GREATIVE INSTINCTS

The paints and coatings industry is growing with flying colours

- MOLLY R

In its latest annual report, Akzo Nobel India said the paints and coatings industry in the country is estimated be of the size of Rs 1 lakh-crore in the next five years. The company said the present size of the paints and coatings industry is around Rs 62,000 crore. It said

the paints and coatings industry encompasses a diverse range of products, with the architectural segment dominating the sector, accounting for 69% on volume basis, and industrial sector the remaining 31%. The company said in the fiscal 2022-23, the paints and coatings industry experienced a favourable development in the form of softening of raw materials prices from their previous highs.

The acrylic paints market is growing at an average pace and is anticipated to record a CAGR of 4.5% from 2022 to 2032.

One of the primary differentiating competitive tactics is the development of high-performance acrylic paint bonding for manufacturers to emerge as winners in the market.

Advances in technology-driven end-use applications of acrylic paints are significant factors driving market expansion. The expansion of infrastructure also plays a pivotal role in fuelling the growth of the acrylic paints market as factors such as water resistance and superior finish boost its popularity.

The global road marking paints & coatings market is projected to have a sluggish-paced CAGR of 3.5% during the forecast period. The current valuation of the market is $8.1 billion in 2022. The market value of the global road marking paints & coatings market is anticipated to reach a high of $11.6 billion by the year 2032.