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Global top 10 paint manufacturers show resilience despite market challenges
The ten largest paint and coatings manufacturers worldwide show a differentiated picture in the first quarter of 2025: While some companies are recording growth, others are struggling with declining sales. EBITDA margins remain largely stable thanks to effective cost management.
The analysis of Q1 2025 figures shows a mixed picture in the global paint industry. While companies like Jotun (+6.4%) and Nippon Paint (+4%) are showing significant growth, others are struggling with declining sales. US companies in particular show a wide range of results, from moderate declines at Sherwin-Williams (-1.1%) to stronger losses at PPG (-4%).
| Company | Country | Q1 2025 Revenue in EUR billion | Change vs. Previous Year | Q1 2025 EBITDA Margin | Change in Percentage Points | |||||
| Akzo Nobel | Netherlands | 2.61 | -1% | 13.7% | -0.1% | |||||
| Asian Paints | India | 1.01 | -2.32% | 18.8% | -5.1% | |||||
| Axalta | USA | 1.17 | -3% | 21.4% | +1.4% | |||||
| BASF Coatings | Germany | 1.001 | -3.1% | 10.0% | +0.2% | |||||
| Jotun | Norway | 0.72 | +6.4% | 22.1% | N/A | |||||
| Kansai Paint* | Japan | 1.23 | +2.74% | 16.3% | +0.2% | |||||
| Nippon Paint | Japan | 1.17 | +4% | 21.4% | +1.4% | |||||
| PPG | USA | 3.42 | -4% | 19.4% | -0.8% | |||||
| RPM** | USA | 1.37 | -3.0% | 15.5% | -1.2% | |||||
| Sherwin-Williams | USA | 4.94 | -1.1% | 17.7% | +0.5% |
List in alphabetical order
*Kansai Paint’s financial year ends on 31 March
** RPM’s figures refer to the 3rd quarter of the 2025 financial year, which ended on 29 February 2025
Despite the sales challenges, EBITDA margins remain relatively stable or even improve for most companies, indicating effective cost management. Axalta and Nippon Paint stand out with significant improvements in their margins by 1.4%.
Overall, the industry shows resilience to macroeconomic challenges such as currency fluctuations and geopolitical uncertainties. The focus on innovations and specialty products, as well as efficient cost management, seem to be key factors in maintaining profitability.
