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Question - The paint and coatings industry in Australia contributes approx. $3.2 billion in revenue and employ over 6,505 people according to IBIS World. Just like other industries, COVID-19 has had an impact on their industry. Whilst some operators have benefited from a short-term increase in demand due to do-it-yourself activities, trade sales have declined. The federal government's recent announcement to extend the HomeBuilder economic stimulus package to the 30th of April 2023 is positive news for the paint and coatings industry but may not be enough to curb the reduced demand and investment in the building market.
You are required to research the paint and coatings industry in Australia and prepare a business report on the future strategic positioning of the paint and coatings industry. Areas you need to address include:
-A brief overview of the nature and history of the industry.
-What is the current profitability of the industry?
-What is the expected profitability of the industry?
-What are the major trends affecting the future growth of the industry?
-Will the industry grow faster or slower than the average industry growth rate?
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