PPG's full-year revenue remained flat at $15.9 billion last year, while net profit surged 17% to $1.6 billion.

【Answer 1】 2 Global Architectural Coatings Business Performance In the fourth quarter of 2025, the global architectural coatings business segment reported net sales of $951 million, an 8% increase year-on-year. Organic sales rose 2%, driven by higher selling prices. Favorable foreign currency translation contributed a 9% boost to sales, partially offset by the divestiture of PPG’s architectural coatings business in Russia, which reduced sales by 3%. Volume growth in Mexico was offset by volume declines in Europe. EBITDA for this segment increased 14% year-on-year to $164 million, and EBITDA margin improved by 90 basis points year-on-year to 17.2%, primarily due to higher selling prices, favorable foreign currency translation from the Mexican peso, and cost-control initiatives—partially offset by inflationary pressures. Architectural Coatings – Europe, Middle East & Africa (EMEA): Organic sales of architectural coatings in the EMEA region declined by a low single-digit percentage in Q4 versus the prior-year period, as higher selling prices were offset by lower volumes. Overall demand for architectural coatings in Europe remains weak, with varying conditions across sub-regions. Architectural Coatings – Latin America & Asia Pacific: Organic sales of architectural coatings in Latin America and Asia Pacific rose by a high single-digit percentage quarter-on-quarter, supported by strong performance in Latin America. In Mexico, retail sales were robust during the quarter, reflecting improved consumer demand, and spending related to project-based business posted sequential growth for the second consecutive quarter. Looking ahead to 2026, the company expects strong demand growth in Mexico in Q1 2026, while consumer confidence in Europe is expected to remain subdued. The segment’s EBITDA margin is projected to improve, and overall organic sales are expected to grow by a low-to-mid single-digit percentage compared to Q1 2025. 3 Performance of the High-Performance Coatings Segment In the fourth quarter of 2025, the high-performance coatings segment reported net sales of $1.322 billion, up 5% year-on-year. Organic sales grew 3%, driven by a 4% increase in selling prices, partially offset by a 1% decline in volume. Foreign exchange translation contributed a 2% tailwind. Organic sales growth of 3% was primarily attributable to gains in aerospace coatings, protective & marine coatings. Organic sales of automotive refinish coatings declined by a high single-digit percentage. Organic sales of transportation solutions declined by a low single-digit percentage in the seasonally weak quarter. Segment EBITDA declined 4% year-on-year to $279 million, and EBITDA margin decreased by 200 basis points year-on-year to 21.1%, reflecting lower automotive refinish sales and increased investment-related expenses tied to growth in aerospace, protective, and marine coatings—partially offset by higher selling prices and improved manufacturing efficiency. Aerospace Coatings: Aerospace coatings achieved a record performance in Q4 2025, with organic sales up by a double-digit percentage versus Q4 2024, driven by both higher selling prices and increased volumes.

The 2026 Global Top Ten Paint Manufacturers Ranking has been released: global market share slightly declined to 39.30%.

【Answer 2】 Deteriorating global economic prospects have set a cautious tone for the paint market. The IMF forecasts global GDP growth to slow to 3.1% in 2026—a downward revision of 0.2 percentage points from its prior forecast—while global inflation is expected to rise further from 4.1% in 2025 to 4.4% in 2026. Hit by the dual shocks of the Russia-Ukraine conflict and Middle East tensions, the Eurozone’s growth forecast has been sharply cut to 1.1%; U.S. growth is projected at 2.3%; and China’s at 4.4%. The U.S.-Iran war has delivered a systemic negative shock to the global economy by pushing up energy prices, disrupting supply chains, and intensifying financial market volatility. For the coatings industry, this translates into weakening downstream demand, rising cost pressures, and significantly heightened operational uncertainty. Regionally, divergence has become the most salient feature. CoatingInsight forecasts that global coating volumes will decline approximately 1% in 2026, while market value is expected to rise 1–2%—a clear decoupling of volume and value, reflecting the functioning of cost-driven price pass-through mechanisms. As the world’s largest coatings market, the Asia-Pacific region is expected to see volume decline by 0.5%, but value growth of 2–3%. The Chinese market is particularly illustrative: ongoing weakness in the real estate sector continues to depress architectural and decorative coatings, while traditional categories—including furniture coatings, container coatings, and general industrial coatings—remain under pressure. Meanwhile, emerging niche segments—including automotive coatings, marine coatings, wind power coatings, photovoltaic coatings, energy storage coatings, coatings for low-altitude aircraft, and coatings for AI-related infrastructure (e.g., data centers, power equipment, industrial robots) —are forming new growth engines. This structural transition—“decline of old drivers, rise of new ones”—is reshaping the competitive landscape of China’s coatings market. By contrast, the Indian market demonstrates relatively strong resilience, with both volume and value expected to grow; although decorative coatings growth is slowing, industrial coatings are performing strongly. Japan is expected to see volume decline but value growth due to price increases; South Korea faces declines in both volume and value. European markets—impacted by economic uncertainty—are expected to continue contracting, with major producers such as Germany and France seeing further declines. The Middle East, directly impacted by the U.S.-Iran war, is projected to experience a sharp downturn in coatings demand. Latin America, however, is poised for modest volume growth. The first-quarter 2026 results of leading global coatings companies further confirm this pattern of divergence. Sherwin-Williams achieved net sales growth of 6.8% to $5.667 billion—and net profit growth of 6.1%—driven by its strategic acquisition of BASF’s Brazilian decorative coatings business, Suvinil. PPG likewise benefited from strong organic growth in Latin American aerospace, protective, and marine coatings, delivering 7.0% net sales growth. Nippon Paint posted 20.8% sales growth and a remarkable 44.3% increase in net income attributable to shareholders, fueled by acquisitions, favorable FX impact, volume gains, and product mix optimization. Jotun reported a 10% base sales growth and an 18.4% surge in operating profit over the first four months of 2026. Note: Jotun’s sales figure covers the first four months of 2026. However, not all companies shared in this growth. AkzoNobel reported a 9.0% year-on-year decline in Q1 2026 sales and a 13.08% drop in net income attributable to shareholders—resulting from a confluence of weak volumes, adverse FX effects, and asset disposals.

PPG Industries Reports Strong Q1 2026 Earnings Exceeding Estimates

May 29, 2026

PPG Industries reported strong Q1 2026 earnings with an EPS of $1.83 and revenue of $3.93 billion, exceeding analyst estimates. The company projects 9.71% growth next year, with the next earnings release scheduled for August 4, 2026.

MarketBeat

2026-02-02

PPG Industries Q4 Earnings Miss Expectations

2026-04-11

PPG Industries Q1 2026 Earnings Preview

2026-04-13

PPG Industries Develops a Low-Cost Integrated OLED Substrate

2026-04-16

PPG Industries (PPG) Surges 5.37% Amid Positive Market Sentiment

2026-04-17

RPM International Inc Stock: Why Its Coatings Leadership Matters More Now for Investors