The Top 30 Asia Pacific Coatings Companies 2024: PPCJ’s annual review

Xilin Li, Terri Lin, Osamu Kirihara and Douglas Bohn of Orr & Boss Consulting Incorporated have compiled the data for this year’s annual review of the Top 30 paint manufacturing companies headquartered in the Asia Pacific region

Asia Pacific is the largest paint and coatings market in the world. Orr & Boss estimates that it is 45% of the global value of the paint & coatings market.   It remains home to some of the fastest growing countries and sub-regions of the world including India, the rest of South Asia, and South East Asia. As a whole, the Asia paint and coatings market did not grow as fast as in previous years. The Orr & Boss estimate for 2023 was that value grew by 3.4%.   Nonetheless, the region continues to offer excellent growth opportunities.

• The top 30 paint companies had sales of US$31.1 billion in 2023.
• Revenue of the Top 30 was flat, with the 2022 list reflecting slowing economic growth. It also reflects that the Japanese Yen and the Korean Won devalued in 2023, so that sales in those markets were lower in US Dollar terms.
• Nippon Paint remains by far the largest paint company based in Asia, with sales of US$9.6 billion.
• There are 13 companies based in Greater China, seven in Japan, five in South Korea, two in India, one in the Philippines, one in Thailand and one in Indonesia.
• Carpoly, which is number 13 on the list, was acquired at the beginning of 2024 by Beijing New Building Materials (BNBM). The name of the new company will be BNBM Carpoly.

Summary profiles for the 30 companies are given below.

1. Nippon Paint Holdings Company LTD

• Corporate Headquarters Location: Osaka, Japan
• Website: nipponpaint-holdings.com
• Ownership: Publicly Listed
• Peer Group: Sherwin-Williams, AkzoNobel, Kansai Paint, Axalta, PPG, and BASF
• Key Figures
  • Total Revenue: ¥1.44 trillion JPY ($10.2 billion USD)
  • Paint as a % of Sales: 94%
  • Coatings Revenue: ¥1.356 trillion JPY ($9.604 billion USD)
  • Coatings Volume: NA
  • Geographic Sales: China 42.7%, Japan 11.5%, Australia & New Zealand 19.5%, Europe 10.5%, North America & Latin America 9.5%, Asia ex China and Japan 6.3%
  • Segment Sales: Decorative 63%; Auto OEM 13%; General Industrial + Coil 7%, Other Coatings (auto refinish, marine, & others) 16%, and Fine Chemicals (surface treatment) 1%.
• New Developments: Nippon Paint was again active 2023. Some of the highlights include:
  • Acquisition of Alina: Alina is Kazakhstan manufacturer of dry mortars, paints and coatings.
  • The company also announced an agreement to acquire Nippon Paint (India)Private Limited and Berger Nippon Paint Automotive Coatings Private Limited.

2. Asian Paints Ltd

• Corporate Headquarters Location: Mumbai, India
• Website: asianpaints.com
• Ownership: Publicly Listed
• Peer Group: AkzoNobel, BASF, Berger Paints, Jotun, Kansai Nerolac, Nippon Paint
• Key Figures
  • Total Revenue: 353,820 INR billon ($4.285 billion USD)
  • Paint as a % of Sales: 5%
  • Coatings Revenue: 344,975 INR billon ($4.18 billion USD)
  • Coatings Volume: NA
  • Geographic Sales: India 89.8%, Middle East & Africa 5.7%, Asia ex India 4.0% (Nepal, Sri Lanka, Bangladesh, and Indonesia), South Pacific .5% (Fiji, Solomon Island, Vanuatu, & Samoa
  • Segment Sales: Home Decor in India 88.2%, Industrial Paints in India 3.1%, and International business 8.7%.

• New Developments:
  • Asian Paints continued to capitalize on its natural synergy with its coatings’ product and service offerings, by further strengthening its décor foray with new collections, network, and store expansions
  • Asian Paints also continued to expand its distribution footprint and added a substantial number of Colour World tinting machines.
  • Asian Paints recent entry into the cement distribution market have added to its market connections.
  • Asia Paints continued to make progress on its strategy to evolve from a share of surface to a share of space.
  • In FY 2023-24, Asian Paints revenue contribution from the home décor space was at approximately 4% of its Decorative revenues. Asian Paints is committed to growing exponentially as it moves to make it 8 to 10% of its overall decorative business within the next 3 years.

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3. Kansai Paint Co Ltd

• Corporate Headquarters Location: Osaka, Japan
• Website: kansai.co.jp
• Ownership: Publicly Listed
• Peer Group: Nippon Paint, AkzoNobel, PPG, and BASF
• Key Figures
  • Total Revenue: ¥562.3 billion JPY ($3.98 billion USD)
  • Paint as a % of Sales: 100%
  • Coatings Revenue: ¥562 billion JPY ($3.98 billion USD)
  • Coatings Volume: NA
  • Geographic Sales: Japan 29.4%, India 24.3%, Europe 24.2%, Asia 12.8%, Africa 7.6%, North America 1.6%
  • Segment Sales: Decorative 25.6%, Auto OEM 30.7%, Refinish 5.2%, General Industrial 26.3%, Protective 6.0%, and Other 6.2%

• New Developments:
  • In February 2024, Kansai announced that its Kansai-Helios division will be acquiring Weilburger.WEILBURGER Coatings is a well-known industrial coatings producer, especially in the fields of non-stick, high temperature, railway and other industrial specialty coatings.
  • In India, Kansai Paint continues to make investments including in its e-commerce capabilities as well was developing the world’s first initiative to replace coatings raw materials with artificial proteins.
  • Also, the company continues to emphasize its ESG initiatives.

4. Berger Paints India Ltd

• Corporate Headquarters Location: Kolkata, India
• Website: bergerpaints.com
• Ownership: Publicly Listed
• Peer Group: Asian Paints, Kansai Nerolac, AkzoNobel
• Key Figures
  • Total Revenue: 4 billon INR ($1.59 billion USD)
  • Paint as a % of Sales: 7%
  • Coatings Revenue: Rs 127.1 billon INR ($1.539 billion USD)
  • Geograhic Sales: Asia Pacific 96.7%, Europe 3.3%
  • Segment Sales: Decorative 85.6%, Protective 8.1%, Auto OEM 2.7%, General Industrial 2.6%, Powder 0.8 %, and Auto Refinish 0.2%.

• New Developments:
  • What new developments is your company planning for 2024 and beyond?
  • Berger had a busy and innovative year in 2023. The launch of Weathercoat LongLife 15, Weathercoat Anti Dustt Kool, and Roof Kool and Seal demonstrates its commitment to offering advanced solutions in exterior coatings. These products  combine cutting-edge materials like PU chemistry and nanotechnology to provide long-lasting performance and additional benefits such as temperature reduction and sealing.
  • The introduction of Berger My Color, a visualizer app, indicates a move towards enhancing customer experience and engagement by allowing them to visualize paint colors before making a decision.
  • The operationalization of the Sandila manufacturing plant near Lucknow signifies Berger’s expansion efforts, aimed at meeting growing demand and improving supply chain efficiency in the region. Overall, Berger is aiming to stay  at the forefront of the industry with its focus on technology-driven solutions and expansion initiatives.
  • In 2024 and beyond, Berger Paints has strong plans for capacity augmentation to cater to increasing demand, launching green and sustainable products and using technology to deliver never before consumer experiences.

5. SK SHU

• Corporate Headquarters Location: Putian, China
• Website: http://www.shshu.com.cn/
• Ownership: Publicly Traded
• Peer Group: Nippon Paint, Sherwin-Williams, and Taiho
• Key Figures
  • Total Revenue: ¥12.438 billion CNY ($1.76 billion USD)
  • Paint as a % of Sales: 5%
  • Coatings Revenue: ¥10,504 billion CNY ($1.486 billion USD)
  • Geographic Sales: Asia 100%
  • Segment Sales: Decorative 99.67% and Industrial Wood 0.33%

• New Developments:
  • 2023 marked the beginning of SK Shu’s comprehensive implementation of its new twenty-year strategic plan. The company focused on three major themes: “Cultural leadership, Channel dominance, and Cost reduction and efficiency improvement.”
  • Adhering to the corporate philosophy of “”Imitation of Nature,” SK Shu continues to enhance its ESG management capabilities. According to the MSCI ESG Ratings report for October 2023, SK Shu received an A rating in the general chemicals industry, ranking among the top companies globally in the same sector. It achieved the highest rating among all companies in the general chemicals industry listed on the Shanghai Stock Exchange’s A-shares, ranking first in the A-share coatings segment, demonstrating considerable international competitiveness and influence.
  • SK Shu is still committed to creating a one-stop integrated system of green building materials integrating interior and exterior wall coatings, waterproofing, thermal insulation, industrial coatings, floor paint, plate, basic auxiliary materials and construction services in the field of engineering.
  • In 2023, the company developed 278 new products and applied for 130 invention patents.
  • In 2024, SK Shu will continue to strengthen corporate culture leadership, maintain confidence in its development, and seek steady growth in market share. The company will adhere to the theme of high-quality development, focusing on three main areas: “Channel is King, Cost Reduction and Efficiency Improvement, and Comprehensive Coordination.”
  • Adhering to its R&D concept of “ultimate health, ultimate performance, and ultimate application” and according to the green innovation and low-carbon environmental protection, SK Shu will focus on improving R&D capabilities to development more innovative products and upgrade user-friendly solutions. So as to provide consumers with environmentally, friendly and healthy coating products. 

6. KCC Corporation

• Corporate Headquarters Location: Seoul, South Korea
• Website: kccworld.co,kr
• Ownership: Publicly Listed
• Peer Group: AkzoNobel, Chokwang, Kansai, Noroo, PPG, Samwha
• Key Figures
  • Total Revenue: KRW 6.23 trillion ($4.77 billion USD)
  • Paint as a % of Sales: 23%
  • Coatings Revenue: KRW 1.557 trillion ($1.19 billion USD)
  • Segment Sales (Orr & Boss Estimates): 40% Paint (includes Building, Industrial, Protective & Marine, Powder, Auto OEM, and Auto Refinish), 40% Building Materials, 20% Others.

• New Developments:
  • In 2024, KCC and LG Chemsign a business agreement (MOU) for research and development of technologies related to eco-friendly materials and paints at the KCC Central Research Center in Mabuk-dong, Yongin-si.
  • Two marine coatings products of KCC Co. (Chung Mong-Ik, CEO) have been selected by KOTRA (Korea Trade-Investment Promotion Corporation) as “World-Class Products of Korea”. KCC announced that its anticorrosive coating (Korepox EH2350) and antifouling coating (Seacare A/F795) have been selected as “World-Class Products of Korea” for the sixth and fourth year respectively. Among Korea’s marine coatings manufacturers, KCC is the first ever to achieve such record-setting performance.”

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7. Chugoku Marine Paints Ltd

• Corporate Headquarters Location: Tokyo, Japan
• Website: cmp.co.jp
• Ownership: Publicly Listed
• Peer Group: Nippon Paint, Kansai Paint, AkzoNobel, Hempel, Jotun, KCC, PPG
• Key Figures
  • Total Revenue: ¥116.17 billion JPY ($823 million USD)
  • Paint as a % of Sales: 7%
  • Coatings Revenue: ¥115.825 billion JPY ($820 million USD)
  • Geographic Sales: Asia Pacific 77%, Europe 23%
  • Segment Sales: Marine 87.5%, Protective 12.5%

• New Developments:
  • In 2023, EPICON T-2000, a post-cure epoxy coating for product carriers and chemical tankers, was launched. It has excellent chemical resistance and enables a wider range of cargoes to be transported than ever before. Particularly with regard to methanol loading, the product can contribute to the realisation of a completely different maritime transport system from the previous one, including an extended loadable period and shorter re-loading intervals. It is expected to play an active role in increasing demand for methanol as a zero-emission fuel.
  • In 2023, CMP were also more active in individual promotions for charterers as well as shipowners, and in exhibitions to promote environmentally friendly products. A new simulator called PIR simulato33r has been added to CMP-MAP, (CMP’s Monitoring & Analysis service in the antifoulings sector(, which enables CMP to demonstrate the effectiveness of its fuel-efficient high-performance antifoulings more clearly and effectively.
  • In 2024, the PIR simulator will be used as a new weapon for more aggressive activities, including individual promotions for shipowners and charterers, and exhibitions to promote environmentally friendly products.

8. Guangdong Maydos Building Materials Limited Company

• Corporate Headquarters Location: Zhongshan, China
• Website: http://www.maydos.cn/
• Ownership: Private
• Peer Group: Nippon, Sherwin-Williams, Taiho, BARDESE, SK Shu, Carpoly
• Key Figures
  • Total Revenue: ¥4.7 CNY billion ($668 million USD)
  • Paint as a % of Sales: 100%
  • Coatings Revenue: ¥4.7 CNY billion ($668 million USD)
  • Geographic Sales: Asia Pacific 92.3%, Middle East & Africa 4.9%, South America 2.3%, North America 0.25%, Europe 0.26%
  • Segment Sales: Decorative 75%, General Industrial 18%, and Furniture paint 7%.

• New Developments:
  • In 2023, Maydos implemented the “332” Strategy focused on all for the customer, all for the frontline, and all for victory and adhere to the four key goals of the 332 strategy: “strategy, organization, vitality, brand, customer support.  The company is more focused and committed to paint product, service, and solution as well  as creating decorative paint, house paint, furniture paint, engineered coatings, industrial coatings, waterproof coatings, supporting tools, and ecological energy-saving panels and adhesives.  The company also successfully created a one-stop “nine-beauty-in-one” customized healthy coating solution including products, distribution, painting construction, training and other supporting services.  Maydos continues to expand the domestic market and stabilize the overseas market, so that both annual sales revenue and profits increase.
  • In 2024 Maydos will strive to continue to maintain leadership in product, technology, sales and service. At the same time, Maydos will increase technological innovation and focus on low-carbon, environmentally friendly products. The Maydos vision is to make the world more green and beautiful” Maydos will strive to maintain an annual growth of more than 30% and strive to become the leader of national paint industry and the leader in the world’s paint industry.

9. SK Kaken Co. Ltd

• Corporate Headquarters Location: Osaka, Japan
• Website: sk-kaken-co.jp
• Ownership: Publicly Listed
• Peer Group: Nippon Paint, Kansai Paint, Rock Paint, AkzoNobel
• Key Figures
  • Total Revenue: ¥100.88 billion JPY ($714 million USD)
  • Paint as a % of Sales: 93%
  • Coatings Revenue: ¥93.82 billion JPY ($664 million USD)
  • Geographic Sales: Asia Pacific 100%
  • Segment Sales (Orr & Boss Estimates): Decorative 70%, Protective 25%, Others 5%

• New Developments:
  • SK Kaken Co., Ltd was founded as Shikoku Kagaku Kenkyusho in 1955, aiming to create something useful for the society and expand the business all over Japan.
  • Saving labour and energy, fire prevention, earthquake resistance, improving asset value all over the world. With these goals, SK Kaken plans to strongly lead the decorative coating industry.  SK Kaken’s commitment is based on the original company’s philosophy “create something from nothing.” 

10. TOA Paint (Thailand) Public Company Limited

• Corporate Headquarters Location: Bang Sao Thong, Samut Prakan, Thailand
• Website: toagroup.com
• Ownership: Publicly Traded
• Peer Group: AkzoNobel, Nippon Paint, Jotun
• Key Figures
  • Total Revenue: 24 billion Thai Baht ($640 million USD)
  • Paint as a % of Sales: 96%
  • Coatings Revenue: 21,37 billion Thai baht ($615 million USD)
  • Geographic Sales: Thailand 84.9%, Vietnam 7.2%, Others 7.9%
  • Segment Sales: Decorative paint 61%, non-decorative paint and coating products 36 % and other business products 3%.

• New Developments:
  • Several new products were introduced including FiberStain Ultimate (coating for fiber cement and solid wood). Also, Polyurethane 1K Ultimate was introduced; it is a 2 in 1 Polyurethane that can be applied to exterior wood.  Highly resistant to scratch and chlorine.
  • Toa Paint’s goal is to be Net Zero and thus it chooses environmentally friendly energy in production. Toa Products with the Toa Green Certified logo guarantees safety and environmentally friendly production process for the sustainability of both people and the environment.

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11. Hunan Xiangjiang Paint Group Co. Ltd

• Corporate Headquarters Location: Changsha, Hunan, China
• Website: xjtlgroup.cn
• Ownership: Privately Owned
• Peer Group: AkzoNobel, Axalta, BASF, Carpoly, Nippon Paint, and PPG
• Key Figures
  • Total Revenue: ¥4.19 billion CNY ($593 million USD)
  • Paint as a % of Sales: 3%
  • Coatings Revenue: ¥3.87 billion CNY ($547 million USD)
  • Geographic Sales: 100% Asia
  • Segment Sales: Automotive OEM 73.2%, General Industrial 23.1%, Decorative 0.9%, and Powder 0.7%.
• New Developments:
  • The company continues to introduce new products; these include new water-borne coatings, high-solid coating and powder coatings products.

12. Noroo Holdings Co. Ltd

• Corporate Headquarters Location: Anyang-Si, South Korea
• Website: norooholdings.com
• Ownership: Publicly Listed
• Peer Group: KCC, Kunsul, Samwha, Chokwang, Dongju, and PPG
• Key Figures
  • Total Revenue: KRW 780.57 billion ($598 million USD)
  • Paint as a % of Sales: 90%
  • Coatings Revenue: KRW 702 billion ($583 million USD)
  • Geographic Sales: Korea 80%, Other Asia 20%
  • Segment Sales: Decorative 40%, Auto OEM 20%, Coil 15%, General Industrial 15%, Auto Refinish 8%, Others 2%

• New Developments:
  • Noroo continues to be committed to its ESG goals.
  • Noroo’s goal is to continue to innovate and implement its strategic management in order to advance as a major paint company in Asia.

13. Carpoly Chemical Group Co. Ltd

• Corporate Headquarters Location: Guangdong, China
• Website: carpoly.com
• Ownership: Private
• Peer Group: AkzoNobel, Nippon Paint, SK Shu, Sherwin-Williams, Zhanchen, and Taiho
• Key Figures
  • Total Revenue: ¥3.63 CNY billion ($513 million USD)
  • Paint as a % of Sales: 3%
  • Coatings Revenue: ¥3.6 CNY billion ($509 million USD)
  • Geographic Sales: Asia Pacific 99.2%, Europe 0.3%, Oceania 0.3%, Middle East & Africa 0.1%, South America 0.01%, and North America 0.1%.
  • Segment Sales: Decorative 72.3%, Industrial Wood 23.7%, General Industrial 2.4%, and Others 1.6%.
• New Developments:
  • In 2024, Carpoly Group and Beijing New Building Materials combined business and the new name of the company will be BNBM Carpoly. This name will be in use from May 2024 onwards.

14. Samwha Paint Industries Co Ltd

• Corporate Headquarters Location: Seoul, South Korea
• Website: spi.co.kr
• Ownership: Publicly Traded
• Peer Group: AkzoNobel, Chokwang, Jevisco, KCC, and Noroo
• Key Figures
  • Total Revenue: KRW 631.4 billion ($484 million USD)
  • Paint as a % of Sales: 97%
  • Coatings Revenue: KRW 612.4 billion ($469 million USD)
  • Geographic Sales: Korea 81%, Asia ex Korea 18%, North America & MEA 1%
  • Segment Sales: Decorative, General Industrial, Powder, Plastic, Automotive Refinish, Protective, and Marine

• New Developments:
  • Samwha Paints continues to invest in advanced technology, investment in facilities, and professional development. Samwha is also focused on environmentally conscious growth.

15. Dai Nippon Toryo Co. Ltd

• Corporate Headquarters Location: Osaka, Japan
• Website: dnt.co.jp
• Ownership: Publicly Listed
• Peer Group: Nippon Paint, Kansai Paint, Chugoku
• Key Figures
  • Total Revenue: ¥71.94 billion JPY ($509 million USD)
  • Paint as a % of Sales: 84%
  • Coatings Revenue: ¥60.4 billion JPY ($428 million USD)
  • Geographic Sales: Japan 87%, Asia excluding Japan 12%, North America 1%
  • Segment Sales: Protective 25%, General Industrial and Coil 30%, Decorative 10%, Other Transportation 10%, Auto OEM 6%, Others 19%.
• New Developments:
• Dai Nippon Toryo’s coatings are used in various applications, ranging from facilities such as bridges, high-rise buildings, rolling stock, automobiles, and appliances.
• Dai Nippon Toryo’s R&D staff continuously strive to innovate and develop new technologies with the aim of inventing coatings that are more friendly to nature and coatings.

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