2020 Global Top 10

Top Paint and Coatings Companies

The following is PCI’s annual ranking of the top 10 global paint and coatings manufacturers. The ranking is based on 2020 coatings sales. Sales of other non-coating products are not included. 2020 was a challenging year for the global economy, and coatings companies were not immune from the impact of the COVID-19 pandemic. Sales numbers for 2020 paint a mixed picture, with some companies maintaining sales or increasing sales, while others reporting a drop in sales. Overall, the architectural coatings segment did the best during the challenges of 2020, as consumers stayed home and worked on home improvement projects. Read more about changes in the industry during 2020 in my Guest Viewpoint. If you have any questions, or feel your company should be included in this ranking, please e-mail me at parkerpcimag@gmail.com.

Founded by Henry Sherwin and Edward Williams in 1866, The Sherwin-Williams Co. provides coatings and related products to professional, industrial, commercial and retail customers in paint stores in the United States, Canada and the Caribbean. Sherwin-Williams is organized into three segments: The Americas Group, the Consumer Brands Group and the Performance Coatings Group.

The Americas Group operates the Sherwin-Williams branded coatings and supplies in the United States, Canada, the Caribbean and Latin America. Products sold through this group include paint, stains, aerosols, caulks, varnishes, protective and marine coatings, applicators, and spray equipment in the United States, Canada, the Caribbean and Latin America; wall and floor coverings in the United States, Canada and the Caribbean; and OEM product finishes in Latin America. Brands include Sherwin-Williams^®, Cashmere^®, Colorgin^®, Duration^®, Emerald^®, Harmony^®, Kem Tone^®, Loxon^®, Metalatex^®, Novacor^®, Paint Shield^®, ProClassic^®, ProIndustrial™, ProMar^®, SuperDeck^®, SuperPaint^® and Woodscapes^®. The Americas Group operates 4,476 Sherwin-Williams paint stores in the United States, Canada and the Caribbean, and 298 in Brazil, Chile, Ecuador, Mexico and Uruguay.

The Consumer Brands Group sells branded and private-label products through retailers in North America, and parts of Europe, Australia, New Zealand and China. Customers include professional painting contractors, DIY painters, industrial maintenance providers and flooring contractors. Products sold in this group include paints, stains, varnishes, wood finishing products, wood preservatives, industrial products, corrosion inhibitors, aerosols, caulks and adhesives, and applicators. Brands include Cabot^®, Duckback^®, Dupli-Color^®, Dutch Boy^®, Geocel^®, HGTV HOME^® by Sherwin-Williams, Huarun^®, Krylon^®, Minwax^®, Pratt & Lambert^®, Purdy^®, Ronseal^®, Solver^®, Thompson’s^® WaterSeal^®, Valspar^®, Wattyl^®, White Lightning^®. The group serves customers in the United States, Canada, Poland, United Kingdom, Poland, Australia and New Zealand through over 10,000 distribution points.

The Performance Coatings Group sells coatings and finishes to customers in the general industrial, industrial wood, protective and marine, coil and extrusion, packaging, and automotive coatings markets. Brands include Sherwin-Williams^®, Acrolon^®, AcromaPro^®, ATX^®, AWX Performance Plus™, DeBeer^®, Dimension^®, Duraspar^®, EcoDex^®, Envirolastic^®, Euronavy®, Excelo®, EzDex®, Fastline®, Firetex®, Fluropon^®, Heat-Flex^®, House of Kolor^®, Huarun^®, Kem Aqua^®, Lazzuril^®, Macropoxy^®, Martin Senour^®, ML Campbell^®, Perma-Clad^®, Planet Color^®, Polane^®, Powdura^®, Sayerlack^®, Sher-Wood^®, Sumaré^®, Ultra™, ValPure^® and Valspar^®. It operates 327 branches serving automotive, general industrial, industrial wood and coil customers in 33 countries throughout North America, Europe, Asia, Australia and South America.

Sherwin-Williams reported total consolidated sales for 2020 of approximately $18.36 billion. It is estimated at approximately 80% of sales, or about $14.69 billion, represents coatings sales, with the remainder being related to products such as floor coverings, application supplies and wallcoverings. The Americas Group reported a 2.1% increase in net sales to $10.38 billion in 2020, which accounts for 57% of total sales for the company in 2020. The Consumer Brands Group saw a 14.1% increase in sales in 2020 to $3.05 billion. This accounts for 16% of 2020 total sales. The Performance Coatings Group reported a 2.5% decrease in net sales in 2020 to of $4.92 billion. Performance Coatings Group sales represent 27% of total sales for 2020.

Notes: In February of this year, Sherwin-Williams Co. announced it had signed a purchase agreement with global coatings company Hempel A/S to divest Wattyl, an Australian and New Zealand manufacturer and seller of architectural and protective paint and coatings with annual revenue of approximately $200 million and 750 employees.

Source: 2020 Annual Report, company website, press releases

PPG’s global coatings businesses includes paints, coatings and specialty materials for the aerospace, architectural, automotive OEM, automotive refinish, industrial, packaging, protective and marine, specialty coatings and materials, and traffic solutions industries. Through leadership in technology, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets protect and beautify surfaces.

Full-year 2020 reported net sales from continuing operations were $13.8 billion. Full-year reported net income from continuing operations was about $1.1 billion. The company’s Performance Coatings segment (aerospace, architectural coatings — Americas and Asia Pacific; architectural coatings — Europe, Middle East and Africa; automotive refinish; and protective and marine coatings businesses) comprised 61% of net sales, and its Industrial Coatings segment (automotive OEM coatings, coatings services, industrial coatings, packaging coatings, and specialty coatings and materials businesses) comprised 39% of net sales.

Notes: PPG announced six acquisitions within 2020. These acquisitions, which will further broaden the company’s geographical footprint and technology reach, include the following companies.

• Tikkurila is a publicly traded paint and coatings company listed and headquartered in Helsinki, Finland. Tikkurila sells decorative paints and painting-related products to wholesalers, retailers and construction supply stores. The acquisition was completed in the second quarter of 2021.

• Ennis-Flint is a global leader in pavement markings and traffic safety solutions. PPG completed this acquisition in December 2020 and formed a new strategic business unit called traffic solutions.

• Wörwag is a global manufacturer of coatings for automotive and industrial applications. The company completed the acquisition in June of 2021.

• VersaFlex is a manufacturer specializing in polyurea, epoxy and polyurethane coatings. The acquisition was completed in February 2021.

• ICR is a manufacturer of automotive and light industrial paints and coatings. The company completed this acquisition in January 2020.

• Alpha Coatings Technologies is a manufacturer of powder coatings for light industrial applications and heat-sensitive substrates. The company completed this acquisition in March 2020.

Throughout 2020, PPG also improved the sustainability of its products, processes and operations, decreased its overall global environmental footprint, and supported the essential needs of communities around the world. Achievements included: 35% of sales from sustainably advantaged products and processes, including the launch of antibacterial and antiviral products, against the goal of 40% by 2025; 35% of manufacturing and research and development locations with zero process waste to landfill; 34% reduction in waste disposal intensity from the 2017 baseline — above the 25% goal by 2025; 33% reduction in the spills and releases rate from the 2017 baseline; 24% reduction in greenhouse gas emissions since 2017; committing $20 million from 2020-2025 to further social justice and educational opportunities in underrepresented communities; investing $4.5 million to support COVID-19 relief efforts, including the donation of 80,000 masks to hospitals; and growing and strengthening the company’s focus on diversity, equity and inclusion (DE&I) by identifying and taking action on a series of commitments.

In addition, as part of its community engagement focus, PPG and the PPG Foundation invested $13 million in 2020 to support hundreds of community organizations across more than 30 countries in 2020. PPG has completed more than 330 COLORFUL COMMUNITIES^® projects since the program’s inception in 2015, impacting more than 6.7 million people in 42 countries.

To learn more about the company’s sustainability progress and 2025 sustainability goals, visit sustainability.ppg.com.

Source: Company contact

With operations in more than 150 countries, AkzoNobel is a leader in the manufacture of paints and coatings. In 2020, revenue in each region of the world was the following: Mature Europe — 37%; Asia-Pacific — 29%; North America — 12%; South America — 8%; Emerging Europe — 10%; and other regions
— 4%. Volumes were 4% lower in 2020 compared to 2019, mainly due to the impact of COVID-19 on demand.

AkzoNobel has two business units: Decorative Paints and Performance Coatings. In 2020, sales in the decorative paints segment were, €3.558 billion compared to €3.670 billion in 2019. Sales in the performance coatings segment were €4.957 billion in 2020, compared to €5.549 billion in 2019. Brands for the Decorative Paints business unit include Coral, Dulux, Flexa, Hammerite, Sadolin and Sikkens. Main business operations within the Performance Coatings business unit include Automotive and Specialty Coatings, Marine and Protective Coatings, and Industrial and Powder Coatings. Brands include Awlgrip, International, Interpon and Sikkens.

Notes: In March of 2020, AkzoNobel announced the acquisition of the remaining 25% stake in AkzoNobel Boya Sanayi ve Ticaret A.S., a leading powder coatings joint venture in Turkey. On April 1, 2020, the company announced it had strengthened its position in Sub Saharan Africa with the acquisition of 100% of the shares of Mauvilac Industries Ltd., a leading paint and coatings company in Mauritius. The transaction included a local production facility, four concept stores and access to a strong distribution network. AkzoNobel announced the acquisition of Stahl Performance Powder Coatings and its range of products for heat-sensitive substrates in September 2020. The deal gives the company accelerated access to unique low-curing technology that will open up new market opportunities. In December of 2020, AkzoNobel announced its acquisition of privately owned New Nautical Coatings, headquartered in Clearwater Beach, Florida, and owner of the Sea Hawk yacht coatings brand. The acquisition increases AkzoNobel’s presence in the North American yacht coatings market. In March 2021, AkzoNobel announced it had completed the acquisition of Titan Paints in Spain, one of the best-known brands in the country. The transaction included three production facilities and seven logistics and service centers for decorative paints.

Source: AkzoNobel 2020 Annual Report, press releases

In operation since 1881, Nippon Paint is one of the world’s major automotive and decorative paint suppliers. The company produces coatings for the automotive and marine markets, as well as for
industrial products. It also makes paints for residential and commercial buildings, and for the DIY market. While most sales come from paint, Nippon also has a small section that sells fine chemicals and surface treatment products. While most of the company’s production facilities are in Asia, it also has facilities in Europe, North America, South America and Oceania.

Sales in 2020 for automotive coatings were approximately $1.16 billion. Decorative paints accounted for approximately $4 .14 billion in sales. Sales of industrial coatings were approximately $650 million, and other paint accounted for approximately $1.4 billion. *Exchange rate $ =￥106.4 (average)

The company has two subsidiaries in the United States under Nippon Paint Group: Nippon Paint Automotive Americas, Inc. (NPAA) — market leader for automotive coatings — and Dunn-Edwards Corp. – manufacturer of architectural and industrial coatings.

Notes: In January 2021, Nippon Paint Holdings Co., Ltd. implemented a global organizational realignment of automotive coatings operations. Under the new operating structure, Nippon Paint Automotive Coatings Co., Ltd. (NPAC) serves as the headquarters of the automotive coatings business worldwide. NPAC has also completed the reorganization of its Americas region and Europe as part of this realignment.

Also in January 2021, Nippon Paint Holdings Co., Ltd. completed the acquisition of joint ventures with the Wuthelam Group in the Asia Region and the Indonesia Business (conversion to subsidiary). In March 2021, the company acquired a 75% stake in Vital Technical Sdn. Bhd., the number-one supplier in Malaysia’s sealants, adhesives and fillers (SAF) market.

Source: Financial results, Annual Report, Integrated Report 2020, press releases

RPM owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services across four segments.

RPM’s Construction Products Group is comprised of businesses that manufacture construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding and concrete forms, flooring systems, and waterproofing solutions. They are used for construction, maintenance and restoration of various industrial, commercial and infrastructure applications. Leading brands include Tremco, Flowcrete, Euclid Chemical, Nudura and Dryvit. The group’s products are sold to distributors, contractors and end users over a large geographic footprint that spans approximately 130 countries and territories. The Construction Products Group generates about 34% of RPM’s net sales.

RPM’s Performance Coatings Group provides construction, maintenance and restoration products, including high-performance flooring solutions, corrosion control and fireproofing coatings, fiberglass-reinforced plastic grating, drainage systems, and infrastructure repair systems for industrial and commercial use. Leading brands include Stonhard, Carboline, Fibergrate and USL. Its products are sold worldwide to contractors and distributors, as well as directly to end users with a unique supply-and-apply model serving manufacturers, public institutions and other commercial customers. The Performance Coatings Group generates approximately 20% of RPM’s total sales.

RPM’s Consumer Group includes businesses that make small-project paints and coatings, primers, caulks and sealants, hobby and craft products, wood stains and finishes, wall and wood repair products, and household cleaners and stain removers that are used by professionals and do-it-yourselfers for home maintenance and improvement. Leading brands include Rust-Oleum, DAP, Zinsser and Varathane. Its products are marketed primarily in North America, with an increasing presence in Europe, Australia, South Africa and South America. Sold through home improvement centers, hardware and paint stores, mass merchants, and craft shops, these brands can be found on nearly every garage or basement shelf throughout the United States and Canada. The Consumer Group generates approximately 35% of RPM’s net sales.

RPM’s Specialty Products Group is comprised of businesses that produce fluorescent pigments, wood stains, finishes and treatments, powder coatings, marine coatings, restoration and cleaning solutions, edible coatings, and other specialty OEM coatings. Leading brands include Day-Glo, Legend Brands, Mohawk and Pettit. Its products are marketed primarily in the United States, with a growing presence throughout Europe. They are sold to contractors and distributors, as well as directly to end users such as manufacturers, public institutions and other commercial customers. The Specialty Products Group generates about 11% of RPM’s total sales.

Parent Company: RPM International Inc.

Notes: Recent transactions include the acquisitions of Ali Industries LLC, a leading manufacturer of sandpaper and other abrasives; Bison Innovative Products, a leading manufacturer of raised flooring systems; and Tuff Coat, the world’s number-one rubberized non-skid coating used for aquatic applications.

Source: Company contact, Annual Report, press releases

BASFs Coatings, a division of BASF SE, develops, produces and markets automotive OEM and refinish coatings, decorative paints, and applied surface treatments for metal, plastic and glass substrates in a wide range of industries. The division employs around 11,400 employees at more than 70 sites. BASF operates a collaborative network of sites in Europe, North America, South America and Asia-Pacific. The company’s site in Münster, Germany, is the headquarters of the Coatings division and reportedly the largest integrated paint-manufacturing site in the world. Part of BASF’s Functional Materials & Solutions segment, BASF Coatings achieved sales of approximately $3.78 billion in 2020.

Parent Company: BASF SE

Notes: In June of 2020, BASF was recognized by General Motors as a 2019 Supplier of the Year winner and received the Overdrive Award for Sustainable Construction and Workspaces. It was the 15^th time that BASF received the GM Supplier of the Year award. In December 2020, the company announced it is now a preferred partner for the sales of related paint products to the BMW global refinish network, and in March 2021, BASF announced that it has secured a multi-year contract with Mercedes-Benz in the Asia-Pacific region that extends its longstanding supplier status with the car company to Australia, Japan, Malaysia, South Korea, Taiwan and Thailand. The agreement, which builds upon its success with Mercedes-Benz in Europe, the Middle East and Africa, includes its Glasurit^® and R-M^® premium automotive refinishing brands, and RODIM^® paint-related products.

Source: Annual Report, press releases, company website

With more than 150 years of experience in the coatings industry, Axalta Coating Systems supplies transportation and performance coatings. With a global reach, the company reported 40% of 2020 sales in North America, 37% in EMEA, 14% in Asia-Pacific and 9% in Latin America. Axalta operates in two business segments: Performance Coatings and Transportation Coatings. In 2020, Performance Coatings accounted for $2,516 million in sales (67.3%). This segment includes refinish coatings and industrial end-market liquid and powder coatings. Brands include Cromax^®, Standox^®, Spies Hecker^® and Syrox™. Axalta’s Transportation Coatings segment recorded sales of $1,221 million (32.7%). In terms of end markets, refinish coatings accounted for $1,449 million of net sales (38.8%), industrial coatings accounted for $1,06 million of sales, or 28.5%. The light vehicle end market saw $960.5 million in sales (25.7% of sales), and commercial vehicles accounted for $260.7 million in sales (7%). The refinish end market focuses on body shops, independent shops, multi-shop operators, light vehicle dealerships, and company-owned stores in EMEA and Central America. The focus of the industrial end market includes general industrial coatings, electrical insulation systems, architectural, transportation, oil and gas, coil, wood, and agricultural, construction and earthmoving (ACE). The light vehicle end market focuses on automotive light vehicle original equipment manufacturers and automotive plastics suppliers. The commercial vehicle end market includes heavy-duty trucks, buses, motorcycles, marine and aviation, trailers, recreational vehicles, and personal sport vehicles.

Notes: In March of this year, Axalta announced a definitive agreement to acquire Anhui Shengran Insulating Materials Co., Ltd., a leading Chinese producer of wire enamels used in a wide range of consumer electronics, electric vehicle and industrial applications. The transaction closed in April of 2021. Also in April, Axalta announced the rebranding of its Transportation Coatings business unit to Axalta Mobility Coatings. The redefined business will focus on supporting the accelerating demand for e-mobility and the evolving coatings needs of established and emerging light and commercial vehicle original equipment manufacturers (OEMs), fleet owners, and shared mobility providers.

Source: Annual Report, press releases

Established in 1918, Kansai Paint Co. Ltd. is one of the largest coatings manufacturers in Japan and Africa. The company also holds leading market positions in China, India and Southeast Asia, and has operations in Europe, the Americas and the Middle East. The company supports customers in a range of markets, including automotive, industrial, building and marine. It employs approximately 16,287 individuals.

Kansai Paint Co. Ltd.’s core business areas are automotive coatings, industrial coatings, decorative coatings, and marine and protective coatings. For the fiscal year ended March 31, 2021, the company reported net income of 364,620 million yen, down 10.4% compared to the fiscal year that ended March 31, 2020. Operating income for the same time period was 31,228 million yen, down 0.9% compared to the prior-year period. In Japan, the company saw net sales decrease 7.8%, as sales in the automotive coatings sector and industrial coatings sector decreased. However, the decorative coatings sector saw an increase in sales as demand increased in the DIY market. In India, net sales fell 10.5% due to a decrease in automotive production in April through June 2020. The decorative coatings sector in India also saw a decrease in sales. Net sales were down in Asia by 17.7%. While China saw a slight decrease in sales compared to the 2019 timeframe, sales in Indonesia, Thailand and Malaysia were down due to a decrease in automobile production for the year because of the effects of COVID-19. A sluggish economy in South Africa and neighboring countries resulted in sales in Africa falling by 21.9%. Sales decreased 3.2% in Europe.

Source: Annual Report, press releases

Founded in 1942, Asian Paints is now India’s leading paint company and ranked among the top decorative coatings companies in the world. Asian Paints produces a range of decorative and industrial coatings. In decorative coatings, the company operates in four segments: Interior Wall Finishes, Exterior Wall Finishes, Enamels and Wood Finishes. In the industrial sector, the company operates through PPG Asian Paints Pvt. Ltd. (a 50:50 joint venture with PPG), which serves the Indian automotive coatings market. The company has another joint venture with PPG, Asian Paints PPG Pvt. Ltd., which serves the Indian protective coatings, powder coatings, floor coatings, and road markings market. The company and its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities. The company serves consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Causeway Paints, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints is also present in the home improvement and décor space in India through Sleek (Kitchens, Wardrobes) and Ess Ess (Bath Fittings & Sanitaryware).

Source: 2020-21 Annual Report, company website

Jotun specializes in sales of decorative coatings, marine coatings, protective coatings and powder coatings. Organized into seven regions, the company operates in four business segments: Marine Coatings, Protective Coatings, Powder Coatings and Decorative Paints. The Marine Coatings segment accounted for 26% of sales in 2020. The Protective Coatings segment accounted for 26% of sales in 2020. The Powder Coatings segment accounted for 8% of sales in 2020, and the Decorative Paints segment accounted for 40% of sales in the same year. Jotun Decorative supplies coatings for commercial buildings, public buildings and homes, and serves both the professional and DIY customer directly and through a network of Jotun Multicolor Centers. A leader in marine coatings for the new-build, dry-dock and sea-stock markets, the Marine Coatings business also provides coatings for mega-yachts and leisure yachts. The Protective Coatings business sells coatings to industries in the offshore, energy, infrastructure and hydrocarbon processing industries. Jotun Powder Coatings is a leading supplier to manufacturers of appliances, furniture, building components, pipelines and general industries. Jotun has 38 production facilities in 23 countries.

Notes: Jotun invested approximately $164 million in 2020, which accounts for about 7% of sales. The largest investments were related to new production facilities in Vietnam and Egypt, factory upgrades in Norway and the Czech Republic, a new regional office and research and development (R&D) center in Dubai, and completion of the group's new headquarters and R&D center in Norway.

Source: 2020 Annual Report, press releases