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The following is PCI’s annual ranking of the top 10 global paint and coatings manufacturers, based on 2024 coatings sales and publicly available corporate information. All financial data is converted to U.S. dollars using exchange rates from OANDA as of the final day of each company’s fiscal year.

Wherever possible, PCI strives to report coatings-only sales. However, not all companies publicly break out coatings revenue from broader business segments. In such cases, we rely on the best available information and clearly indicate when reported figures reflect known coatings sales. When full segmentation is not available, placement in the rankings may reflect total company performance in the absence of more detailed coatings-specific data.

This eBook contains comprehensive financial information for each ranked company. For additional context — including notable product launches, acquisitions, partnerships, capital investments, expansions, sustainability initiatives, personnel changes, and other strategic developments — visit the full Global Top 10 report online.

For further insights on market shifts and industry performance throughout 2024, be sure to read this issue’s Editor’s Viewpoint. If you believe your company should be considered for inclusion in next year’s ranking, please contact Courtney Bassett at bassettc@bnpmedia.com.

Licensed from the Associated Press

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The Sherwin-Williams Co., founded in 1866, supplies coatings and related products to professional, industrial, commercial and retail customers primarily through a network of branded stores in the United States, Canada and the Caribbean. The company employs approximately 64,800 people and operates through three segments: the Paint Stores Group, the Consumer Brands Group and the Performance Coatings Group.

Sherwin-Williams reported 2024 consolidated net sales of approximately $23.1 billion, up from $23.05 billion in 2023. An estimated 84%, or approximately $19.38 billion, came from coatings sales, with the remainder from noncoatings products such as floor coverings and application supplies.

The Paint Stores Group reported $13.2 billion in net sales, a 2.7% increase from 2023, accounting for 57% of total sales. The group added 79 new stores in 2024, bringing the total to 4,773 company-operated locations across the U.S., Canada and the Caribbean. This segment markets Sherwin-Williams^®-branded paints, stains, applicators, floor coverings and related products. Brands include Sherwin-Williams^®, A-100^®, Captivate^®, Cashmere^®, Duration^®, Emerald^®, ProClassic^®, Pro Industrial™, SuperDeck^® and Woodscapes^®.

The Consumer Brands Group reported $3.1 billion in sales, down 7.7% year over year, and accounted for 14% of total sales. The decline was attributed to lower volumes, recent divestitures and unfavorable foreign currency translation, partially offset by favorable pricing and mix. The group includes 334 company-operated stores in Latin America and distributes products in over 120 countries. Brands include Cabot^®, Dutch Boy^®, Krylon^®, Minwax^®, HGTV HOME^® by Sherwin-Williams, Thompson’s^® WaterSeal^® and Valspar^®.

The Performance Coatings Group posted $6.8 billion in sales, a 0.7% decline from 2023, representing 29% of total sales. Sales grew in the coil, industrial wood and packaging divisions, but were offset by softness in automotive refinish and general industrial divisions, as well as unfavorable pricing/mix and currency effects. This group serves global industrial customers in over 35 countries, with brands including Acrolon^®, DeBeer Refinish^®, Excelo^®, Fluropon^®, House of Kolor^®, Matrix Edge^®, M.L. Campbell^®, Polane^®, Powdura^®, Sayerlack^®, Ultra 9K^® and ValPure^®.

Source: Annual Report, company website, press releases

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Courtesy of PPG Industries

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At PPG, team members work every day to develop and deliver the paints, coatings and specialty materials that customers have trusted for more than 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 70 countries and reported net sales from continuing operations of $15.8 billion in 2024. PPG serves customers in the construction, consumer products, industrial and transportation markets and aftermarkets.

In 2024, organic sales were flat compared to the prior year, impacted by lower volumes and modestly favorable price and mix. The company reported adjusted earnings per diluted share of $7.87, up 6% from 2023, driven by margin expansion, cost discipline and a favorable business mix. Operating margins improved for the ninth consecutive quarter. While industrial production remained soft across many global markets, PPG reported record results in aerospace, automotive refinish and architectural coatings in Latin America.

In December 2024, PPG completed the sale of its architectural coatings business in the United States and Canada to American Industrial Partners. The company has been renamed The Pittsburgh Paints Company.

PPG returned $1.4 billion to shareholders in 2024, including $620 million in dividends and $750 million in share repurchases, reducing outstanding shares by approximately 3%. The company has paid uninterrupted annual dividends for 125 years and raised its annual dividend for 53 consecutive years.

PPG comprises three reportable segments:

• Performance Coatings, including aerospace, automotive refinish, protective and marine and traffic solutions.
• Industrial Coatings, including OEM coatings, packaging coatings and specialty materials.
• Global Architectural Coatings, now focused on regions outside of the U.S. and Canada.

PPG invested $18.4 million globally in 2024 across education, community support and employee volunteerism. The company completed 58 Colorful Communities^® projects in 27 countries. Sustainably advantaged products accounted for 41% of 2024 sales, offering benefits such as lower emissions, improved durability and the use of renewable raw materials. In 2024, PPG invested $11.5 million in global STEM education initiatives.

Source: Company contact, Annual Report, press releases

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Courtesy of AkzoNobel

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With operations in more than 150 countries, AkzoNobel is a global leader in the manufacture of paints and coatings. In 2024, the company reported a 1% increase in revenue, rising from €10.67 billion in 2023 to €10.71 billion in 2024. Revenue by region was: Europe, Middle East and Africa (47%); North Asia (16%); South Asia Pacific (12%); North America (13%); and Latin America (12%).

AkzoNobel operates two business units: Decorative Paints and Performance Coatings. In 2024, Decorative Paints generated €4.301 billion in third-party revenue (up slightly from €4.300 billion in 2023), while Performance Coatings generated €6.401 billion (up from €6.368 billion). Performance Coatings delivered a solid performance amid dynamic market conditions, achieving volume growth despite mixed demand in sectors such as automotive and industrial.

Source: Company contact, Annual Report, press releases

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Courtesy of Nippon

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Founded in 1881, Nippon Paint Holdings Co., Ltd. (NPHD) is one of the world’s largest producers of decorative, automotive, industrial and marine coatings, as well as sealants, adhesives and fillers (SAF), construction chemicals (CC), decorative films and surface treatment products. While coatings represent the company’s core business, a small portion of revenue is derived from fine chemicals and other adjacencies.

In 2024, consolidated revenue increased by 13.6% to ¥1,638,720 million, driven by higher sales volumes in key markets, particularly in Asia, and supported by currency tailwinds. Of this total, ¥1,441,942 million came from coatings sales. Consolidated operating profit rose by 11.2% to ¥187,647 million.

Performance varied by business segment. In Japan, revenue increased slightly by 0.8% to ¥203,112 million. Industrial coatings remained stable, while automotive coatings declined due to reduced vehicle production, and decorative sales were flat amid consumer restraint and trading down to economy products. The NIPSEA Group saw revenue rise 18.5% to ¥914,370 million, led by growth in both decorative and automotive coatings, especially in China. DuluxGroup recorded a 10.6% increase in revenue to ¥398,534 million, benefiting from yen depreciation, growth in adjacent businesses, and acquisitions in the Pacific and Europe. In the Americas, revenue grew 12.4% to ¥122,702 million as automotive coatings rebounded with improved U.S. production and decorative coatings gained from new store openings and recovery from earlier weather disruptions in California.

Decorative paints continued to represent the largest business segment globally. The NIPSEA Group remained the company’s key growth driver, supported by market strength in China. DuluxGroup expanded its adjacencies portfolio in Europe through its acquisition of N.P.T.s.r.l. Nippon Paint Holdings also continued to emphasize its “Asset Assembler” model, prioritizing regional autonomy and local decision-making across its global operations.

Source: Financial results of FY2024, Annual Report, Integrated Report 2024, press releases.

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Courtesy of RPM International

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

RPM’s Construction Products Group comprises businesses that manufacture construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixtures and repair products, building envelope solutions, insulated cladding and concrete forms, flooring systems and waterproofing solutions. These products are used for the construction, maintenance and restoration of 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 across approximately 130 countries and territories. The Construction Products Group generates about 37% of RPM’s net sales.

RPM’s Performance Coatings Group provides construction, maintenance and restoration products, including high-performance flooring systems, corrosion control and fireproofing coatings, and fiberglass-reinforced plastic grating and drainage systems for industrial and commercial use. Leading brands include Stonhard, Carboline and Fibergrate. Products are sold worldwide to contractors and distributors, as well as directly to end users through a 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 produce 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. These products are used by professionals and do-it-yourselfers for home maintenance and improvement. Leading brands include Rust-Oleum, DAP, Zinsser and Varathane. Products are marketed primarily in North America, with a growing presence in Europe, Australia, South Africa and South America. They are sold through home improvement centers, hardware and paint stores, mass merchants and craft shops. The Consumer Group generates approximately 33% of RPM’s net sales.

RPM’s Specialty Products Group comprises 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, TCI and Kop-Coat. Products are marketed primarily in the United States, with a growing presence in 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 10% of RPM’s total sales.

RPM continues to pursue acquisitions of entrepreneurial companies and product lines that complement its portfolio of specialty coatings, sealants and construction chemicals businesses. Over the last 30 years, RPM has completed more than 175 acquisitions, with more than 50 of those in the past decade.

Parent company: RPM International Inc.

Source: Company contact, 2024 Annual Report, press releases

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Courtesy of Axalta

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With over 150 years of coatings expertise, Axalta Coating Systems serves more than 100,000 customers across 140+ countries. In 2024, the company reported sales of approximately $5.3 billion, with 38% from North America, 34% from EMEA, 16% from Asia-Pacific and 12% from Latin America.

Axalta operates in two business segments: Performance Coatings and Mobility Coatings. Performance Coatings accounted for $3,455 million (65.5% of total sales), including $2,164 million from refinish coatings (41%) and $1,291 million from industrial coatings (24.5%). Mobility Coatings generated $1,821 million (34.5%), with $1,405 million from light vehicle coatings (26.6%) and $416 million from commercial vehicle coatings (7.9%).

Source: Annual Report, press releases

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Courtesy of BASF

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The Coatings division of BASF is a global supplier of innovative and sustainable automotive OEM and refinish coatings, decorative paints, and applied surface treatments for metal, plastic and glass substrates. It also offers “Beyond Paint Solutions,” enabling novel surface functionalities. The division operates a global network across Europe, North America, South America and Asia Pacific.

In 2024, BASF's Coatings division reported sales of €4.28 billion, a decrease of 2.4% from €4.39 billion in 2023. Coatings sales declined slightly despite pricing improvements. Surface treatments and decorative coatings showed resilience, while automotive OEM coatings volumes dipped. Currency fluctuations in key emerging markets — particularly Argentina, Brazil and Turkey — had a notable negative impact on overall Coatings division sales.

The Coatings division is part of BASF’s Surface Technologies segment, which produces chemical solutions for surfaces such as automotive coatings, battery materials and catalysts. In 2024, Surface Technologies accounted for 19.8% of BASF Group sales. The segment recorded €313 million in R&D expenses and €560 million in investments including acquisitions.

As of January 1, 2025, BASF implemented a structural reorganization. The Battery Materials and Environmental Catalyst and Metal Solutions businesses, previously part of the Catalysts division, are now reported as independent operating divisions within the Surface Technologies segment. The chemical and refining catalyst businesses were reallocated to the Performance Chemicals division within Industrial Solutions.

Parent company: BASF

Source: Annual Report, press releases

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Founded in 1942, Asian Paints is India’s largest paint company and one of the top eight coatings manufacturers globally. Asian Paints and its subsidiaries operate in 14 countries and run 26 paint manufacturing facilities, servicing customers in over 60 markets under the brands Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.

For the fiscal year ending March 31, 2025, the company reported consolidated coatings sales of ₹33,797.4 crores, a decline of 4.5% from the prior year. Profit before depreciation, interest, tax and exceptional items dropped 20.8% to ₹6,006.2 crores, with a PBDIT margin of 17.8%. Net profit after minority interest fell 32.8% to ₹3,667.2 crores, impacted by exceptional charges including impairments on investments in its White Teak and Causeway Paints businesses and losses in Indonesia and Ethiopia.

The domestic Decorative coatings business saw a volume increase of 1.8% but faced a revenue decline amid subdued consumer demand and increased competitive pressure. The Industrial segment performed more robustly, with PPG Asian Paints Pvt. Ltd. (PPGAP) posting 6.0% sales growth to ₹2,136.5 crores and Asian Paints PPG Pvt. Ltd. (APPPG) increasing 4.1% to ₹1,193.1 crores. Together, the two ventures generated over ₹3,300 crores in coatings sales. The International business delivered flat nominal growth at ₹3,066.4 crores but achieved 8.6% growth in constant currency terms.

CEO Amit Syngle acknowledged the “weak demand conditions” that persisted throughout the year, noting, “The demand for decorative coatings was only marginally better in the fourth quarter than in the third quarter,” and emphasized the company’s focus on “leveraging our brand strength and driving operational efficiencies to pursue growth” amid continued macroeconomic uncertainty.

The company does not separately report its Home Décor business, stating it is “primarily engaged in the business of Paints and Home Décor” with “no separate reportable segment as per Ind AS 108.” In previous listings, PCI excluded Home Décor revenue (typically around 4% of total sales) from coatings figures, but this year, no such adjustment was made due to the absence of segmented reporting.

Source: Annual Report, company website, press releases

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Courtesy of Kansai Paint

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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. Kansai Paint supports customers in a range of markets, including automotive, industrial, building and marine. The company 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’s core business areas include automotive coatings, industrial coatings, decorative coatings, and marine and protective coatings. For the fiscal year ended March 31, 2024, the company reported net income of ¥588.8 billion, up 4.7% year over year. Operating income was ¥52.1 billion, up 0.9% compared to the previous fiscal year.

Group performance in 2024 was driven by strong marine demand and improved product mix in the automotive sector, despite a decline in production volume of 220,000 units. Price improvements across the industrial and decorative segments helped offset difficult market conditions. Overall net sales were ¥164 billion, down from the prior year.

In India, net sales reached ¥142 billion, up from ¥137 billion in 2023. Automotive coatings saw significant growth, while decorative coatings declined due to consumer price sensitivity and increased competition.

In Europe and Turkey, sales rose to ¥157 billion from ¥136 billion. Growth was supported by new consolidation (e.g., Weilburger), though Turkey experienced currency-related challenges and a weaker economy.

In, Asia (excluding India), net sales declined to ¥69 billion from ¥72 billion due to reduced production volumes at Japanese automotive manufacturers. However, steady growth in industrial and decorative segments was noted.

In Africa, net sales rose to ¥47 billion, up from ¥43 billion. Growth was driven by strong market share in East Africa and increased sales of mid-tier products in South Africa. OEM business also launched in large retail channels.

In North America, net sales increased to ¥10 billion from ¥9 billion. Growth was attributed to strong performance in automotive parts and power sports coatings.

Source: Annual Report, press releases

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Courtesy of Jotun

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Jotun specializes in decorative, marine, protective and powder coatings. Jotun has 40 production facilities in 25 countries and sells products in over 100 countries through 67 companies and a global dealer network. As of year-end 2024, Jotun employed 10,606 people worldwide.

For the period ending December 31, 2024, the company reported sales of NOK 34.21 billion, an increase of 7.4% over 2023. Sales outside of Norway represented 92% of total revenue. The company attributes its growth to geographic and segment diversification, stable raw materials pricing and the strength of its local dealer network.

Jotun operates in four main business segments. In 2024, Decorative Paints accounted for 36% of total sales, with the segment benefiting from strong results in the UAE, Turkey, Malaysia and Indonesia. Jotun Decorative Paints serves both DIY and professional customers with interior and exterior products, supported by local R&D centers in Norway, the UAE, Malaysia and China.

Protective Coatings represented 29% of sales, supported by major infrastructure and energy projects worldwide. Protective Coatings delivered record-breaking sales in infrastructure and energy projects, including offshore wind, and oil & gas.

Marine Coatings contributed 28%, bolstered by higher volumes in drydock and new building markets, despite geopolitical shipping constraints.

Powder Coatings made up 7% of sales and reached an all-time high, particularly through demand from architectural and electric vehicle battery applications.

Source: Annual Report, press releases

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Hempel specializes in protective, marine, energy, infrastructure, decorative and industrial coatings. The company operates 25 production sites, 14 innovation centers and 340 paint stores, serving customers in more than 100 countries through six brands. Hempel employs over 7,200 people globally and supports a network that spans 93 nationalities.

With a strong focus on sustainability, Hempel’s coatings protect and extend the life of valuable assets — from ships and bridges to homes and power stations. Its solutions help reduce maintenance needs, improve energy efficiency, and lower total lifecycle emissions. The company works closely with customers and research institutions to develop coatings that contribute to environmental goals, operational performance and long-term cost savings.

Hempel’s product portfolio serves critical sectors including the oil and gas, marine, wind energy, infrastructure and decorative building markets. In recent years, the company has sharpened its strategy by divesting noncore businesses to concentrate on high-value, full-service coating segments.

For the full year 2024, Hempel reported coatings sales of €2,185 million, with an adjusted EBITDA margin of 17.9%. Decorative coatings grew 2.4% organically, supported by retail expansion and strong brand performance. Energy & Infrastructure posted slight growth of 0.1%, driven by oil and gas activity in the Middle East. Marine coatings declined 5.8% due to postponements in vessel dockings and broader shipping challenges. Overall organic growth declined by 1.3%, but free cash flow improved to €139 million.

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Courtesy of 3TREES

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3TREES offers integrated coatings and green building materials through a full-system portfolio, including emulsion paint, artistic coatings, waterproofing, primers, adhesives and insulation materials. The company serves both the retail and engineering sectors and is known for its “seven-in-one” product system and “Move-in-Ready” solutions. Headquartered in Putian, Fujian Province, 3TREES operates 14 production bases and maintains strategic centers in Shanghai, Guangzhou and Beijing. The company has nearly 9,000 employees and collaborates with over 36 wholly owned and holding subsidiaries.

The company also runs one of China’s largest coatings-focused R&D networks, with more than 1,000 R&D personnel, 60 innovation teams, and four regional centers in Shanghai and elsewhere. 3TREES has developed over 10,000 SKUs and holds 781 authorized patents and 1,169 registered trademarks in China.

In 2024, 3TREES reported total coatings revenue of RMB 12.105 billion and an operating profit of RMB 276 million. The company invested RMB 285 million in R&D and made charitable contributions totaling RMB 14.13 million. Guided by its principles of “Ultimate Health, Ultimate Application and Ultimate Cost-Effectiveness,” 3TREES continues to prioritize ecological development, carbon reduction and high-performance product innovation to meet China’s dual-carbon goals.

Parent Company: SKSHU Paint Co., Ltd.

Source: Company website, annual report

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Courtesy of Berger Paints

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Berger Paints India Ltd. is one of India’s leading paint manufacturers, offering a wide spectrum of products across decorative, industrial and protective coatings, as well as waterproofing and construction chemicals. The company operates 15 manufacturing facilities in India and four overseas, and it reaches customers through 162 stock points and a distribution network of over 36,000 dealers. Its innovation capabilities are anchored by the Berger Innovation and Advanced Materials Centre in Kolkata, and an international technology center in the UK.

Berger serves a broad customer base with offerings that include interior and exterior decorative paints, automotive finishes, general industrial and powder coatings, wood coatings and specialty materials. Strategic subsidiaries include STP Ltd. for waterproofing and construction chemicals and Berger Nippon Paint Automotive Coatings Pvt. Ltd. for automotive OEM finishes.

For the fiscal year ending March 31, 2025, the company reported consolidated revenue of ₹11,544.7 crore, a year-over-year increase of 3.1%. Net profit rose to ₹1,182.8 crore, and gross margins reached a 12-quarter high. Despite a challenging macro environment and modest industry demand, the company continued to strengthen its presence through capacity expansion, digital transformation, and an emphasis on premium and waterproofing segments. The Board proposed a final dividend of ₹3.80 per share.

Source: Company website, annual report

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Stahl is a world leader in specialty coatings for flexible materials, serving markets such as automotive, apparel, luxury goods, footwear, packaging and home furnishings. Headquartered in the Netherlands with operations worldwide, Stahl provides functional, durable and sustainable solutions that enhance the performance and feel of coated fabrics, leather, elastomers, paper, films and bio-based substrates.

Stahl employs over 2,000 people across 15 global manufacturing sites, and operates 35 application labs, 9 centers of excellence and 4 campus locations. In 2024, 60% of Stahl’s sales came from ZDHC Level 3 certified products. The company holds a Platinum rating from EcoVadis and maintains 100% Living Wage compliance.

In 2024, Stahl reported total sales of €930.2 million, a 1.8% increase from 2023, supported by strategic acquisitions and resilience across its diversified markets. The company achieved an EBITDA margin of 22.2%. In November 2024, Stahl announced the sale of its Wet-end leather chemicals division, finalizing its transformation into a pure-play coatings formulator. Pro forma sales for 2024, factoring in this divestiture and the Weilburger Graphics GmbH acquisition, stand at approximately €759 million with an EBITDA margin of 23.7%.

Parent company: Wendel Group (68.1% ownership; €225 million invested; acquired in 2006)

Source: Company website, annual report, company contact

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