Ship paint performance showdown: Jotun, Hempel, AkzoNobel, Sherwin-Williams, PPG, and Nippon Paint—who posted strong growth?

Xiamen Shuangrui Marine Coatings Co., Ltd., a subsidiary of China State Shipbuilding Corporation (CSSC), focuses on marine coatings as its core business. According to CSSC’s disclosed annual report, in 2024, the company produced 21,379 tons of marine coatings and sold 21,316 tons, with inventory standing at 413 tons—representing year-on-year growth of 19.0%, 18.5%, and 18.0%, respectively. Production volume increased from 11,623 tons in 2020 to 21,379 tons in 2024; sales volume rose from 11,633 tons in 2020 to 21,316 tons in 2024—both achieving five consecutive years of growth. CSSC stated that last year, Shuangrui Anti-Corrosion delivered an integrated “cathodic protection + coating protection” solution, achieving breakthroughs in major national projects and functional coatings for large auxiliary vessels. In 2024, the international shipping market continued its upward cycle, and the shipbuilding industry maintained robust momentum. Demand remained strong for tankers, car carriers, green-fuel bulk carriers, and container ships—driving vigorous growth in marine coating demand. According to the “2024 Global Top Ten Marine Coatings Brands Ranking” released by TuJie (Coating World), the global marine coatings market size reached USD 6 billion in 2023. The combined marine coatings revenue of the ranked brands totaled USD 5.5448 billion, accounting for 92.41% of the global marine coatings market share. Outlook for 2025: Strong demand for marine coatings expected to continue According to Clarkson Research’s latest Spring Report, “Shipping and Shipbuilding Forecast”, the full-year 2025 newbuilding order forecast has been downgraded. Total newbuilding orders in 2025 are projected to decline by approximately 30% from the elevated 2024 level, with downward revisions across all major vessel types. “The pace of global newbuilding orders slowed at the start of 2025, impacted by broader geopolitical uncertainties—particularly U.S. policy—and a somewhat softer shipping market,” Clarkson noted. Nonetheless, major coating companies remain optimistic about the 2025 marine coatings market. According to financial reports, Jotun achieved Q1 2025 sales of NOK 8.571 billion (approx. USD 803.6 million), up 6.4% year-on-year. Jotun attributed this growth to increased sales across all business segments and all regions—with particularly strong newbuilding activity in China and South Korea driving marine coatings sales growth in Northeast Asia. PPG Industries reported consolidated net sales of USD 3.684 billion for Q1 2025, down 4.0% year-on-year. However, its Performance Coatings segment achieved 9% organic sales growth, with double-digit growth in several businesses—including aerospace coatings, protective & marine coatings. Looking ahead, PPG expects protective & marine coatings to remain strong. PPG stated that organic sales of protective & marine coatings grew in the double digits year-on-year, driven by volume gains in the U.S., Europe, and Asia-Pacific. This growth was further supported by gains in marine coatings market share, reflecting strong demand for PPG’s sustainable advantage products.

2025 Global Top Ten Marine Coatings Brands List unveiled: collectively commanding 90% of the global market share

Financial reports show that Sherwin-Williams achieved net sales of USD 23.10 billion in 2024, up 0.2% year-on-year. Its Paint Stores Group recorded net sales of USD 13.188 billion, up 2.7% year-on-year; protective & marine coatings accounted for approximately 9.5% (about USD 1.253 billion) of this segment, growing 8.39% year-on-year—with marine coatings showing particularly strong growth. Its Performance Coatings Group reported net sales of USD 6.7973 billion, down 0.7% year-on-year; protective & marine coatings represented roughly 8.8% (about USD 598.2 million) of this segment, also demonstrating strong marine coatings growth. According to financial reports, KCC Corporation’s coatings division achieved sales of KRW 19.35838 trillion (approx. USD 1.338 billion) in 2024, up sharply by 16.83% year-on-year; operating profit reached KRW 217.329 billion, up 23.57% year-on-year. The company attributed sustained growth to robust domestic and international demand in the automotive and shipbuilding sectors—especially strong sales growth overseas, including in China and Southeast Asia, leading to expanded overall sales and profitability. PPG Industries reported net sales of USD 15.845 billion in 2024, down 2% year-on-year—primarily due to a slight decline in volume, adverse currency exchange effects, and asset divestitures. Volume declined 1% year-on-year, yet revenue from its protective & marine coatings business increased. Its Performance Coatings segment generated USD 5.237 billion in 2024, with protective & marine coatings representing 20.3% (approx. USD 1.0631 billion) of that total—of which marine coatings accounted for 31% (approx. USD 329.6 million), and industrial protective coatings 69%. PPG’s 2024 Performance Coatings Segment Revenue Breakdown Regarding PPG’s protective & marine coatings, organic sales volumes grew in the mid-single digits year-on-year, driven by volume gains in Europe and Asia-Pacific. The fourth quarter marked the seventh consecutive quarter of year-on-year volume growth. In Europe and Asia-Pacific, volume growth was propelled by gains in marine repair market share, reflecting strong demand for PPG’s sustainable advantage products. The company expects organic sales in Q1 2025 to benefit from both industry growth and further market share gains. According to financial reports, Nippon Paint Holdings achieved consolidated sales of JPY 1.63872 trillion (approx. USD 10.7669 billion) in 2024, up 13.6% year-on-year. Its “Other Coatings” business—which includes marine coatings, automotive refinish coatings, etc.—generated JPY 95.957 billion (approx. USD 630.5 million), up 18.52% year-on-year. Per disclosures by Nippon Paint, marine coatings accounted for approximately 83% of this segment, reaching USD 542.2 million. According to financial reports, Kansai Paint achieved sales of JPY 588.825 billion (approx. USD 3.8523 billion) in 2024, up 4.7% year-on-year; attributable net profit stood at JPY 38.306 billion, down 42.9% year-on-year. Its refinish, marine, and protective coatings business generated JPY 63.185 billion (approx. USD 415.1 million), up 0.5% year-on-year.

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Oct 23, 2026

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