There is space for everyone in market: Asian Paints MD

The entry of new players into the paints industry will not impact market leader Asian Paints and it has never been worried on this count, MD & CEO Amit Syngle said in an interview.

“Several new and international players have been coming into the market for a long time,” said Mr. Syngle. “We feel the market is very big as percapita consumption in India is very low compared with the western world.

“So I think there is enough space for everyone. The paints market has been growing at almost 1012% CAGR every year and what we feel is given the strength of Asian Paints, the brand, supply and distribution strength and the kind of innova

Amit Syngle

tions we have brought in into products and services, we think our strengths are very strong enough to keep us forging ahead. Therefore we are not worried about any new competition in the market.”

He was responding to a question on the impact of the entry of JSW Paints and Aditya Birla group’s Opus Paints into the market. The Birlas are investing more than ₹10,000 crore and aim to make a significant mark in the business.

Asian Paints, which has a market share of about 60%, introduced Neo Bharat Latex Paint targeted at rural markets. This new category would address a market estimated at ₹4,500 crore and currently catered to by distempers and unorganised players. This range is expected to add 1% to the firm’s overall market share, he said.

‘Affordable’ pricing

Priced ‘affordably,’ it would cost about ₹5,000 to paint a ‘tworoom set,’ including paint and labour. The Neo Bharat Latex Paint range offers more than 1,000 shades. “We are revolutionising the industry by introducing a completely new category, making it more accessible to consumers across India,” added Mr. Syngle.