While operating revenue represents past performance, market capitalization better reflects the market's evaluation of a company's future prospects. On September 8, the "2025 Global Coating Listed Companies Market Capitalization Top 30 Ranking" was released, ranking global listed coating companies with coating business revenue exceeding 50% of total revenue based on their total market capitalization. Market values were calculated using stock prices and exchange rates as of the close on September 6, 2025. This marks the ninth consecutive year of such rankings and the first expansion to 30 companies.
The rankings show that only five companies achieved market capitalizations exceeding $10 billion: Sherwin-Williams, Asian Paints, PPG, Nippon Paint, and Akzo Nobel. Sherwin-Williams maintained its global leadership position with a total market cap of $92.86 billion, representing a 2.02% year-over-year increase. Asian Paints and PPG ranked second and third globally with market caps of $28.032 billion and $24.82 billion respectively, declining 26.62% and 14.74% year-over-year.
From a market valuation perspective, Sherwin-Williams' market cap exceeds the combined market values of six major international coating giants: Asian Paints, PPG, Nippon Paint, Akzo Nobel, Axalta, and Kansai Paint. Notably, at the close of November 26, 2024 (US time), Sherwin-Williams' stock price reached $371 per share, pushing its total market cap above the $100 billion milestone for the first time to $100.7 billion, making it the first company in global coating industry history to achieve a trillion-dollar market cap. Additionally, Sherwin-Williams replaced Dow Inc. in the Dow Jones Industrial Average on November 1, 2024, becoming the first materials industry company to be included in the index.
Nippon Paint and Akzo Nobel ranked fourth and fifth globally with market caps of $16.648 billion and $12.094 billion respectively. Comparatively, Nippon Paint's market cap increased 19.91% year-over-year, rising one position from the previous year, while Akzo Nobel's market cap grew 12.93%, also advancing one position.
Berger Paints, Axalta, Skshu Paint Co.,Ltd., Jiadeli Advanced Materials, and AZZ occupied positions 6-10 with market caps of $7.126 billion, $6.891 billion, $4.894 billion, $4.228 billion, and $3.51 billion respectively. Berger Paints, Axalta, Skshu Paint Co.,Ltd., and AZZ experienced year-over-year market cap changes of -15.65%, -9.10%, 137.0%, and 59.76% respectively. Berger Paints, Axalta, and AZZ each rose one position from the previous year, while Skshu Paint Co.,Ltd. climbed five positions to re-enter the global top ten. AZZ made its first appearance in the top ten.
Notably, Skshu Paint Co.,Ltd., China's largest domestic coating enterprise, had previously maintained a position in the top ten for several consecutive years but fell out of the global top ten last year due to significant market cap contraction. However, due to improved operating performance and gradually diminishing impact from real estate sector challenges, the company's stock price subsequently recovered continuously. Skshu Paint Co.,Ltd.'s total market cap surged 137.0% year-over-year, successfully returning to the global top ten this year.
Additionally, Jiadeli Advanced Materials, a Chinese military stealth coating enterprise, went public on the Shanghai Stock Exchange's STAR Market on December 5, 2024, making its debut on the rankings and entering the global top ten with a market cap of $4.228 billion. However, the company's non-coating businesses such as stealth functional components are gradually exceeding its coating business revenue in proportion. According to ranking criteria, companies with coating business revenue below 50% may be removed from the main rankings next year.
Since September last year, major enterprises including Asian Paints, PPG, Berger Paints, Axalta, and Kansai Paint have experienced market cap contractions. Combined with Sherwin-Williams' modest growth and the removal of certain companies from the main rankings, despite this year's first expansion to 30 listed companies and market cap increases for companies like Skshu Paint Co.,Ltd., the total market cap of ranked companies declined.
According to statistics, this year's 30 global listed companies achieved a combined total market cap of $222.1742 billion (approximately RMB 1.5853 trillion), which is $12.9343 billion less than last year's total for 25 listed companies.
Among the ranked enterprises, 15 companies saw market cap increases, 8 experienced contractions, and 7 were new entrants. The five companies with the largest market cap gains were Skshu Paint Co.,Ltd., Chongqing Sanxia Paints, Z涂 Chemical, Mega Triumph, and AZZ, with year-over-year increases of 137.0%, 112.3%, 84.28%, 78.43%, and 59.76% respectively. The three companies with the largest absolute market cap increases were Skshu Paint Co.,Ltd., Nippon Paint, and Sherwin-Williams, with increases of $2.829 billion, $2.764 billion, and $1.84 billion respectively.
From a regional distribution perspective, China had 11 companies listed with a total market cap of $15.742 billion, accounting for 7.09% of the total rankings market cap. The United States had 4 companies with a total market cap of $128.081 billion, representing 57.65% of the total. India had 5 companies with a total market cap of $39.6656 billion, accounting for 17.85%. Japan had 4 companies with a total market cap of $5.2603 billion, representing 2.37%. Singapore, Netherlands, Indonesia, Germany, Thailand, and Poland each had one company.
Furthermore, comprehensive listed companies with coating business revenue below 50% were not included in the main rankings, including: Germany's BASF with a market cap of $46.091 billion, Switzerland's Sika at $37.274 billion, US-based Behr Paint parent company Masco at $16.24 billion, US-based RPM International at $15.93 billion, China's BNBM at $6.052 billion, China's Oriental Yuhong at $3.841 billion, China's Huayi Group at $2.539 billion, South Korea's KCC Corporation at $2.148 billion, and China's COSCO SHIPPING International at $1.209 billion, among others.
2025 Global Coating Listed Companies Market Capitalization Top 30 Rankings Note: Market cap unit: billion USD; The rankings exclude comprehensive listed companies such as BASF, Sika, RPM International, Masco, BNBM, Oriental Yuhong, Huayi Group, etc. (referring to listed companies where coating business revenue accounts for less than 50% of total group revenue)
2025 Global Coating Listed Companies Market Capitalization (Comprehensive Companies) Notes: 1. Market cap unit: billion USD; 2. Masco owns Behr Paint Group, but coating business revenue accounts for less than 50%; 3. Switzerland's Sika, Germany's BASF, RPM International, China's BNBM and other enterprises have coating business revenue accounting for less than 50%; 4. COSCO SHIPPING International, US Valmont, France's Wendel, China's Oriental Yuhong, China's Shanghai Sinyang, South Korea's KCC Corporation, China's Huayi Group, China's Guangxin Materials, and China's Jitai Materials have coating businesses that account for less than 50% of revenue.
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