Invest in paint coating industry

Chinese company keen to invest in paint, coating industry

A Chinese Company specialized in manufacturing world class paint for buildings, furniture and automobile has shown keen interest to invest through local partnership in the paint and coating industry in Pakistan.

“We are an international chemicals supplier and our company intends to explore business and investment opportunities in paint and coating industry in Pakistan as the country has become an important investment destination for the Chinese businessmen and entrepreneurs after launch of multi-billion China-Pakistan Economic Corridor (CPEC) framework,” Li Xing Xinong, founder of Hunan Banfert New Materials Technology told APP.

Hunan Banfert is an international chemical materials supplier, such as ultraviolet curable coatings, quick setting inks, waterborne industrial paints, industrial anti-corrosion coatings and special resins.

Li who established his company in 2007 in the north of Hunan province of China after finishing his study from Hunan Chemical Vocational Technology College said, first, he would like to visit Pakistan to assess the market potential and then decide to set up a plant in Pakistan.

He said presently his company was exporting its high-quality products to the USA and some European countries. Expressing confidence into the current economic situation in Pakistan, he said that Pakistan’s economy was now gearing up under the new government and there were more business and investment opportunities for the Chinese companies.

According to market estimates, the paint and coat industry is one of the most heavily demanded industries in Pakistan. The present size of the decorative paints, surface coatings and special chemicals market in Pakistan is assessed to be approximately between Rs.33 -38 billion. This market size is growing by 5-10 percent annually, depending on expansion in the economy and investment in industry.

Demand in Asian continues especially in Pakistan to rise faster than elsewhere in the world, and the region now accounts for 50–55% of global consumption on a volume basis. In recent years after the launch of the CPEC project, there has been impressive growth in construction in Pakistan, which has given opportunities to all players in the paint and coatings industry.

Commercial and residential building construction, which utilizes decorative paints, has seen growth. With the steady progress in the country’s economy coupled with rising construction activities after CPEC project, demand for paints and coatings has been picking up. This has enabled the companies to expand their product ranges to cater to the rising demand for paints and coatings. Pakistan’s unique geostrategic location enables it to capture Central Asia and Middle Eastern paint and coat markets.