How the Scenario of Sustainable Paints is Jolting the Product Portfolio of Top 10 Paints and Coatings Companies

There has been a wide usage of paints & coatings in various sectors such as wood, automotive, transportation, and construction. This led to an increasing trend of high-tech coatings for covering all corners and crevices of multifaceted metal parts. The demand for coatings and paints is growing owing to the rise in the construction industry.

As per a report by Fortune Business Insights™, the market for paints & coatings reached USD 164 billion in 2022. The market is set to reach USD 171.55 billion by 2023 and is set to reach USD 241.32 billion by 2030 with a CAGR of 5% over the forecast period. They are used to protect the substrates, conserving material resources and energy. Focus on reducing the volatile organic compounds for waste minimization, efficiency enhancement, and resource and energy conservation is estimated to drive the market. Various applications in non-residential and residential infrastructures, automobile & marine, decorating, industrial wood, and others are anticipated to propel market growth.

Fortune Business Insights™ Profiles Top 10 Key Paints & Coatings Manufacturers:

1. The Sherwin-Williams Company

The Sherwin-Williams Company is known for manufacturing, distributing, developing, and selling coatings, paints, and associated products. It serves commercial, professional, retail, and commercial customers, with South and North America as the key markets. The company has additional operations in Australia, Europe, Asia, and the Caribbean.

In October 2023, Sherwin-Williams made big news by acquiring Germany-based Specialized Industrial Coatings Holding, which has a strong presence in South America, Asia, and Europe.

2. PPG Industries Inc.

PPG Industries, Inc., is a manufacturer and distributor of an extensive range of paints and coatings and specialty materials. The company has equity affiliates and manufacturing units in over 70 countries and caters to the requirements of the transportation, construction, industrial, consumer products industries, and aftermarkets.

In October 2023, PPG introduced DYRUP paint, a sustainable packaging made of 75% recyclable and biodegradable material. The company is keen to launch products in this area by attracting environmentally conscious customers.

3. AkzoNobel N.V.

With a robust presence in the Netherlands and 150 other countries, AkzoNobel N.V. operates various business segments. These comprises automotive and specialty coatings, industrial coatings, powder coatings, protective and yacht coatings, marine, and others. In 2022, the company’s revenues hit USD 11.40 billion.

In December 2022, AkzoNobel made headlines for acquiring Lankwitzer Lackfabrik GmbH’s wheel liquid coatings business.

4. Nippon Paint Holdings Co. Ltd.

Nippon Paint Holdings Co., Ltd., is a manufacturer and distributor of fine chemicals, automotive coatings, decorative paints, industrial coatings, and others. The company and its subsidiaries operate in Japan and other regions, including the Americas, Oceania, and Asia. The company’s paint peripheral business produces and sells adhesives and other paint-related products.

In November 2023, Nippon shared plans to acquire Alina Group LLP’s 75% share capital. Based in Kazakhstan, Alina is a manufacturer and seller of paint coatings, dry-mix mortars, and other products.

5. RPM International, Inc.

RPM International, Inc., manufactures and sells numerous chemical products such as roofing systems, high-quality specialty paints, sealants, protective coatings, adhesives, and repair products and infrastructure rehab. The company is centered on the maintenance and improvement requirements of the consumer, industrial, and specialty markets.

In June 2021, RPM International Inc.’s Carboline subsidiary acquired Dudick Inc. The takeover would allow Carboline to strengthen its position in the market.

6. Axalta Coating Systems, Ltd.

America-based Axalta Coating Systems, Ltd., is specialized in an extensive range of applications, industrial materials, and industries such as paints and coatings and automotive. It operates in two reportable business segments comprising Transportation Coatings and Performance Coatings. In 2022, the company’s revenue hit USD 4.88 billion.

In August 2022, Axalta announced its collaboration with Xaar for the introduction of ‘Axalta NextJet’, a next-generation sustainable digital paint technology for the transportation sector. The new technology would provide customers the creation of designs, patterns, and other details, and allows design flexibility for two-tone vehicles.

7. Kansai Paints

Kansai Paint Co., Ltd., provides a range of paints and coatings offerings, including automotive refinish coatings, automotive coatings, industrial coatings, protective coatings, and decorative coatings. The company operates in China & East Asia, Africa, Europe, America, Japan, Southeast Asia, South Asia, and Africa.

In May 2023, Kansai Paint made it to the headlines for the takeover of Becker Industries SAS’s railway coatings business assets. The move helped the company expand its railway coatings product line.

8. Asian Paints Ltd.

Recognized as one of the 10 paints and coatings companies; Asian Paints produces and sells an extensive range of paints and coatings for decorative and industrial use. The company operates in 14 countries and its clientele base is spread across 60 countries. The company’s product offerings comprise chemicals, paints, textures, painting aids, wall coverings, mechanized tools, waterproofing solutions, bath fittings and sanitary ware, furnishings, furniture, sanitizers and surface disinfectants, and others.

In April 2022, Asian Paints struck an agreement for the acquisition of 49% stake in Obgenix Software Private Limited. The move would help the company increase its market share.

9. Jotun

The Jotun Group is known for selling powder and protective coatings, marine products, and decorative paints, organized into seven regions. The company operates in four business segments; protective coatings, marine coatings, decorative paints, and powder coatings.

In June 2023, Jotun completed its expansion of companies for advancing new technologies and product innovations. The move would help secure the company’s trusted partner status and position in the structured fire protection industry at the global level.

10. Dunn-Edwards Corporation

Dunn-Edwards Corporation manufactures and distributes industrial and architectural coatings. The company operates its business in three segments – Industrial Finishes and High-Performance Paint, Exterior Paint and Finishes, and Interior Paints and Primers. The company’s products are sold by 153 Dunn-Edwards-owned stores and several dealerships throughout Kentucky, Montana, Arizona, California, Utah, Nevada, Texas, Oregon, Wyoming, and New Mexico.

In June 2022, Dunn-Edwards Paints launched a collection of five distinct color palettes, dubbed 2022 Color + Design Trends.

Way Forward: Industry Players Emphasize the Development of Sustainable Solutions

In the coming years, the surging adoption of paints and coatings across various applications such as wood, coils, transportation, industrial metals, and automotive is anticipated to drive industry expansion. Top 10 paints and coatings companies are keen to develop sustainable solutions and adhere to REACH guidelines for the reduction of carbon footprint to gain an edge over their competitors. The growing emphasis on waste minimization, enhancement of process efficiency, and renewable materials is poised to favor the development of advanced solutions.