Published on January 3, 2018
The global paints and coatings market is expected to value at USD 144,323.31 million in 2018 is expected to achieve a CAGR of 4.58% during the period 2018-2023.As people preferences has been changed from the traditional whitewash to higher quality paints like emulsions and enamel paints.
As per report, demonetization impacted Asian Paints and Akzo Nobel the most, with most of the paint manufacturers witnessing a sluggish quarterly growth of 2-3% in Q3FY17, as against the 8-13% growth witnessed in the previous quarter. Asian Paints, which has high penetration in rural markets, felt the accentuated effect more than in the urban markets.
However, market players anticipate that with the implementation of GST, organized players like Asian Paints and Kansai Nerolac gains soaking in. This will be largely due to the level playing field that the organized sector will be enjoying with the unorganized sector.
As per market predictors, the development of bio-based products, and introduction of the fluoropolymer coatings in India are expected to offer numerous opportunities for the growth of the global paints and coatings market this fiscal.