Honorable Mention: Hempel

2024 Coatings Sales: $2.276 billion USD (€2,185 million)

Kongens Lyngby, Denmark

CEO: Michael Hansen

www.hempel.com

Hempel specializes in protective, marine, energy, infrastructure, decorative and industrial coatings. The company operates 25 production sites, 14 innovation centers and 340 paint stores, serving customers in more than 100 countries through six brands. Hempel employs over 7,200 people globally and supports a network that spans 93 nationalities.

With a strong focus on sustainability, Hempel’s coatings protect and extend the life of valuable assets — from ships and bridges to homes and power stations. Its solutions help reduce maintenance needs, improve energy efficiency, and lower total lifecycle emissions. The company works closely with customers and research institutions to develop coatings that contribute to environmental goals, operational performance and long-term cost savings.

Hempel’s product portfolio serves critical sectors including the oil and gas, marine, wind energy, infrastructure and decorative building markets. In recent years, the company has sharpened its strategy by divesting noncore businesses to concentrate on high-value, full-service coating segments.

For the full year 2024, Hempel reported coatings sales of €2,185 million, with an adjusted EBITDA margin of 17.9%. Decorative coatings grew 2.4% organically, supported by retail expansion and strong brand performance. Energy & Infrastructure posted slight growth of 0.1%, driven by oil and gas activity in the Middle East. Marine coatings declined 5.8% due to postponements in vessel dockings and broader shipping challenges. Overall organic growth declined by 1.3%, but free cash flow improved to €139 million.

Source: Company website, annual report