In this article, we will take a look at the 16 biggest paint companies in the world. If you want to see more companies in this selection, go to the 5 Biggest Paint Companies in the World.
According to Dublin, Ireland-based ResearchAndMarkets, the size of the global paints and coatings industry is set to increase from $211.9 billion in 2021 to $230.22 billion in 2022. This reflects a year-over-year (YoY) increase of 8.6%. Furthermore, the industry is set to experience a compound annual growth rate (CAGR) of 7.8% from 2022 to 2026 and observe its size increase to $311.47 billion. The Asian Pacific is the biggest region in the paints and coatings market as it has growing economies like China and India, where construction and renovation activities are on the rise. Furthermore, projects like the 2022 FIFA World Cup in Qatar have also resulted in higher demand from the region. In addition to this, the Asia-Pacific region is experiencing growth in population, and urbanization is on the rise as well in developing countries of the region.
Overall, the growth of the construction and transportation industry is some of the key drivers for the positive outlook of the paints and coatings industry, as these are the key end-users. ResearchAndMarkets believes that the construction industry is set to observe its size grow from $6.6 trillion in 2019 to $8.4 trillion in 2022. Meanwhile, the global transportation industry is anticipated to grow from $6 trillion in 2019 to $7.8 trillion in 2022. Leading companies are now working on projects that meet the Leadership in Energy and Environmental Design (LEED) certification. Interestingly, paint and coatings can contribute as much as 27% in achieving LEED v4 certification.
Experts believe that the paints and coatings industry is likely to experience greater competition along with more focus on sustainability and environmental-friendly initiatives in the future. The COVID-19 pandemic has also given rise to the use of antimicrobial coatings in indoor spaces like kitchens and bathrooms. There has been increased focus on paints that are resistant to mold and prevent infections. Some of the biggest paint companies in the world include The Sherwin-Williams Company (NYSE:SHW), RPM International Inc. (NYSE:RPM), and Nippon Paint Holdings Co Ltd (TYO:4612).
Pixabay/Public Domain
Our Methodology
To shortlist the 16 biggest paint companies in the world, we analyzed the scale of operations, growth prospects, and product portfolio of both private and public companies operating in the industry. To present a more accurate picture to the reader, we looked specifically at the paint and coatings sales data for these companies as of 2021. Most of these companies serve both residential and commercial markets. We have ranked them in ascending order of their 2021 revenue.
16 Biggest Paint Companies in the World
16. DAW
2021 Paint and Coatings Sales: $1.25 billion
DAW is the biggest privately-owned and family-operated manufacturer of building paints in Europe, with a rich history of over 125 years and around 5,600 employees.
Overall, the company is the third-biggest manufacturer of building paints in Europe and the market leader in Germany, Austria, and Turkey. The Ober-Ramstadt, Germany-based company is currently operated by the 5th generation of the owner’s family. Alpina and Caparol are two leading paint brands that fall under the DAW portfolio. Nano360 is a product of the Caparol brand that claims to result in energy savings of up to 5% and 22% cost savings over the lifetime of a building structure.
15. Berger Paints
2021 Paint and Coatings Sales: $1.29 billion
Berger Paints is a Kolkata, India-based innovative paint company founded in 1923. The corporation has 16 manufacturing facilities in India, two in Nepal, and one each in Poland and Russia. Along with these three international markets, the company sells its products in Bangladesh as well. The company has a headcount of nearly 3,500 employees and distributes its offerings through a network of more than 25,000 dealers. On January 12, Berger Paints announced the appointment of Kaushik Ghosh as CFO and VP with immediate effect. He will take over from Vikash Sarda, who resigned from his position on January 4.
14. Behr Holdings Corporation
2021 Paint and Coatings Sales: $1.5 billion
Behr Holdings Corporation is a subsidiary of Livonia, Michigan-based home improvement and building products company Masco Corporation (NYSE:MAS). The California-based company, founded in 1947, offers a diverse range of paint products for residential and commercial markets through its brands like Behr, Kilz, Whizz, and E&J.
Behr Holdings Corporation operated as a private entity before its acquisition by Masco Corporation in 1999. The Marquee line of Behr paint is known for its durability and performance. Behr Holdings Corporation’s products are sold at home improvement retailer giants like Home Depot and Lowe’s. The company has manufacturing facilities in the US, Canada, China, Chile, and Mexico and a global presence in numerous countries through its distribution partners.
13. Hempel
2021 Paint and Coatings Sales: $1.95 billion
Hempel is a Lyngby, Denmark-based producer of paint and coatings founded in 1915. The company has production facilities and subsidiaries in over 80 countries.
The product range of Hempel is used in ships, offshore structures, wind turbines, and tanks. Meanwhile, decorative paint is extensively used in buildings and other infrastructures. At the start of 2021, Hempel revealed that it intends to double in size by 2025. Experts believe that this is an ambitious target given the macroeconomic uncertainty globally. Hempel claims that a truck of paint and coatings leaves its production facilities every 20 minutes, and 750 liters of Hempel paints and coatings are used around the world every minute.
12. Jotun
2021 Paint and Coatings Sales: $2.59 billion
Jotun is a Sandefjord, Norway-based chemicals company operating in the decorative paints and performance coatings segments. The company has been able to expand its footprint to more than 100 countries during its near-century existence and presently has a headcount of 10,293 employees globally.
Jotun operates in these countries through 67 entities and has 39 production facilities in its portfolio. By 2030, the company intends to lower its greenhouse gas emissions by 50% compared to the levels in 2017 and also plans to consume 70% renewable electricity by the end of this decade. Furthermore, Jotun is targeting to have 40% female managers at its headquarters by 2030.
11. Arkema SA (EPA:AKE)
2021 Paint and Coatings Sales: $2.97 billion
Arkema SA (EPA:AKE) is a Colombes, France-based diversified chemicals company with a paint and coatings segment. The company has a stronghold in waterborne coatings, high-solid systems, UV coatings, and powder systems.
To establish itself in the paint and coatings industry, Arkema SA (EPA:AKE) doubled the production capabilities of its facility in Mumbai, India. The company is focused on developing low Volatile Organic Compounds (VOC) technologies. Arkema SA (EPA:AKE) considers India an important market for the powder coating industry and is focused on developing sustainable products. The French diversified conglomerate is trading at a 15% FCF yield for 2024 and at a 9x multiple when compared to the 2024 guidance.
10. Asian Paints Ltd (NSE:ASIANPAINT)
2021 Paint and Coatings Sales: $3.8 billion
Asian Paints Ltd (NSE:ASIANPAINT) is a Mumbai, India-based paint and coatings manufacturing, selling, and distribution company that came into being in 1942. The company has selling and distribution operations in 13 countries and manufacturing facilities in 14 countries.
Asian Paints Ltd (NSE:ASIANPAINT) claims to be the third-biggest paint company in Asia and the biggest paint company in India for the past five decades. The vision of the company is to become one of the top five decorative paint and coatings companies in the world. Asian Paints Ltd (NSE:ASIANPAINT) has also approved a capital outlay of $244.81 million for a proposed manufacturing facility with an output of 400,000 kiloliters per annum.
9. KANSAI PAINT CO., LTD. (TYO:4613)
2021 Paint and Coatings Sales: $3.44 billion
KANSAI PAINT CO., LTD. (TYO: 4613) is an Osaka, Japan-based publicly listed paint and coatings company founded in 1918. The company has 93 production facilities in 34 countries globally and is the biggest paint company in its home country Japan.
Kansai Paint’s product line includes coatings for automobiles, buildings, and industrial equipment, as well as marine, traffic, and powder coatings. KANSAI PAINT CO., LTD. (TYO:4613) generates 78% of its top line with equal contribution from the automobile, industrial, and decorative paint segments. In December 2022, KANSAI PAINT CO., LTD. (TYO:4613) acquired the railway coatings business of Beckers Group to expand its global footprint in the paint and coatings industry.
8. Axalta Coating Systems Ltd. (NYSE:AXTA)
2021 Paint and Coatings Sales: $4.4 billion
Axalta Coating Systems Ltd. (NYSE:AXTA) is a Philadelphia, Pennsylvania-based paint and coatings company that has a footprint in numerous industries.
In a research note issued to investors on January 4, Michael Leithead at Barclays increased the price target on Axalta Coating Systems Ltd. (NYSE:AXTA) from $28 to $30 and maintained an Overweight rating on the stock. Mr. Liethead believes that the chemicals industry is in the seventh or eighth innings of downward earnings revisions. Furthermore, the weak demand from the Chinese market is expected to bottom out in Q1 2023. This means that forward-looking investors can be expected to buy Axalta Coating Systems Ltd. (NYSE:AXTA) stock once they think that the earnings forecast has bottomed out.
7. BASF Coatings
2021 Paint and Coatings Sales: $3.90 billion
BASF Coatings is a leading supplier of paint and coatings and operates as a segment of Ludwigshafen, Germany-based diversified chemicals company BASF SE (OTCMKTS:BASFY). The original entity behind the BASF Coatings segment came into being in 1888. The company has over 70 production facilities and 114,000 employees.
BASF Coatings has the distinction of having the biggest integrated paint manufacturing facility in Münster, along with its corporate headquarters. The company is focused on sustainability. This can be gauged by the fact that nearly 2,000 of its body shops in Europe, the Middle East, and Africa (EMEA) depend upon refinish coating derived from biomass sources. Furthermore, BASF Coatings has eliminated lead pigments from its refinish paints.
6. Akzo Nobel NV (AMS:AKZA)
2021 Paint and Coatings Sales: $4.05 billion
Akzo Nobel NV (AMS:AKZA) is an Amsterdam, Netherlands-based chemicals company with 39 leading paint brands in its portfolio. The company intends to become the industry leader as it has been in business for over two centuries now.
Akzo Nobel NV (AMS:AKZA) aims to become a carbon-neutral entity by 2050 and generate more than 50% of its revenue from sustainable solutions. In addition to this, the company intends to train 100,000 people in the local communities with new skills. Akzo Nobel NV (AMS:AKZA) also plans on lowering its carbon emissions by 50% by 2030, compared to the levels in 2018, and reducing its electricity consumption by 30% before completely shifting towards renewable energy sources.
In addition to Akzo Nobel NV (AMS:AKZA), The Sherwin-Williams Company (NYSE:SHW), RPM International Inc. (NYSE:RPM), and Nippon Paint Holdings Co Ltd (TYO:4612) are also some of the biggest paint companies in the world.
Click to continue reading and see the 5 Biggest Paint Companies in the World.
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Disclosure: None. 16 Biggest Paint Companies in the World is originally published on Insider Monkey.