Global market for paints and coatings grows by 1.3 percent in Q3 2022
According to Coating Insights, the global market for architectural coatings grew by + 0.9 percent in volume terms, somewhat weaker than the industrial coatings market, which grew by + 1.7 percent. This was due to weak demand for architectural coatings in Europe and North America. Among the “TOP 11 Global Players”, which include PPG, Sherwin-Williams, Akzo Nobel, Nippon Paint, Axalta, Asian Paints, Kansai Paint, BASF Coatings, Jotun, RPM and Masco, growth was divided into the components organic growth (+1.6%) and acquisition (+ 2.2%). The “Global Players” were thus able to further expand their share of the world market.
The individual companies showed different developments. This was due to the regional focus of the companies, but also to the mix of the architectural coatings and industrial coatings businesses. The Japanese company Nippon Paint reported the highest growth in the sum of both growth components with + 15 %. This was primarily due to intensive acquisition activities with + 11 %. Further analysis of the producers and the overall market for paints and coatings is provided by Coating Insights’ executive review “TOP 11 Global Paint and Coating Producers”, whose 2022 edition will be published in March 2023.