The industrial paint market in India is being driven by automotive and high performance coatings. The auto industry in India is showing signs of pickup with car sales of 133,486 in August in 2013, up 15.4 perent from a year ago, according to Society of Indian Automobile Manufacturers's (SIAM) data quoted in a recent daily. Moreover, a higher demand from rural India will help also to boost the revenues of automobile industry and hence the industrial coating industry in the short to medium term.
According to the latest report by RNCOS "Booming Paint Industry in India", both automotive and high performance coating are witnessing huge demand and are witnessing huge growth. Several properties of automotive paints like resistance to high stresses like rain and UV radiation, heat and cold, gravel from the road and the brushes during the car wash, are providing an edge to this type of coating over other industrial paints. In addition, a high performance coating also provides superior performance properties, like corrosion and wear-resistance. Thus, these two categories will continue to drive the industrial paint market in the country.
The report "Booming Paint Industry in India,” has provided an insight on the paint market by dividing the market into decorative and industrial paints, with market forecasts up to FY 2015-16 for various components along with their segments. Further, the components of the decorative market have been divided into various sub-segments. The report has also provided a detailed overview of the raw materials and the trade scenario in the paint market. In addition, macroeconomic indicators and trends affecting the industry have been identified to give a clearer picture of the industry. Profiling of major players in the paint market has also been provided with an emphasis on their product portfolio, key financials and industrial activities, in order to track the transformations happening in the industry.
