Kolkata, March 17
Going by the significant growths registered in four Asian countries, British major ICI Plc feel that the US would lose its number one position in its global paints business.
Currently, the US contributes approximately 40 per cent of ICI Plc's total paint business. However, Ms Nicki Barton, Global Marketing Manager, ICI, UK, said that the American market is stagnant and is not recording any growth.
In this context, she said that in some of the Asian countries such as China, India, Vietnam and Malaysia, ICI Paints is recording phenomenal growth every year.
According to her, if the current trend continues in these Asian countries and if America remains as stagnant as it is now, then Asia would be the largest revenue earner from ICI Plc's global paint business.
Currently, China and India contribute only 10 and 5 per cent respectively to ICI Paint's total global business. In Asia, China is the biggest market for ICI.
Ms Barton was in the city along with two other senior ICI India officials for the launch of New Concept of Colour Futures 2006.
According to Mr Jaideep Mahajan, General Manager, ICI India, this new range is targeted mostly for the premium of the Indian paints, where it is ranked second after Asian Paints.
The size of the organised paint market in India is Rs 6,000 crore. Out of it, 20-25 per cent is the premium sector. In this premium sector, ICI India's share is 20-25 per cent.
"Against an average annual market growth of 10-12 per cent, we are hoping to attain a 20 per cent growth with the launch of Colour Futures," Mr Mahajan told newspersons at the press conference.