The Indian paint industry is planning a Capex of Rs. 35,000 - 40,000 crore in the next five years, says Amit Syngle, Managing Director & CEO, Asian Paints told Indian Chemical News at the recent Paint Conference 2023 in Goa.

The Indian paint industry is looking at expanding the market and growing it together, added Syngle.

In a press conference addressed by stalwarts of the industry, the Indian Paint Association (IPA), the apex body of the country's paint and coatings industry, announced that the Indian Paints & Coatings sector will become a Rs. 1 lakh crore Industry in the next five years from the current Rs. 62,000 crore. This is in line with the consistent double digit Compound Annual Growth Rate (CAGR), the sector has been achieving over the last few years.

In order to achieve a figure of Rs. 1 lakh crore, the paint industry needs to invest Rs. 35,000 - 40,000 in Capex. 

To achieve this the industry needs to focus on adopting or adapting innovation and focus should be towards the finishing or materials side, says Sudaresan A. S., Joint Managing Director & CEO, JSW Paints.

Talking about growth, Ashok Kumar Gupta, President, Indian Paint Association and Managing Director, Shalimar Paints Limited said, “There is a strong positive correlation between the growth of the industry and GDP growth of the country given the sector’s dependence on overall economic activity, including income levels, industrial production, infrastructure, and construction spending. Given India’s strong economic fundamentals, future growth potential, and the newfound zeal for 'Make in India' the Indian Paint Industry is poised for a colourful future.”

The Indian Paint Association (IPA) recently inaugurated the largest Trade Event of the estimated $8 billion Indian Paints & Coatings industry – The 30th & 31st Indian Paint Conference in Goa.

Themed 'Nutation' – “Reimagining the Paint Business”, the 3-day conference featured discussions and deliberations amongst the best minds of the paints and coatings ecosystem from India and abroad. Around 700 delegates and over 40 panelists comprising leading business leaders, technology specialists, and other domain experts shared their perspectives on a range of relevant topics concerning this sector.

The key thrust of the conference focused on ‘reimagining’ or adopting a fresh and innovative approach for sustainable growth of the sector in today’s dynamic times.