2026 Global Top 10: No. 10, Jotun
Established in 1918, Jotun specializes in decorative paints and marine, protective and powder coatings. The company has 68 companies in 49 countries, 40 production facilities in 25 countries and is represented in more than 100 countries worldwide. As of year-end 2025, Jotun employed 10,933 people worldwide.
For the period ending December 31, 2025, the company reported operating revenue of NOK 34.33 billion, an increase of 0.4% from NOK 34.21 billion in 2024. Excluding negative currency translation effects from a stronger Norwegian krone, underlying revenue grew 6.0%, driven by volume growth and increased sales of premium products. Sales outside Norway represented 93% of total revenue. Operating profit increased 4.7% to NOK 7.08 billion, and the operating margin improved to 20.6%.
10. Jotun
2025 Coatings Sales: Approx. $3.31 billion USD (NOK 34.33 billion)
Headquarters: Sandefjord, Norway
President/CEO: Morten Fon
Jotun operates in four main business segments. Based on sales including 100% of associates and joint ventures, Decorative Paints accounted for 36% of total sales in 2025. The segment delivered solid earnings, good volume growth and improved profitability, supported by higher gross margins, efficiency programs, premium interior and exterior paint launches and Jotun’s dealer network of about 10,000 dealers worldwide.
Protective Coatings accounted for 29% of total sales and achieved all-time high sales results in 2025. Growth was driven by sales to customers in the energy sector, particularly offshore wind projects and the oil and gas industry, while sales to infrastructure projects slowed due to the completion of several mega projects in 2024 and project delays in some markets.
Marine Coatings contributed 28% of sales and delivered double-digit sales growth, with increasing market share in all regions. Higher volumes were supported by increased activity in newbuilding markets, as well as record growth in drydock and seastock markets. Jotun also released Hull Performance Solutions 2.0 and commercially launched Jotun Hull Skating Solutions in 2025.
Powder Coatings accounted for 7% of sales and achieved all-time high sales and record profits in 2025. Growth was broadly spread across markets in the Middle East, North East Asia, Central Asia and Europe, supported by architectural demand, electric vehicle battery applications in China and Primax Coatings Solutions for steel protection in harsh environments.
Notes: In January 2025, Sallaum Lines selected Jotun’s Hull Performance Solutions (HPS) and HullKeeper platform for four pure car and truck carrier newbuildings being built at the Nanjing Jinling Shipyard. The solution combines antifouling coatings, technical support, ISO 19030-2-based performance analytics and hull-condition management.
In June 2025, Jotun introduced Hull Performance Solutions 2.0 at Nor-Shipping. The updated offering includes SeaQuantum XT for high-fouling trade routes and SeaQuest Endura II, a tin-free biocidal fouling-release coating designed for unpredictable trades, alongside technical service, hull-condition management and performance guarantees. Also in June, Jotun released its Biofouling in Shipping report, based on a survey of 1,000 shipowners and operators across 11 countries.
Later in June, Jotun entered a commercial agreement with BW LPG to supply Hull Performance Solutions for 38 vessels through 2028. The company also introduced its EV Battery Solutions powder coatings portfolio for electric vehicle and energy storage systems, targeting electrical insulation, thermal management, fire resistance and corrosion protection.
In September 2025, Jotun launched Hardtop XP II, the next generation of its global topcoat range for shipping, infrastructure and energy applications. The company said the product offers faster curing, enhanced steel protection and improved color and gloss retention.
In October 2025, Jotun announced that DNV had verified an average 1.0% speed loss for SeaQuantum X200 over a dock-to-dock period using ISO 19030 methodology. The verification was based on in-service data from 41 vessels coated with the antifouling system.
In November 2025, Jotun introduced Jotachar 1709 XT, a mesh-free epoxy intumescent coating designed for hydrocarbon pool and jet-fire protection on oil and gas projects. The product is optimized for UL 1709 requirements and all-climate application conditions.
Source: Annual Report, company website, press releasesLooking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
