Berger Paints Signs Agreement with Chugoku Marine Paints

Berger Paints, based in India signs a Memorandum of Understanding (MoU) with Japan based Chugoku Marine Paints

India: Berger Paints India Limited, one of the fastest growing paint companies in India, have entered into a Memorandum of Understanding (MoU) with Chugoku Marine Paints Limited, based in Tokyo, Japan.

The strategic alliance signed between the companies would strengthen the market for marine and industrial paints in India. The MoU is anticipated to boost the joint efforts of the companies towards the marketing, supply and sales of the marine related industrial paints in Asia-Pacific region. Moreover, the companies are expected to form a joint venture at the end of agreement.

TechSci Research depicts that the strategic pact signed between the companies with strong technical expertise, market experience and wide product portfolio, would bolster the global market for industrial paints & coatings. Additionally, expanding applications in paints & coatings industry is projected to positively impact the global pigments market over the coming years.

According to the recently published report by TechSci Research, “Global Pigments Market By Type, By Application, Competition Forecast and Opportunities, 2011 – 2021”, global pigments market size is estimated to cross US$ 34 billion by 2021. Segment-wise, inorganic pigments dominated the overall market in 2015, and this trend is anticipated to continue through 2021. Inorganic pigments are widely used in paints & coatings and plastics to provide various functional properties such as heat stabilization, antistatic, flame retardants, anti-block and UV stabilization. In 2015, Asia-Pacific region dominated the global pigments market, owing to huge presence of paints & coatings, plastics, construction and printing ink industries, coupled with increasing investments across diverse industry verticals. Few of the major companies operating in the global pigments market include BASF, Clariant, Huntsman, Tronox, and Lanxess, among others.