2024 Outlook: Transformative Shifts in Decorative Paint Industry

Authored by Mahesh Anand, President, Nippon Paint India (Decorative Division)

As the exciting year 2023 comes to an end, the paint industry's future is being shaped by key concepts such as sustainability, reaching net carbon zero, promoting eco-friendliness, and harmonizing with the Sustainable Development Goals (SDGs). With the anticipation of 2024, the sector is poised for transformative shifts and notable progress. Nippon Paint marked a momentous milestone in 2023, expanding its presence into the Construction Chemicals market, and contributing to a year of celebration and achievement for the company.

Here are the major lookouts for the Decorative Paint industry in 2024:

Commitment to Sustainability:

Prioritizing sustainability and environmental responsibility, the paint sector is preparing for revenue growth of 10–12% in FY2024. Low-VOC paints and water-based formulas are becoming increasingly popular as a response to consumer demand for goods that improve indoor air quality. Catering to a diverse and tech-savvy millennial audience, the industry is recognizing the importance of values such as authenticity, individuality, and social responsibility. Combining nanotechnology and smart coatings improves performance while also supporting environmental responsibility goals. Carbon Neutrality and Energy Efficiency, expect a spotlight on energy-efficient manufacturing processes and the sustainable sourcing of raw materials. These initiatives have the potential to significantly affect the industry's environmental impact and satisfy the demands of a growing number of environmentally concerned consumers.

Nippon Paint, aligning with the NIPSEA Group's commitment to five Sustainability Pillars covering the environment, people, community, innovation, and customers, is steadfast in making a positive global impact. In the future, the company will prioritize innovation and R&D, with a particular emphasis on Net Carbon Zero Commitment. Consumer-focused smart paints and environmentally friendly formulations are two of the main contributing factors.

Mental Well-being and Color Therapy:

In 2024, the decorative paint business is putting more emphasis on mental health than just aesthetic. In the upcoming years, decorative paints will explore the psychological effects of colour in addition to just adding colour to walls. More colour schemes will be intended to raise feelings of optimism, lessen tension, and improve mental clarity. To provide a more customized approach to colour therapy within living environments, the industry hopes to provide customizable paint compositions depending on personal tastes and emotional responses. Nippon Paint acknowledges the value of colour therapy and actively supports people's general and mental health. Customers can use a virtual visualizer in Nippon Paint nSpire stores to see how different paint colour combinations will look on their homes. 

Antibacterial Paints: A Necessity, Not a Luxury:

Antibacterial paints went from being a luxury to a necessity in 2023, which was a significant change in the decorative paint market. Manufacturers are making significant investments in cutting-edge antimicrobial compositions to proactively address health and safety problems. These formulas are made to last long on regularly touched surfaces, providing constant protection against dangerous bacteria. Nippon Paint seeks to improve indoor surroundings' general hygienic conditions and safety by smoothly incorporating antibacterial paints into a variety of forms, such as water-based emulsions.

Consumer-Driven Focus:

A consumer-driven focus is becoming more and more important in sales and marketing strategies as the industry changes. In 2024, phrases like data-driven content marketing, sustainable and ethical marketing, and hyper-personalization will be widely used in marketing. Personalization, technical innovation, and a dedication to satisfying customer preferences characterize this transition, which will guarantee a thriving and sustainable decorative paint market in 2024. Nippon Paint aims to showcase how adaptable the industry is to changing customer expectations in order to build a more meaningful and engaging relationship with them. 

Conclusion: 

Beyond market share and profit margins, the Indian decorative paint industry is expected to experience a comprehensive transition in 2024. The industry's dedication to environmental sustainability, social responsibility, and economic resilience is a reflection of its deep awareness of the many demands. This comprehension will improve the industry's prospects while also enhancing the general well-being of the country.