Bengaluru (Agency): Indian Paint Association (IPA), the apex body of the Indian paint industry announced the 28th biennial Indian Paint Conference in Bengaluru. Taking inspiration from the IT Capital of India, the conference theme ‘Varnam – Where Paint Meets Technology’ is based on leveraging technology for the paints industry. During the conference the IPA governing unveiled the report on the Indian Paint Market – “Size & Future of coating industry” compiled by Nielsen Corporation.
Hon’ble Chief Minister of Karnataka Shri Siddaramaiah and Shri R.V. Deshpande, Hon’ble Minister for Commerce and Industries, Government of Karnataka., unveiled the report on the Indian Paint Industry. Along with this the Chief Minister launched the official twitter handle of IPA.
On the occasion of Indian Paint Association’s Twitter handle launch and unveiling of Nielsen report on Indian paint industry, Hon’ble Chief Minister of Karnataka Shri Siddaramaiah said, “Indian paint Industry has got good growth potential, it can take over world’s biggest companies. Indian paint Industry has a turnover of 40,000 crore and provides direct and indirect employment opportunities in Karnataka and across the country. “I am sure VARNAM 2017 will unveil true colours of Indian Paint Association (IPA),” he added.
Key highlights of report:
- The Indian paint market which was around INR 40,300 crores in 2014-15 is expected to reach INR 70, 875 crores by 2019-2020
- The decorative paint market is expected to witness CAGR of 12.7%
- The industrial paint market is expected to witness CAGR of 9.5%
- The split of the decorative paint market to industrial market is around 75-25 (Decorative Paint market size in India was INR 30,385 crores and the Industrial Paint was INR 9,915 crores in FY 2014-15)
- The industry has grown at a CAGR of 12.9% from 2011-12 to 2014-15 in terms of value
- For FY 2014-15, per capita consumption of paint in India was estimated at 3.34 Kg
- High growth is witnessed for
- Exterior and Interior emulsions in the decorative paints category
- Auto refinish and Powder coatings in the industrial paints category
Speaking on the occasion, Mr. Jalaj Dani, President, IPA said, “The Indian paint industry is on a growth trajectory. This biennial conference provides an ideal and common platform for industry discussions on providing differentiated customer experience, opportunities, challenges, market trends and best practices.”
The Indian paints industry has been growing at a rapid pace over the years. However the growth hasn’t been accompanied by supply of adequate skilled talent. IPA has been working closely with National Skill Development Corporation (NSDC) to bridge the talent gap. Recently, IPA signed an MoU with NSDC under which it will train three lakh painters over the next three years.