INDIAN PAINT INDUSTRY AT A GLANCE IN 2021 - 2022
The Indian paint industry has evolved with time. People have been gradually shifting from the traditional whitewashing to high quality paints like enamel and emulsions.
This has given the Indian paint industry a good growth edge when compared to the other industries. The Indian Paint industry is expected to grow at a CAGR of around 10% during 2021-22 to 2024-25 in value terms.
Reasons for growth of Indian Paint industry
• Rapid urbanization
• Development of rural India
• Increase in disposal income
• Innovative products availability
• Current scenario
The Indian Paint Industry is today worth over INR 62,000 crores (USD 8 billion), and is the fastest-growing major paint economy the world over, with a consistent double-digit growth over the last 2 decades. It has over 3,000 paint manufacturers, with nearly all global majors present in the country. It has about 75% share of architectural paints and a 25% share of industrial paints
Paint ImportsThe import value of paints dissolved in non-aqueous medium was the highest in India with a value of 14.45 billion Indian rupees in the fiscal year 2021. The lowest import value is shown for prepared water pigments for finishing leather with less than one billion Indian rupees value.
