CHICAGO, July 28, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 16 Paints and Coatings Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The Paints and Coatings market is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%. The paints and Coatings industry is categorized into two end-use industry types Decorative (Architectural) and Industrial Paints and Coatings. Almost 40% of the market is made up of the decorative paint category, which also includes ancillary items like primers and putties. This category comprises several subcategories, including exterior wall paints, interior wall paints, wood finishes, and enamels. The remaining 60% of the paint industry is made up of the Industrial paint category which spans a wide range of industries like automotive, marine, packaging, powder, protection, and other general industrial coatings.
Since the coatings sector is one of the most strictly regulated in the world, manufacturers have been compelled to use low-solvent and solventless technology. There are many manufacturers of coatings, but the majority are small regional manufacturers, with only ten or so large multinationals. However, most of the huge multinationals have expanded their operations in rapidly developing nations like India and mainland China. Consolidation has been the most notable trend, particularly among the biggest manufacturers.
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Unveiling the Market Leaders: Honoring Excellence in Paints and Coatings Markets
- Sherwin-Williams was identified as the market leader in the quadrant, accounting for the largest share in the paints and coatings market. The company has solidified its presence in the paints and coatings market through a combination of diversified products, strong brand identity, technological innovations, and a vast distribution network.
- PPG Industries, Inc.'s formidable presence in the paints and coatings market is evident from its significant market share. The company has solidified its position as a dynamic force in the paints and coatings market through innovation, a diverse product portfolio, a worldwide presence, and a strong focus on sustainability. PPG has also established a strong foothold in multiple regions around the world. The company's recent powder coating acquisitions added manufacturing capacity to its fast-growing product category.
- AkzoNobel N.V. registered a strong position in the paints and coatings market. Along with its diverse portfolio of brands, the company also has captured leading positions in both large and emerging markets, which thereby positions it as one of the leading companies in the paints and coatings market.
- Nippon Paint Holdings Co., Ltd is a diversified coatings company. It is active in the manufacture and sale of paints & coatings for automobiles, construction, architecture, steel structures, ships, metal industries, electrical equipment, machinery, roadways, and household use.
- RPM International, Inc. is an American multinational company with subsidiaries that manufacture high-performance specialty coatings, sealants, and building materials. The product portfolio includes API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Drwit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, Illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco, and Zinsser.
Categorization of Paints and Coatings Companies On 360 Quadrants
Paints and Coatings companies' evaluation was conducted for 200-300 companies, of which the top 16 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, Nippon Paints Holdings, and RPM International.
Kansai Paints and Jotun have been recognized as contenders in the paints and coatings quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Asian Paints, BASF SE, Axalta Coating Systems, and Masco Corporation have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the paints and coatings industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Berger Paints, Hempel, Beckers Group, Tiger Coatings and SK Kaken as emerging companies.
Evaluation Criteria
The vendor evaluation was conducted on over 200-300 companies of which the top 16 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor's market share, and business strategies have been considered to evaluate the paints and coatings quadrant. The top criteria for company evaluation were technologies (waterborne, solvent-borne, and powder coating), Resin Type (acrylic, alkyd, epoxy, polyurethane, vinyl, and fluoropolymer), Product Industry Verticals (Building and construction, industrial, automotive, marine, machinery and equipment) and Product Features (Finishing, composition and drying process).
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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See Also: Top Lubricants Companies, Worldwide 2023
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360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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