Indian Paints Industry Steep Growth
Indian paint market which was around INR 40,300 crores in 2014-15 is expected to reach INR 70,875 crores by 2019-20. The growth figure was given during the 28th biennial Indian Paint Conference on 6-8 January 2017 in Bengaluru by Indian Paint Association (IPA).
One of the key finding of the report was that the paint industry has grown at a CAGR of 12.9% from 2011-12 to 2014-15 in terms of value whereas for FY 2014-15, per capita consumption of paint in India was estimated at 3.34 Kg.
Apart from the growth in the future, other key highlights of the report disclosed that the decorative paint market is expected to witness CAGR of 12.7 per cent whereas industrial paint market would see a growth of 9.5 per cent. The report also highlighted the split of the decorative paint market to industrial market which is around 75-25 (Decorative Paint market size in India was INR 30,385 crores and the Industrial Paint was INR 9,915 crores in FY 2014-15).
However, the growth hasn’t been accompanied by supply of adequate skilled talent. IPA hassigned a MoU with National Skill Development Corporation (NSDC) under which it will train three lakh painters over the next three years.