Analysis of the global market share of the paints and coatings industry

This page analyzes the global market share ranking and market size of the paints and coatings industry. It also provides an overview and trends of the world’s leading coating manufacturers such as Akzo Nobel, PPG Industries, Sherwin Williams, Axalta, Kansai Paint, and Nippon Paint.

Global Market Share of Paints and Coatings Industry (2020)

Using the 2020 sales of the paint manufacturers as the numerator and the market size as the denominator, the global market share of the paints and coatings industry in 2020 is calculated to be the world’s No.1 is Sherwin Williams with 12.5%, followed by PPG Industries with 9.4% and AkzoNobel with 6.9%.

Market Share Ranking of Paint Manufacturers (FY2020 revenue basis)

  • No.1 Sherwin-Williams 12.5%
  • No.2 PPG Industries 9.4%
  • No.3 Akzo Nobel 6.9%
  • No.4 Nippon Paint 5.0%
  • No.5 RPM 3.7%
  • No.6 Kansai Paint 2.3%
  • No.7 Jotun 1.72%
  • No.8 Axalta Coating Systems 1.7%
  • No.9 Hempel 1.2%
  • No.10 Asian Paints Limited 0.5%
Global Market Share - Paint & Coating Industry 2020
Global Market Share – Paint & Coating Industry 2020

Sherwin-Williams acquired fellow competitor Valspar in 2016 and remains the global leader, with PPG Industries, also from the U.S., in second place, and is expanding with the acquisition of Mexican architectural coatings giant Consorcio Comex in 2014.
In third place is AkzoNobel of the Netherlands. In 2017, the merger of AkzoNobel and PPG Industries was discussed. 4 is Nippon Paint, which merged with Wuthelam. No. 5 is RPM, No. 6 is Kansai Paint, No. 7 is Jotan, which is strong in marine paints, No. 8 is Axalta, which specializes in automotive paints, and No. 10 is Asian Paints of India.

Market Size

DEALLAB uses data published by research companies and other sources to calculate the global market share of the paints and coatings industry, assuming a market size of $147.2 billion in 2020. The data used for reference is as follows. According to the market research firm Markets and Markets, the market size of this industry is estimated to be $147.2 billion in 2020, with a CAGR of approximately 4% by 2025. On the other hand, the market size is estimated to be $154.6 billion in 2019, according to the market research firm Fortune Business Insights.

Paint Applications

Paints are used in a wide range of applications, from decorative coatings to automotive and ship coatings. Paints are made from pigments, solvents and additives, and specialized paints have been developed for different applications such as oil-based paints, water-based paints and powder paints. In addition to decoration, paints are required to play a variety of roles, such as corrosion protection, scratch protection, heat resistance, durability and waterproofing.

Major Mergers and Acquisitions in the Paint Industry

It is becoming increasingly difficult to differentiate the quality of paints, especially for architectural applications, and each company is trying to expand its scale in order to strengthen cost competitiveness in the procurement of raw materials. In recent years, mergers and acquisitions have been conducted at prices a range from two to three times the target company’s sales

1994 AkzoNobel is formed through the merger of AkzoNobel of the Netherlands and Nobel Industrie of Sweden.
2007 Acquisition of ICI (Imperial Chemical Industries) by Akzo Nobel
2008 Acquisition of SigmaCaron Group, a leading Dutch architectural coatings company, by PPG.
2010 Acquisition of Freeworld Coatings by Kansai Paint
2013 Acquisition of DuPont Performance Coatings (now Axalta Coating Systems) by Carlyle
2013 PPG acquisition of Akzo Nobel’s North American architectural coatings business
2014 PPG acquisition of Consorcio Comex, a leading Mexican architectural coatings company
2014 Investment in Nippon Paint by Singapore’s Wuthelam Group
2016 Sherwin-Williams’ acquisition of Valspar
2016 Acquisition of High Performance Coatings by Axalta Coating Systems
2016 Acquisition of industrial coatings business for coils and wallpaper from BASF by Akzo Nobel
2017 Battle between Akzo Nobel and Nippon Paint for Axalta
2019 Nippon Paint’s acquisition of Australia’s Dulux Group
2020 Acquisition of Nippon Paint by Wuthelam

revenue multiple analysis for paint and coating industry
Revenue multiple analysis for paint and coating industry

Overview of Paint Companies

Akzo Nobel

AkzoNoble is one of the world’s largest chemical and coatings companies, based in the Netherlands, formed by the 1994 merger of Akzo in the Netherlands and Nobel in Sweden. The company was formed in 1994 through the merger of the Dutch company Akzo and the Swedish company Nobel, which was acquired by Alfred Nobel, the creator of the Nobel Prize.

Its two main businesses are paints and coatings and functional chemicals. In 2007, the company acquired ICI, a long-established British chemical company, to strengthen its coatings business. In 2007, the company acquired ICI, a long-established chemical company in the U.K., and strengthened its coatings business with brands such as Dulux, an architectural coating, and Cuprinol, a coating for wood decks.

PPG Industries

PPG Industries is a U.S.-based coatings manufacturer. It originated as a glass company. It competes with Sherwin-Williams for the top spot in the United States.

SHERWIN-WILLIAMS

SHERWIN-WILLIAMS is a large paint company based in North America. It operates its own paint retail stores and acquired U.S. peer Valspar in 2016.

Axalta Coating Systems

Axalta Coating Systems, formerly DuPont Performance Coatings, was acquired by the Carlyle Group in 2013 and renamed Axalta. Axalta was listed on the New York Stock Exchange in 2014 and announced in 2017 that it was negotiating a merger with AkzoNobel. In 2017, it announced negotiations with AkzoNobel for a business merger, which later broke down after it announced negotiations with Nippon Paint.

BASF

BASF was founded in 1865 and is one of the world’s largest German chemical manufacturers, along with Bayer and Hoechst (now Sanofi-Aventis). BASF stands for Badische Anilin- und Soda-Fabrik (Baden Aniline and Soda). It is also famous for inventing the Haber-Bosch process, which made it possible to mass produce ammonia. BASF is the world’s number one company in terms of sales in the chemical industry. The company currently operates in petrochemicals, high-performance products, functional materials, agrochemicals, and oil and gas transportation.

Asian Paints Limited

Asian Paints Limited was established in 1942 and is the largest paint manufacturer in India.

RPM

RPM, founded in 1947 by Frank C. Sullivan, is a leading North American-based coatings company that operates under the Tremco, Carboline, Universal Sealants, Stonhard, Euco, Day-Glo, Dryvi, Zinsser, Rust-Oleum, DAP, Varathane and Testors brands. The company operates under the Tremco, Carboline, Universal Sealants, Stonhard, Euco, Day-Glo, Dryvi, Zinsser, Rust-Oleum, DAP, Varathane, and Testors brands.

Nippon Paint

Nippon Paint is a major Japanese paint company founded by the Mogi family in 1881. The company’s strength lies in the automotive industry. Approximately 60% of the company’s sales are in Asia. In 2019, it acquired Australia’s Dulux Group. In 2020, Wuthelam announced the acquisition of Nippon Paint. The structure of the acquisition is somewhat complex: Nippon Paint will acquire the Asian joint venture and Wuthram’s Indonesian subsidiary from the Wuthram Group, while Wuthram will raise capital to finance the acquisition, giving Wuthram a 60% stake in Nippon Paint.

Kansai Paint

Founded in 1918 by Hiroshi Tamamizu, Kansai Paint is one of Japan’s leading paint companies and is actively promoting overseas expansion, including the acquisition of the Helios Group, a leading Austrian paint company for railroad cars, in 2017.

JOTUN

JOTUN is a paint manufacturer based in Norway, founded in 1926. It is an affiliate of the Orkla Group, a conglomerate involved in food and other industries.

Hempel

Hempel is a coatings manufacturer founded in Denmark in 1915. The company provides coating solutions for end products in construction, ships, containers, industrial equipment and yachts.

Carpoly and Shanghai Paints are one of largest Chinese painting companies.

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