Published on May 18, 2015
The total market for paints and coatings is forecast to rise to more than 307.9 thousand tonnes by 2018, it is equivalent to an average annual growth of 2.6%. Architectural and decorative coatings for consumer and professional uses account for around 76% of the total market. The decorative and architectural paints segment is expected to show good growth rates in near term.
As per the recent report, Industrial paints maker Kansai Nerolac has decided to set up a manufacturing unit in Gujarat at an estimated cost of Rs 350 crore.
The plant would have a capacity of 42,000 MT per year and can be expanded into phases, said by market players.GCP sources said that Indian coating industry is growing with a very rapid pace. Previous year after the elections, consumer confidence improved and then paints and coatings industry was performing somewhat better, showing the first signs of recovery.
Presently decorative and industrial market is growing with a very positive rate of knot as rising affluence among consumers stimulated the replacement of enamels and whitewashes with emulsion paints in the decorative segment.
