2025 PCI Rankings Reveal Key Industry Trends

Each July, our PCI 25 and Global Top 10 rankings offer a trusted snapshot of the largest North American and global coatings manufacturers. Now featured in our eBook format, this year’s listings arrive amid continued market complexity — tariff uncertainty, inflation, foreign exchange pressure and softening global demand have tested even the most established players.

Despite these headwinds, many companies are evolving. They’re investing strategically, trimming inefficiencies and diversifying operations, showing that scale alone isn’t enough in today’s environment. Strategy is what’s setting companies apart.

Global Gains and Shifting Priorities

Sherwin-Williams and PPG once again lead both the PCI 25 and Global Top 10 lists. But the gap between the two widened significantly this year. Sherwin-Williams reported $19.38 billion in coatings sales, while PPG came in at $15.8 billion — a difference of more than $3.5 billion, up from just over $200 million last year.

Both companies emphasized disciplined portfolio and cost strategies. PPG completed a major divestiture of its U.S. and Canada architectural business, while Sherwin-Williams continued to invest in its North American footprint and advance technologies across segments.

AkzoNobel, Nippon Paint and Jotun followed with stable or improved sales, backed by regional growth and strong performance in protective and marine coatings. Meanwhile, Benjamin Moore, Asian Paints and BASF each cited margin pressure tied to weaker demand and currency headwinds.

Segment-specific trends also emerged. Decorative coatings held steady in developing regions. Powder and refinish coatings gained traction. Automotive OEM remained turbulent, while aerospace and infrastructure saw growth.

Economic Pressures Still Weigh Heavy

Across both lists, many companies pointed to rising operational costs and regional volatility. Kansai Paint offered one of the most detailed assessments, attributing fiscal-year revenue losses to increased tariff burdens. BASF and Nippon Paint each cited instability in Turkey, Argentina and Brazil, where inflation and currency shifts impacted profitability.

BASF also announced that it is exploring strategic options for its entire coatings business and completed the divestiture of its decorative paints business in Brazil in February 2025.

Restructuring for Resilience

Several top manufacturers took action to streamline operations. AkzoNobel launched an industrial transformation plan aimed at saving €250 million by 2027, including strategic site closures and workforce consolidation. PPG focused on cost discipline and efficiency, improving margins for nine consecutive quarters while narrowing its business focus.

Meanwhile, Star Step Performance Coatings Group entered the PCI 25 rankings at No. 19 through its acquisition of Richards Paint — a previously listed company. The move reflects growing consolidation and private equity interest at the mid-market level, particularly as multiple companies now cluster around the $30–35 million revenue range.

Strategic Voices Across the Industry

This Voices from the Top eBook also includes articles from senior leaders at some of the top coatings companies featured in our rankings. They share insights on long-term strategy, innovation and market focus. This year’s lineup features:

• AkzoNobel and Jotun on long-term performance and durability;
• Behr and PPG on sustainable practices and digital tools;
• Sherwin-Williams on throughput and customer success;
• Sheboygan Paint with a technical primer on alkyd resins;
• Tnemec’s Grand Canyon Skywalk project 4,000 feet above the canyon floor; and
• Additional perspectives on infrastructure, fire protection and transportation. 

Unlike our typical monthly technical content, these strategic features provide a leadership-level view into what’s shaping the future of coatings.

New Additions Broaden Market Coverage

This year’s PCI 25 saw notable shifts, including the entry of two new companies: Mercury Paint and Everest Systems. Their inclusion pushed the total number of companies with reported coatings sales in the $30–35 million range to four, creating a rare numerical tie at the bottom of the list. Both companies bring distinct market focuses — Mercury through architectural and infrastructure coatings in the New York metro area, and Everest through high-performance liquid-applied roofing systems nationwide. Their addition reflects continued diversification in North America’s mid-market manufacturing landscape.

For the first time, this year’s Global Top 10 report also includes four Honorable Mentions — Hempel, 3TREES, Berger Paints and Stahl — each of which reported coatings sales in excess of $790 million. These companies demonstrate significant regional strength and specialization, from 3TREES’ vertically integrated coatings and insulation systems in China to Stahl’s transformation into a pure-play flexible coatings formulator. The addition of Honorable Mentions provides a broader lens on the global competitive landscape and the growing influence of regional leaders in shaping coatings innovation and sustainability.

A More Focused Experience

To make our July content stand out even more than in a typical monthly issue of our eMagazine, we’ve packaged this year’s PCI 25, Global Top 10 and Voices from the Top articles into a sponsored eBook, which can be downloaded from our website. We have removed the news, columns, web highlights, calendar and products to concentrate on the industry’s leaders and their insights. 

You’ll also find bonus content from our sponsors, APV Engineered Coatings, Dow Coating Materials and EPS, who share their own technical expertise and perspectives on where the industry is headed.

Final Thoughts

This year’s rankings reflect more than just revenue. They capture an industry in motion — navigating disruption with strategy, focus and adaptability. From leadership shakeups to M&A and operational shifts, the 2025 PCI 25 and Global Top 10 highlight the companies reshaping coatings performance for years to come.