2024 Top 20 Global Industrial Paint Brands Ranking Released

On August 16, China’s professional financial media for the coating industry, "Coatings World," published the "2024 Top 20 Global Industrial Paint Brands Ranking." This ranking brings together the world’s top industrial paint brands based on their sales revenue from the industrial coatings business in the 2023 fiscal year. This marks the sixth consecutive year for "Coatings World" to release this ranking, and the threshold for inclusion this year has increased to $435.9 million.

Most Companies See Growth in Industrial Coatings Revenue

Industrial coatings are the most complex, widely used, and technically challenging category within the coatings industry. They are used in a variety of industries, including automotive, wind energy, shipbuilding, containers, mobile phones, home appliances, computers, nuclear power, aerospace, bridges, rail transportation, petrochemical equipment, marine engineering, and construction machinery. According to data from the Coatings World Research Institute, the global industrial coatings market was valued at approximately $106.8 billion in 2023.

Last year, most of the companies on the list saw different degrees of growth in their industrial coatings business revenue. Financial reports show that PPG Industries achieved $18.246 billion in sales in 2023, a 3% increase. Of this, the high-performance coatings segment had net sales of $11.164 billion, up 4.4%; and the industrial coatings segment had net sales of $7.082 billion, up 1.8%.

Market Share of Ranked Companies Increased to 49.85%

The list shows that PPG Industries of the U.S. retained the top spot globally with $11.4 billion in sales. Sherwin-Williams of the U.S. and AkzoNobel of the Netherlands ranked second and third, with sales of $8 billion and $7.066 billion, respectively. These three companies hold market shares of 10.67%, 7.49%, and 6.62%, respectively. Compared to previous years, their rankings have remained unchanged.

Additionally, companies like Axalta, BASF, Kansai, Nippon Paint, L'Pama, Jotun, and Hempel ranked 4th to 10th, with industrial coatings revenues of $5.184 billion, $4.092 billion, $2.886 billion, $2.587 billion, $2.246 billion, $1.905 billion, and $1.691 billion, respectively, and global market shares of 4.85%, 3.83%, 2.70%, 2.42%, 2.10%, 1.78%, and 1.58%.

Note: 1. PPG excluded sales revenue from non-coating business segments such as OLED materials, aerospace specialty materials, sealants, sealant adhesives, and transportation plastics; 2. L'Pama excluded sales revenue from non-coating business segments such as sealants and adhesives; 3. Sika Group is not included in the list due to the inability to estimate industrial coatings revenue; 4. Sales revenue from BASF, King Kong Chemical, and other companies is estimated.