The Indian paint industry was the second largest in the world in 2019. The sector witnessed significant growth over the past few years. In 2019, the Wholesale Price Index of paints and varnishes stood at 112.7, its highest value compared to the last five years. In 2019, the trade value of the country’s paint industry was over 57 trillion Indian rupees.
Despite being the second largest industry globally, the export value of India’s paint industry amounted to around 18 trillion rupees as opposed to the import value worth approximately 39 trillion rupees.
The Indian Paint Industry currently valued at around Rs. 50,000 Crores is poised to grow at a healthy rate and is expected to reach around Rs.70, 000 Crores by 2021-22.
The domestic paint industry is estimated to be a Rs 500 billion industry with the decorative paint category constituting almost 75% of this market. In FY19, the paint industry has expanded at the rate of 12% in volume terms and about 15% in value terms.
Reasons for Growth
The market for India paints and coatings is expected to expand at a CAGR of 8.56% during the forecast period of 2019 – 2024. Growing demand from the construction industry, coupled with rising infrastructure activities, is driving the demand for the market studied.