Nippon Paint India (Decorative Paint Division) President Mahesh Anand and Assistant Vice President Mark Titus addressing the media in Chennai on Tuesday.
| Photo Credit: N. Anand
The Indian paint industry is about to cross ₹1 lakh crore in sales by 2027/28 from the present ₹75,000 crore clocking a compounded annual progress fee of 9-10%, stated a senior Nippon Paint India official.
“The performance of the Indian paint industry over the last 18 months has been unpredictable due to supply-chain issues,” stated Mahesh Anand, president, Nippon Paint India (Decorative Paint).
“Though there is no volume growth, it has grown in terms of value. However, we expect the industry to turn around in the next four to five months. We are doing well and have stayed above the curve,” he stated.
Mr. Mahesh stated that growing variety of residential and industrial constructing constructions, innovation in architectural design and engineering, reasonably priced properties, and the rising pattern of urbanisation would drive the expansion.
On Tuesday, he introduced Nippon Paint’s foray into the ₹12,500 crore building chemical compounds market as a part of its world imaginative and prescient to develop past paint and coatings product vary.
“Since 2018, Nippon Paint has made several acquisitions globally. We have been using this period to understand the strength of the products offered by the acquired firms and bring it to India. As a result, we will now be offering products and solutions during construction, post construction and repair and maintenance,” he stated.
While liquid-based merchandise can be manufactured in the Chennai, aerosol-based merchandise can be equipped by acquired companies and powder-based merchandise by strategic manufacturing companions.
Initially, these services and products can be supplied in Tamil Nadu and Karnataka, which contributes 65% of firm’s general sales and later pan India.
“Right now, we have 3,000 and 2,000 dealers in Tamil Nadu and Karnataka. We will be adding about 2,000 and 1,200 dealers respectively, who are basically selling construction chemicals,” he stated.