Revenue decline among the TOP 11 global paint and coatings players
全球前11大油漆及涂料公司收入下降
To put the results of the paint and coatings manufacturers into perspective, looking at the development of the global economy serves as a helpful guide. The first half of 2025 brought positive global economic growth, but momentum slowed noticeably in the second quarter after a strong Q1.
Global industrial production increased by around 2% – but with clear differences across regions and sectors. In the automotive industry, production rose by more than 3% overall, according to current estimates, while declining by more than 3% in Europe and 4% in North America. In contrast, production increased significantly in Asia (+7.8%) and South America (+8.3%). The output of durable consumer goods was partly down, while the electrical and electronics industry, especially in China, reported strong growth.
2025年上半年,全球经济实现了正增长,但在经历了第一季度的强劲增长后,第二季度的增长势头明显放缓. 全球工业生产增长约2%,但地区行业间差异明显.据估计,汽车行业的总产量增长3%以上,而欧美产量分别下降3%和4%以上,亚洲（+7.8%）和南美（+8.3%）产量显著增加.耐用消费品的产出部分下降,而电气和电子行业（尤其是中国）则出现强劲增长.
Development of the paint and coatings industry
The TOP 11 global paint and coatings players reported a 2% revenue decline in EUR terms in the first half of 2025. In line with the global economic trend, the second quarter showed weaker performance for most companies compared with the first quarter.
However, negative currency effects and divestments meant that the decline in organic sales volumes (volume changes excluding acquisitions and divestments) was only –0.5%. This can be seen as an indicator of the global market’s volume development for paints and coatings in the first half of 2025.
油漆及涂料行业的发展
全球前11大油漆和涂料公司报告称,以欧元计算,2025年上半年收入下降2%,这与全球经济趋势一致,多数企业第二季度的业绩较第一季度疲弱.此外, 负面的货币影响和撤资意味着有机销量的仅下降0.5%（不包括收购和撤资的销量变化）,这可以看作是2025年上半年全球油漆和涂料市场销量发展的一个指标。
Results of individual players
· PPG was able to just maintain its market-leading position despite selling its US decorative business to an investor. Losses in the OEM segment were offset by growth in Protective/Marine coatings. As a result, the company’s organic sales volume remained almost stable.
· Kansai Paint achieved the highest revenue growth among the TOP 11 on a EUR basis (+2.7%). This was mainly driven by the integration of Weilburger in the General Industrial segment and strong growth in OEM coatings. In contrast, there was a significant revenue decline in the Decorative and Protective/Marine segments. The latter is notable, as many manufacturers reported positive development in Protective/Marine, particularly in Asia.
· Nippon Paint posted a revenue decline, largely due to weakness in the Decorative segment. The Chinese market in particular showed clear weaknesses. The Industrial Coatings segment, however, grew by around 9% in EUR terms.
· Masco, a US-based manufacturer, recorded the largest revenue drop, down 15% in EUR terms. This was due partly to the sale of business units and partly to the weak US market for architectural paints and coatings.
具体企业成绩
•PPG:尽管PPG将其美国装饰业务出售给投资者,但仍能保持其市场领先地位。OEM部门的损失被防护/船舶涂料的增长所抵消.因此.公司的有机销售额几乎保持稳定.
•关西涂料: 以欧元计算,关西涂料在前11家公司中实现了最高的收入增长（+2.7%）。这主要是由于Weilburger在通用工业领域的整合以及OEM涂料的强劲增长.相比之下,装饰和防护/船舶部门的收入明显下降,这一点在其所在的亚洲比较罕见,亚洲的防护/船舶涂料业绩增长强劲.
•Nippon Paint: 公布收入下降,主要是由于装饰业务的疲软.中国市场尤其明显,不过,以欧元计算,该公司工业涂料部门增长了约9%。
•Masco:总部位于美国的制造商Masco收入降幅最大,以欧元计算下降了15%.这部分是由于业务部门的出售,部分是由于美国建筑涂料市场的疲软.
Key trends at a glance
Overall, the decorative coatings market declined significantly worldwide, while industrial coatings showed slight growth. Manufacturers with a regional focus on Asia/South America or with a strong industrial coatings portfolio performed better than the average.
The strategic direction and segment mix of the two market leaders are particularly interesting. PPG is investing in industrial coatings and divesting decorative businesses. Consequently, the company already generated 76% of its revenue from industrial coatings in the first half of 2025. Sherwin-Williams is expanding its Decorative and General Industrial (e.g. wood coatings) segments, which together accounted for almost 80% of revenue in the first half of 2025. Another decorative acquisition has already been agreed: Sherwin-Williams is set to acquire BASF’s decorative coatings activities in South America this year.
Most companies reported a decline in their absolute or relative operating profit (EBIT) compared with the previous year. For the remainder of 2025, manufacturers do not expect major changes. Company forecasts largely indicate a continuation of the trends seen in the second quarter of 2025.
主要趋势一览
总体而言,全球装饰涂料市场大幅下滑,工业涂料则略有增长.专注于亚洲/南美地区或拥有强大工业涂料组合的制造商表现较为突出。
PPG和Sherwin-Williams这两个市场领导者,在战略方向和细分市场方面,选择格外迥异,颇为有趣。PPG正在投资工业涂料并剥离装饰业务.到2025年上半年,该公司76%的收入来自工业涂料.与之相反,Sherwin-Williams(宣威)正在扩大其装饰和一般工业（如木器涂料）部门,这两个部门占2025年上半年收入的近80%;此外,宣伟今年将收购巴斯夫在南美的装饰涂料业务,意在装饰涂料方向大展手脚.
大多数公司报告称,与去年相比,它们的绝对或相对营业利润（EBIT）有所下降. 2025年的剩余时间,制造商们预计不会有重大变化,各公司的预测在很大程度上表明,2025年第二季度的趋势将继续衰减下去。
备注:
本文章原文来自欧洲涂料网站:
https://www.european-coatings.com/news/markets-companies/revenue-decline-among-the-top-11-global-paint-and-coatings-players/
最初发布时间:25.09.2025
作者:Stefan Dreesmann, Coating Insights
图片来源:veiksme - adobe.stock.com
翻译为广州九维提供.
|
