|The Indian Paint has Significant growth potential as the percapita consumption of paint int India, currently estimated to be 1.2 kg per annum is much below the per capita consumption of 16-25 kgs per annum of paints recorded in some of the South-East Asian nations and other developed countires. Prior to the onset of the global economic crisis, an in-depth study conducted during 2008, had estimated the size of the "Indian Paint Industry" to be Rs 15,900 Crore with the potential of growing to Rs 29,000 Crore by 2011-2012.
In value terms the Present ratio of decorative to industrial paints in India is 67:33 as against a global average of around 50:50. During the last five years, the CAGR for the decorative paints business was estimated to be 19.9%, while the industrial paints business was estimated to be 18.5%.
The Indian Paint Industry historically had always achieved a growth of around 1.5 times the GDP growth with an average growth rate 12% per annum. The industry had recorded an overall growth of approx. 18% during 2009-10.
The Union Government's accent on rapid development in the infrastructure and real estate sectors will throw up a plethora of opportunities for the paint industry, according to Union Minsister of state for Urban Development. Due to rapid urbanization, the centre was focusing on building affordable housing and infrastructure in cities and towns. This will enable the industry to maintain double-digit growth.
Despite having a modest role to play in the completion of buildings, the paints and coatings industry is one of the biggest industries in the Middle East construction sector today. For the Burj Khalifa, the world's tallest building, as much as 122,000kg of powder coatings and 487,000 litres of paint were required, and even after the recession, the industry continues to thrive.
Paints that help boost the energy savings of a building are also attracting a lot of attention and, according to industry experts, will see the biggest increase in use and development in the coming years compared with other task-specific coatings.
"There are two kinds of solvents, organic and water-based. Organic are actually more harmful to the environment, so at the moment companies are working on reducing organic-based solvents and developing VOC-free paints." A similar development process, he adds, occurred with the removal of lead from paints some years ago.
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