Published on May 19, 2014

For past years, the Indian paint industry has been growing at the rate of above 15% and the market size of the paint industry has been estimated around Rs. 29,000 crore. From a predominant decorative paints market with seasonal fluctuations, the Indian paint industry has grown to a more diversified market and the fortunes of this industry in the recent years had contributed to several factors including comprehensive product portfolios, commence of an innovative products, value added services offered by the companies, espousal of latest technologies and antagonistic marketing strategies. According to the researched reports, by the year 2018 the industry has been estimated to double, moreover the current value of the Indian paint industry is at USD 5 billion.

Against the backdrop of ever changing customer preferences, the paint industry has commenced to more look resemble the FMCG industry where innovative use of technology, branding, and distribution strength have grown to be the crucial aspects of growth, furthermore, the paint producers have started to look beyond cities like other consumers goods companies. In the paint industry, there have been few innovations both at the level of product development and technology whereas few changes have been seen on the usage side.

Furthermore, as per the industry experts in this fiscal year period the market players expect around 12% augment in the business volume as well as rise in turnover of 10-12%. According to the Japanese paint producer, the next financial year might only be better than what the industry had seen so far this year, and as most of the companies in the hinterlands would be battling it out as rural reach might be crucial.

However as per the market research analyst, over the past few years, the Indian paint market has substantially grown and caught the attention of many international players and in compare to other economies, India prolongs to enjoy a healthy growth rate, reared by the rising level of disposable income as well as demand from infrastructure, industrial and automotive sectors. The strong economic growth of India has propel the paint industry to double digit escalation in past few years and have also made this industry as the fastest growing industry of Asia pacific.