Building materials category will witness steady growth & expansion: Yogen Parikh

The year 2023 has started on a rollercoaster note, with an accelerated adoption of generative AI, AI chatbots, and digital innovations. This is bringing in new operational efficiencies, stronger strategies, a far greater emphasis on building deep bonds with various stakeholders and consumers. In keeping with the current market ecosystem, technology and a human approach are seen as going hand in hand.

As part of our annual TRENDING NOW series, Adgully has been approaching key industry leaders to Crystal Gaze into 2023 to highlight the major trends and developments that they see dominating the industry in the year ahead.

In conversation with Adgully, Yogen Parikh, Assistant General Manager, Astral Pipes, speaks about how the building materials industry is becoming more focused on sustainable manufacturing, advancement in technology, and more.

Key trends dominating the industry in 2023

In 2023, because of evolved communications and product offerings, consumer involvement in the purchase process has considerably gone up. Not only that, the knowledge and expertise of the Trade influencers in the Building Materials Industry (like plumbers, carpenters, and architects) have improved, ultimately leading to improvement in category standards.

Many existing players in the category have started venturing into other related businesses in building materials. This leads to an increase in competition, which ultimately benefits the consumer. The category has also become focused on sustainable manufacturing.

Major expectations from 2023

Given the infrastructure push and expected economic growth, the building materials category will witness steady growth and business expansion. There will be increase in demand for new construction and renovation projects in both residential and commercial sectors. Advancements in technology and materials science are also driving innovation and creating opportunities for new product development and differentiation. Sustainability and environmental concerns are also becoming increasingly important in the industry, with more and more consumers and builders seeking out eco-friendly and energy-efficient materials.

Key focus areas for Astral Pipes in 2023

Besides Astral Pipes, Astral has started consolidating the Adhesives business and has also ventured into Bathware and Paints businesses. This phase is to consolidate the new businesses and do a lot of ground

work in terms of business channel management, increasing top-of-mind awareness, and ensuring that whenever one thinks of building a house, one would think of Astral as a one-stop solution provider to build.