As the trade and business have kept their doors wide open in the aftermath of lockdown, the paint industry is poised for a handsome growth in the pre-Diwali days- thanks to the disposition of the people to renovate their houses ahead of Diwali to shed the gloom of Covid-19.
Sources said paint industry has registered a 40 per cent growth over the corresponsing period last year because of the stamp duty reduction announced by the government up to December 31 to trigger demand for housing sector and give a booster dose to the economy in the wake of Covid-19.
Apart from enlivening the mood ahead of Diwali, the painted houses also help people get rid of pests and diseases that attack their homes throughout the year, sources informed.
Accoding to NVCC president Ashwin Mehadia, people with more than
Rs 50, 000 salary per month are opting for branded paints while those with monthly income of less than Rs 13,000 per month are opting for local paints. However, demand for both local and branded paints is on a higher side, he further said. Even demand for paints by corporates has also gone up as they have decided to re-open their offices after near about six months of Work From Home, sources added.
The demand for paints coating increases by approximately 25 per cent during Diwali as it is considered as auspicious to paint and renovate homes during this period.Besides the sudden surge in the demand of white goods adds lustre to the volumes of the Industrial grade paints for automobiles. refrigerators,washing machines and others. Hence demand for all types of paints goes up during this period, said chairperson of Vishal Paints Reeta Lanjewar while talking to the Lokmat Times.
She further said that sector wise percentage rise in paint supplies to corporate sector and household sector could be pegged at twenty five per cent and seventy five per cent respectively in the peak of festival season.
As far as labour availability after lock down is concerned, most workers in Vidarbha are local; hence the issue of the migrant workers did not create any major hurdles in the functioning of this sector.
The middle class prefer local companies as compared with branded products as there is a substantial price difference between them and quality standards matching exactly to desired level, she further said adding nowadays the upper middle class and neo rich are showing tendency to shift their preferences towards local brand as they are increasingly feeling confident of local players and quality standards maintained by them.
‘The pandemic was a boon to local paint industry as due to logistics hurdles many consumers in decorative and industrial sectors could not get their requirements fulfilled from branded companies and now they have come to know that they could procure the same quality products at a much lower rate. Due to the supreme quality of local paints, local manufacturers are happy that they could also retain these new customers, she further said.
As paint and coating industry creates products that help preserve and protect everything from everyday objects to the most important Infrastructure, the paint industry is expected to grow by about 22 per cent in 2021-22, she informed.
As paint and coating industry creates products that help preserve and protect everything from everyday objects to the most important Infrastructure, the paint industry is expected to grow by about 22 per cent in 2021-22, she informed. Reeta Lanjewar, chairperson, Vishal Paints