At the Indian Paint Association’s (IPA) 48th annual general meeting in Kolkata, President D.P. Basu said that the Rs.24,000 crore paint sector in India is likely to touch Rs.100,000 crore by 2020. Buoyed by the vibrant domestic demand, the industry has registered double digit growth. The bourgeoning automotive industry and real estate sector are also likely to contribute largely towards the growth of the paint industry. In spite of opportunities and growth, the industry has been adversely affected by inflation, weak global capital markets and higher cost of capital.
Basu added, “There is a need to improve the ratio of decorative to industrial paints in value terms to match international standards. The current ratio in India is 67:33 while the international ratio is 50:50.” Currently the country loses over Rs.200,000 crore annually due to the menace of corrosion. There is a need for effective practices to control and prevent erosion which offers a big opportunity to the paint industry to concentrate on anti-corrosive paints.
