Synthetic resins are materials with similar properties to natural resins. They are viscous liquids capable of hardening. They are typically manufactured by esterification or soaping of organic compounds. The classic variety is epoxy resin, manufactured through polymerization-polyaddition or polycondensation reactions, used as a thermoset polymer for adhesives and composites. Epoxy resin is two times stronger than concrete, seamless and waterproof. Accordingly, it has been mainly in use for industrial flooring purposes. Alkyd resin aresynthetic resin made from a dicarboxylic acid, such as phthalic acid, and diols or triols. It is used in paints and adhesives. Alkyd resins are of two types, drying and nondrying. Both types are typically produced from anhydrides, such as phthalic anhydride or maleic anhydride, and polyols, such as trimethylolpropane, glycerine, or pentaerythritol. For the "drying" resins, triglycerides derived from polyunsaturated fatty acids (often derived from plant and vegetable oils, e.g. linseed oil) are added. More economical alkyd resins are produced from the alcoholysis or glyceride process. Alkyds are used in paints and in moulds for casting. They are the dominant resin or "binder" in most commercial "oil-based" coatings. The use of synthetic alkyd resin for solvent-thinned (oilbase) paints has brought several advantages. One of the most useful is a special formula that makes the paint yogurt-thick. A brush dipped in it carries more paint to the surface than previous versions.
Paints and their allied products like enamels, varnishes, pigments, printing inks and synthetic resins protect national assets from corrosion. These are increasingly being used in automotive, engineering and consumer durable sectors. Thus, economic development has a direct bearing on the paint industry. The paint industry is constantly upgrading its technology to meet the changing needs of the consumers.
The industry is broadly divided into two segments-decorative and industrial paints. The decorative paints which accounts for 75 per cent of the organized sector, are meant to protect valuable assets like buildings. This market is highly price sensitive. The industrial paints accounts for the rest 25 per cent share and are meant to protect white goods appliances from corrosion.
With per capita paint consumption currently at one of the lowest levels in the world, India presents the coatings industry with a vast market potential. Both domestic and international paint manufacturers hope to leverage that potential into real sales value as consumers in the country become more able and willingto buy their products. The Indian market differs in a number of ways, though, from markets in other emerging regions as well as developed countries. New entrants will need to be aware of these unique characteristics.
Estimates for the value of the Indian coatings market differ depending on the source. Market research firms put the total value of sales at $2.4-$2.7 billion dollars, while domestic paint manufacturers believe the figure to be as much as $3.2-$3.5 billion. Volume consumption is estimated to be around 900,000 to 1,000,000 tonnes per year. The market has been growing at about 15% per year in both value and volume terms and that a rate of 12-15% should be maintainable for the foreseeable future. In general, sales of coatings increase at a rate approximately 1.5-2 times that of the overall growth rate for the Indian economy.
India’s paint industry has a bright future. The Indian paints market has the potential to grow over the next decade at 15 to 20 per cent per annum owing to more investments in the housing segment and improving infrastructure ,high growth in the Indian automobile industry , etc. which in turn would mean greater demand for paints, as most people aspire for better lifestyle. Moreover the per capita consumption is also low. The demand for premium-category paints is likely to increase with rise in construction of commercial infrastructure. The players with aggressive marketing strategies and comprehensive product portfolios will grow at a faster rate. The emerging trends in technology and marketing indicate that the industry is likely to consolidate in the coming years with industry leaders improving their market share.