By Accommodation Times News Service
The paint industry is expected to touch a remarkable Rs. 50,000 crore in the next three years on the back of rising urbanization and economic revival according to the Indian Paint Association (IPA). In FY-12 the paint industry stood at Rs 26,040 crore out of which decorative segment contributed nearly 71% while the remaining contributed the industrial segment.
President of IPA said that though the paint industry witnessed some slowdown in the last few years due to global economic uncertainties and growing urbanization we expect a good growth over the next 3 years. In terms of volume the industry stood 3.11 million tones of which decorative segment accounted for nearly 77% share. Adding further he said we expect the 70:30 trends of decorative and industrial segments to continue even in future, mainly because of the growing urbanization and increase in disposable income.
The IPA president expects to see considerable growth in the real estate sector in the coming years which will drive demand. also expectations of economy to rebound.