The paints and coatings industry has consistently registered an annual growth rate of 6% owing to significant industrialisation, urbanisation, and economic development in Bangladesh. Synonymous with the beautification of structures, it also plays a crucial role in increasing longevity as well as protecting important infrastructure. As reported by Statista, a leading statistics portal based in Germany, the global market size of the paints and coatings industry was estimated to be USD 160 billion in 2021, and it is forecasted to reach USD 235 billion by 2029.
Generating a yearly revenue of around BDT 7 billion for Bangladesh, the sector currently employs over 100,000 individuals. The industry is largely dominated by multinational companies, with the lion’s share of the USD 471 million market size in Bangladesh, as per a global information source named Coatings World. An increase in per capita income coupled with rising consumption patterns in both urban and rural areas has given this sector a thrust to build on its already promising growth.
Increasing prices of raw materials in international markets and the depreciation of local currency have recently impeded the industry’s upward trajectory to a large extent. Despite the global economic turbulence, the industry can experience a sharp increase in the coming years through infrastructural development and the growing automotive and construction sectors. Certainly, economic recovery can help the industry rebound to its previous levels of growth and grow in stature in the future.
Md. Shah Jalal
Editor
IDLC Monthly Business Review
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