ICICI Securities: Consumer Primer Segment Check - Long-Term Opportunity For Paint Companies
A laborer’s paint-covered hand holds a chain as he stirs a mix of white primer paint at a manufacturing facility in Mumbai, India (Photographer Dhiraj SinghBloomberg)

ICICI Securities: Consumer Primer Segment Check - Long-Term Opportunity For Paint Companies

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ICICI Securities Report

Primer, an ancillary product, offers growth potential in-line with paint industry, or a tad lower.

A highly synergistic product for paint companies, the ratio of primer to paints’ industry size is approximately 1:3.

While primer is ‘must-use undercoat’ for emulsions and premium enamels, it is ‘nice-to-use undercoat’ for distempers and value-formoney enamels.

Benefits of primers are -

it’s an undercoat for dry surfaces and reduces volume of paint required and entire surface becomes white which makes it easier to paint.

Premium primers offer benefits such as protection from dampness, efflorescence and alkalinity, protection from fungus and fast drying which reduces time and hence, labor cost.

Paint companies have introduced differentiated primers such as

1. combination product of putty plus primer, 2. primer with waterproofing benefits and 3. universal primer which can be used on multiple surfaces.

Click on the attachment to read the full report:

ICICI Securities Consumer Sector Primer.pdf


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