At PPG, team members work every day to develop and deliver the paints, coatings and specialty materials that customers have trusted for nearly 140 years. Through dedication and creativity, they solve customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, the company operates and innovates in more than 75 countries and reported net sales of $16.8 billion in 2021. PPG serves customers in construction, consumer products, industrial and transportation markets, and aftermarkets.

Full-year reported net income from continuing operations was about $1.4 billion in 2021. 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 completed four acquisitions in 2021. These acquisitions, which further broaden the company's geographic footprint, portfolio of sustainably advantaged products and technology reach, include the following companies:

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

• Cetelon Lackfabrik GmbH, a manufacturer of coatings for automotive and light truck wheel applications. The acquisition was completed in April 2021.

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

• Tikkurila, a leading producer and distributor of decorative paint and coatings. The acquisition was completed in June 2021.

Throughout 2021, PPG also improved the sustainability of its products, processes and operations, and decreased its overall global environmental footprint. Achievements included: 38% of sales from sustainably advantaged products and processes, against the goal of 40% by 2025; 40% of manufacturing and research and development locations with zero process waste to landfill; 37.5% reduction in waste disposal intensity from the 2017 baseline — above the 25% goal by 2025; 30% improvement in spills and releases rate from the 2017 baseline; 9.7% reduction in greenhouse gas emissions since 2017; investing $7.4 million through 2021 to fund educational pathways for Black communities and people of color; and strengthening the company's ongoing focus on diversity, equity and inclusion (DE&I) by releasing its first-ever DE&I report, disclosing its diversity data, and announcing a series of commitments.

In addition, as part of its community engagement focus, PPG and the PPG Foundation invested $13.3 million in 2021 to support more than 500 community partners and programs across more than 40 countries. PPG has completed more than 385 COLORFUL COMMUNITIES® projects since the program's inception in 2015, impacting more than 7.4 million people in 42 countries.

Source: Company contact

The Sherwin-Williams Co. was founded in 1866 by Henry Sherwin and Edward Williams. The company provides coatings and related products to professional, industrial, commercial and retail customers in paint stores in the United States, Canada and the Caribbean. Employing approximately 61,000 people, 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®, Condor®, Duration®, Emerald®, Harmony®, Kem Tone®, Loxon®, Metalatex®, Novacor®, Paint Shield®, ProClassic®, ProIndustrial™, ProMar®, SuperDeck®, SuperPaint® and Woodscapes®. The Americas Group operates 4,549 Sherwin-Williams paint stores in the United States, Canada and the Caribbean, and 310 in Brazil, Chile, Ecuador, Mexico and Uruguay.

The Consumer Brands Group sells branded and private-label products through retailers in North America, Europe 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®, Dupli-Color®, Dutch Boy®, Geocel®, HGTV HOME® by Sherwin-Williams, Huarun®, Krylon®, Minwax®, Purdy®, Ronseal®, Thompson’s® WaterSeal®, Valspar® and White Lightning®. The group serves customers in the United States, Canada, Europe and China 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®, DeBeer Refinish®, Duraspar®, EcoDex®, Envirolastic®, Excelo®, EzDex®, Fastline®, Firetex®, Fluropon®, Heat-Flex®, House of Kolor®, Huarun®, Inver®, Kem Aqua®, Lazzuril®, Macropoxy®, Martin Senour®, Matrix Edge™, ML Campbell®, Octoral®, Perma-Clad®, Polane®, Powdura®, Sayerlack®, Sher-Wood®, Sumaré®, Ultra 9K®, Ultra 7000®, ValPure® and Valspar®. The group operates branches and facilities in the United States, Australia, Belarus, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, Finland, France, Germany, India, Indonesia, Ireland, Italy, Lithuania, Malaysia, Mexico, Norway, Peru, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Thailand, Ukraine, United Kingdom and Vietnam, with distribution in 44 other countries.

Sherwin-Williams reported total consolidated sales for 2021 of approximately $19.94 billion. It is estimated at approximately 80% of sales, or about $15.96 billion, represents coatings sales, with the remainder being related to products such as floor coverings, application supplies and wallcoverings. The Americas Group reported a net sales increase of 8.0% to $11.2 billion in 2021, which accounts for 56% of total 2021 sales for the company. Net sales in the Consumer Brands Group decreased 10.9% in 2021 to $2.72 billion. This accounts for 14% of 2021 total sales. The Performance Coatings Group reported a 22.0% increase in net sales in 2021 to $6.0 billion. Performance Coatings Group sales represent 30% of total sales for 2021.

Notes: In February of 2021, 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. In August 2021, the company signed an agreement to acquire the European industrial coatings business of Sika AG, and the sale was finalized in April of 2022. The business reported sales of approximately $82 million in 2020.

Also in 2021, the company broke ground on the official start of construction for its new global Research and Development Center in Brecksville, Ohio. In January 2022, the company marked the official start of construction of its new global headquarters, a 1,000,000 square-foot facility located in downtown Cleveland, Ohio. Both facilities are expected to open in 2024. In February 2022, the company announced plans to expand its architectural paint and coatings manufacturing capacity and establish a larger distribution facility in Statesville, North Carolina, which will essentially double the existing workforce at the facility.

Source: 2021 Annual Report, company website, press releases

With operations in more than 150 countries, AkzoNobel is a leader in the manufacture of paints and coatings. In 2021, the company recorded an increase in net sales of 12%, up from €8.53 billion in 2020 to €9.59 billion in 2021. The company reported 2021 revenue in each region of the world as the following: Europe, Middle East and Africa (EMEA) — 50%; North Asia — 18%; South Asia Pacific — 12%; North America — 12%; and South America — 8%. Volumes were 7% higher in 2021 compared to 2020, mainly due to the impact of the recovery from COVID-19 on end-market demand.

AkzoNobel has two business units: Decorative Paints and Performance Coatings. In 2021, revenue from third parties in the Decorative Paints segment was €4.957 billion compared to €3.558 billion in 2020, up 12%. Revenue from third parties in the Performance Coatings segment was €5.603 billion in 2021, compared to €4.957 billion in 2020, up 13%.

Notes: In March 2021, AkzoNobel 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. In April 2022, the company completed its acquisition of Colombia-based paints and coatings company Grupo Orbis, expanding the company’s presence in South and Central America. This June, the company announced an agreement with Kansai Paint to acquire Kansai’s paint and coatings activities in Africa, with completion of the deal expected sometime in 2023.

Source: AkzoNobel 2021 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 2021 for automotive coatings were approximately $1.2 billion. Decorative paints accounted for approximately $5.50 billion in sales. Sales of industrial coatings were approximately $768 million, and other paint accounted for approximately $1.57 billion.

The company has two subsidiaries in the United States under Nippon Paint Group: Nippon Paint Automotive Americas, Inc. (NPAA) — a market leader for automotive coatings — and Dunn-Edwards Corp. — a manufacturer of architectural and industrial coatings. Nippon Paint reports combined 2021 sales for these two companies of $775 million.

Located in Lansing, Illinois, NPAA was formed by the merger of NPA Coatings Inc. (Cleveland, Ohio), NB Coatings, Inc. (Lansing, Illinois), and NPAA, Inc. (Chattanooga, Tennessee), which took effect on January 1, 2021. The merger brought together the strong capabilities of each location so that NPAA is now a one-solution company for automotive coatings. NPAA offers a full range of coatings for automotive metal applications (pre-treatment, e-coat and body paint) and is a significant supplier to the Asian OEMs in this market. NPAA is also the leading supplier of liquid coatings for plastic automotive parts in North America. It provides a complete line of custom OEM coatings for automotive fascia, exterior trim, and interior trim applications, supplying all major OEMs. The President and Chief Executive Officer of NPAA is Robert Angart.

Dunn-Edwards operates over 150 company stores in California, Arizona, Nevada, New Mexico and Texas, and over 100 domestic and 250 international dealer locations in more than 12 countries. Dunn-Edwards is dedicated to preserving and protecting the environment and produces its coatings in a LEED® Gold-certified manufacturing plant. Based in Southern California, the 95-year-old company has approximately 1,800 employees and is led by President and CEO Karl Altergott.

Notes: In January 2022, Nippon Paint Holdings Co., Ltd. (NPHD) implemented organizational changes in order to focus solely on functions as a listed company and as a pure holding company, including M&A and fund procurement activities. Other functions involving the operations of partner companies in Japan were transferred to newly established Nippon Paint Corporate Solutions Co., Ltd., a wholly owned subsidiary of NPHD.

Also in January 2022, NPHD completed the acquisition of Cromology Holding SAS, a manufacturer of decorative paints and other paint-related products in Europe. In 1H FY2022, the company schedules to complete the acquisition of JUB delniška družba pooblaščenka d.d., a manufacturer of decorative paints, External Thermal Insulation Composite Systems (ETICS) and other paint-related products in Central and Eastern Europe.

Source: Financial results of FY2021, Annual Report, Integrated Report 2021, press releases, company contact

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 17% 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 38% 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 DayGlo, 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 Dudick Inc., a provider of high-performance coatings, flooring systems and tank linings; and Pure Air Control Services, Inc., a provider of indoor air quality control solutions.

Source: Company contact, 2021 Annual Report, press releases

With more than 150 years of experience in the coatings industry, Axalta Coating Systems serves more than 100,000 customers in over 140 countries with transportation and performance coatings. In 2021, the company reported 39% of its sales were in North America, 37% in EMEA, 15% in Asia-Pacific and 9% in Latin America. Axalta operates in two business segments: Performance Coatings and Mobility Coatings. In 2021, Performance Coatings accounted for $3,096 million in sales (70.1% of overall sales). This segment includes refinish coatings, which recorded $1,776 million in sales, and industrial, which recorded $1,319 million in sales. Brands include Cromax®, Standox®, Spies Hecker® and Syrox™. Axalta’s Mobility Coatings segment recorded sales of $1,320 million (29.9% of overall sales). Within this segment, light vehicle coatings accounted for $1,013 million in sales, while commercial vehicle coatings accounted for $306.8 million in sales. In terms of end markets, refinish coatings accounted 40% of net sales in 2021, while industrial coatings accounted for 30% of sales. The light vehicle end market accounted for 23% of 2021 total sales, and commercial vehicles accounted for 7%.

Notes: In April 2021, Axalta acquired 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. In September 2021, Axalta acquired UK-based U-POL Holdings Limited (U-POL), a leading supplier of paint, protective coatings and accessories primarily for the automotive aftermarket. U-POL sells its products in over 100 countries and is widely known for its leading brands, including Raptor®, Dolphin® and Gold™, among others. Also in 2021, Frost & Sullivan named Axalta the 2021 Global Commercial Vehicle Coatings Company of the Year. Axalta Mobility also received recognition from General Motors as its 2021 Supplier of the Year in the paint category.

Source: 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 for a wide range of industries. The division employs around 11,400 people 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 $3.90 billion (€3.44 billion) in 2021, representing 15% of sales for the segment.

Parent Company: BASF SE

Notes: 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. In March of this year, BASF Coatings opened a new laboratory building for the development of automotive refinish coatings and innovations at its site in Münster, Germany. In June of this year BASF Coatings expanded its Automotive Coatings Application Center at its Coatings Technology Center in Mangalore, India.

Source: Annual Report, press releases, company website

Founded in 1942, Asian Paints is now India’s leading paint company. Asian Paints produces a range of decorative and industrial coatings. The company recorded coatings sales for the period ending March 31, 2022, of ₹28,339.2 Crores. Asian Paints operates in four segments: Decorative, International, Industrial, and Kitchen and Bath. For the period ending March 31, 2022, the Decorative business accounted for 84.9% of revenue (₹24,721.4 Crores), while the International business accounted for a 10% share (₹2,894.9 Crores). In the Industrial business, the company operates through PPG Asian Paints Pvt. Ltd. (a 50:50 joint venture with PPG), which serves the Indian automotive, marine and packaging coatings markets, and Asian Paints PPG Pvt. Ltd., another joint venture with PPG that serves the industrial protective coatings, powder coatings, floor coatings and road marking coatings markets in India. This segment accounted for 2.5% of the revenue for the period (₹723.3 Crores — PPG Asian Paints PVT Ltd revenues not included). The company’s Kitchen and Bath business accounted for 2.6% of revenue for the period. Revenue from the Kitchen and Bath business is not included in the coatings sales numbers. 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, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.

Source: 2021-22 Annual Report, company website

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. Kansai Paint specializes in the manufacture and sale of many types of coatings, as well as the design, manufacture and sale of coating equipment. It employs approximately 15,908 people.

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 ￥419,190 million, up 15.0% compared to the fiscal year that ended March 31, 2021. Operating income for the same time period was ￥30,096 million, down 3.6% compared to the prior-year period. In Japan, the company saw net sales decrease 3.1%, as sales in the automotive coatings sector remained unchanged, sales in the industrial coatings sector increased, and sales in the decorative coatings sector saw a decrease. In India, net sales increased 32.9% compared to the prior-year period, despite the impact of a second wave of COVID-19. The increase was attributed to the contrast with the previous year, when lockdowns to prevent the spread of COVID-19 had a serious impact on the sales. Net sales were up in Asia by 16.4%, due to an increase in sales of automotive coatings in China. In Africa, sales increased by 29.4%, and in Europe, sales increased by 27.8%.

Notes: As noted earlier in this article, Kansai Paint has agreed to sell its Africa business to AkzoNobel, subject to approvals by relevant authorities.

Source: Annual Report, press releases

Jotun specializes in sales of decorative coatings, marine coatings, protective coatings and powder coatings. The company reported sales for 2021 of NOK 22,809 million, an increase of 8% compared to sales for 2020. The company operates in four business segments: Marine Coatings, Protective Coatings, Powder Coatings and Decorative Paints. The Marine Coatings segment accounted for 24% of sales in 2021. The Protective Coatings segment accounted for 28% of sales in 2021. The Powder Coatings segment accounted for 9% of sales in 2021, and the Decorative Paints segment accounted for 39% of sales. 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, tank and cargo holds, 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 and onshore oil and gas industries, the power generation industry, the renewable energy industry, and infrastructure industries. Products include intumescent coatings, metallic finishes, high-temperature coatings and anticorrosive protective coatings. Jotun Powder Coatings supplies coatings to manufacturers of appliances, furniture, building components, pipelines and general industries. Jotun has 39 production facilities in 23 countries.

Notes: In May 2022, Jotun Group announced a partnership agreement with Med Investment Holding Spa in Algeria for the production of Jotun paint and coatings in Algeria through a joint venture with Technover P. The joint venture will produce Jotun decorative paints and protective coatings to international standards in a newly built factory in the district of Tizi-Ouzou, east of Algiers.

Source: 2021 Annual Report, press releases