Coating Vision | Internal Competition, Mergers & Acquisitions, Bankruptcies, Leadership Changes, Empowerment… These Are the 2024 'Labels' of the Coatings Industry

Eggshell Light 48, Velvet 50, Elegant Stone 60, Crystal Color 65—many decorative coatings have slashed prices by over 30%, leaving industry observers stunned. The faux-stone coating segment is also struggling: currently, only a handful of companies can sell their products at RMB 10–13/kg; RMB 8–10/kg is the most common price range, while RMB 6–7.5/kg is increasingly widespread. Even more alarmingly, some enterprises have introduced ultra-low prices of RMB 5–5.5/kg—a trend ominously reminiscent of the earlier true-stone coating market collapse. 'Selling coatings is like selling plain boiled water,' lamented an industry insider with wry resignation. Fortunately, forward-thinking brands—including Jia Baoli, Fima, Koudi, Vero, Tongyi, Lubao, Mei Hui, and Meilijia—have refused to join the 'price war' and rejected habitual, homogenized thinking. They refuse to engage in mindless low-price internal competition and reject chasing short-term store expansion speed and quantity. The author firmly believes that for the vast majority of ordinary consumers, low prices are highly attractive—and indeed bring tangible benefits to more consumers. However, for B2B clients, chaotic and bottomless price wars trigger a 'bad money drives out good' effect: quality and service suffer, undermining the long-term health of the entire ecosystem. Related Links: Coating Insight | Head-to-Head Confrontation: Faux-Stone Coating Prices Keep Falling—How Low Will They Go? Artistic Coating Decoration | Eggshell Light 48, Velvet 50, Elegant Stone 60, Crystal Color 65—Whose Turf Are They Treading On? NO.2 Mergers & Acquisitions In 2024, merger and acquisition (M&A) activity in the coatings industry accelerated dramatically in intensity. In the final month of 2024, the long-awaited move materialized: on December 12, Beijing New Building Materials Group Co., Ltd. (BNBM) boldly acquired Zhejiang Daqiao United Co., Ltd.—a leading industrial coatings enterprise—for RMB 207 million, strengthening BNBM’s industrial coatings presence in the East China region and further enriching its coatings product portfolio. Driven by its original mission to 'revive Made-in-China manufacturing' and 'build Chinese coating brands', BNBM clearly has no intention of resting on its laurels. Whom will it approach next? Some speculate it could be Dufa Paint; others guess Huierming; still others suggest Zhuobo. Only time will tell. Meanwhile, other major acquisitions unfolded throughout the year: Nippon Paint spent heavily to acquire AOC Resins; PPG sold its North American architectural coatings business to industrial investor American Industrial Partners; in raw materials, ADNOC acquired Covestro; and Canada-based Kolorjet’s Rodi Coatings acquired U.S.-based Miller Paint. This year’s acquisition wave truly felt like 'wind filling the building before the storm'—foreshadowing a new round of transformation and consolidation across the coatings industry. From a macro perspective, corporate sales and acquisitions are an inevitable historical trend and represent the market’s spontaneous mechanism for optimizing resource allocation. When outdated business models become unsustainable, fresh capital infusion may catalyze rejuvenation—like new growth sprouting from old trees. And the once-glorious pioneers—the founders and formerly prominent brands—may gradually fade into the mists of history. As one whale falls, myriad lives bloom: new forces and new creations continue to emerge. Related Links: Coating Speculation | What If BNBM Acquires Dufa Paint? Coating Speculation | After Acquiring Lighthouse, Jia Baoli, and Daqiao—Who Is BNBM’s Next Target?

Sherwin-Williams / PPG / AkzoNobel ‘Stagnant Growth’! Is the Coatings Industry Really Struggling in 2024?

"Although demand across most of our end markets remains volatile, our fourth-quarter performance was strong," said Heidi G. Petz, Chairman, President, and CEO of Sherwin-Williams, expressing satisfaction with the company’s results and adding candidly, "We remain confident in our differentiation strategy and will continue delivering innovative and efficient solutions to our customers." Yet compared to 2023, Sherwin-Williams’ record-setting $23.1 billion net sales grew by just 0.2%—a marginal increase effectively negligible. According to performance data across Sherwin-Williams’ three business segments: its Paint Stores Group (PSG) achieved $3.0449 billion in net sales for Q4 2024, up 3.4%, driving corresponding profit growth. In contrast, its Consumer Brands Group (CBG) saw net sales decline 4.3% to $662.2 million, while its Performance Coatings Group (PCG) posted a 1.6% decline in net sales to $1.589 billion. PPG boosted its net income by 10% to $1.344 billion last year—by divesting its silica products business and its architectural coatings operations in the U.S. and Canada—while simultaneously strengthening its financial position, including raising its adjusted EBITDA margin to 18.1%, enabling sustainable organic growth. Additionally, emerging markets—including Mexico and India—delivered better-than-expected contributions. Aerospace coatings, protective & marine coatings, packaging coatings, and transportation solutions emerged as new growth engines for PPG, fueling a 6% increase in adjusted earnings per share (EPS). Nonetheless, due to slightly lower sales volume, adverse currency exchange effects, and the impact of asset divestitures, PPG’s annual revenue declined 2% to $15.845 billion—the only one among the three global giants to post a revenue decline last year. Moreover, its global architectural coatings segment reported Q4 net sales down 7% to $881 million, with segment profit down 10% to $118 million. Its industrial coatings segment recorded net sales down 9% to $1.586 billion, with segment profit at $185 million—down 20% year-on-year. Tim Knavish, Chairman and CEO of PPG, commented on the company’s full-year and quarterly performance: "Throughout 2024, we demonstrated resilience amid a challenging macroeconomic environment—delivering value to shareholders through 6% growth in adjusted EPS, higher total segment margins, and $1.4 billion in operating cash flow." Over the past year, AkzoNobel’s net profit rose 22.6% to €542 million (approx. $563 million), yet its revenue remained virtually flat versus 2023, reaching only €10.711 billion (approx. $11.126 billion). In Q4 2024, AkzoNobel reported sales of €2.619 billion, up 4% year-on-year. Organic sales grew 1%—driven by price increases.

PPG Industries, Inc. Shares Acquired by Franklin Resources Inc.

Jun 9, 2026

Franklin Resources Inc. increased its stake in PPG Industries by 2.3 million shares, totaling nearly 7 million valued at $716.3 million. PPG reported strong quarterly results, beating estimates and raising full-year 2026 guidance.

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