Global and Chinese Coatings Industry Market Development Report, 2026–2031: Global Coatings Prices Rose, While Chinese Coatings Prices Fell—So Why Did Profits Rise by 11.5%?

The average import price rose from RMB 51,000 per ton in 2021 to RMB 95,000 per ton in 2025—a five-year increase of approximately 86%; the average export price stood at only RMB 21,000 per ton, less than one-quarter of the import price. Import volumes declined while prices rose—reflecting reduced low-end imports and increased high-end imports; export volumes rose while prices fell—indicating reliance on scale and price competitiveness. China possesses the world’s strongest mid- and low-end production capacity, yet the high-end market remains dominated by foreign enterprises. Japan ranked first in both waterborne coatings (RMB 570 million) and solvent-based coatings (RMB 4.98 billion) import value, holding an irreplaceable position in premium segments such as automotive coatings, marine coatings, and industrial corrosion-resistant coatings. The top five source countries collectively accounted for about 91% of solvent-based coating imports. 05 Enterprise Divergence: The Truth Behind the Table In 2025, Sherwin-Williams maintained its global leadership with USD 23.574 billion in revenue—approximately USD 7.7 billion ahead of the second-place company; PPG ranked second with USD 15.875 billion; AkzoNobel recorded USD 11.994 billion, while Nippon Paint reported USD 11.844 billion—just a USD 150 million gap between them. Company 2021 2022 2023 2024 2025 Five-Year Cumulative Growth Sherwin-Williams (USD billion) 19.95 22.15 23.05 23.10 23.57 +18.2% PPG (USD billion) — — 16.24 15.85 15.88 −2.3%* Nippon Paint (JPY billion) 998.3 1309.0 1442.6 1638.7 1774.2 +77.7% SKSHU (CNY billion) 11.43 11.34 12.48 12.11 12.53 +9.6% Oriental Yuhong (CNY billion) 31.93 31.21 32.82 28.06 27.58 −13.6% Note: Revenue reporting scopes differ across companies (Sherwin-Williams and PPG report coatings-only revenue; Nippon Paint reports consolidated group revenue; Oriental Yuhong includes waterproofing). However, year-on-year comparisons within each company reliably reflect growth trends. Examining this table line by line reveals distinct strategic positions for each enterprise: • Sherwin-Williams’ USD 23.5 billion scale and +18.2% five-year growth are anchored by mature-market renovation and repainting demand. • Nippon Paint’s +77.7% growth—from under JPY 1 trillion to JPY 1.77 trillion—was driven by sustained volume expansion in Asia-Pacific, especially China’s architectural coatings market. • PPG’s revenue dipped slightly by −2.3% over the past three years, remaining near USD 15.8 billion, squeezed bidirectionally by global industrial demand volatility and sluggish construction markets. • SKSHU achieved positive revenue growth amid industry-wide contraction over five years, posting a net profit attributable to shareholders of RMB 775 million—evidence of optimized product mix and enhanced profitability. • Oriental Yuhong’s total revenue declined 13.6% over five years, reflecting ongoing digestion of its deep entanglement with China’s real estate sector. In the Chinese domestic market, Nippon Paint led with RMB 22.521 billion, followed by SKSHU at RMB 12.527 billion—the highest-ranking Chinese domestic enterprise. PPG (RMB 10.57 billion) and AkzoNobel (RMB 10.397 billion) ranked third and fourth, respectively. Among the Top 10 enterprises by headquarters location, only SKSHU (Putian, Fujian), BNX Jia Baoli (Jiangmen, Guangdong), and Xiangjiang Paint (Changsha, Hunan) are headquartered outside Shanghai—the other seven all maintain their headquarters in Shanghai.

The ‘Technology-Driven’ Full-Value-Chain Player: PPG’s (Pittsburgh Plate Glass) Path in China’s Premium Industrial Coatings Market

PPG—a U.S.-based coatings giant with over 140 years of history—entered the Chinese market in the late 1980s and has since pursued a path markedly different from that of Nippon Paint or Kansai. It does not rely on mass-market brand recognition nor confine itself to a single niche segment. Instead, it builds its core competitiveness on ‘technology leadership + full-value-chain integration’, establishing global leadership across multiple premium industrial coatings sectors—including aerospace, automotive, packaging, and industrial protective coatings. This article traces PPG’s development trajectory in China, applying the Business Model Canvas to analyze its ‘multi-brand, multi-tiered’ China strategy and its ‘China innovation feeding back globally’ model—representing localization 2.0. Sources: Company official websites, industry research reports, and other publicly available materials. Founded in Pittsburgh, USA, in 1883 by John Baptiste Ford and John Pitcairn Jr., PPG has evolved over 140 years into a global leader in coatings and specialty materials. Its business spans architecture, consumer goods, industry, and transportation, with operations and R&D facilities in over 50 countries and regions worldwide. PPG was among the earliest foreign coatings enterprises to enter China. It began investing in China in the late 1980s. In April 1994, PPG Coatings (Tianjin) Co., Ltd. was registered in the Tianjin Economic-Technological Development Area—marking the establishment of PPG’s first wholly owned manufacturing facility in China. More than thirty years later, PPG now operates 24 factories and eight R&D and technical support centers across China—achieving a fully integrated layout spanning R&D, manufacturing, and service. In 2025, PPG’s global net sales totaled USD 15.875 billion, with regional revenue breakdown as follows: • North America: 33.84%; EMEA (Europe, Middle East, Africa): 33.81%—both showing revenue declines; • Asia-Pacific: 18.5%, of which China contributed USD 1.587 billion (10% of global total), with slight revenue growth; • Latin America: 13.85%—revenue decline. PPG consistently ranks as the world’s second-largest coatings producer. Amidst broader market headwinds, PPG’s 2025 revenue remained flat with a marginal decline—making Asia-Pacific the sole region registering growth. As of end-2025, PPG operated 24 factories and eight R&D and technical support centers in China, employing nearly 5,000 people—and maintaining a fully integrated value chain covering R&D, production, and service. PPG’s China sales have grown steadily, accounting for 10% of its global revenue in 2025—ranking China as PPG’s third-largest market after the United States (32%) and Mexico (11%). Its development milestones in China include: · 1985: Entered China via trade in automotive refinish coatings—launching its China operations; · 1994: Registered its first wholly owned factory in Tianjin—formal physical entry into China (led by Viktor); · 1996: Commissioned its Tianjin automotive coatings plant, serving joint-venture automakers from Europe and the U.S.—establishing a pure industrial direct-sales model; · 2008: Acquired Marcolin, expanding its product portfolio into marine and heavy-duty structural corrosion protection coatings; · 2011: Commissioned its Tianjin aerospace coatings plant—dominating the foreign-invested aerospace coatings segment domestically and internationally; · 2018: Signed the Tianjin Global Innovation Center agreement; Vincent Robin assumed dual roles as Global VP and China CEO, launching management localization reforms.

PPG Industries Inc. Stock: Earnings Momentum and Coatings Demand in Focus

May 20, 2026

PPG Industries reported Q1 2025 net sales of $4.3 billion, driven by organic growth and pricing actions despite construction softness. Investors are monitoring its pricing power and strategies regarding raw material costs and sustainability.

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