India’s paint industry hit hard by COVID-19

One of the largest producers in the Asia Pacific region, India’s paint and coatings industry has registered one of the highest growth rates in recent years and the country is expected to retain the tag of one of the fastest growing paint and coatings industries for a long time to come. Yogender Mailk presents an overview of India’s paint industry and the impact of COVID-19

For the fi rst time in a decade, revenue of the domestic paint sector, pegged at INR510bn (approx US$7bn) in fiscal year 2019-20 (April 2019-March 2020), is expected to contract – by as much as 8-10% – as the COVID-19 pandemic drastically curbed both consumer and industrial demand. That compares with a compound annual growth rate of 13% seen between fiscal years 2011 and 2020. In India, as much as 75% of the Indian paint sector’s revenue comes from the decorative segment and the rest from the industrial segment. Within decorative, repainting accounts for 70% of revenue. Steady demand from the rural and semiurban markets has enabled paint producers to cushion the impact of low urban sales of decorative paints and curb the segment’s revenue decline to 6-8%. But the industrial segment is expected to see a sharper fall of 14-16% during 2020-21.

Read the full report here: India 2021