9. Jul 2021 | Markets & Companies
According to the B2B market research and consultancy organization Chem Research, there have been varying growth patterns for the world’s top 11 manufacturers of paints and
coatings in the first quarter of 2021.
Nippon Paint and Asian Paint significantly exceeded their sales volumes compared to the first quarter of 2019.
Image source: sergeitokmakov – Pixabay (symbol image).
Collectively, the top 11 global paints and coatings manufacturers increased their sales volume by around 14% in the first quarter of 2021 compared to 2020. The different growth models were influenced by the range of products sold by the companies ( decorative paints versus industrial coatings), geography focus on sales and acquisition activities.
Asian Paints and Nippon Paint recorded the strongest volume growth in Q1 2021. A strong regional focus on Asia combined with a large share of the decorative paints market segment drove this growth. Thus, the two companies also far exceeded their pre-Corona sales volumes for the first quarter of 2019.
PPG with additional volume per acquisition
Akzo Nobel and Masco sales volumes increased at high double-digit rates. Akzo Nobel benefited from its large share of the decorative paints market and strong business in Asia, while Masco benefited from the construction and renovation boom in the United States.
More than half of the Top 11 companies increased their volumes at single-digit rates. PPG achieved additional volume through business acquisitions. RPM was the only company to show a loss of volume.
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