In an interview, Naveen Kumar Bhatia, Advisor, Premium Coatings & Chemicals (P) Ltd with Chemical Today Magazine discusses the advancement in coatings for the decorative and industrial segments in the country.
By Debarati Das
Trends and market potential for coatings industry in India.
One of the most recent and prominent trends suggest that water-based products are gaining market share over solvent-based products in the decorative segment. The market share by value of water-based products is estimated to be around 60 percent compared to solvent-based at 40 percent. This scenario used to be the other way around 5 to 6 years earlier.
The market potential for the coatings industry is estimated to be around Rs 50,000 crore this year, till the end of March. The decorative market is estimated to be around Rs 38,000 crore, while the industrial market is approximately Rs 12,000 crore. Since the last 5 years, the CAGR is showing somewhat steady growth, at around 12 percent. This growth is expected to continue in the coming few years.
Read More: Coatings technology upgradation rules the market
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