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The industrial paint market in India is being driven by automotive and high performance coatings. Car sales reached 133,486 in August 2013, up 15.4% yr-on-yr, according to the Society of Indian Automobile Manufacturers’s data. Moreover, a higher demand from rural India will help also to boost the revenues of the automotive industry and hence the industrial coating industry in the short to medium term.
According to the latest report by business consultancy service RNCOS ‘Booming Paint Industry in India’, both automotive and high performance coatings are witnessing huge demand growth. The report offers market forecasts till FY 2015-16 for various components along with their segments.