Indian paint industry to touch Rs 50,000 crore by FY16: IPA

The Indian Paint Association (IPA) today said the domestic paint industry is expected to double to up to Rs 50,000 crore in the next three years which will be mainly driven by rising urbanisation and revival of the economy.

"Though the paint industry witnessed some slowdown in the last few years due to global economic uncertainties, growing urbanisation and possibility of we expect a good growth over the next three years. We estimate the industry to touch around Rs 49,545 crore by FY16," IPA President Ramakanth Akula told reporters here.

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In FY12, the paint industry stood at Rs 26,040 crore out of which the decorative segment contributed nearly 71 percent at Rs 18,490 crore, while the remaining Rs 7,550 crore was contributed by the industrial segment. In terms of volume, the industry stood at 3.11 million tonne of which decorative segment accounted for nearly 77 percent.

"We expect the 70:30 trend of decorative and industrial segments to continue even in future mainly because of the growing urbanisation and increase in disposable income. We expect to see considerable growth in the real estate sector in the coming years which will drive demand. Also, we expect the economy to rebound. All this put together we feel the decorative segment will continue to dominate," he said.

In the industrial segment, however, the auto sector will continue to push the demand, Akula added. When asked whether the input costs will continue to be a cause of concern for the industry, Asian Paints managing director KBS Anand said, "we do not expect the input prices to come down even though there are signs of crude oil prices stabalising. But the concerns over rupee depreciating and inflation will continue to keep the input costs high."

The industry is also expecting increase in paint prices in the coming years, he said. "Over the last three years we witnessed almost 30 percent increase in prices. If the current situation prevails for some more time, increasing prices is ineviatble," Anand added.

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