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Impact of Covid19 on the Indian Paint Industry - Creative Paints
Impact of Covid19 on the Indian Paint Industry
COVID-19 has been very disruptive for many businesses across the globe. Especially for the paint and coating industry. The Indian painting industry has seen decreasing demand for raw materials as well as paints in these two years in an unprecedented manner. Though manufacturing of the paint production units has started now in a stable manner, the rise and fall in the number of cases and the falling demand are still making some of the paint manufacturers quite anxious.
Strict lockdowns have majorly affected the paint and coatings industry and all their activities. On March 25, 2020, when India has only around 500 cases, the country went into its first lockdown that was considered to be one of the strictest lockdowns in the world. The lockdown in the country was extended four times with some gradual relaxation. Apart from all the essential services, all other commercial and industrial activities and services were not permitted to operate during this period. One of the most affected industries was the paint manufacturing industry.
All thepaint manufacturers in Indiahad to stop manufacturing their products for more than 30 days. After which the partial manufacturing began at some of the production units, that too in phases. However, there are many states in the country that are still working with half of the capacity which has severely affected the production of the products and also the life of the workers. However, now the Indian paint manufacturing industry is expected to grab the attention of new investors from India as well as other foreign countries.
With the second wave of covid19 still affecting some parts of the country and the uncertainty of the third wave, the situation still seems a bit complicated, the paint industry essentially has a potential for growth as seems because of the long-held demand, safe painting solutions, and the development of rural markets with an increase in the demand of similar non-premium products like putty and distempers and other related products that see a steady shift from unorganized and organized players caused by improved consumer awareness.
The life-threatening effects of COVID-19 have majorly affected the professional work and personal life of people. If we talk globally, almost every industry in the world is dealing with the after-effects of this pandemic. With an intention to reduce the risks and dangers caused by covid19 government of all the countries is advising people to take precautions and is also issuing guidelines to keep their citizens safe.
How COVID-19 Impacted Paint and Coatings Industry
Out of all the other industries, one of the major industries that have hit the rock bottom has to be the paint industry. Most of the Industrial painting companies have seen the closures and suspensions of their current projects and they blame everything on the strict lockdown measures taken out by the government. The closing of all the other supporting sectors has severely affected the paint manufacturing industry in India. Apart from this, another major impact of the COVID-19 has been increased from the disruption of the supply chain. The industry has seen a massive drop in demand as well as investment. The lack of availability of raw materials in other parts of the country and the world has made the paint manufacturing industry suffers even more. Now, when the situation seems to be a little better and the government has allowed some relaxation in restrictions, the paint manufacturers are looking forward with a positive ray of hope.
Current Initiatives to Stabilize the Industry
A lot of regions in the country have entered into a recovery phase as governments have started the relaxation of the restrictions, to resume the industrial and all the other projects. Along with various businesses, paint and coating manufacturers are also looking out for different opportunities and projects from multiple sources.
Digitization as a New and Improved Way to Conduct Business
The paints and coatings industry has seen a different digital transformation with improved and innovative ways of conducting business. Paint Manufacturers can now carry on their operational presentations, manage their customers and satisfaction, and enhance the growth when it comes to revenue. Due to the coronavirus outbreak, many of the companies are now using a number of digital tools to introduce an improved way to utilize newer technologies offered in the market.
How Companies are Combatting the After Effects of COVID-19
While some regions are still hanging over, there are recovering regions that have to begin manufacturing again. The major market players are looking forward to investing in new projects and are focused on stabilizing in terms of revenue generation. There are also some other companies that have implemented other different designing processes that include automated production technology to increase production and reduce energy consumption.
Paint manufacturers from paint industries in India 2022 are also helping their employees in this time of difficulty by raising funds. There are other paint companies as well who are regularly contributing the funds in India that help thousands of laborers and employees in the paint manufacturing industry.
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