LONDON - IRL has launched a new edition of its single-country report, A Profile of the Indian Paint Industry. In this study, IRL examines India’s coatings market independently and not as part of a regional study on the Asia-Pacific coatings market, enabling the company to present more in-depth information on coatings market influences and trends. This fully updated edition provides market data for 2013 and forecasts for 2018.
India is Asia’s second-largest coatings market after China, with consumption of over 2,770,000 tonnes in 2013. In the past decade, the growth in paint consumption has been remarkably high, achieving double-digit rates for many years. At times, the demand for coatings has grown at a rate of 1.5 to two times higher than GDP growth. In 2012-2013, the coatings industry witnessed a slowdown. Economic growth in the country failed to achieve the rates encountered in previous years and the rupee depreciated, putting off many investors.