Consumers in the Asia Pacific region are the main drivers of growth in global volume sales of decorative paint, with India emerging as a particularly strategic market. Elsewhere, demand remains relatively subdued, but a revival in consumer confidence and stronger housing markets are driving a recovery. This is particularly the case in North America, where the rate of new household formation has accelerated sharply as the labour market has strengthened.
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The Asia Pacific region in general, and China and India in particular, are the most important markets for decorative paint. North America and Western Europe account for a little over a quarter of global sales in volume terms, with the importance of the later region diminishing steadily.
Important demand factors include the rate of new household formation, residential housing values, urbanisation, average home size, whether consumers are tenants or owner occupiers, and whether they live in apartments or houses.
Home and garden specialist retailers remain the backbone of distribution, but millennials are likely to drive strong long-term growth in online sales of decorative paint, as they value convenience.
With urbanisation and strong economic growth the main drivers, India has already surpassed the US and is set to become a major driver of global growth in volume sales of decorative paint in the medium term. However, the outlook for growth is much dimmer for the other BRIC markets.
Private label is important in the Western European market, but is relatively unimportant in the global market. Premium products are popular with affluent consumers, and have significant potential for growth in emerging markets.