| World's Top ten Paints Companies 2024 Annual Report Published by WPCIA on January 20 2025 Washington The global paints and coatings market has witnessed significant growth in recent years, driven by increasing demand from various sectors such as construction, automotive, furniture, and marine. In 2024, the global paints and coatings market reached a sales value of USD 188.8 billion. This growth is attributed to the expanding urbanization, development in the real estate sector, and the rising demand for high-performance coatings in the automotive and industrial equipment manufacturing industries.
North America and China are the primary markets, accounting for over 60% of the global share.Asia-Pacific, particularly China, is a significant growth driver due to rapid economic expansion and infrastructure development, The country has the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the market studied.. Among the Asia-Pacific nations, India stands out with its expansive construction sector, poised to emerge as the world's third-largest construction market. India's affordable housing availability will surge by approximately 70% by 2025. The United States dominates North America's construction landscape. While Canada and Mexico also make significant contributions, especially in residential construction, it's the U.S. that stands out with its vast construction sector. In the 2024, 6.60% increased from during the same period in 2023.Due to all the above-mentioned factors, the market for paints and coatings is expected to witness significant growth.
Europe remains a strong market with a steady demand for high-quality and eco-friendly coatings.Latin America, Middle East, and Africa are emerging markets with growing potential, driven by urbanization and industrialization.
The global paints and coatings market is highly competitive, with major players including: PPG Industries, AkzoNobel, Sherwin-Williams, BASF, DIAMOND Paints, Nippon Paint Holdings. These companies have a significant market presence and are continuously investing in research and development to innovate and expand their product portfolios.
The global paints and coatings market in 2025 presents a mix of opportunities and challenges. With increasing demand from various sectors and a focus on eco-friendly products, the market has significant growth potential. However, manufacturers must navigate the complexities of fluctuating raw material prices, environmental regulations, and intense competition to succeed in this dynamic industry.
WORLD'S TOP TEN PAINT COMPANIES in 2024:
1. SHERWIN-WILLIAMS (U.S.) $23.3 billion
2. PPG Industries (U.S.) $18.25 billion
3. AKZONOBEL (N.L.) $11.99billion
4. NIPPON Paints (J.P.) $10.81billion
5. RPM Inc (U.S.) $8.07 billion
6. AXALTA (U.S.) $ 5.27 billion
7. BASF (D.E.) $4.78billion
8. DIAMOND Paints (U.S.) $4.51 billion
9. KANSAI Paint (J.P.) $3.98 billion
10. Asian Paints (IN) $3.62 billion
1、SHERWIN-WILLIAMS (U.S.)
Founded in 1866, Sherwin-Williams (NYSE: SHW) is one of the world's oldest and leading paint and coatings companies. Headquartered in Cleveland, Ohio, USA, the company operates in over 120 countries and regions globally, employing more than 64,000 people and operating more than 5,000 self-owned stores. Known for its comprehensive range of coating products, Sherwin-Williams serves various industries including industrial wood, general industry, packaging, coil & extrusions, automotive, heavy-duty & marine coatings, among others. The company's products have been used on iconic structures such as the White House, the Pentagon, the Golden Gate Bridge, and many more.
For the year ending December 2024, Sherwin-Williams consolidated sales to be approximately$23.3 billion. This figure represents a slight growth compared to the previous year, driven by the robust performance of its Paint Stores Group (PSG) and High-Performance Coatings Group (PCG), partially offset by a decline in the Consumer Brands Group (CBG) due to softer DIY demand in North America.
2. PPG Industries (U.S.)
PPG Industries, headquartered in Pittsburgh, is a global leader in the production of paints, coatings, and specialty materials. With a history spanning over 140 years, PPG serves customers in construction, consumer products, industrial, and transportation markets, as well as aftermarkets. Operating and innovating in more than 70 countries. Committed to developing and delivering trusted products, PPG collaborates closely with customers to solve their biggest challenges through dedication and creativity. reflecting a slight decline from the previous year due to unfavorable foreign currency translations and business divestitures, particularly in the first and second quarters. However, organic sales remain flat year-over-year.
PPG expects to maintain its momentum in 2025. The company anticipates continued growth in its core business segments, particularly in Mexico, China, and other emerging markets. PPG will continue to focus on cost management, productivity improvements, and innovation to drive profitability and shareholder value.
In conclusion, PPG Industries had a solid performance in 2024, despite facing challenges in the global economy. The company's diversified portfolio, strong balance sheet, and commitment to innovation position it well for future growth and success.
3. AKZONOBEL (N.L.)
AkzoNobel is a leading global paints and coatings company known for its innovative products and sustainable practices. With a strong presence in multiple markets, AkzoNobel provides a wide range of coatings solutions for various industries, including automotive, architectural, marine, and industrial applications. The company is committed to delivering growth in mixed markets while expanding its gross margin and enhancing operational efficiency. AkzoNobel has continued to expand its market presence and innovate its product offerings. For instance, the launch of InterponA3000, a new powder coating for two-wheelers, is expected to enhance cost and energy savings for motorcycle manufacturers, particularly in the key Indian market.
AkzoNobel has demonstrated resilience and growth throughout the year, despite facing various challenges. With its innovative product offerings, commitment to sustainability, and ongoing cost efficiency measures, the company is well-positioned to continue delivering value to its stakeholders in the future.
4. NIPPON Paints (J.P.)
Nippon Paints, established in 1883, is a leading paint and coatings manufacturer headquartered in Japan. With a strong commitment to developing green products and emphasizing high technology and quality, Nippon Paints continuously pushes forward in scientific research and development to meet consumer demands. The company operates under the brand promise of "Nippon Paints, Refreshing Your Life," practicing a "consumer experience-focused" model. Nippon Paints offers a range of products across architectural, automotive, general industrial, coil, and powder coatings, serving clients such as Honda Guangzhou, Toyota Tianjin, key Olympic venues, and the new CCTV headquarters.
Nippon Paints continues to expand its market presence, particularly in China, where it has established over 70 production bases and employs over 10,000 people. The company is focusing on innovation, quality, and sustainability, aiming to enhance consumer experiences and drive shareholder value through a combination of organic growth and strategic acquisitions.
Nippon Paints remains optimistic about its growth prospects, supported by a recovering global economy, ongoing urbanization in emerging markets, and its strong product portfolio. The company plans to continue investing in R&D, expanding its global footprint, and enhancing its digital capabilities to stay ahead of market trends and meet evolving consumer needs.
5. RPM Inc (U.S.)
RPM International Inc., founded in 1947, is a leading manufacturer, marketer, and distributor of a broad range of specialty chemical products. Through its subsidiaries, RPM produces high-quality professional paints, protective coatings, roofing systems, sealants, and adhesives, focusing on maintaining and improving demand in both industrial and consumer markets. RPM operates through four segments: Construction Products Group (CPG), Performance Coatings Group (PCG), Consumer Group, and Specialty Products Group (SPG).
Entering the 2025 , RPM remains focused on controlling factors within its control amidst a mixed economic environment. The company aims to continue improving structural profitability and operating cash flow, leveraging the benefits of the MAP 2025 plan. RPM is well-positioned to capitalize on growth opportunities and navigate challenges in the terminal markets.
6. AXALTA (U.S.)
Axalta, a leading global manufacturer of high-performance coatings, boasts a heritage spanning over 150 years in the coatings industry. With 43 manufacturing facilities, 4 technology centers, 49 customer training centers, and approximately 12,000 team members worldwide, Axalta serves customers in more than 140 countries. Dedicated to innovation and excellence, Axalta provides a wide range of coating solutions for various industries, including automotive refinish, industrial, and light and commercial vehicle coatings. Axalta announced a transformation plan in February 2024 aimed at simplifying its organizational structure, enhancing agility, better serving customers, reducing the cost base, and improving financial performance and cash flow generation. Axalta remains confident in its long-term strategy and market positioning, particularly with the completion of the global transformation plan and the acquisition of The CoverFlexx Group, which are expected to further enhance the company's competitive position and profitability.
7. BASF (D.E.)
BASF Company, a leading player in the global coatings industry, is dedicated to delivering innovative and sustainable coating solutions. With a strong presence across various markets, our portfolio encompasses a wide range of coatings for automotive, industrial, architectural, and specialty applications. Driven by a commitment to excellence in research and development, we continuously strive to meet the evolving needs of our customers while maintaining a focus on environmental responsibility. Continued focus on high-growth markets, particularly in Asia, with China as a key driver. Despite challenges, remains a crucial market with ongoing investments and expansions.
BASF Company remains cautiously optimistic about the global economic environment, with a continued focus on sustainability, innovation, and customer-centric solutions. We anticipate further growth opportunities in high-demand markets and plan to expand our product portfolio to meet emerging needs. Our strategy includes ongoing investments in R&D, digitalization, and expansion in growth markets to solidify our position as a leader in the coatings industry.
8. DIAMOND Paints (U.S.)
Diamond Paints, established in 1926, is a leading global paint and coatings manufacturer headquartered in Orange City, Iowa, USA. Diamond Paints boasts multiple manufacturing facilities across the United States and Latin America, serving the North and South American markets with a robust supply chain and localized production capabilities. The company has established strategic manufacturing hubs in key Asian markets, enabling it to serve the rapidly growing demand in the region while leveraging cost-effective production environments.
Diamond Vogel remains at the forefront of product innovation, The company's commitment to sustainability is evident in its range of zero-VOC and low-emission coatings, aligning with global trends towards greener building practices.
9. KANSAI Paint (J.P.)
Kansai Paint Co., Ltd., established in 1918, is a leading paint and coatings manufacturer in Japan and one of the prominent players globally. The company specializes in a wide range of coatings including decorative, protective, automotive refinish, industrial, marine, and new business fields. With a strong commitment to sustainability and innovation, Kansai Paint continues to evolve its color solutions and enhance global cooperation among its development teams.
In 2024, Kansai Paint has once again demonstrated its strength in the global market. The company has been included in the FTSE Blossom Japan Sector Relative Index, recognizing its commitment to sustainability and environmental performance. Additionally, Kansai Paint's GLOBAL TREND COLOURS has continued to evolve, contributing to customer creativity through innovative color solutions.
10. Asian Paints (IN)
Asian Paints is a leading paint manufacturing company in India and has a significant presence in other Asian markets. Known for its high-quality paints and coatings, the company caters to both residential and commercial customers. With a strong focus on innovation and sustainability, Asian Paints continues to expand its product portfolio and geographical reach. Asian Paints continues to hold a significant market share in the Indian paint industry, estimated at around36%in 2025. The company has also been expanding its presence in other Asian countries, contributing to its overall growth.
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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