Rise in investment by national and foreign players along with other initiatives is driving the Indian Paints industry, says RNCOS in its latest research report.
The paint industry in India has witnessed development in recent years on account of the fast paced growth in the realty sector despite demonetization process. With the acceleration in the repainting cycles backed by rise in disposable incomes, the industry is witnessing investments by players including acquisitions, enhancing manufacturing capacity etc. Owing to such developments, the Indian paint industry is expected to grow at a CAGR of 12% during forecast period 2016-17 to 2021-22.
According to our report, “India Paint Industry Outlook 2022”, rising disposable income, government initiatives and joint ventures among players has been the factors behind the boom in the paint industry sector.
Further, the country is also witnessing various initiatives by government such as programs and conferences aiming at growth of the paint industry. Recently, a conference was held in Bengaluru, announced by Indian Paint Association (IPA), the apex body of the Indian paint industry. The theme ‘Varnam - Where Paint Meets Technology’, an inspiration from the IT Capital of India, was based on leveraging technology for the paints industry. Also, in order to bridge the talent gap resulting in absence of adequate skilled talent, IPA had been working with National Skill Development Corporation (NSDC). Recently, IPA signed a MoU with NSDC under which it will train three lakh painters over the next three years.
With the gaining momentum in phenomenon of investments via mergers and acquisitions, players operating in the industry are working aggressively on its expansion and innovation to cater to the need in the industry. Additionally, various promotional activities aiming at promotion and skill training development is expected to continue to drive the Indian paint industry.
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by Shushmul Maheshwari (a month ago!)