stock keeping unit) hold major share because of cheaper price compared to other SKU packaging size; moreover, on an average 10-15 liter of primer is consumed during the painting of walls, therefore consumers prefer to buy large package size of primer compared to other available packing size available in market.
Based on price category primer market can be segmented into premium, mid-range and economy. Economy segment is holding major share in price category segment in India primer market. The market is highly competitive with around 10-18 major players such as Asian Paints Limited, Berger Paints India Limited, Kansai Nerolac Paints Limited, AkzoNobel India Limited, Shalimar Paints Limited, Kamdhenu Limited, Acro Paints India Limited, Nova Paints and Chemicals, Nippon Paint (India) Company Limited, Indigo Paints Private Limited. The market is dominated by organized players due to their reach across the country. Organized players have better supply chain management and integrated process to track the sales and demand across the region.
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“Demand for water-based primer is expected to increase significantly in India during the forecast period, owing to growing awareness about the benefits of water-based primer among end users. The water-based primer are environment friendly and reduce the level of VOCs and lead emissions, owing to which market for water-based primers is growing.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Primer Market By Resin Type (Acrylic, Epoxy and Others), By Surface (Interior and Exterior), By Pack Size (Up to 1 Liter, 1 Liter, 4 Liter, 10 Liter and above), By Price Category (Premium, Mid-Range, Economy), By Type (Water Based, Solvent Based), By End Use, By Region, Competition, Forecast & Opportunities, 2015 – 2025” has evaluated the future growth potential of primer market across the country and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India primer market.
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