Ranking | Top 10 Global Paint Manufacturers: No Chinese Companies Make the List; the Top Company’s Revenue Exceeds RMB 140 Billion

Nippon Paint retained its position as the world’s fourth-largest and Asia’s largest paint manufacturer, 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 margin improvement. Although experiencing negative growth, China remains Nippon Paint’s largest single market, accounting for 26.5% of group revenue—and remains a vital source of group profits. Revenue contributions from other regions—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 company, gaining leadership advantages across multiple segments—including automotive, architectural, industrial, and marine coatings. PPG ranked second with USD 14.605 billion in sales revenue. 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 for 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 topped the list for the seventh consecutive year with USD 21.217 billion (approximately RMB 144.5 billion) in sales revenue. However, this represented an 8.15% year-on-year decline—mainly attributable to the exclusion of revenues from painting tools and other non-paint businesses. As a result, its market share dipped from 11.41% to 10.54%. Nevertheless, its leadership position remains unchallenged.

Record High! Sherwin-Williams’ Revenue Rose to USD 23.6 Billion Last Year; Strategic Acquisitions May Accelerate Growth

"For the full year, our 'Success by Design' strategy delivered outstanding results, achieving record consolidated net sales and record adjusted diluted earnings per share. Gross profit, gross margin, adjusted EBITDA, and adjusted EBITDA margin all increased. Sales growth in the Paint Stores Group (PSG) was led by protective and marine coatings, residential repaint products, and commercial offerings, while profitability improved across all business segments. The Consumer Brands Group (CBG) saw sales growth driven by Suvinil, as core DIY demand remained soft in North America. The Performance Coatings Group (PCG) reported flat sales, as high-single-digit growth in packaging and record new-customer acquisition offset core demand weakness across other business areas. Net operating cash flow rose 9% to USD 3.5 billion—14.6% of net sales—aligning with our medium-term target range and consistent with our disciplined capital allocation strategy. Our capital expenditure plan included new building projects, now operational and supporting our sales teams and customers. Additionally, we returned USD 2.4 billion to shareholders via share repurchases and dividends—the 47th consecutive year of dividend increases." In Q4 2025, the Paint Stores Group (PSG) recorded net sales of USD 3.127 billion, up 2.7% year-on-year—primarily driven by higher selling prices, which boosted net sales by approximately mid-single digits, partially offset by low-single-digit volume declines. Net sales rose in certain professional end markets, including protective coatings, marine coatings, residential repaint, and commercial segments—each growing by high-single-digit and low-single-digit percentages, respectively. PSG’s operating profit increased 7.1% year-on-year to USD 649.5 million, driven by favorable pricing on net sales, partially offset by investments in long-term growth opportunities and foreign exchange-related losses. The Consumer Brands Group (CBG) posted net sales of USD 824.7 million, up 24.5% year-on-year—mainly due to the acquisition of Suvinil, which contributed USD 164.5 million, accounting for 24.8% of the change in Q4 2024 sales, along with a 1.3% benefit from favorable foreign currency translation. These gains were partially offset by low-single-digit declines in volume and product mix, collectively reducing net sales. CBG’s operating profit totaled USD 56.2 million, down 15.6% year-on-year—primarily due to expenses related to targeted restructuring actions, partially offset by higher net sales and lower personnel-related costs. Adjusted segment profit increased for the same reasons—excluding restructuring-related expenses.

Sherwin-Williams (SHW) Q1 2026 Earnings Transcript

Apr 28, 2026

Sherwin-Williams reported strong Q1 2026 sales growth and expanded gross margins driven by the Suvenil acquisition. Despite higher raw material inflation and volume declines, the company maintained guidance through strategic pricing amid macroeconomic uncertainty.

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The Sherwin-Williams Company (NYSE:SHW) Q1 2026 Earnings Call Transcript

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Sherwin-Williams Posts Q1 Adjusted EPS of $2.35, Beating Estimates