Coating Vision | 'Involution', Mergers & Acquisitions, Bankruptcy, Leadership Changes, Empowerment… The 2024 Labels of the Coatings Industry

On a certain judicial auction website, assets and equity of bankrupt and defunct coating and chemical enterprises are frequently listed for auction—ranging in value from several thousand yuan to as high as 900 million yuan—covering land-use rights, under-construction projects, and machinery equipment. Even everyday items such as pneumatic pumps and lighting fixtures appear among low-priced auction lots. Data from the National Enterprise Bankruptcy Reorganization Case Information Network also shows that over 50,000 bankruptcy and reorganization records have been filed since 2023. Meanwhile, news abounds regarding layoffs, cost-cutting, divestitures, and plant closures by major chemical conglomerates—including AkzoNobel, BASF, and Evonik. Behind these waves of layoffs, asset sales, and plant shutdowns lie intertwined adverse factors: global economic turbulence, shifting policies, and sluggish market demand. Volatility in upstream raw material prices, shrinking downstream demand, vicious industry competition, and force majeure events have collectively become the 'final straw' breaking many enterprises. Amid this storm, industry polarization has intensified: the strong grow stronger, the weak weaker; only the fittest survive, while the inferior are eliminated—heralding a profound reshaping of the coatings industry landscape. Related links: Coating Insight | Why are foreign chemical giants like BASF, Dow, Henkel cutting jobs? Why did AkzoNobel shut down production bases? Why did Hübner go bankrupt? Coating Insight | With 80% operating at a loss and 70% expected to vanish, is 'transfer' the last chance for coating distributors to recoup funds? NO.4 Leadership Changes In 2024, the coatings industry witnessed multiple highly publicized leadership transitions—each reflecting deep strategic considerations tied to different stages of corporate development, as well as high expectations for new leaders. Undoubtedly, this year became a peak period for executive 'blood transfusions' across the industry. In February, a grand cadre conference was held by BNBM Jia Baoli, introducing its newly appointed leadership team. Notably, Guan Li—the General Manager of BNBM Building Materials—assumed the role of Chairman of BNBM Jia Baoli, a move aimed at further scaling up the platform and deepening synergies between BNBM’s core businesses and Jia Baoli’s operations, thus ushering in a new chapter. At Sherwin-Williams, significant personnel changes also occurred. Jason Wu, former President and General Manager of Sherwin-Williams Asia Pacific, retired honorably. Henry Wu was promoted to Managing Director of Sherwin-Williams Asia Pacific and continues serving concurrently as Vice President and General Manager of Sherwin-Williams Industrial Wood Finishes Asia Pacific. Meanwhile, John G. Morikis, Executive Chairman of Sherwin-Williams, announced his formal retirement effective at the close of business on December 31, 2024—concluding a distinguished 40-year career with the company. He will be succeeded by Heidi G. Petz, the company’s current CEO. On October 31, AkzoNobel also announced a leadership change: Karen Yin officially succeeded Mark Kwok as Business Director of Decorative Paints China/North Asia and President of AkzoNobel China, marking the beginning of a new chapter for AkzoNobel in the Chinese market. In the raw materials sector, Lomon Billions Group experienced an unexpected leadership transition. The sudden passing of controlling shareholder Xu Gang propelled his 90s-born daughter Xu Ran to step forward ahead of schedule, assuming responsibility for steering the enterprise forward. This series of personnel changes has undoubtedly injected fresh vitality into the coatings industry—while simultaneously presenting new challenges.

Year-in-Review | Top Ten Keywords of the Coatings Industry in 2024

Related reports: Behind BASF’s Layoffs: A Major Retreat or a Strategic Relocation? AkzoNobel Plans to Cut 2,000 Jobs by End of 2025—Will China Be Affected? Early Results Emerge from Chemical Giants’ Restructuring—Yet Why Are They Cutting Jobs in Europe While Investing in the Chinese Market? 3. Internationalization Under the slogan “If You Don’t Go Global, You’re Out,” internationalization has become a new trend among domestic coating and waterproofing enterprises. At a cloud-based investment promotion livestream targeting overseas clients held at the end of 2024, Zhan Chen New Materials revealed its latest ‘going global’ strategy: following its existing factories in Vietnam and Thailand, its Indonesian factory is nearing completion and operational launch; meanwhile, factories in Mexico and Ghana are under active investment, with plans underway to establish a facility in Europe. Beyond Zhan Chen New Materials, Oriental Yuhong also accelerated its internationalization efforts in 2024—including constructing a factory in the United States, seeking partnership and channel-expansion opportunities across multiple regions (e.g., Southeast Asia and the Middle East), and establishing an international trading company. These two companies have each set benchmarks for ‘going global’ within the coating and waterproofing sectors—and may lead Chinese coating and waterproofing enterprises deeper into international markets. Related reports: Zhan Chen New Materials’ First Overseas Cloud Investment Promotion Livestream: A Major ‘Reveal’ of Its Global Strategy Zhan Chen New Materials, Oriental Yuhong, Junzi Lan, and Others Accelerate Their ‘Going Global’ Efforts—Who Will Be Next? 4. Succession 2024 was also a peak year for executive succession across the coatings industry. In April, Jason Wu, former President and General Manager of Sherwin-Williams Asia Pacific, retired; Henry Wu was promoted to Managing Director of Sherwin-Williams Asia Pacific and retained his concurrent roles as Vice President and General Manager of Sherwin-Williams Industrial Wood Finishes Asia Pacific. Following the joint restructuring of Jia Baoli, Guan Li—the General Manager of BNBM Building Materials—assumed the position of Chairman of BNBM Jia Baoli, taking over management responsibilities. In October, AkzoNobel announced that Karen Yin would succeed Mark Kwok as Business Director of Decorative Paints China/North Asia and President of AkzoNobel China. John G. Morikis, Executive Chairman of Sherwin-Williams, will retire effective at the close of business on December 31, 2024—ending his illustrious 40-year tenure—with current CEO Heidi G. Petz succeeding him. In the raw materials sector, the unexpected passing of Lomon Billions Group’s controlling shareholder Xu Gang led his 90s-born daughter Xu Ran to assume leadership earlier than anticipated. Related reports: People | Henry Wu’s Appointment: A ‘New Leader’ Arrives at China Resources Paints BNBM Jia Baoli Leadership Team Unveiled: Guan Li Appointed Chairman, Qiu Donghang Appointed General Manager AkzoNobel China Leadership Change: Karen Yin Succeeds Mark Kwok as President Sherwin-Williams Executive Chairman to Retire; First Female CEO—Formerly of Valspar—To Take Over After Inheriting Stocks Valued at 10 Billion RMB, the 90s-born Vice Chairperson Becomes Lomon Billions Group’s New Controlling Shareholder 5. CCC Certification In April 2024, the State Administration for Market Regulation issued the ‘Announcement on Implementing Compulsory Certification Management for Commercial Gas-Burning Appliances and Other Products,’ explicitly including water-based interior wall paints under the CCC certification regime. Implementation begins on July 1, 2025; designated certification bodies began accepting CCC certification applications starting July 1, 2024.

Sherwin-Williams Co Executive Files Form 4

23 hours ago

Bryan J. Young, SVP of Corporate Strategy & Development at Sherwin-Williams Co, filed a Form 4 disclosing securities transactions on October 20.

Investing.com Canada

Sherwin-Williams Co Executive Files Form 4

Investing.com Nigeria

2026-10-22

Sherwin-Williams Co Executive Files Form 4

Sherwin-Williams Co Executive Files Form 4

FAQ