2026 Global Top 10: No. 4, Nippon Paint Holdings Co.
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 portion of revenue is derived from fine chemicals and other adjacencies.
In 2025, consolidated revenue increased by 8.3% to ¥1,774,231 million. This increase was primarily attributable to contributions from LSF11 A5 TopCo LLC (AOC), including AOC, LLC, a global specialty formulator, and its affiliated companies, following the completion of the acquisition in March 2025. Consolidated operating profit increased by 38.1% year on year to ¥257,104 million.
4. Nippon Paint Holdings Co.
2025 Coatings Sales: Approx. $9.63 billion USD (¥1,440,476 million)
Headquarters: Tokyo, Japan
Director, Representative Executive Officers & Co-Presidents: Yuichiro Wakatsuki and Wee Siew Kim
Performance varied by business segment. In Japan, revenue increased slightly by 1.1% to ¥205,360 million. Revenue from automotive coatings increased compared with the previous year, reflecting a recovery in automobile production. Revenue from industrial coatings also increased, as the impact of weak market conditions was more than offset by the pass-through of price increases. Revenue from decorative paints declined, despite initiatives to expand sales of high value-added products, including new products, due to a slowdown in renovation projects caused by inflation.
The NIPSEA Group saw revenue decrease 2.9% to ¥887,462 million. Higher automobile production in China and strong sales to Chinese local automakers more than offset flat automobile production in Thailand. Revenue from decorative paints decreased, as increased sales volumes in China and key markets such as Malaysia and Singapore were offset by weak consumer sentiment and other adverse market conditions in other parts of Asia.
DuluxGroup revenue increased 1.7% to ¥405,173 million. Revenue from decorative paints increased compared with the previous fiscal year, reflecting modest market share gains and the pass-through of price increases in the Pacific region, while softer market conditions in Europe were offset by growth in other markets. Revenue from the adjacencies business was stable due to contributions from small-scale acquisitions and the pass-through of price increases, which more than offset the impact of sluggish market conditions in the Pacific and Europe.
In the Americas, revenue decreased 3.1% to ¥118,952 million reflecting a decline in automobile production in the United States. Revenue from decorative paints also declined, due to reduced demand stemming from economic uncertainty in the United States and continued softness in the housing market.
AOC became a reportable segment following its March 2025 acquisition. Its 10-month revenue contribution totaled ¥157,282 million.
Decorative paints continued to represent the largest business segment globally. Nippon Paint Holdings continued to emphasize its Asset Assembler model, which combines organic growth with acquisitions and autonomous management across its operating companies.
Notes: In March 2025, Nippon Paint Holdings completed its acquisition of AOC, a global specialty formulator with operations primarily in the Americas and Europe. AOC develops, manufactures and distributes unsaturated polyester, vinyl ester and other solutions for CASE, colorants and composites applications across construction, infrastructure, transportation and marine markets.
Later in March, Nippon Paint Automotive Coatings Co., Ltd. and Uchihamakasei Corp. jointly developed Japan’s first in-mold coating technology for large thermoplastic automotive exterior parts. The process combines resin molding and surface coating in one operation, eliminating separate paint booths and drying ovens. The companies said the technology can reduce CO₂ emissions by approximately 60% while supporting near-zero VOC emissions.
In April 2025, Nippon Paint Marine announced results from an independent study of its biocide-free AQUATERRAS self-polishing hull coating. The PML Applications study found no adverse effects on the marine organisms tested after simulated in-water hull cleaning.
In July 2025, Nippon Paint Automotive Coatings said its in-mold coating technology entered mass production on a pillar component for Toyota’s Lexus LM. The companies said it marked the first use in Japan of in-mold coated body parts for a mass-produced vehicle.
In December 2025, Nippon Paint Marine and Lloyd’s Register Advisory signed a technical collaboration agreement to assess the long-term speed-loss performance of FASTAR and AQUATERRAS hull coatings. The study will evaluate multiple vessel types using data and modeling aligned with the ISO 19030 performance-measurement standard.
Source: Financial results of FY2025, Annual Report, company website, press releases
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