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Top 10 Companies in the Global Paints and Coatings Market

Aditya Kaushal

Dec 16, 2022

2022: Paints & Coatings Market Share Competition Analysis and Sustainability

The journey from 2021 to 2022 after recovering from the COVID-19 impact on the paints & coatings industry was progressing positively, however, the Ukraine & Russian wars made a negative short-term impact on the paints & coatings industry over many countries in European and Asian regions. The prices of raw materials increased globally during the period which resulted in higher prices of paints & coatings products, and comparatively lower volume consumption trends of paints & coatings, but generated higher average revenue sales (y-o-y>5.35%) over the period.


Global Paints and Coatings Market Share (%), by Company, 2022 (est.)
Global Paints and Coatings Market Share (%), by Company, 2022 (est.)

The 14 key players in the global paints and coatings market listed above accounted for about 55.32% market share together with an estimated sales value of about USD 87,558.7 million in 2022.


The year 2021 had many key M&A activities, however, the future for M&A activities in paints & coatings is the most likely to increase with growing competition among the top 14 players at the global, regional & country-level market. In 2022, the Sherwin Williams and PPG Industries continued to have high competition globally and shared the 1st and 2nd ranked respectively (Check our global paints & coatings market share 2021 here). AkzoNobel N.V. remained the 3rd largest player in the paints and coatings market globally and 1st (top) player in the European region in 2022. Nippon Paint and Axalta are followed to be 4th and 5th largest players, where both companies are estimated to have more than 8% y-o-y average revenue growth in the year 2022.


Asian Paints is estimated to have the 6th position in the global paints and coatings market in 2022 from the earlier 8th position in 2021. The gain in position is mainly due to its higher revenue growth in the Asia-Pacific and Middle-East markets.


The paints and coatings are an integral part of society in their daily lives. In the last 6-7 years, the paints and coatings manufacturers are very prompt to the challenge of sustainability and to meet the respective set goals of UN SDGs. Most of the key players are trying hard to achieve their year-on-year goals and produce safe and sustainable paints and coatings products (Low or near zero VOC products). In 2021, AkzoNobel accounted for 39% of revenue from sustainable solutions, whereas it has a target to achieve more than 50% revenue from sustainable solutions by 2030.


Keeping the business model aligned with the sustainability goals and looking forward to gaining market share with acquisitions or sales channel expansions are the few key strategies adopted by the top players in order to so-called colorify the healthy sustainable competition.


 
According to a recent market forecast by AKI Research, the global paints and coatings market will reach over USD 205.58 billion by 2027. For detailed updated market research reports, please contact at adityak@akiresearch.com.
 

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