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Paint Industry to grow to Rs 70k crores by 2019-20

Updated: Jan 07, 2017 09:48:35am
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Paint Industry to grow to Rs 70k crores by 2019-20

Mumbai, Jan 7 (KNN) The Apex body of Paint industry on Friday projected the growth of Indian paint market to reach up to Rs.70, 875 crore by 2019-20.

The body also expects that market growth may bounce high comparative to the figures of Rs.40, 300 crore in 2014-15.

According to the Indian Small Scale Paint Association (ISSPA), the projected growth is very much achievable.

“As Indian economy is growing, the growth in the industry can be seen. Increase in per-capital certainly make this growth achievable,” said Mukund Hulyalkar,  Secretary, ISSPA.

He also said that this growth bring opportunities for small sector which further generates employment.

“With this our small sector will be beneficiary. There will be more employment opportunity as maximum employments are provided by small scale industries,” said Mukund.

As per the industry’s apex body, the decorative paint market is expected to witness Compound annual growth rate (CAGR) of 12.7 per cent and the industrial paint market CAGR of 9.5 per cent. 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.

According to the Indian Paint Association (IPA) the Indian paint industry was on a growth trajectory.

Recently, IPA signed a MoU with NSDC under which it will train three lakh painters over the next three years. (KNN/RAS)

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