The Indian Paint Association (IPA), the apex body of the country's paint and coatings industry, has announced that the market size of the Indian paints and coatings sector will touch Rs. 1 lakh crore in the next five years. 

Presently, the industry size is pegged at Rs. 62,000 crore and has been consistently growing at double digit Compound Annual Growth Rate (CAGR) over the last few years and it has also surpassed India's GDP growth by 1.5 to 2 times.

IPA also inaugurated the largest trade event of the Indian Paints & Coatings industry – 30th & 31st Indian Paint Conference at Taj Resort & Convention Centre in Goa. Themed 'Nutation' – “Reimagining the Paint Business”, the 3-day conference will feature 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 will share their perspectives on a range of relevant topics concerning this sector. The key thrust of the conference will be on ‘reimagining’ or adopting a fresh and innovative approach for sustainable growth of the sector in today’s dynamic times.

“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 isp oised for a colorful future,” said Ashok Kumar Gupta, President, Indian Paint Association and MD, Shalimar Paints Limited.

“We are glad to be having this premier conference at this juncture of tremendous opportunities for the sector for deliberating and chalking out sustainable strategies. Also, we believe no other place could have been more ideal than Goa which is one of the fastest growing domestic markets for our industry. From colorful villas to street art & carnival; colors are an essential part of this nature’s paradise called Goa," added Gupta.

Chief Minister of Goa Dr. Pramod Sawant is scheduled to attend the conference today to extend his encouragement and support to this vital industry which literally touches lives of people of every point.

“With a focused theme like Nutation driving the conference, we have put together a stimulating and thought-provoking business program spread over these three days. We are bringing under one roof global thinkers and speakers of excellence in their fields to lend their valued thoughts on Reimagining the Paint Business to drive sustained growth to the paint industry with a lot of emphasis on Environment, Health, and Safety of all our stakeholders. We hope that the conference will prove to be the point of Nutation for our industry and help us Reimagine the Paint Business for an exhilarating journey into the future,” said Priya Bhumkar, Convenor, 30th & 31st Indian Paint Conference and Managing Director, Soujanya Color.

The conference commenced with a keynote speech by Kargil war hero Lt. Gen. Mohinder Puri, former Deputy Chief of Army Staff and author of the best seller -Kargil: Turning the Tide.

There will be a host of Business and Technical Sessions on various topics to give a complete 360-degree view to all stakeholders of the paint industry. There will also be a ‘Fireside Chat’ with Padma Anil Kumble, former Indian Cricket Captain, Coach, and Commentator, who has the distinction of being the most successful Indian bowler of all time.

The conference started with a Bharatanatyam performance by Vaibhav Arekar and Sakhya team, followed by Music by DJ Sandy, and Bollywood Bling by renowned singer Shaan today. There will be a host of Business and Technical Sessions on various topics to give a complete 360-degree view to all stakeholders of the paint industry.