Indian paint industry to grow by 2020
The Indian paint market which was around Rs 40,300 crore in 2014-15 is expected to reach Rs 70,875 crores by 2019-2020, according to a recent report compiled by Nielsen Corporation.
The report was unveiled by Siddaramaiah, Chief Minister of Karnataka, R.V. Deshpande, Minister for Commerce and Industries, Government of Karnataka and JalajDani, President, Indian Paint Association (IPA) during the 28th biennial Indian Paint Conference organised by the IPA. The event was held in Bengaluru.
When further classified into decorative paint and industrial paint, it is the former that leads. The decorative paint market is expected to witness CAGR of 12.7% while industrial paint market is expected to witness CAGR of 9.5% by 2020.
The split of the decorative paint market to industrial market is around 75-25. “Decorative Paint market size in India was Rs 30,385 crore and the Industrial Paint was Rs 9,915 crore in FY 2014-15,” the report added.