Indian paint ind to cross Rs 62K cr by FY’17
04/09/2014 16:50
Indian paint industry is likely to surge from the current level of about Rs 40,600 crore to about Rs 62,000 crore by 2016 witnessing a breathtaking double-digit compound annual growth rate (CAGR) of about 20 per cent, apex industry body ASSOCHAM said today.
The factors that have fuelled the paint industry's growth are the rise in disposable income and education, increasing urbanization, development of the rural market and various launches of many innovative products, revealed an ASSOCHAM report.
As per the ASSOCHAM recent report on “Indian paint Industry: 2014” reveals that India is the second-largest consumer of paint in Asia. Top players include Asian Paints, Kansai Nerolac Paints, Berger Paints, AkzoNobel, Nippon Paints and Shalimar Paints, adds the report.
“The Indian paint industry has seen a gradual shift in the preferences of people from the traditional white wash to higher quality paints like emulsions and enamel paints”, said D S Rawat, Secretary General ASSOCHAM.
As per the ASSOCHAM findings, the rural market has grown at a rate of around 20% a year (in financial year 2014). Increase in sales outside metros, as rural India's incremental consumption expenditure is witnessing a handsome growth. In FY14, the paint industry stood at Rs 40,600 crore with per capita consumption increasing to over 4 kgs, out of which the decorative segment contributed nearly 73 per cent at Rs 29,638 crore, while the remaining Rs 10,962 crore was contributed by the industrial segment, adds the paper.
“Demands for decorative paints arise from household paintings, architectural and other display products. The demand for paint increases during festive season like Dusherra, Diwali, Onam, Christmas /New Year, as compared to other periods”, said Rawat.
The major boost to the growth in Indian paint market has been provided by the decorative paint segment, which is anticipated to grow at a CAGR of more than 18 per cent during the period 2014-15.
04/09/2014 16:50
Indian paint industry is likely to surge from the current level of about Rs 40,600 crore to about Rs 62,000 crore by 2016 witnessing a breathtaking double-digit compound annual growth rate (CAGR) of about 20 per cent, apex industry body ASSOCHAM said today.
The factors that have fuelled the paint industry's growth are the rise in disposable income and education, increasing urbanization, development of the rural market and various launches of many innovative products, revealed an ASSOCHAM report.
As per the ASSOCHAM recent report on “Indian paint Industry: 2014” reveals that India is the second-largest consumer of paint in Asia. Top players include Asian Paints, Kansai Nerolac Paints, Berger Paints, AkzoNobel, Nippon Paints and Shalimar Paints, adds the report.
“The Indian paint industry has seen a gradual shift in the preferences of people from the traditional white wash to higher quality paints like emulsions and enamel paints”, said D S Rawat, Secretary General ASSOCHAM.
As per the ASSOCHAM findings, the rural market has grown at a rate of around 20% a year (in financial year 2014). Increase in sales outside metros, as rural India's incremental consumption expenditure is witnessing a handsome growth. In FY14, the paint industry stood at Rs 40,600 crore with per capita consumption increasing to over 4 kgs, out of which the decorative segment contributed nearly 73 per cent at Rs 29,638 crore, while the remaining Rs 10,962 crore was contributed by the industrial segment, adds the paper.
“Demands for decorative paints arise from household paintings, architectural and other display products. The demand for paint increases during festive season like Dusherra, Diwali, Onam, Christmas /New Year, as compared to other periods”, said Rawat.
The major boost to the growth in Indian paint market has been provided by the decorative paint segment, which is anticipated to grow at a CAGR of more than 18 per cent during the period 2014-15.
