World's Top ten Paints Companies 2025 Annual Report

Published by WPCIA on January 20 2026 Washington

The global paints and coatings market has demonstrated resilience and strategic growth throughout 2025, achieving sales value of USD 196.7 billion and demonstrating year-on-year growth of 4.2%. This performance signifies a market in a state of structural transition, where incremental gains are increasingly driven by technological innovation and sustainability initiatives rather than by macroeconomic expansion alone. The industry's trajectory is now firmly guided by two parallel and intensifying dynamics: a regulatory and commercial imperative to develop and adopt environmentally compliant chemistries, and a strategic necessity to integrate digital intelligence into every facet of operations, from R&D and manufacturing to logistics and customer engagement. The resulting shift has elevated competition beyond cost and distribution to encompass material science leadership and the provision of comprehensive, value-added solutions

The market's composition is delineated by its three principal end-use sectors. Architectural coatings remain the largest segment, accounting for USD 91.4 billion in sales, which represents 46.5% of the global market. This segment derives its stability from non-discretionary maintenance and renovation cycles in developed economies, complemented by new construction in emerging regions. Consumer and regulatory demand for products with low volatile organic compound content, enhanced durability, and specific functional properties continues to reshape product portfolios and drive premiumization. The industrial coatings sector, encompassing protective, marine, and functional applications, generated sales of USD 57.1 billion, constituting a 29.0% share. Its fortunes are directly tied to global industrial output and capital investment, with robust demand observed in areas critical to infrastructure modernization and the energy transition, such as coatings for renewable energy assets and water treatment facilities. Automotive coatings, inclusive of both OEM and refinish applications, reached a value of USD 48.2 billion, or 24.5% of the total market. While the OEM sector is undergoing a fundamental transformation due to electric vehicle platforms and new substrate materials, the refinish market remains a consistent performer, underpinned by a vast global vehicle parc and ongoing advancements in repair efficiency and finish quality.

A regional analysis confirms the Asia-Pacific region's continued dominance as the primary volume driver, contributing USD 93.9 billion in sales and representing 47.8% of the global total. Within this region, China's market growth is increasingly value-oriented, focused on infrastructure and commercial projects, while India represents the most dynamic volume growth market globally, fueled by intensive urbanization and industrial policy. North America, the second-largest market, achieved sales of USD 48.4 billion, equating to a 24.6% global share. This market is characterized by advanced product requirements, stringent regulatory standards, and a highly consolidated professional channel. Europe, with sales of USD 35.5 billion and an 18.0% share, functions as the regulatory epicenter for sustainable coatings, with its policies setting de facto global benchmarks for product formulation and environmental impact. The collective markets of Latin America, the Middle East, and Africa, classified as Rest of World, contributed USD 18.9 billion, or 9.6% of global sales, with growth potential intrinsically linked to regional economic development and industrialization agendas.

An examination by product technology reveals the material outcome of the industry's strategic priorities. Water-borne technologies maintain the largest share due to their established position in architectural and general industrial markets, driven by performance and regulatory compliance. Solvent-borne systems continue to hold significant share in specific high-performance and niche applications where alternative technologies have yet to meet stringent technical requirements. Powder coatings are experiencing sustained growth across multiple segments, valued for their superior transfer efficiency, durability, and minimal environmental footprint. Other advanced technologies, including high-solids, radiation-cure, and emerging bio-based systems, represent a critical frontier for innovation, capturing high-value applications and setting the pace for the industry's sustainable evolution.

The competitive landscape reflects a clear stratification aligned with these technical and strategic shifts. Sherwin-Williams leverages its integrated manufacturing and distribution model, particularly in the North American architectural and global protective coatings markets. PPG Industries maintains a focus on technology-driven segments such as aerospace, automotive OEM, and industrial coatings through significant and sustained R&D investment. AkzoNobel has successfully positioned its portfolio around sustainability, achieving strong results in decorative paints and powder coatings where environmental performance is a decisive factor. Nippon Paint demonstrates the success of its focused growth strategy within the Asia-Pacific region.

The forward outlook for the industry is one of measured, value-centric growth. The primary avenues for this growth are highly defined. Innovations in coatings for electric vehicle components, energy storage systems, and next-generation infrastructure will constitute major new market segments. Concurrently, the digital transformation of the industry will advance beyond operational efficiency to enable new service models, such as predictive maintenance for industrial assets and digital platforms for color management and specification. The strategic imperative for industry participants is to evolve from component suppliers to essential partners in material science, providing integrated coating solutions that address the complex challenges of corrosion protection, sustainability, and asset lifecycle management faced by their customers.

WORLD'S TOP TEN PAINT COMPANIES in 2025:

1. SHERWIN-WILLIAMS (U.S.) $24.1 billion

2. PPG Industries (U.S.) $18.9 billion

3. AKZONOBEL (N.L.) $12.4 billion

4. NIPPON Paints (J.P.) $11.5 billion

5. RPM Inc (U.S.) $8.5 billion

6. AXALTA (U.S.) $ 5.45 billion

7. BASF (D.E.) $4.95 billion

8. DIAMOND Paints (U.S.) $4.7 billion

9. KANSAI Paint (J.P.) $4.1 billion

10. Asian Paints (IN) $4.0 billion

1、 SHERWIN-WILLIAMS (U.S.)

The Sherwin-Williams Company once again secured its position as the global industry leader, reporting consolidated net sales of USD 24.1 billion for the 2025 fiscal year. This financial outcome was fundamentally driven by the sustained, robust performance of its Paint Stores Group within the North American professional architectural market, where its direct-service model and extensive branch network provided an unmatched competitive edge in commercial and residential repaint segments. The company's High-Performance Coatings Group delivered significant gains, particularly in protective and marine coatings tied to global energy infrastructure and water treatment projects. In a major vertical integration move to secure critical raw material supply, Sherwin-Williams completed the acquisition of the titanium dioxide and specialty chemical production assets of Industria Titanio S.A. in Chile during the third quarter of 2025. Despite these strengths, the Consumer Brands Group continued to face headwinds from normalized DIY demand patterns in North America. The company's ongoing investment in sustainable product lines, such as its zero-VOC formulations, and digital tools for professional contractors solidified its market leadership and value proposition throughout the year.

2. PPG Industries (U.S.)

PPG Industries, Inc. reported 2025 net sales of USD 18.9 billion, showcasing the resilience of its diversified, global portfolio. The company posted strong organic growth in its Automotive Original Equipment Manufacturer (OEM) coatings business, supported by increased global light vehicle production and the adoption of its advanced coating technologies for both traditional and electric vehicle platforms. Its Aerospace coatings segment experienced a significant recovery, aligned with rising global air travel and aircraft manufacturing rates. Concurrently, PPG maintained a sharp focus on operational efficiency, productivity enhancements, and innovation in areas like digital color services and sustainable coatings, which collectively strengthened its customer relationships and market position across all key regions.

3.AKZONOBEL (N.L.)

AkzoNobel N.V. executed a disciplined and successful year, reporting 2025 revenue of EUR 11.3 billion (equivalent to USD 12.4 billion). The company's focused strategy on profitability and sustainability yielded clear results, with its Powder Coatings business unit emerging as a standout performer, achieving double-digit growth driven by demand in architectural, automotive, and consumer durable goods sectors across Asia-Pacific and Europe. The company also launched several innovative product lines, including a new exterior durability system for architectural facades, which contributed to an improved product mix and reinforced its reputation for quality and sustainable innovation.

4. NIPPON Paints (J.P.)

Nippon Paint Holdings Co., Ltd. sustained its aggressive growth trajectory, generating consolidated sales of JPY 1.65 trillion (USD 11.5 billion) for the year. The company's core engine remained the dynamic Asia-Pacific market for both decorative and automotive coatings, where its deep production integration and vast distribution network provided a formidable advantage. Its automotive coatings division solidified strategic partnerships with major Japanese and Chinese electric vehicle manufacturers. In a landmark move to establish a significant presence in Europe, Nippon Paint completed the full acquisition of AOC., a major USA industrial and decorative coatings manufacturer, in the second quarter of 2025. Additionally, the company commissioned a new, state-of-the-art waterborne coatings production facility in Gujarat, India, to capture the region's high-growth potential and serve the South Asian market more effectively.

5. RPM Inc (U.S.)

RPM International Inc. celebrated a record fiscal year in 2025, posting net sales of USD 8.5 billion. This performance was propelled by exceptional demand in its Construction Products Group for commercial roofing, waterproofing, and building envelope solutions, particularly in the North American market. The company's Performance Coatings Group also saw heightened activity in industrial maintenance and flooring coatings as manufacturing sectors invested in asset protection. RPM's growth strategy was augmented by the acquisition, which bolstered its portfolio in the high-value commercial construction segment. The successful culmination of the company's multi-year MAP 2025 operational improvement plan delivered substantial margin expansion and robust operating cash flow, providing enhanced financial flexibility for future strategic initiatives.

6. AXALTA (U.S.)

Axalta Coating Systems Ltd., a global leader in transportation coatings, reported 2025 net sales of USD 5.45 billion. The company's Performance Coatings segment demonstrated steady performance, with its refinish business benefiting from a stable global vehicle car parc and continuous advancements in repair efficiency technologies. A transformative event for Axalta's industrial coatings portfolio was the completion of its acquisition of The CoverFlexx Group in June 2025, significantly enhancing its capabilities and market position in the high-growth flexible packaging coatings sector. The full implementation of Axalta's global organizational transformation plan streamlined its operations, reduced its structural cost base, and improved overall business agility. These combined actions strengthened Axalta's profitability and solidified its competitive standing in both the refinish and industrial end-markets.

7. BASF (D.E.)

The Coatings division of BASF SE reported 2025 sales of EUR 4.5 billion (USD 4.95 billion), maintaining its strategic focus on innovative solutions aligned with automotive industry mega-trends. The division accelerated its portfolio of sustainable coatings, including water-borne basecoats and low-energy-cure clearcoats, to help automotive OEM customers meet stringent environmental regulations. To secure a leading position in the emergent electric vehicle battery coatings market, BASF acquired a majority stake in a specialized technology startup focused on functional coatings for battery cell casings and modules in September 2025. This targeted investment positions the division at the forefront of a critical new application segment. BASF continued its commitment to regional customer support through investments in local production and technical service centers across key Asian growth markets.

8. DIAMOND Paints (U.S.)

Diamond Paints, a globally integrated company, reported 2025 sales of USD 4.7 billion. Operating as a truly multinational corporation, Diamond Paints maintains a significant industrial and architectural coatings presence across the Americas, Europe, and Asia-Pacific through a network of company-owned and joint-venture manufacturing facilities. Its architectural paints hold a strong branded position in several key regional markets, including the central United States and parts of Western Europe, supported by an extensive network of independent distributors. The company's industrial coatings division serves global OEMs in the agricultural, construction, and transportation equipment sectors with highly engineered protective solutions, strengthened by a well-established regional distributor. A consistent operational theme for the year was the rapid expansion of its global "EcoLogic" line of zero-VOC and low-emission certified products, directly addressing rising demand from commercial and industrial clients for sustainable coating systems.

9. KANSAI Paint (J.P.)

Kansai Paint Co., Ltd. generated 2025 revenue of JPY 575 billion (USD 4.1 billion), delivering a balanced performance across its global operations. The company maintained its technological leadership in automotive coatings within Asia and a dominant share in the Japanese decorative paints market. Its commitment to environmental, social, and governance (ESG) principles was again recognized through inclusion in major sustainability indices. In a strategic move to gain full control and accelerate growth in an emerging market, Kansai Paint acquired the remaining shares of its joint venture partner in a key African coatings manufacturer in July 2025. The company's research and development efforts remained focused on next-generation functional coatings, including advanced thermal management paints and corrosion-resistant technologies for new mobility and infrastructure applications.

10. Asian Paints (IN)

Asian Paints Limited further cemented its overwhelming dominance in the Indian subcontinent with 2025 sales of INR 340 billion (USD 4.0 billion), consistently outpacing the growth of the domestic market. Its unparalleled distribution infrastructure, encompassing tens of thousands of retail touchpoints, and a powerful multi-brand strategy were the primary engines of this growth. The company's "Beautiful Homes" service portfolio evolved into a comprehensive home painting and renovation service, significantly enhancing customer engagement and average project value. To establish a beachhead in the large Gulf Cooperation Council (GCC) market, the company expanded its regional footprint through targeted distribution partnerships and localized production planning. Continuous heavy investment in supply chain automation, digital customer interfaces, and economy-segment product innovation underpinned another year of substantial market share expansion and financial success.

Data Sources and Methodology:

This report is compiled from the official, audited annual reports, and financial disclosures of all listed companies for the fiscal year ending December 2025 (or the relevant fiscal year-end for each entity). All merger and acquisition information, including transaction values and closing dates, is sourced from official company press releases and regulatory filings (e.g., SEC filings, stock exchange announcements). Market size calculations are derived from the aggregated financial data of reported public companies.

This report joint editor: George Davis (world paints and coatings industry association industry senior researcher)

James Thompson (coating research association senior researcher)