10. Jotun

Sandefjord, Norway

CEO: Morten Fon

www.jotun.com

2024 Coatings Sales: Approx. $3.01 billion USD (NOK 34.21 billion)

Jotun specializes in decorative, marine, protective and powder coatings. Jotun has 40 production facilities in 25 countries and sells products in over 100 countries through 67 companies and a global dealer network. As of year-end 2024, Jotun employed 10,606 people worldwide.

For the period ending December 31, 2024, the company reported sales of NOK 34.21 billion, an increase of 7.4% over 2023. Sales outside of Norway represented 92% of total revenue. The company attributes its growth to geographic and segment diversification, stable raw materials pricing and the strength of its local dealer network.

Jotun operates in four main business segments. In 2024, Decorative Paints accounted for 36% of total sales, with the segment benefiting from strong results in the UAE, Turkey, Malaysia and Indonesia. Jotun Decorative Paints serves both DIY and professional customers with interior and exterior products, supported by local R&D centers in Norway, the UAE, Malaysia and China. 

Protective Coatings represented 29% of sales, supported by major infrastructure and energy projects worldwide. Protective Coatings delivered record-breaking sales in infrastructure and energy projects, including offshore wind, and oil & gas. 

Marine Coatings contributed 28%, bolstered by higher volumes in drydock and new building markets, despite geopolitical shipping constraints. 

Powder Coatings made up 7% of sales and reached an all-time high, particularly through demand from architectural and electric vehicle battery applications. 

Notes: According to the annual report, in 2024 Jotun opened a new specialized production facility in Dubai to manufacture metallic powder coatings for architectural applications. The company also introduced the Jotun ColorPin Pro, a digital tool for designers and architects to identify and share colors. Jotun also promoted its CX-rated anticorrosive coating systems, and continued its commitment to helping reduce environmental impact via solutions like Hull Skating and the Clean Shipping Commitment.

Source: Annual Report, press releases