Indian paints industry to grow to Rs 70,875 cr by 2019-20

The Indian paint market is expected to reach Rs.70,875 crore by 2019-20 from around Rs.40,300 crore in 2014-15, the paint industry's apex body projected on Friday.

The decorative paint market is expected to witness CAGR of 12.7 per cent and the industrial paint market CAGR of 9.5 per cent, according to Indian Paint Association (IPA)'s to be launched report on the Indian Paint Market - "Size & Future of coating industry" compiled by Nielsen Corporation. The split of the decorative paint market to industrial market is around 75-25.

Decorative paint market size in the country was Rs 30,385 crore and the Industrial Paint Rs 9,915 crore in FY 2014-15, the IPA said in a release here.

 

The industry had grown at a CAGR of 12.9 per cent from 2011-12 to 2014-15 in terms of value, it said adding that for FY 2014-15, the per capita consumption of paint in India was estimated at 3.34 Kg.

High growth was witnessed for Exterior and Interior emulsions in the decorative paints category and Auto refinish and Powder coatings in the industrial paints category.

IPA President Jalaj Dani said the Indian paint industry was on a growth trajectory.

IPA, an association of paint manufacturers both large as well as from the MSME sector formed to promote and protect the interests of the paint industry, is holding its three-day 28th biennial conference here from today.

The meet provides an ideal and common platform for industry discussions on providing differentiated customer experience, opportunities, challenges, market trends and best practices, Dani said.

The domestic paints industry had been growing at a rapid pace over the years but it was not accompanied by supply of adequate skilled talent, IPA said, adding, it has been working closely with National Skill Development Corporation (NSDC) to bridge the talent gap.

Recently, IPA signed an MoU with NSDC under which it will train three lakh painters over the next three years.