Performance comparison of marine coatings brands: 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 primarily on marine coatings. According to CSSC’s disclosed annual report, in 2024, the company’s marine coatings production volume reached 21,379 tons, sales volume 21,316 tons, and inventory 413 tons—representing year-on-year increases of 19.0%, 18.5%, and 18.0%, respectively. Production rose from 11,623 tons in 2020 to 21,379 tons in 2024; sales climbed from 11,633 tons in 2020 to 21,316 tons in 2024—both metrics achieving five consecutive years of growth. CSSC noted that last year, Shuangrui Anti-Corrosion secured breakthroughs in major national projects and functional coatings for large auxiliary vessels by offering an integrated “cathodic protection + coating protection” solution. In 2024, the international shipping market continued its upward cycle, and the shipbuilding industry maintained robust momentum. Demand remained strong for oil tankers, car carriers, green-fuel bulk carriers, and container ships—driving vigorous growth in marine coatings demand. According to the “2024 Global Top 10 Marine Coatings Brands Ranking” released by TuJie (Coating World), the global marine coatings market size reached USD 6 billion in 2023; the combined revenue of the ranked brands’ marine coatings businesses 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 new 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, as newbuilding market sentiment was dampened by broader geopolitical uncertainties—particularly U.S. policy—and a somewhat softer performance in the shipping market,” Clarkson stated. Nonetheless, major coatings 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 divisions and regions; notably, robust newbuilding activity in China and South Korea in Northeast Asia drove marine coatings sales growth. PPG Industries reported consolidated net sales of USD 3.684 billion for Q1 2025—a 4.0% decline year-on-year. However, its Performance Coatings segment delivered 9% organic sales growth, with double-digit percentage growth recorded in aerospace coatings, protective & marine coatings—outpacing market averages in certain businesses. Looking ahead, PPG expects protective and marine coatings to remain strong. PPG stated that organic sales of protective and marine coatings grew at a double-digit rate compared to Q1 last year, driven by volume gains across the U.S., Europe, and the Asia-Pacific region. This volume growth was further supported by gains in marine coatings market share, reflecting strong demand for PPG’s sustainable-advantage products.

2025 Top 100 Coatings Companies List released: Nippon Paint leads amid industry restructuring

On July 9, CoatingProcurement.com unveiled its highly anticipated “2025 China Coatings Sales Top 100 List”, comprehensively showcasing the revenue strength, competitive landscape, and structural shifts within China’s domestic coatings industry. The list covers key subsectors—including architectural coatings, industrial coatings, waterproofing building materials, specialty coatings, and powder coatings—highlighting both the scale gap between Chinese and foreign brands and the resilience of domestic enterprises. It reflects the coatings industry’s evolving development logic against the backdrop of real estate adjustment, infrastructure upgrades, and tightening environmental regulations. According to the “2025 China Coatings Sales Top 100 List”, the aggregate sales revenue of the top 100 coatings enterprises nationwide reached RMB 222.9 billion in 2025—a 4.4% year-on-year decline. The top five companies were Nippon Paint, PPG Industries, AkzoNobel Coatings, Sika China, and Beijing Oriental Yuhong Waterproofing Technology Co., Ltd., whose combined sales totaled RMB 100.6 billion—accounting for 45% of the total sales of the Top 100. I. Top-tier Tier: Pronounced Gap, Foreign Leaders Hold Steady, Domestic Leaders Mount Counterforce 1. Ultra-RMB 5-Billion Tier—Nippon Paint Builds an Absolute Leadership Moat Nippon Paint topped the list with RMB 50.124 billion in sales—achieving a commanding lead as the sole enterprise surpassing the RMB 50-billion threshold. Leveraging its nationwide distribution network and dominant presence in home renovation retail channels, Nippon Paint has fully captured three key application scenarios: residential renovation, pre-finished housing, and construction project coatings. Simultaneously, it continues strategic expansion into industrial coatings and powder coatings—its full-category, omni-channel operational model solidifying its position as the industry leader. 2. RMB 10-Billion Foreign Tier—Global Giants Maintain Solid Advantages in High-Barrier Segments PPG Industries (RMB 19.497 billion) and AkzoNobel Coatings (RMB 13.696 billion) ranked second and third, respectively—both exceeding RMB 10 billion in revenue. These two global leaders hold formidable technological authority in high-barrier segments such as automotive OEM coatings, marine and corrosion-resistant coatings, and premium industrial protective coatings. Their orders from commercial real estate and large-scale infrastructure projects are highly concentrated. Backed by proprietary formulations and global supply chains, they secure high-value-added markets. Sika China ranked fourth with RMB 9.477 billion, excelling in architectural waterproofing and specialty repair construction materials—setting the benchmark among foreign brands in these niche categories. 3. Domestic Top 10 Surges—Building Materials & Waterproofing Leaders Spearhead Homegrown Brands Domestic enterprises occupy half of the Top 10 positions: Beijing Oriental Yuhong (RMB 7.811 billion, #5), a waterproofing materials leader, expanded from waterproofing solutions into consumer coatings by capitalizing on real estate partnerships, municipal infrastructure projects, and residential waterproofing demand; SKSHU (RMB 7.292 billion, #6) deepened its engineering and real estate channel penetration, scaling up via state-owned enterprise centralized procurement and affordable housing orders; Jotun Coatings (RMB 7.109 billion, #7) has long specialized in marine and steel structure corrosion protection; Dewitt, CNBM Coatings, and BASF Coatings ranked #8–#10. II. Mid-Tier (Rankings #11–#50): Diverse Subsectors Flourish; Regional Leaders Establish Differentiated Footing This tier encompasses enterprises with sales ranging from RMB 740 million to RMB 4.6 billion—the most dynamic and competitive segment in the industry—characterized by three trends: —Regional Chinese coating brands have matured in scale: Xiangjiang Coatings, Bader, and Meitushis have all surpassed RMB 4 billion in revenue. Bader and Meitushis leverage their strong presence in the South China home renovation retail channel, focusing on tier-3 and tier-4 city markets; Xiangjiang Coatings steadily expands its footprint through rail transit and construction machinery industrial coating orders, transitioning from small workshops to modern manufacturing facilities.

PPG Industries Reports Q1 Revenue of $3.93 Billion, Surpassing Estimates

Apr 28, 2026

PPG Industries reported Q1 revenue of $3.93 billion and adjusted EPS of $1.83, both exceeding analyst estimates. The company also raised full-year 2026 EPS guidance to between $7.70 and $8.10 per share.

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