Asian Paints expands its capacity in Andhra Pradesh

India: Asian Paints Ltd., India based paints and coatings company stated that post review of its decorative paints project announced in March 2015, it will expand manufacturing plant capacity and build it in phases. The company announced its plans to increase the plant capacity in Visakhapatnam, India, from 300,000 kiloliters/year to 500,000 kiloliters/year. The Indian decorative paints project will cost approximately USD264.4 million over full construction period from the date of commencement of construction. The company signed MoU with the Andhra Pradesh government to build the plant for paints and intermediates at Pudi Village in Vishakhapatnam district.

TechSci Research depicts that the expansion of paints production facility in India would strengthen the position of the company in the coatings business in the country, which is one of the robust growing markets for paints and coatings across the world. Consequently, the expansion of the coatings production plant would aid the growth of the market for pigments in the country.

According to TechSci Research report Global Pigments Market By Type (Inorganic, Organic and Specialty), By Application (Paints and Coatings, Plastics, Printing Inks, Construction and Others), Competition Forecast and Opportunities, 2011 – 2021, global pigments market size is estimated to cross US$ 34 billion by 2021. During 2016-2021, the demand for pigments is anticipated to be largely influenced by paints & coatings industry and construction sector, which are witnessing steady growth on account of rising purchasing power of consumers and expanding middle class population across the globe, especially in major developing economies.