The paint industry is gearing for another price revision by 4 to 5 per cent on account of higher input costs by next quarter.
Nippon Paint (India) Private Ltd President (Decorative paints) Ramakanth V Akula maintained that in last two months most of the paint companies in India had already raised the prices by 7 per cent on account of increase in input costs.
Factors like huge gap between demand and supply, shortage of Titanium Dioxide (raw material) has resulted in pushing up the prices for emulsions.
Akula maintained even as the paint manufacturers were working on improving efficiencies to offset the hike in input prices so that minimum hike is transferred to the customers, yet 4 to 5 per cent hike in next quarter was on the cards. He was here to announce the launch of interior and exterior emulsion brands from Nippon portfolio in the Punjab market.
Japan-based Nippon paint which is diversified in automotive coatings, decorative paints, industrial coatings, marine coatings and chemicals, today launched new range of anti bacterial, heavy metal free and environmental friendly paints.
“Punjab is the first state outside south India where Nippon has expanded their footprints and it highlights the entry of the company into the Indian market in phased manner.”
Commenting on the Punjab market Akula said the Rs 800 crore Punjab paint market was definitely attractive. To further strengthen their presence in Punjab, it is planning to open 30 outlets by this year-end.
The company has recently commissioned their first plant for decorative paints in Sriperumbdur ,Chennai. It is looking to expand their footprints in Delhi.
