Rainbow Paints introduces first locally-made spray paint

Rainbow Paints, a concern of RFL Group, has introduced the country's first locally produced spray paint to the market.

RN Paul, managing director (MD) of RFL Group, unveiled the product named "Spray Paint" at a programme held at RFL office in the capital's Badda area on Saturday.

The 400 ml spray cans are now available across the country at a maximum retail price of Tk150 through Rainbow showrooms and authorised dealers.

RN Paul told The Business Standard that the spray paint market in the country is Tk600 crore annually, which is entirely dependent on imports. But now Rainbow Paints will be able to gain a 20% share of that market.

Addressing the launching ceremony, RN Paul said, "RFL Group always gives importance to quality and demand of consumers while manufacturing products. We have received good responses from the customers within a short period of time for manufacturing products at international standards." 

"We hope our brand will be established as a leading paint brand in Bangladesh very soon," he said, adding that the company has plans to export this product after meeting domestic demand.

Kamrul Hasan, executive director of Rainbow Paints, said, "Rainbow Spray Paint is acrylic-based paint, which can be used on many surfaces including metal, wood, glass, ceramics and plaster. The paint dries quickly and is easy to use."

"Now that we are manufacturing it locally, customers will get quality products at affordable prices," he added.

A variety of paints are available in Rainbow's product line including decorative, floor coating, marine, car, powder coating, industrial and wood coating. Customers can purchase Rainbow Paints across the country through 280 outlets and authorized dealers across the country.

"Our total investment in the paint sector is Tk200 crore, of whichTk20 crore is in spray paints. Another Tk 10 crore will be invested here in a few months, said RFL Group Managing Director RN Paul, adding that the market of all types of colours in the country is Tk3,600 crore per year, 15% to 20% of that market share belongs to Rainbow Paints.

According to 2019 data from the Bangladesh Paints Manufacturers Association (BPMA), the country's paint market is expanding by 10-12% annually. 

Six multinational companies - Berger Paints, Asian Paints, Nippon Paint, Jotun Paint, AkzoNobel – a joint collaboration with ACI, and Kansai Nerolac Paints Bangladesh Ltd in joint collaboration with RAK Paints have acquired 82% of market shares while the rest of the companies, including eight major local players, are competing for the remaining 18% of the market.