Rankings | Top Ten Global Paint Manufacturers: No Chinese Companies Make the List; the Top Company’s Revenue Exceeds RMB 140 Billion

Nippon Paint continues to rank fourth globally and first in Asia, with last year’s sales revenue reaching USD 9.769 billion, up 1.59% year-on-year. This growth was primarily driven by its acquisition of AOC—completed in March last year for USD 2.194 billion. Founded in August 2021 and headquartered in Tennessee, USA, AOC is a global leader in CASE (Coatings, Adhesives, Sealants, and Elastomers) and colorant solutions, operating 14 production facilities. Despite being consolidated for only ten months, AOC contributed 8.9% of the group’s total revenue, with an impressive operating profit margin of 34.1%, becoming a key driver behind the group’s overall profitability improvement. Despite negative growth, China remains Nippon Paint’s largest single market, accounting for 26.5% of group revenue—and remains a vital source of profit. Revenue contributions from Nipsei Group (excluding China), Dulux Group, Japan, and the Americas stood at 23.5%, 22.8%, 11.6%, and 6.7%, respectively. AkzoNobel ranked third, with sales revenue rising 2.49% year-on-year to USD 11.514 billion. On November 18, 2025, this Dutch company announced a merger agreement with Axalta. If successfully completed by late 2026 or early 2027, the merged entity would surpass PPG to become the world’s second-largest paint manufacturer, gaining leadership advantages across multiple segments—including automotive, architectural, industrial, and marine coatings. PPG ranked second with sales revenue of USD 14.605 billion. Established in 1883 and headquartered in Pittsburgh, Pennsylvania, USA, PPG operates and conducts R&D in over 50 countries worldwide, dominating the industrial coatings sector. Since establishing its first factory in Tianjin in 1994, PPG has cultivated a robust presence in China over three decades, now operating 20 production bases and eight R&D and technical support centers—building a complete industry chain spanning R&D, manufacturing, and technical services. Sherwin-Williams retained the top spot globally for the seventh consecutive year, generating USD 21.217 billion (approximately RMB 144.5 billion) in sales revenue—down 8.15% year-on-year. This decline stemmed mainly from the exclusion of revenues from painting tools and other non-paint businesses. Its market share consequently fell from 11.41% to 10.54%, yet its leadership position remains unassailable.

Worried About AI’s High Valuation? It’s Time to Look at the ‘Apple’ of the Paint Industry in U.S. Equities: Sherwin-Williams (Ticker: SHW)

Among Nasdaq-100 index constituents, Sherwin-Williams (ticker: SHW)—one of the world’s largest paint manufacturers—exerts formidable market dominance. A giant long-standing alongside PPG in the global paint industry, Sherwin-Williams derives over 90% of its total revenue from architectural and industrial coatings. The subtle matte or metallic finishes on certain smartphone casings—and Valspar automotive touch-up paints—are both products of Sherwin-Williams’ industrial coatings portfolio. Sherwin-Williams employs a business model centered on ‘company-owned retail stores + full-industry-chain coverage’. In the U.S. alone, it operates over 4,900 company-owned stores—creating exceptionally high industry barriers. This model resembles Apple’s retail store strategy: enabling direct access to real-time market demand while locking in premium pricing and high margins through brand strength. The company consistently maintains gross margins between 45% and 49%, significantly exceeding the paint industry’s average range of 30%–40%. Its competitive moat stems primarily from decades of brand equity accumulation and a comprehensive, highly responsive in-house logistics system—capable of delivering to construction sites within two hours. Founded 150 years ago, this enduring enterprise went public in 1964 and is renowned on U.S. markets as a ‘Dividend Aristocrat’.

Sherwin-Williams (SHW) Opens Its Largest Plant, Is the 18% Undervalued View Still Convincing?

Oct 13, 2026

Sherwin-Williams opened its largest North American plant in Statesville, North Carolina, enhancing production capacity and automation. Despite the expansion, the article questions the company's valuation risks due to a high P/E ratio relative to industry averages.