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July2011
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ExecutiveSummary
Market
PresentrateofgrowthinroofingmarketinIndiais~22.5%andisexpectedtofurthergrow at~34% Hugedemandforcementsheetsinruralareasandformetalroofsheetsinindustrialsector
Drivers Di
Challenges Ch ll
Increaseininputcost Banasbestoslobby
Drivers& Challenges
Sectorwise Opportunity
Competition
EverestIndustries TataBluescopeSteel
HyderabadIndustries y ColourRoofIndia
VisakaIndustries CenturywellsRoofingIndia
2
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ROOFINGINDUSTRYININDIA2011.PPT
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ROOFINGINDUSTRYININDIA2011.PPT
RoofingindustryinIndiahasbeenshowingconsistent growthandisexpectedtogrowfurtherinthefuture
RoofingMarket Overview
Inthepresentscenario,Indianroofingindustryhas beengrowingat22.5%andisexpectedtogrowto ~34% Despiterecessionarytrendsduring200809,the Indianconstructionmarkethasbeengrowingbothin termsofvolume,innovationandtechnology terms of volume innovation and technology Fibercementroofingindustryhasgrownbyover8%
Growthfuelledbyarobustruraleconomy Revivalofindustrialandinfrastructuresectors
20
MarketSizeandGrowth
bn sqm. +3%
15 10 5 0 9.5 9.7 10.0 10.3 10.6 10.9
2009
2010
2011e
2012e
2013e
2014e
Note:Figuresarefortherespectivecalendaryears
RoofingMarket Segmentation(2010)
1% 1% 11% 14% 55%
18%
AsbestoscementroofingsheetindustryinIndiahasa capacityof4mnmetrictonnes
Industryisgrowingatasteadyrateof810%annually
Asphalt Plastic & PVC Asbestos Fiber Cement Metal Clay Tiles Reinforced Concrete Cement
Metalroofingisgainingpopularityintheindustrial g g gp p y sectorowingto
Demandfortimebound,speedyconstruction Demandforaestheticallypleasingproducts
Source:ConstructionweekTopOftheWorld,Apr,2010;ContifyTherewillbemoregrowthinroofing,Jun2011
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ROOFINGINDUSTRYININDIA2011.PPT
Roofingreferstotheelementswhichcover,protectand insulatetheroofsurfaceofastructure.Theoverall...
RoofingMarket Segmentation(1/2)
Segment Aluminum Corrugated Sheets Description MarketShare (2010)
Aluminiumistheidealoptionforroofingandcladdingowingtoits durability,resistancetofireandeconomicalproperties
0.5%
AsbestosFiber CementSheets
10.5%
Asphaltsheets
About80%ofresidentialroofsarecoveredwithasphaltroofshinglesand owetheirpopularitytolowcost,easeofinstallationandgoodperformance
0.7%
ClayTiles
17.6%
Source:NayanMValaSecurities,IndianRoofingSector,Sep2010
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ROOFINGINDUSTRYININDIA2011.PPT
marketcanbecategorisedundereightsegments
RoofingMarket Segmentation(2/2)
Segment Corrugated GalvanizedIron (CGI)Sheets Description Usuallyadoptedascoveringsofroofandsidesofindustrialbuildings,major advantageofitbeinglightweightandhighstrengthwithaddedcoatingof zincandaluminiumatlowcost MarketShare (2010)
13.5%
MetalSheets
0.4%
Plastic&PVC Sheets
1.8%
55.0%
Source:NayanMValaSecurities,IndianRoofingSector,Sep2010
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ROOFINGINDUSTRYININDIA2011.PPT
Asbestoscementroofingmarkethasbeengrowingwiththe risingdemandfromtheruraleconomy
AsbestosCementRoofing Overview
AsbestosCementroofingsheetindustryinIndiahas acapacityof4mnMTandisgrowingatasteadyrate of810%annually Presently,itisanoligopolisticmarketwithfourmajor playerscontrolling67%ofthetotalmarket Theindustryderivesitsgrowthprimarilyfromthe ruralmarket,whereintheIndianGovernmentgives thethrustfordevelopmentofruralinfrastructure speciallyonruralhousingthroughvariousinitiatives suchasIndiraAwaasYojna Advantages
Resistancetoweather deterioration Dimensionallystable Easyinstallation Noncombustible N b tibl
Source:SKPSecuritiesLtd,HyderabadIndustriesLtd.,Mar2011
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MarketSizeandGrowth
mnMT
5 4 3 2 1 0 3.63 3.95
+9%
4.31 4 31
4.70
200910
201011e
201112e
201213e
Note:Figuresarefortherespectivefinancialyears
MarketShare(2010)
13%
33%
Disadvantages
Susceptibletobreakage Dullgreycolour Needsregularmaintenance
RamcoIndustriesLtd. 35
16%
17% 21%
ROOFINGINDUSTRYININDIA2011.PPT
MetalRoofingmarkethasbeengrowingwiththerising demandfordurableandaestheticproducts
MetalRoofing Overview
Metalroofingoptionsincludecorrugatedgalvanized ironsheets,aluminiumcorrugatedironsheets,and colourcoatedmetalsheets Aluminiumandsteelarethepreferredmaterials owingtocosteffectivenessandeasyavailability Metalroofswithbuiltinsolarpanelsareconsidered tobethemostenergyefficientandaregradually gaininginpopularity
MarketSizeandGrowth
Mn T 0,3 0,2 0,1 0,0 2008 2009 2010 2011e 2012e
Note:Figuresarefortherespectivecalendaryears
+17%
0.18 0.21 0.24 0 24
0.28
0.15
Advantages
Resistanttofire Lightweightanddurable Li ht i ht d d bl Flexibleandhasaesthetic potential Canberecycled b l d
Disadvantages
Initialcostishigh Incompatiblematerialscan p causerapidcorrosion Poorinsulationagainstnoise Energyintensive Energy intensive transportationofsheets
Companies
Intermark AssociatesPvt. Ltd. 35 NexusInfratech Pvt.Ltd. f
Brands
Smartroof (corrosion resistant&rainproof SpiderRoofingin Spider Roofing in Galvalume Steel Skyroof Brandroofing system(profiledcolour coatedgalvalume sheets Lysaght (Metallic Coating) 8
Skyarch RoofsPvt.Ltd.
TataBluescope SteelLtd.
Source:ContifyTheNewAgeofMetalRoofing,Jan2011;ceramiccolursindia.com,Sep2010
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ROOFINGINDUSTRYININDIA2011.PPT
Economicaladvantageandaestheticnatureleadstousage ofthesetilesintheroofingsector
ClayTileRoofing Overview
Accordingtoindustryestimates,thereare250mn housesinIndia
46%areconsideredtobehomeswithpuccaroofs 6% id d b h ih f 54%homesaremadeofthatchandclaytiles
Advantages&Disadvantages
Advantages
Longservicelife Lowinmaintenance Durable Deliverclassicbeauty
Disadvantages
Breakagelossduring transportation
MangaloreRoofTile Overview
Preferredroofingmaterialespeciallyforfarmhouses andhotels Aretheoldestandmostpopulartiles
Largelyusedinheritagebuildings
Advantages&Disadvantages
Advantages
Economical Highthermalresistant Absorbswater Easyinstallation
Disadvantages
Easyformationoffungus& moss
UsageofMRTasdecorativetilesoverRCCroofing
Addsaethniclooktomodernhomes
Metalsubstructureisprovidedavoidingwoodusage
Source:constructionupdate.comRoofingAug2009;btiles.comRoofingTilesDec2010
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ROOFINGINDUSTRYININDIA2011.PPT
RCCformsthecommonmethodofroofinginIndiaowingto itscosteffectiveness&versatility
RCCRoofing Overview
ReinforcedCementConcreteroofingisthemost popularformofroofingaccountingfor55%ofthe entiremarketshareinIndia ti k t h i I di Itisamanmadeconstructionmaterial,widelyused inmanytypesofstructures ConcreteBlockTechnologyoffersaspeedier,cost effectivealternativetoconventionalroofingand effective alternative to conventional roofing and walling
Advantages&Disadvantages
Advantages
Relativelowcost Relative low cost Highcompressivestrength Longservicelife Developscracks D l k Mouldability toanyshape
Disadvantages
Finalstrengthdependson Fi l hd d mixing,curing&casting Developscracks
MicroConcreteRoofing Overview
Meetsthegrowingneedforhighqualityroofing Canbeusedonsteelandwoodunderstructureto makeattractiveroofs p g Offersbothaestheticandwaterproofingmaterial
Ideallysuitedtoreplacethatchandfiredclaytilesinrural area
MCR UniqueFeatures
Highlydurable Lighterthanotherroofingtiles Canbeeasilyinstalled
Canbefixedtoslabswithcementmortar
ValidatedbytheBuildingMaterials&Technology PromotionCouncil(BMTPC)andispromotedby DevelopmentAlternatives&TARA(Technology& Development Alternatives & TARA (Technology & ActionforRuralAdvancement)
ROOFINGINDUSTRYININDIA2011.PPT
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ROOFINGINDUSTRYININDIA2011.PPT
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Drivers&Challenges Summary
Drivers
Growthinconstructionindustry Governmentinitiatives Growthindisposableincome p Banasbestoslobby GrowthinPreengineeredbuildings
Challenges
Increaseininputcost
EnvironmentalConsiderations
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ROOFINGINDUSTRYININDIA2011.PPT
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Increasingrateofconstructionshasapositiveimpactonthe roofingindustryinIndia
Growthinconstructionindustry
Despitetheglobaleconomicdownturn,theIndianConstructionindustryisstillbooming There has been considerable investment in major construction areas such as airports large Therehasbeenconsiderableinvestmentinmajorconstructionareassuchasairports,large shoppingmalls,newstadiums,metrostations,SEZsandITParkswhichhasstimulatedthe growthintheroofingindustry ConstructionIndustryinIndiaisworthoverINR2,331bnandaccountsformorethan20%of GDP Giventheexpectedinvestmentsinurbaninfrastructure,thebuilding,constructionandreal estatesectorisexpectedtogrowataCAGRof9.510%over201122inrealterms Contribution of construction industry to the GDP of India would be constant at INR 8 000 bn till ContributionofconstructionindustrytotheGDPofIndiawouldbeconstantatINR8,000bntill 2022 Roofingandcladdingsegmentofconstructionisexpectedtoaccountfor2530%ofthetotal costofbuildingconstruction Astrongimpactspecificallycomesfromtheruralhousingsector RapidlygrowingconstructionindustryisastrongdriverfortheroofingmarketinIndia
Impact
Source:TheEconomicTimes,IndianConstructionGrowthStimulatingRoofingIndustry,May2010;medcindia.orgSkillDevelopmentPerspectivesonInfrastructureand Construction,Jun2011;businessvantageIndia2010,Jul2010
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Governmentinitiativeswillboostdemandforroofingin India
Governmentinitiatives
Governmentimpetustodevelopbackwardareashasledtotheincreaseinconstructionof housing,schoolsandhospitalswhichaidsinthedevelopmentoftheroofingmarket GovernmentinitiativessuchasIndiraAwasYojna,GoldenJubileeRuralHousingFinance Scheme,PradhanMantriAdarshGramYojna,ProductiveHousinginRuralAreaandRural HousingFundetc.arerapidlyincreasingthedemandforruralroofingsector IntheUnionBudget201112,governmenthasincreasedallocationtoruralandinfrastructure development d l
SocialSectorSpending INR1.6tn(36.4%ofthetotalplanoutlay) InfrastructureDevelopment INR2.1tn(48.5%ofthetotalplanoutlay)
Impact
GovernmentProgramsandAllocationforRuralSector Initiatives
BharatNirmanYojna NationalRuralEmployment Scheme(NREGS) Scheme (NREGS) BackwardRegionGrantFund RuralInfrastructuredevelopment Fund(RIDF) RashtriyaKrishiVikasYojna R ht i K i hi Vik Y j
Allocation(INRbn)
580 400 99 180 78
ImpactonRoofingMarket
Plansfordevelopmentofruralinfrastructurecreatingdemandforroofing Enhancesthelivelihoodsecurityofpeoplefromruralareasproviding employmentandincreasingpurchasingpower employment and increasing purchasing power Redressregionalimbalancesandgapsinlocalinfrastructure Financesruralinfrastructureprojects Plansforagriculturaldevelopment,increasingincomeoffarmers Pl f i lt l d l t i i i ff
Source:InvestmentinInfrastructureduringEleventhYearPlanJan2011;SKPSecurities,HyderabadIndustriesLtd.,Mar2011;UnionBudget201112
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Growthindisposableincomeofpeopleleadstoanincrease indemandforroofinginIndia
UpwardTrendofDisposableIncome
Withthegrowthofurbanizationandpopulation,themarketsizeofresidentialroofingdemand isgrowing Aboomingeconomyandtheevergrowingmiddleclasshaskickstartedtherealestateindustry thusleadingtothegrowthofroofingsector Ruralconsumerenjoysrisingdisposableincomeduetounprecedentedfoodinflation,whichhas drivenupMSP(MinimumSupportPrice)forfarmerswhereas,thecostsarecappeddueto Governmentsubsidies Government subsidies Risingdisposableincomedrivesdemandforruralandurbanroofingmarket AggregateAnnualDisposableIncome(INRtn)
Globals Strivers Seekers Aspirers >1000 5001000 200500 90200 23% 44 15% 9% 34% 33% 9% 2015e 34% 15% 3% 2025e
ROOFINGINDUSTRYININDIA2011.PPT
Impact
CategorizationofRoofFormsinIndia(2011)
RCC Pucca Kaccha
90 24%
25%
54% 21%
Source:McKinseyGlobalOutlook;SKPSecurities,"HyderabadIndustriesLtd,Mar2011;RoofIndia2011;VisakaIndustriesLtdAnnualReport,200910
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Growthinpreengineeredbuildings(PEB)willleadtothe developmentoftheroofingmarket
PEBIndustry
MarketforPEBinIndiaisestimatedatINR30bnandisexpectedtogrowbymorethan20% annually PEBare4050%cheaperthanconventionalbuildingsandexplorethescopeofmetalroofing BenefitsofPEBsteelstructures
Timesaving Freefromfire,weatherandearthquakeresistant C b Canberecycled l d
Impact
+20%
2 1.20 1 0 1.44 1.73
2.07
2010
2011e
2012e
2013e
Source:SKPSecurities,HyderabadIndustriesLtd,Mar2011;VijayMittalsinterview,(ISPAT),ProjectVendor
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ROOFINGINDUSTRYININDIA2011.PPT
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Increasingconcernfortheenvironmentaidsindemandfor greenbuildingproducts
EnvironmentalConsiderations
Demandforgreenbuildingproductsisincreasingonaccountofconcernsfortheenvironment andenergyconsumption Needtoswitchovertoproductsthatmitigateconcerns,showingimmensepotentialforGreen Roofs InternationalcouncilforResearch&InnovationInBuilding&Constructionrecognizesroofas sustainableifit
Minimizes the burden on the environment by using earths resources responsibly Minimizestheburdenontheenvironment byusingearth sresourcesresponsibly Conservesenergy byimprovingthermalefficiencyofroofs Extendsrooflifespan byimprovinglongtermperformance
Impact
Demandforconversionofexistingbuildingstosustainableandenergyefficientonesaccording toLEED(LeadershipinEnergyandEnvironmentalDesign)Certification ( p gy g )
Providesindependent,thirdpartyverificationthatabuildingprojectmeetsthehighestperformance standards
Increaseinsocialconsciousnesswillleadtodemandforroofingproducts
Source:Contify,TheNewAgeofMetalRoofing",Jan2011;SKPSecurities,HyderabadIndustriesLtd,Mar2011;igbc.inCertification IndianGreenBuildingCouncil
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Increaseinrawmaterialscosthasanadverseeffectonthe sector
InputCost
Mainrawmaterialforasbestosfibercementsheet arecement,pulp,flyashandchrysotilefiber
Anyhikeinthepricesofcementorfiberhasanadverseimpactonthepriceanddemandofproduct
Impact
ChrysotileFiber(AsbestosFiber)isimportedfromcountriessuchasBrazil,Canada,Zimbabwe, Kazakhstan
ChrysotileFiberhaswitnesseda10%increaseinpricesglobally
Cement
ChrysotileFiber 50%
100%
7%
IronPrice
INR/Tonne 40,000 20,000 0 2009 2010 Mar 2011 22,550 +15% 26,745 29,918 INR/Kg
200 100 0
AluminiumPrice
+10%
95 106 115
CementPrice
INR/50 Kg
400 229 200 0
+2%
210 240
2009
2010
Mar 2011
2008
2009
2010
Source:NayanMValaSecurities,RoofingStock,Sep2010;SKPSecurities,HyderabadIndustriesLtd,Mar2011;acmainfoGlobalandIndiancommoditypricetrends, Apr2011;SatyaSundaramCementIndustryUndergoingExpansion,May2010
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Impositionsandclimacticfluctuationscandeterthegrowth ofroofing
BanAsbestosLobby
InIndia,thereisabanontheusageofblueandbrownvarietiesofasbestosproducts Exposuretoasbestosrelatedproductscauseshealthhazardsincluding
Asbestosis Mesothelioma LungCancer
Impact
ManufacturersaresubjecttoclearancesfromPollutionControlBoards,CentralEnvironmental Ministry,constantauditsrelatedtoemployeehealthandsafetyaswellassubmissionofreports Ministry constant audits related to employee health and safety as well as submission of reports andevidencesthataddressconcerns
AsperEnvironmentalClearanceLetter,stackemissionofasbestosfibershouldnotexceedtheemission limitof0.2fiber/cc AsbestosFiberinworkzoneenvironmentshallbemaintainedwithin0.1fiber/cc
RecentdevelopmentinIndiagoesagainstasbestosmining
IndianRailwaysisremovingAsbestosroofsheetsfromallstationsandreplacingthemwithmetalsheets KeralaStateHumanRightsCommissionhasorderedremovalofallAsbestosCementsheetsfromschoolsand hospitalsintheState Asbestos has been removed from the standard schedule for civil works item known as DSR2007 with effect AsbestoshasbeenremovedfromthestandardscheduleforcivilworksitemknownasDSR2007witheffect from2007
Theneedtoundergoongoingsurveillanceservesasanentrybarrierformanufacturers
Source:Businessstandard.com;SKPSecurities,HyderabadIndustriesLtd,Mar2011;infimetal.orgEnvironmentandOccupationalHealthandSafetyIssuesArisingfrom AsbestosProductionandUse,Jun2011
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Thankyoufortheattention
TheRoofingIndustry IndiareportispartofInfrastructureIndustrySeries. Formoredetailedinformationorcustomizedresearchrequirementspleasecontact: GauravKumar
Phone: EMail: +913340646214 gaurav.kumar@netscribes.com
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