"Perspective" on Sherwin-Williams, USA

In terms of global market share, the Asia-Pacific region accounts for 39%, Europe and North America each account for 23%, and South America accounts for 5%. In the global architectural coatings segment, the Asia-Pacific region holds 39%, Europe 23%, North America 24%, and South America 7%. In the global OEM coatings segment, the Asia-Pacific region accounts for 51%, Europe 23%, North America 21%, and South America 3%. In specialty functional coatings, the Asia-Pacific region accounts for 42%, Europe 25%, North America 25%, and South America 3%. Currently, the Asia-Pacific region is the world’s largest coatings market—and also the largest market for architectural coatings, OEM coatings, and specialty functional coatings. According to the report, the top ten global coatings suppliers—Sherwin-Williams, PPG, AkzoNobel, Nippon Paint, Axalta, Kansai Paint, BASF, Jotun, Asian Paints, and Masco—collectively hold 55% of the global coatings market share; the remaining 45% is shared among over 5,000 other coatings suppliers. Based on current industry trends, Sherwin-Williams has identified five key growth drivers for the coatings market: new construction, repainting and renovation, marine coatings, the global manufacturing recovery, and automotive refinish coatings. In its report on the "Consumer Brands Group," Sherwin-Williams introduced this concept for the first time. The author speculates that this was likely prompted by Sherwin-Williams’ acquisition of Valspar: the grouping was created to centrally manage the numerous brands under both Sherwin-Williams’ and Valspar’s portfolios. Eleven months after the acquisition, Sherwin-Williams is expected to take concrete action centered on the Valspar brand—including, notably, Huarun Paint. Regarding the Consumer Brands Group, Sherwin-Williams divides it into two parts: Industry-Leading Brands and Strategic Retail. Huarun Paint is clearly categorized under Industry-Leading Brands. Founded in 1991 in Shunde, Guangdong Province, Huarun Paint is a renowned Chinese coatings brand. In 2006, Valspar acquired an 80% stake in Huarun Paint for USD 290 million (later acquiring the remaining shares). On June 1, 2017, Sherwin-Williams officially completed its acquisition of Valspar, bringing Huarun Paint under its umbrella. After six months of integration, Sherwin-Williams has likely gained deep familiarity with Huarun’s operational model—and we can expect more multi-brand collaborative operations going forward. Financially, Sherwin-Williams’ Consumer Brands Group reported sales of USD 2.854 billion and USD 2.701 billion in 2016 and 2017 respectively—a 5.4% year-on-year decline. Corresponding segment profits were USD 467 million and USD 394 million, down 15.7% year-on-year. In Q1 2017 and Q1 2018, sales stood at USD 632 million and USD 656 million, up 3.8% year-on-year; segment profits were USD 86 million and USD 106 million, up 23.7% year-on-year. Valspar’s integration significantly boosted Sherwin-Williams’ performance. Over the 11 months following the Valspar acquisition, Sherwin-Williams focused optimization efforts on three core areas: brand portfolio, partner relationships, and organizational structure.

Rankings | Top Ten Global Coatings Manufacturers: No Chinese Company Makes the List; the Top-Ranked Firm’s Revenue Exceeds RMB 140 Billion

Nippon Paint remains ranked fourth globally and first in Asia, with last year’s revenue reaching USD 9.769 billion—an increase of 1.59% year-on-year. This growth was primarily driven by its acquisition of AOC in March last year for USD 2.194 billion. Established in August 2021 and headquartered in Tennessee, USA, AOC is a global leader in CASE (Coatings, Adhesives, Sealants, and Elastomers) and colorant solutions, operating 14 production facilities. Despite being consolidated for only ten months, AOC contributed 8.9% of the group’s total revenue, with an exceptionally high operating profit margin of 34.1%, making it a pivotal driver behind the group’s overall profitability improvement. Although experiencing negative growth, China remains Nippon Paint’s largest single market, contributing 26.5% of group revenue—and remains a vital source of group profits. Revenue contributions from other regions—Nipsei Group (excluding China), Dulux Group, Japan, and the Americas—stood at 23.5%, 22.8%, 11.6%, and 6.7%, respectively. AkzoNobel ranks third, with sales rising 2.49% year-on-year to USD 11.514 billion. On November 18, 2025, this Dutch company announced a merger agreement with Axalta. If the transaction closes successfully between late 2026 and early 2027, AkzoNobel will surpass PPG to become the world’s second-largest coatings company, gaining leadership advantages across multiple segments including automotive coatings, architectural coatings, industrial coatings, and marine coatings. PPG ranks second with sales of USD 14.605 billion. Founded in 1883 and headquartered in Pittsburgh, Pennsylvania, USA, PPG operates and conducts R&D in over 50 countries worldwide, dominating the industrial coatings sector. Since establishing its first factory in Tianjin in 1994, PPG has cultivated a robust presence in China over more than three decades, now operating 20 production bases and eight R&D and technical support centers—building a complete industrial chain covering R&D, manufacturing, and technical services. Sherwin-Williams retains the top position globally for the seventh consecutive year, with sales of USD 21.217 billion (approximately RMB 144.5 billion), down 8.15% year-on-year. This decline stems mainly from the exclusion of revenues from painting tools and other non-coatings businesses. As a result, its market share fell from 11.41% to 10.54%; nonetheless, its leadership position remains unchallenged.

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Sherwin-Williams positions itself as a key partner for data center construction, offering comprehensive coating solutions and modular systems to meet AI-driven demands for higher density and faster timelines. The strategy leverages global supply expertise to ensure reliability for mission-critical infrastructure.

PR Newswire

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Loop Capital Adjusts Price Target on Sherwin-Williams to $385 From $400, Maintains Buy Rating

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