Rankings | Top 10 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, an increase of 1.59% year-on-year. This growth was primarily driven by its acquisition of AOC for USD 2.194 billion in March last year. 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 into Nippon Paint’s financial statements 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 serving as a vital source of 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 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 for over three decades, now operating 20 production bases and eight R&D and technical support centers—building a complete industry chain covering R&D, manufacturing, and technical services. Sherwin-Williams retained the top spot globally for the seventh consecutive year, with sales revenue of USD 21.217 billion (approximately RMB 144.5 billion), down 8.15% year-on-year. This decline mainly reflects 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 leading position remains unchallenged.

2026 Global Top 10 Marine Coatings Brands Ranking Released: These Brands Control 90% of the Global Market Share

Jotun stated in its latest annual report that, looking ahead to 2026, new shipbuilding activity remains at peak levels, with major shipyards operating near full capacity. Benefiting from continued expansion of Chinese shipyard capacity, marine coatings business sales are expected to remain strong in 2026. Dry-docking business is projected to grow modestly, with docking volumes anticipated to rise in 2026. New shipbuilding, dry-docking, and offshore engineering sectors will continue facing pricing pressure. As more shipowners and fleet managers strive to reduce fuel consumption and associated emissions, demand for Jotun’s premium antifouling products and solutions is expected to sustain robust growth in the dry-docking market over the coming years. Kansai Paint reported sales of JPY 37.802 billion for the first quarter of FY2027, up 16.0% year-on-year. Marine coatings sales totaled JPY 32.555 billion, up 13.92% year-on-year. Sales in Japan, China, South Korea, Southeast Asia, and Europe & the Americas rose by 32.0%, 34.0%, −13.5%, 16.2%, and −3.7%, respectively. Kansai Paint noted that, within its core marine coatings business, new-build vessel shipments showed steady growth, driven by rising shipbuilding output in China. In the Japanese market, amid heightened uncertainty in raw material procurement and persistently rising raw material prices triggered by regional tensions in the Middle East, the company implemented price adjustments to ensure stable raw material supply and fulfill its supply commitments—contributing significantly to the sharp sales increase. In the vessel repair segment, demand for high-performance hull antifouling coatings continues to climb, propelled by the implementation of IMO fuel-efficiency regulations and the global trend toward reducing CO₂ emissions from ships. CMP Group not only actively promoted sales of high-value-added products but also adopted rational pricing strategies aligned with raw material costs, thereby achieving overall sales growth. Sherwin-Williams reported net sales of USD 3.89 billion for its Paint Stores Group in Q2 2026, up 5.1% year-on-year—driven primarily by price increases and modest volume growth. Net sales rose across all professional customer end markets, with protective and marine coatings markets posting double-digit percentage growth. PPG Industrial reported organic sales growth of 3% in its Performance Coatings segment for Q2 2026, supported by strong demand for aerospace, protective, and marine coatings. Organic sales in protective and marine coatings grew double-digits year-on-year, marking the 13th consecutive quarter of volume growth—including above-market marine coatings volume growth in both the Asia-Pacific region and Europe. Nippon Paint’s Other Coatings business achieved sales revenue of JPY 57.595 billion in the first half of 2026, up 13.31% year-on-year, with particularly strong growth in marine coatings. Performance data from multiple industry leaders collectively confirm that the marine coatings market is currently in an upward cycle marked by robust demand. However, not all companies are benefiting equally—the market is already showing signs of divergence. According to its financial report, AkzoNobel’s Marine & Protective Coatings business recorded Q2 2026 sales of EUR 385 million, down 7% year-on-year, with organic sales declining 2%—primarily due to lower volumes, especially a sharp drop in marine coatings volumes compared to the prior year. For H1 2026, sales totaled EUR 727 million, down 11% year-on-year.

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