Published on November 11, 2017
Paints and coatings are not only used to enhance the aesthetic value of the substrate but also offer various functional benefits such as anti-skid, insulation, conduction, reflection, and light absorption.
Paints and coatings have occupied an indispensable place for many applications, including household appliances, buildings, cars, ships, airplanes to computers, microchips, and printed circuit boards.
As per report, the global paints and coatings market is anticipated to grow at a CAGR of 5.63% during the period 2017-2021.
In the recent years, interior and exterior paints have administered high growth due to the increasing awareness among people regarding the benefits of these variants. With the growth of paint industry, the market for raw material and chemicals such as Acetone, Phenol etc is also intensifying in the country.
Recently in Indian market before the Diwali festival demand for coatings were higher as everybody wants to make their houses and offices clean and different with diverse interior colors. There is a shift in the market in terms of growing stress upon the usage of environment friendly paints.
As per market analyst, The market has also witnessed inflow of a gamut of innovative products which serve to the changing decor styles and improving aesthetic tastes of growing urban population. the revenues from the paint industry in India are expected to expand till the end of 2017.