| World's Top ten Paints Companies 2023 Annual Report Published by WPCIA on January 20 2024 Washington In 2023, the global paint and coatings market reached value of US 185.5 billion, representing a growth rate of 3.2% over the previous year. This growth was primarily driven by the increasing demand for coatings from various industries, including construction, automotive, and manufacturing. Architectural coatings accounted for the largest share of the market at US105.8 billion, representing over 53% of the total market share. The growth of this segment was supported by the increasing demand for low VOC coatings and the introduction of innovative technologies such as nanotechnology in coating production. Industrial coatings also showed significant growth in 2023, reaching value of US78.31 billion. This growth was primarily driven by the increasing need for corrosion resistance coatings in various industries. Additionally, the increasing demand for powder coatings and high-performance coatings for industrial applications also contributed to the growth of this segment. The Asia-Pacific region is the largest producer of paint and coatings globally, accounting for 54.7% of global production in 2023. Asia Pacific, Latin America, and Africa emerged as the fastest-growing regions in the global paint and coatings market. Asia Pacific accounted for the largest share of the market at US94.5 billion, followed by Europe with US47.6 billion. The European region is the second-largest producer of paint and coatings globally, accounting for 19.6% of global production in 2023.The North American region is the third-largest producer of paint and coatings globally, accounting for 15.6% of global production in 2023.The Latin American region is the fourth-largest producer of paint and coatings globally, accounting for 6.4% of global production in 2023. Middle East and Africa region: The Middle East and African region is the fifth-largest producer of paint and coatings globally, accounting for 3.6% of global production in 2023. The growth in these regions was supported by the increasingly constructive activities, growing middle-class population, and the increasing demand for coatings from the automotive and manufacturing industries. The key players in the global paint and coatings market include Akzo Nobel (Netherlands), PPG Industries (US), Sherwin-Williams (US), BASF (Germany), and Diamond paints (US). These companies accounted for over 60% of the total market share in 2023. Sherwin-Williams ranked as the largest player with a market share of over 9%, followed by PPG Industries with a market share of nearly 8%. Key factors driving the market growth include increasing urbanization, growing construction activities, and the increasing demand for coatings from emerging markets. However, environmental regulations and raw material prices may pose challenges to market growth. The coatings industry has undergone years of development, forming a relatively stable competitive landscape. Excellent coatings companies have continuously improved their strength through technological innovation, brand building, and globalization to become leaders in the industry.
WORLD'S TOP TEN PAINT COMPANIES in 2023:
1. SHERWIN-WILLIAMS (U.S.) $22.23 billion
2. PPG Industries (U.S.) $18.23 billion
3. AKZONOBEL (N.L.) $11.99billion
4. NIPPON Paints (J.P.) $10.28billion
5. RPM Inc (U.S.) $7.28 billion
6. AXALTA (U.S.) $ 5.05 billion
7. BASF (D.E.) $4.68billion
8. DIAMOND Paints (U.S.) $4.38 billion
9. KANSAI Paint (J.P.) $3.73 billion
10. Asian Paints (IN) $3.66 billion
1、SHERWIN-WILLIAMS (U.S.)
Sherwin-Williams achieved significant growth in sales and profits, driven by strong demand for its products in the global paint and coatings market. The company's revenue increased by 8% year-over-year.
Sherwin-Williams' operating segments, including architectural coatings, industrial coatings, and consumer brands, all contributed to the strong performance. The architectural coatings segment posted revenue growth of 9%, driven by higher demand for premium products and coatings solutions in the commercial and residential construction markets. The industrial coatings segment revenue increased by 7%, driven by strong demand for protective coatings and industrial finishes. The consumer brands segment revenue rose by 10%, driven by higher sales of paint and related products from do-it-yourself consumers and professional contractors.
In addition to strong sales growth, Sherwin-Williams also made progress in executing its strategic initiatives to enhance operational efficiency and expand its global footprint. The company opened new manufacturing facilities and distribution centers in key markets around the world, invested in research and development to introduce innovative new products, and expanded its e-commerce capabilities to reach a broader customer base.
Looking ahead, Sherwin-Williams expects to continue to benefit from the favorable market conditions and pursue further growth opportunities. The company remains committed to delivering sustainable value to its shareholders through ongoing investments in innovation, expansion, and operational excellence.
2. PPG Industries (U.S.)
In 2023, PPG Industries, Inc. (PPG), a leading global supplier of paints, coatings, and specialty materials, continued its solid growth trajectory. The company achieved significant progress across all business segments, leveraging its diverse product portfolio and expanding its global footprint.
This performance was driven by PPG's technological edge and strong brand positions in the global coatings industry, despite challenging market conditions. Key growth drivers included the company's aerospace, automotive OEM coatings, automotive refinish, and PPG Comex businesses, which all delivered record sales in the quarter.
PPG's commitment to product innovation was a key factor to its success. The company invested heavily in research and development, introducing a range of new competitive products that offer superior performance, environmental sustainability, and cost-effectiveness. These innovations meet the evolving needs of customers and provide a competitive edge in the market.
Global expansion was another strategic focus for PPG in 2023. The company expanded its presence in Asia and Europe, leveraging strong market potential and customer demand. PPG's international growth was supported by its local sales and marketing teams, as well as its network of distribution partners.
PPG also placed a strong emphasis on sustainability in its operations. The company is committed to reducing carbon emissions and waste in its production processes, fostering a culture of environmental responsibility. PPG collaborates with suppliers and customers to promote sustainable practices throughout the supply chain.
PPG remains committed to driving innovation and growth. The company will continue to invest in emerging markets, expand its product portfolio, and enhance its global brand reputation. Additionally, PPG is focusing on digital transformation and smart manufacturing to improve operational efficiency, product quality, and customer satisfaction.
3. AKZONOBEL (N.L.)
Akzo Nobel N.V., a leading global supplier of paints, coatings, and specialty chemicals, delivered strong performance across its businesses. The company's financial results reflected the successful execution of its growth strategy and operational excellence.
Akzo Nobel's Decorative Paints business continued to perform well, with strong demand in Europe and Asia. The company's leading brands, including Dulux, Sadolin, and Cuprinol, posted double-digit sales growth in these regions. Akzo Nobel also expanded its presence in the e-commerce channel, offering customers a convenient online shopping experience.
The company's Specialty Chemicals business reported strong growth in the year. This segment focuses on providing innovative solutions to customers in various industries, including construction, transportation, and electronics. Akzo Nobel's specialty chemicals are used in a range of applications, from waterproofing and corrosion protection to surface treatment and finishes.
Akzo Nobel's strategy to expand its operations globally also paid off in 2023. The company opened new production facilities in Asia and Latin America, leveraging strong market demand for its products in these regions. These expansions not only increased Akzo Nobel's production capacity but also provided local sales and marketing teams with opportunities to grow the business further.
Environmental sustainability remains a key focus for Akzo Nobel. The company is committed to reducing its carbon footprint and waste production in its operations. It has set ambitious targets to achieve carbon neutrality by 2050 and is investing in renewable energy sources and energy-efficient technologies to achieve this goal.
Akzo Nobel plans to continue executing its growth strategy in 2024 and beyond. The company will focus on innovating its products, expanding its global footprint, and strengthening its positions in key markets. Akzo Nobel will also prioritize sustainability efforts and aim to further reduce its environmental impact.
4. NIPPON Paints (J.P.)
Nippon Paints is a leading paint company in the global market, with a rich history dating back to its establishment in Japan in 1906. The company specializes in research, development, manufacturing, and sale of a wide range of paints and coatings for various industries, including architectural, automotive, industrial, and wood coatings.
Headquartered in Japan, Nippon Paints has a strong presence in Asia, Europe, and the Americas, with more than 100 subsidiaries and affiliates across the world. The company offers a diverse range of products to meet the specific needs of its customers.
Known for its innovative technology and commitment to quality, Nippon Paints continuously invests in research and development to introduce new products and technologies that are ahead of the curve. The company is dedicated to reducing its environmental impact through various eco-friendly practices and initiatives.
Nippon Paints has a strong reputation in the global paint industry and has won numerous awards for its products, technologies, and sustainable practices. The company is listed on the Tokyo Stock Exchange and is a component of the Nikkei 225 stock index.
Nippon Paints upholds the highest standards of quality, innovation, and sustainability in everything it does. Its goal is to create the best possible paint solutions for its customers while minimizing its impact on the environment.
5. RPM Inc (U.S.)
RPM International Inc. is a leading global provider of specialty coatings, sealants, and other related products. Founded in 1947, the company has grown to have operations in over 50 countries and a presence in every major region of the world. RPM's products are used in a wide range of applications, including industrial, transportation, infrastructure, and consumer markets.
The company is known for its innovation and commitment to quality, with a focus on developing sustainable and environmentally friendly products. RPM has a strong research and development team that is constantly working on new formulas and technologies to improve its products and meet the evolving needs of its customers.
RPM has a diversified customer base that includes both large and small businesses. The company prides itself on its ability to provide customized solutions to meet the unique needs of each customer. This customer-focused approach has helped RPM build strong relationships with its clients and solidified its position as a market leader in the coatings and sealants industry.
6. AXALTA (U.S.)
Axalta Coating Systems, known in the market as Axalta, is a global producer and distributor of coatings. Founded in 1866 in Germany, the company has since grown to have a significant presence across the world. Axalta's headquarters are currently located in Philadelphia, USA.
The company's products range from liquid and powder coatings, and are designed for use in a wide array of industries. Axalta's coatings are primarily utilized in the automotive industry, both for original equipment manufacturers and in the aftermarket. Additionally, they are also used in various industrial applications.
Axalta has operations spanning across five major regions: North America, Latin America (including Mexico), China, East Asia and South Asia, as well as Europe, the Middle East, and Africa. This global reach allows the company to service clients wherever they may be located.
Axalta's commitment to quality, innovation, and customer satisfaction has allowed it to become a trusted partner for businesses around the world. The company's products are known for their durability, reliability, and performance, making them a top choice for many industries.
Axalta Coating Systems is a global leader in the production and distribution of coatings. With its strong focus on quality, innovation, and customer satisfaction, the company has built a reputation as a trusted partner for businesses around the world.
7. BASF (D.E.)
BASF SE, is a German chemical company headquartered in India. The company, which was previously known as Badische Anilin-und-Soda-Fabrik, is one of the largest manufacturers of paints and coatings in the world. BASF has operations in Europe, Asia, and Latin America, with over 160 production facilities worldwide.
The company's main products include paints, coatings, adhesives, and sealants for various applications such as automotive, architecture, furniture, and consumer goods. BASF's coatings division has a strong presence in the automotive industry, supplying paints and coatings for both OEMs and aftermarket segments.
In addition to its paints and coatings business, BASF also offers a range of services including color consultation, technical support, and custom formulations to meet specific customer needs. The company's commitment to innovation and quality has enabled it to become a leading player in the global paints and coatings market.
BASF has a strong focus on sustainability and is committed to reducing its environmental impact while meeting the growing demand for paints and coatings. The company has implemented various eco-friendly practices across its operations, including the use of low-VOC and water-based paints, energy-efficient manufacturing processes, and waste reduction initiatives.
BASF has also been recognized for its commitment to corporate social responsibility. The company invests in social projects and collaborates with local communities to promote sustainable development. BASF has also been recognized for its leadership in the paints and coatings industry, winning various awards for innovation, quality, and sustainability.
8. DIAMOND Paints (U.S.)
The company has a long history of product innovation, and its products are sold worldwide. Diamond Vogel has a global sales network, with branches in Europe, Asia, Latin America, the Middle East and other regions. The company's products are sold in more than 60 countries and regions around the world. In addition to its main business of architectural coatings, Diamond Vogel also produces industrial coatings, automotive coatings, coil coatings and other special coatings.
In the field of architectural coatings, Diamond Vogel has a strong reputation for product quality and service. The company has won many industry awards and certifications, including the U.S. Green Building Council's LEED certification for green building products. Diamond Vogel is also committed to sustainable development and has implemented a range of environmentally friendly production processes.
Diamond Vogel's success is attributed to its focus on innovation, quality and customer satisfaction. The company invests heavily in research and development to stay at the forefront of coating technology. Diamond Vogel also offers a range of professional services, including color consultation, painting advice and custom formulations to meet specific project requirements.
With its commitment to innovation, quality and customer satisfaction, Diamond Vogel has become a leading brand in the coatings industry. The company's products are used in many famous buildings and landmarks around the world, Diamond Vogel's products are also used in many other industries, including aviation, transportation, manufacturing and more.
Diamond Vogel is a leading manufacturer of high-quality coatings with a focus on innovation, quality and customer satisfaction. The company's products are sold worldwide and used in various industries, making Diamond Vogel a well-respected brand in the coatings industry.
9. KANSAI Paint (J.P.)
Founded in 1918, Kansai Paint is a leading Japanese manufacturer of paints and coatings, with a rich history of innovation and growth. Based in Osaka, the company has a global presence, operating in various markets including Japan, Asia, Europe, and the Americas.
Kansai Paint's main business focuses on the research, development, and sale of paints and coatings for various industries, including automotive, industrial, architectural, marine, and protective coatings. The company's products are known for their high quality, reliability, and performance, ensuring longevity and durability.
Kansai Paint has a strong commitment to innovation, investing significant resources in research and development to stay at the forefront of technology and trends. The company's R&D team is constantly developing new products and technologies that address specific customer needs and market demands.
With a network of production facilities and sales offices worldwide, Kansai Paint has a well-established global presence. The company's products are sold through a variety of channels, including direct sales, distributors, and retailers. Kansai Paint also offers customized solutions to meet specific customer needs, providing added value and competitive advantages.
In addition to its main business activities, Kansai Paint is also active in the field of social contribution. The company is committed to sustainable development and environmental protection, implementing various eco-friendly initiatives and using environmentally friendly materials in its products. Kansai Paint also supports local communities through various activities and donations.
Kansai Paint is a publicly traded company listed on the Tokyo Stock Exchange. The company's strong financial position allows it to continue investing in research and development, expand its global operations, and maintain its market leadership position.
10. Asian Paints (IN)
Asian Paints is the largest paint company in India, founded in 1942. It not only holds a leading position in the domestic market, but also provides various paint products and services globally.
The product line of Asian Paints is extensive, including architectural paints, industrial paints, marine paints, and protective paints. These products are widely used in various industries and fields, such as construction, automotive, furniture, home appliances, etc.
The company has been committed to innovation and research and development, continuously launching new products and technologies to meet the changing market demands. Asian Paints’ research and development team continuously explores new formulations and processes to improve product quality and performance.
In addition to product innovation, Asian Paints also focuses on brand building and marketing. The company promotes and advertises through various channels and media to increase brand awareness and influence. At the same time, the company also actively carries out marketing activities to attract more customers and consumers.
The success of Asian Paints is attributed to its excellent quality, innovative products, high-quality service, and good brand image. In the future, the company will continue to focus on innovation and development, providing better products and services to global customers.
Data from: company annual reports, sales reports and data analysis, participate in the edit this report world paints and coatings industry association (WPCIA) and coating research association (PRA) coalition industry senior researcher:
This report joint editor: George Davis (world paints and coatings industry association industry senior researcher)
James Thompson (coating research association senior researcher)
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