International. Gyan Research and Analytics Pvt. Ltd. launched a study indicating that india has great potential for growth opportunities, due in part to lower per capita coating consumption compared to the rest of Asia.
The study reports that India is emerging as one of the leading players in the global paints and coatings industry, with a market value of US$4.79 billion in 2012 and is growing at a CAGR of 13% over the past five years.
The size of the industry in terms of volume is 3.1 million metric tons, with decorative coatings of 2.4 million metric tons and industrial coatings at 0.7 million metric tons.
Current per capita consumption is 2.57 kg, which is much lower than that of world and Asian per capita consumption of 20 kg and 5 kg, respectively. These numbers represent excellent growth opportunities in the country, in an industry that expects to continue with double-digit growth from 2013 to 2017.
The paint segment is expected to grow at a CAGR of 14% to reach more than $9 billion in 2017, expecting per capita paint consumption to rise to more than 4kg.
