4. Nippon Paint Holdings Co., Ltd.

Tokyo, Japan

www.nipponpaint-holdings.com

Director, Representative Executive Officers & Co-Presidents: Yuichiro Wakatsuki and Wee Siew Kim

2024 Coatings Sales: $9.95 billion USD (¥1,441,942 million)

Founded in 1881, Nippon Paint Holdings Co., Ltd. (NPHD) is one of the world’s largest producers of decorative, automotive, industrial and marine coatings, as well as sealants, adhesives and fillers (SAF), construction chemicals (CC), decorative films and surface treatment products. While coatings represent the company’s core business, a small portion of revenue is derived from fine chemicals and other adjacencies.

In 2024, consolidated revenue increased by 13.6% to ¥1,638,720 million, driven by higher sales volumes in key markets, particularly in Asia, and supported by currency tailwinds. Of this total, ¥1,441,942 million came from coatings sales. Consolidated operating profit rose by 11.2% to ¥187,647 million.

Performance varied by business segment. In Japan, revenue increased slightly by 0.8% to ¥203,112 million. Industrial coatings remained stable, while automotive coatings declined due to reduced vehicle production, and decorative sales were flat amid consumer restraint and trading down to economy products. The NIPSEA Group saw revenue rise 18.5% to ¥914,370 million, led by growth in both decorative and automotive coatings, especially in China. DuluxGroup recorded a 10.6% increase in revenue to ¥398,534 million, benefiting from yen depreciation, growth in adjacent businesses, and acquisitions in the Pacific and Europe. In the Americas, revenue grew 12.4% to ¥122,702 million as automotive coatings rebounded with improved U.S. production and decorative coatings gained from new store openings and recovery from earlier weather disruptions in California.

Decorative paints continued to represent the largest business segment globally. The NIPSEA Group remained the company’s key growth driver, supported by market strength in China. DuluxGroup expanded its adjacencies portfolio in Europe through its acquisition of N.P.T.s.r.l. Nippon Paint Holdings also continued to emphasize its “Asset Assembler” model, prioritizing regional autonomy and local decision-making across its global operations.

Notes: In July 2024, Nippon Paint Automotive Coatings announced the appointment of Michael Leonard as President and CEO of the Nippon Paint Automotive Americas Group. 

In October 2024, Nippon Paint Holdings Co., Ltd. announced that it entered into a definitive agreement to acquire LSF11 A5 TopCo LLC and its subsidiaries, collectively known as AOC, for $2.3 billion. AOC is a global specialty formulator based in the United States and Europe.

In November 2024, Nippon Paint Marine announced the successful application of AQUATERRAS, its biocide-free, low-VOC SPC coating, to Wan Hai Lines’ container vessel M/V Wan Hai 613 at Zhou Shan Chang Hong Shipyard, China. 

Source: Financial results of FY2024, Annual Report, Integrated Report 2024, press releases.