Shift to high quality paints
The Indian paint industry is expected to grow at a CAGR of around 12% during 2018-2019 to 2021-2022 in value terms, according to a report from ResearchAndMarkets.
The industry has been witnessing a gradual shift in the preferences of people from the traditional whitewash to high-quality paints like emulsions and enamel paints, which is providing the basic stability for growth of Indian paint industry.
Besides, it is creating a strong competitive market, where players are utilizing different strategies to tap the growing demand in the market for a larger share, said the “India Paint Industry Outlook 2022” report.
Moreover, rise in disposable income of the average middle class coupled with increasing investment on education; urbanization; development of the rural market; and various launches of many innovative products, like friendly, odour free, and dust & water-resistant paints, are major drivers that are propelling the growth of the paint market in India.
As per the report finds, decorative paints has the maximum demand.
The report also includes a business overview of key industry players, such as Asian Paints, Kansai Nerolac, Berger Paints, AkzoNobel and Shalimar, along with the comprehensive outlook of the sector’s present and future scenario. fiinews.com
