-- MarketsandMarkets has released 360 Quadrant for Top16 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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Research Report @ https://www.360quadrants.com/chemicals/paints-and-coatings
Unveiling the Market
Leaders: Honoring Excellence in Paints and Coatings Markets
Ø
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.
Ø
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.
Ø
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.
Ø
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.
Ø
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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