Nippon Paint, a paint manufacturer, said that it was looking to expand its product line and enter the 12,500 crore construction chemicals market. Nippon Paint would offer products and solutions in the dry mix, repair and maintenance, construction chemicals, and waterproofing categories with its entry into the construction chemicals division in addition to the paint and coatings product range that it currently offers. The new construction chemicals would target three markets: after construction, during construction, and in the repair and maintenance business. Read More Business News on our website.
Is Nippon Paint Making a Strategy to Dominate Competitors?
Nippon Paint said that the developing pattern of urbanization was supposed to drive this classification for its introduction to the development synthetic compounds industry because of the ascent in private and business building development.
The company stated, “Nippon Paint will make its products available across segments through this expansion strategy.”
According to Nippon Paint, volume-based products would be produced by strategic manufacturing partners, acquired companies would supply aerosol-based products, and liquid-based products would be manufactured at its Chennai unit.
“We are pleased to enter the market for construction chemical solutions. Fixed at being a Rs 12,500 crore market, this section gives sufficient chances to development and advancement,” Nippon Paint (Beautiful) President Mahesh Anand said.
“We are positioned perfectly to ace this segment with Nippon’s strong presence, market know-how, and distribution strength,” he stated.
In comparison to 2020, housing sales in India increased by more than 51% in 2021. The company stated that research reports anticipate a compound annual growth rate (CAGR) of over 10.4% over the next three years, despite low awareness levels. Get other latest business news on the Industrial Front website.
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