Paint is a safeguard for valuable assets

The paint industry in Bangladesh is on the cusp of a major growth spurt, fueled by the rapid infrastructural development sweeping across the country. Furthermore, this development is bolstered by a rise in disposable income. At Berger Paints, Bangladesh's leading paint company, we've been at the forefront of innovation, from introducing the country's first color bank machine to forging partnerships with world-renowned names like PPG for vehicle refinishing, Clariant for tinting systems, Fosroc for construction chemicals, and Becker Group for coil coatings. These advancements have spurred similar initiatives from other paint and coating companies, fostering a collaborative ecosystem where knowledge sharing thrives.

The Bangladesh paint industry is undeniably strong, but we also face some challenges. One is the perception of paint as a non-essential item, which may limit consumption. We're working to educate consumers that paint protects valuable assets, ultimately saving them money in the long run. Additionally, the 5% supplementary duty (SD) on paints increases the product cost, negatively impacting demand. Another challenge is our reliance on imported raw materials like titanium dioxide and monomers. This exposes us to fluctuations in the USD exchange rate and potential delays in shipments.

To unlock the full potential of Bangladesh's paint industry, a three-pronged approach is crucial. First, continuous innovation is key. Companies must develop new products and technologies that cater to evolving market needs and environmental concerns. Second, a reliable supply chain is essential. Streamlining processes and potentially seeking government support can help minimize shipment delays for raw materials. Finally, educating stakeholders is vital. Bangladesh's per capita paint consumption is significantly lower compared to regional and global averages. Studies suggest that neglecting paint application costs a country 1%-1.5% of its GDP annually.