MarketLine Industry Profile
Global Paints & Coatings April 2014 Reference Code: 0199-0749
Publication Date: April 2014
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EXECUTIVE SUMMARY Market value The global paints & coatings market grew by 6.3% in 2013 to reach a value of $136,724.5 million.
Market value forecast In 2018, the global paints & coatings market is forecast to have a value of $177,020.2 million, an increase of 29.5% since 2013.
Market volume The global paints & coatings market grew by 5.4% in 2013 to reach a volume of 39,810.3 thousand tonnes.
Market volume forecast In 2018, the global paints & coatings market is forecast to have a volume of 49,814.5 thousand tonnes, an increase of 25.1% since 2013.
Category segmentation Architectural & decorative is the largest segment of the global paints & coatings market, accounting for 49.5% of the market's total value.
Geography segmentation Asia-Pacific accounts for 47.8% of the global paints & coatings market value.
Market rivalry The market has recovered from the decline experienced in 2009 and experienced strong growth in recent years, which has alleviated rivalry to some degree.
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TABLE OF CONTENTS Executive Summary ....................................................................................................................................................... 2 Market value............................................................................................................................................................... 2 Market value forecast ................................................................................................................................................. 2 Market volume............................................................................................................................................................ 2 Market volume forecast .............................................................................................................................................. 2 Category segmentation .............................................................................................................................................. 2 Geography segmentation ........................................................................................................................................... 2 Market rivalry.............................................................................................................................................................. 2 Market Overview ............................................................................................................................................................ 7 Market definition ......................................................................................................................................................... 7 Market analysis .......................................................................................................................................................... 7 Market Data ................................................................................................................................................................... 9 Market value............................................................................................................................................................... 9 Market volume.......................................................................................................................................................... 10 Market Segmentation ................................................................................................................................................... 11 Category segmentation ............................................................................................................................................ 11 Geography segmentation ......................................................................................................................................... 12 Market Outlook ............................................................................................................................................................. 13 Market value forecast ............................................................................................................................................... 13 Market volume forecast ............................................................................................................................................ 14 Five Forces Analysis .................................................................................................................................................... 15 Summary .................................................................................................................................................................. 15 Buyer power ............................................................................................................................................................. 16 Supplier power ......................................................................................................................................................... 17 New entrants ............................................................................................................................................................ 18 Threat of substitutes................................................................................................................................................. 19 Degree of rivalry ....................................................................................................................................................... 20 Leading Companies ..................................................................................................................................................... 21
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E. I. duPont de Nemours & Company ...................................................................................................................... 21 The Sherwin-Williams Company .............................................................................................................................. 25 PPG Industries, Inc. ................................................................................................................................................. 28 Akzo Nobel N.V. ....................................................................................................................................................... 32 Appendix ...................................................................................................................................................................... 36 Methodology............................................................................................................................................................. 36 Industry associations ................................................................................................................................................ 37 Related MarketLine research ................................................................................................................................... 37
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LIST OF TABLES Table 1: Global paints & coatings market value: $ million, 2009–13 .............................................................................. 9 Table 1: Global paints & coatings market volume: thousand tonnes, 2009–13 ............................................................ 10 Table 1: Global paints & coatings market category segmentation: $ million, 2013 ...................................................... 11 Table 1: Global paints & coatings market geography segmentation: $ million, 2013 ................................................... 12 Table 1: Global paints & coatings market value forecast: $ million, 2013–18 .............................................................. 13 Table 1: Global paints & coatings market volume forecast: thousand tonnes, 2013–18 .............................................. 14 Table 1: E. I. duPont de Nemours & Company: key facts ............................................................................................ 21 Table 1: E. I. duPont de Nemours & Company: key financials ($) ............................................................................... 22 Table 1: E. I. duPont de Nemours & Company: key financial ratios ............................................................................. 23 Table 1: The Sherwin-Williams Company: key facts .................................................................................................... 25 Table 1: The Sherwin-Williams Company: key financials ($) ....................................................................................... 26 Table 1: The Sherwin-Williams Company: key financial ratios ..................................................................................... 26 Table 1: PPG Industries, Inc.: key facts ....................................................................................................................... 28 Table 1: PPG Industries, Inc.: key financials ($) .......................................................................................................... 29 Table 1: PPG Industries, Inc.: key financial ratios ........................................................................................................ 30 Table 1: Akzo Nobel N.V.: key facts ............................................................................................................................. 32 Table 1: Akzo Nobel N.V.: key financials ($) ................................................................................................................ 33 Table 1: Akzo Nobel N.V.: key financials (€) ................................................................................................................ 34 Table 1: Akzo Nobel N.V.: key financial ratios.............................................................................................................. 34
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LIST OF FIGURES Figure 1: Global paints & coatings market value: $ million, 2009–13 ............................................................................. 9 Figure 1: Global paints & coatings market volume: thousand tonnes, 2009–13........................................................... 10 Figure 1: Global paints & coatings market category segmentation: % share, by value, 2013 ...................................... 11 Figure 1: Global paints & coatings market geography segmentation: % share, by value, 2013 ................................... 12 Figure 1: Global paints & coatings market value forecast: $ million, 2013–18 ............................................................. 13 Figure 1: Global paints & coatings market volume forecast: thousand tonnes, 2013–18 ............................................. 14 Figure 1: Forces driving competition in the global paints & coatings market, 2013 ...................................................... 15 Figure 1: Drivers of buyer power in the global paints & coatings market, 2013 ............................................................ 16 Figure 1: Drivers of supplier power in the global paints & coatings market, 2013 ........................................................ 17 Figure 1: Factors influencing the likelihood of new entrants in the global paints & coatings market, 2013 .................. 18 Figure 1: Factors influencing the threat of substitutes in the global paints & coatings market, 2013............................ 19 Figure 1: Drivers of degree of rivalry in the global paints & coatings market, 2013 ...................................................... 20 Figure 1: E. I. duPont de Nemours & Company: revenues & profitability ..................................................................... 23 Figure 1: E. I. duPont de Nemours & Company: assets & liabilities ............................................................................. 24 Figure 1: The Sherwin-Williams Company: revenues & profitability ............................................................................. 27 Figure 1: The Sherwin-Williams Company: assets & liabilities ..................................................................................... 27 Figure 1: PPG Industries, Inc.: revenues & profitability ................................................................................................ 30 Figure 1: PPG Industries, Inc.: assets & liabilities ........................................................................................................ 31 Figure 1: Akzo Nobel N.V.: revenues & profitability...................................................................................................... 34 Figure 1: Akzo Nobel N.V.: assets & liabilities ............................................................................................................. 35
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MARKET OVERVIEW Market definition The paints & coatings market consists of liquid and powder based paints, varnishes and related products used for protective and decorative, industrial and automotive and specialty purposes. The market excludes inks, thinners and raw materials, such as pigments and solvents. The architectural & decorative segment consists of products used in homes and buildings, such as interior and exterior paints, primers, sealers, and varnishes. The industrial segment comprises products that are factory-applied to manufactured goods as part of the production process. The specialty segment consists of aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints. The market value is calculated according to factory prices. Any currency conversions used in the creation of this report have been calculated using constant 2013 annual average exchange rates. For the purposes of this report, the global market consists of North America, South America, Western Europe, Eastern Europe, MEA, and Asia-Pacific. North America consists of Canada, Mexico, and the United States. South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela. Western Europe comprises Belgium, Denmark, France, Germany, Greece, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, Turkey, and the United Kingdom. Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine. Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand, Singapore, South Korea, Taiwan, and Thailand. Middle East-Africa (MEA) comprises Egypt, Israel, Nigeria, Saudi Arabia, South Africa, and United Arab Emirates.
Market analysis The global paints and coatings market has seen good growth in value and is expected to continue to grow, albeit at a decreased rate in the forecast period. The global paints and coatings market had total revenues of $136,724.5m in 2013, representing a compound annual growth rate (CAGR) of 7.1% between 2009 and 2013. In comparison, the European and Asia-Pacific markets grew with CAGRs of 4.8% and 9.4% respectively, over the same period, to reach respective values of $30,016.9m and $65,366.0m in 2013. Market consumption volume increased with a CAGR of 5.8% between 2009 and 2013, to reach a total of 39.8 million tonnes in 2013. The market's volume is expected to rise to 49.8 million tonnes by the end of 2018, representing a CAGR of 4.6% for the 2013-2018 period. The architectural and decorative segment was the market's most lucrative in 2013, with total revenues of $67,641.1m, equivalent to 49.5% of the market's overall value. The industrial paints and coatings segment contributed revenues of $50,118.4m in 2013, equating to 36.7% of the market's aggregate value.
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The performance of the market is forecast to decelerate, with an anticipated CAGR of 5.3% for the five-year period 2013 - 2018, which is expected to drive the market to a value of $177,020.2m by the end of 2018. Comparatively, the European and Asia-Pacific markets will grow with CAGRs of 3.3% and 6.7% respectively, over the same period, to reach respective values of $35,350.8m and $90,595.3m in 2018.
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MARKET DATA Market value The global paints & coatings market grew by 6.3% in 2013 to reach a value of $136,724.5 million. The compound annual growth rate of the market in the period 2009–13 was 7.1%.
Table 1: Global paints & coatings market value: $ million, 2009–13 Year
$ million
€ million
2009
103,731.7
78,105.3
2010
114,223.8
86,005.4
10.1%
2011
122,524.5
92,255.5
7.3%
2012
128,645.3
96,864.2
5.0%
2013
136,724.5
102,947.4
6.3%
CAGR: 2009–13 SOURCE: MARKETLINE
% Growth
7.1% MARKETLINE
Figure 1: Global paints & coatings market value: $ million, 2009–13
SOURCE: MARKETLINE
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Market volume The global paints & coatings market grew by 5.4% in 2013 to reach a volume of 39,810.3 thousand tonnes. The compound annual growth rate of the market in the period 2009–13 was 5.8%.
Table 2: Global paints & coatings market volume: thousand tonnes, 2009–13 Year
thousand tonnes
2009
31,713.9
2010
35,019.0
10.4%
2011
36,283.4
3.6%
2012
37,786.4
4.1%
2013
39,810.3
5.4%
CAGR: 2009–13 SOURCE: MARKETLINE
% Growth
5.8% MARKETLINE
Figure 2: Global paints & coatings market volume: thousand tonnes, 2009–13
SOURCE: MARKETLINE
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MARKET SEGMENTATION Category segmentation Architectural & decorative is the largest segment of the global paints & coatings market, accounting for 49.5% of the market's total value. The Industrial paints & coatings segment accounts for a further 36.7% of the market.
Table 3: Global paints & coatings market category segmentation: $ million, 2013 Category
2013
%
Architectural & Decorative
67,641.1
49.5%
Industrial Paints & Coatings Special-purpose Paints & Coatings
50,118.4
36.7%
18,964.9
13.9%
136,724.4
100%
Total SOURCE: MARKETLINE
MARKETLINE
Figure 3: Global paints & coatings market category segmentation: % share, by value, 2013
SOURCE: MARKETLINE
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Geography segmentation Asia-Pacific accounts for 47.8% of the global paints & coatings market value. Americas accounts for a further 24.9% of the global market.
Table 4: Global paints & coatings market geography segmentation: $ million, 2013 Geography
2013
%
Asia-Pacific
65,366.0
47.8
Americas
34,097.2
24.9
Europe
30,016.9
22.0
7,244.4
5.3
136,724.5
100%
Middle East & Africa Total SOURCE: MARKETLINE
MARKETLINE
Figure 4: Global paints & coatings market geography segmentation: % share, by value, 2013
SOURCE: MARKETLINE
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MARKET OUTLOOK Market value forecast In 2018, the global paints & coatings market is forecast to have a value of $177,020.2 million, an increase of 29.5% since 2013. The compound annual growth rate of the market in the period 2013–18 is predicted to be 5.3%.
Table 5: Global paints & coatings market value forecast: $ million, 2013–18 Year
$ million
€ million
% Growth
2013
136,724.5
102,947.4
6.3%
2014
143,916.6
108,362.8
5.3%
2015
152,371.9
114,729.2
5.9%
2016
160,360.5
120,744.3
5.2%
2017
168,550.0
126,910.6
5.1%
2018
177,020.2
133,288.3
5.0%
CAGR: 2013–18 SOURCE: MARKETLINE
5.3% MARKETLINE
Figure 5: Global paints & coatings market value forecast: $ million, 2013–18
SOURCE: MARKETLINE
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Market volume forecast In 2018, the global paints & coatings market is forecast to have a volume of 49,814.5 thousand tonnes, an increase of 25.1% since 2013. The compound annual growth rate of the market in the period 2013–18 is predicted to be 4.6%.
Table 6: Global paints & coatings market volume forecast: thousand tonnes, 2013–18 Year
thousand tonnes
% Growth
2013
39,810.3
5.4%
2014
41,739.3
4.8%
2015
43,797.7
4.9%
2016
45,666.3
4.3%
2017
47,750.3
4.6%
2018
49,814.5
4.3%
CAGR: 2013–18 SOURCE: MARKETLINE
4.6% MARKETLINE
Figure 6: Global paints & coatings market volume forecast: thousand tonnes, 2013–18
SOURCE: MARKETLINE
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FIVE FORCES ANALYSIS The paints & coatings market will be analyzed taking paint manufacturers as players. The key buyers will be taken as industrial and construction companies, and chemical manufacturers as the key suppliers.
Summary Figure 7: Forces driving competition in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
The market has recovered from the decline experienced in 2009 and experienced strong growth in recent years, which has alleviated rivalry to some degree. Newcomers with insufficient capital may be discouraged by the initial large capital outlay required, and the need for economies of scale to obtain the best results in the market. This market is fragmented, highly affected by macroeconomic conditions and hard to exit. These factors increase rivalry. The nature of the market means it is affected by conditions in a number of other sectors, such as the construction, housing and energy industries. The price adjustments of constituent chemicals can affect profitability within the market. As rising raw material costs have squeezed margins, some paints and coatings leaders have backwards integrated. The market is subject to a range of regulations, and the major players have adapted to the changing nature of the market by offering ranges of eco-friendly products.
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Buyer power Figure 8: Drivers of buyer power in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
In many individual country markets, 2013 saw an increase in market value due to an improvement in the housing industry and consumer spending. The flourishing nature of the market means that players do not need to offer cheaper paints, in order to attract customers. Good market performance means buyer power is weakened slightly, as players are able to apply higher prices to their products. Additionally, the strong performance of emerging and developing markets means that global players are able to avoid price cuts in many regions, reducing buyer power furthermore. Across the paint and coatings market, players try to differentiate their offerings via strong branding. As switching costs are rather low (except the situation when buyers enter into a contract with manufacturers), buyer power is boosted. The size of typical buyers of paints and coatings varies substantially. Large original equipment manufacturers (OEMs), for example, enjoy a substantially greater degree of buyer power than smaller construction companies, due to the difference in purchase quantity. The relatively large number of potential buyers serves to further weaken buyer power within the market. Overall, buyer power is assessed to be moderate.
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Supplier power Figure 9: Drivers of supplier power in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
With over 300 inputs to the manufacturing process, the paints and coatings market is raw-material intensive. Of those 300, around half are petrol based. The raw materials for paints may be classified into 5 segments: pigments, solvents, binders, additives and white cement/urea. These account for roughly 50% of total costs. Thus, the market is affected by international price changes and macroeconomic conditions. When the international prices of petrochemical products come down, paints manufacturers benefit. The cost adjustments of chemicals such as titanium dioxide, which makes paint opaque and is an essential ingredient in automobile paint production, and acrylic acid, a resin that binds pigments together can affect the profitability within the market. However, as these are not highly differentiated products, and can be sourced readily from several companies, supplier power is weakened to an extent. The cost of such materials is crucial to players’ profit margins. Although the paint industry remains fragmented, in recent years concentration has increased following a trend toward globalization and consolidation, driven by the needs to reduce costs, and serve a worldwide customer base. Many smaller companies have lost their independence by the need to meet more restrictive environmental regulations, along with customer demand for better, more cost efficient coatings. Pigment and additives producers supply the paints and coatings industry with necessary raw materials, titanium oxide and resins, and command a moderate degree of bargaining power. As rising ingredients costs have squeezed margins, some paints and coatings leaders have integrated backward. For example, BASF is active in the manufacture of paints and coatings, as well as the production of raw materials, such as resins. Potential backwards integration of players weakens supplier power. However, smaller players may find it more difficult to source their own materials. Overall, supplier power is assessed as moderate.
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New entrants Figure 10: Factors influencing the likelihood of new entrants in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
Newcomers may be discouraged by environmental regulations, such as REACH (an EU directive for the Registration, Evaluation, Authorization and Restriction of Chemicals), which lead to additional capital expenditure, reducing funds available and squeezing margins. Compliance with REACH legislation also results in increased costs in registration, product testing and reformulation, risk characterization and participation in Substance Information Exchange Forums (SIEFs), which are required to co-ordinate registration dossier preparation. These costs can often be substantial, and serve to dissuade potential new entrants to the market. Additionally, REACH has far-reaching impacts upon players from outside of Europe and similar legislation, such as the US Toxic Substances Control Act, exists in other countries. Furthermore, high initial fixed costs for the acquisition of specialized production systems for the process of paint formulation, tends to discourage new entrants with insufficient capital. The size of the current market leaders can also act as a deterrent as companies such as E. I. duPont de Nemours & Company and PPG Industries, Inc. generate revenue in its billions. Dominance from players of this size means there is less revenue available for new entrants. Price wars between existing players will also serve to dissuade potential new entrants. However, the relative ease of end-user switching, coupled with good market performance in recent years, may serve to attract new entrants to an extent. Overall, the likelihood of new entrants is assessed as moderate.
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Threat of substitutes Figure 11: Factors influencing the threat of substitutes in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
Paints and coatings offer benefits, such as protection and aesthetic changes. They can protect buildings, automobiles and manufactured objects from corrosion and other forms of damage. Additionally, they allow construction and manufacturing companies to make their products more appealing to their own customers, who are often consumers, and therefore in a position to make purchasing decisions on the grounds of personal taste. However, these benefits can be achieved in other ways. At the product (or building) design stage, materials that do not require any additional coatings could be used: stainless steel rather than non-stainless; PVC rather than wood, and so on. However, as the material a product is made from is usually fundamental to its performance, these design decisions are not trivial and this can be viewed as a high switching cost. The threat from substitutes is assessed as weak overall.
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Degree of rivalry Figure 12: Drivers of degree of rivalry in the global paints & coatings market, 2013
SOURCE: MARKETLINE
MARKETLINE
Fierce competition is coming from both industry majors and paint shops and building material superstores marketing private label brands. Increased regulatory pressure and rising public awareness of environmental and health issues has created a greater demand for low-solvent paints in recent years, leading the development of a new generation of low solvent or solventfree decorative paints. For example, in Europe, changes to existing limits on Volatile Organic Compounds (VOCs), which react with nitrogen oxides present in the atmosphere to erode the ozone layer, went into effect on January 1, 2010 and regulation under the VOC Solvents Emissions Directive remains stringent. Industry players will have to continue to pioneer new low VOC coatings solutions specifically engineered to improve environmental performance and emphasis will be placed on paints designed to reduce potential health risks associated with harmful emission. For example, Akzo Nobel, currently receives up to 22% of its revenues from eco-premium products. The company aims to increase this share to 30% by 2015. Competition is heightened within the market, as companies fight for a portion of this new direction for the market. Exit barriers are high: many major tangible assets are highly specific to their market, and thus harder to divest. In this situation, players are strongly motivated to remain in the market, even when conditions are difficult, which boosts rivalry. However, as major industry players are highly diversified in terms of their production, rivalry in the paints and coatings market is alleviated to an extent. For example, Akzo Nobel and BASF operate in many areas of the chemicals and chemical products industry. As the paints and coatings market is cyclical and highly affected by macroeconomic conditions, rivalry tends to increase in times of economic struggle. However, good market performance in recent years alleviates rivalry to soem degree. The threat of rivalry is assessed as moderate overall.
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LEADING COMPANIES E. I. duPont de Nemours & Company Table 7: E. I. duPont de Nemours & Company: key facts Head office:
1007 Market Street, Wilmington, Delaware 19898, USA
Telephone:
1 302 774 1000
Website:
www.dupont.com
Financial year-end:
December
Ticker:
DD
Stock exchange:
New York
SOURCE: COMPANY WEBSITE
MARKETLINE
E.I. du Pont de Nemours and Company (DuPont or 'the company') operates across a diverse range of industries, including agriculture and industrial biotechnology, chemistry, biology, materials science, and manufacturing. The company operates in North America, Latin America, Asia Pacific, Europe, Middle East and Africa. DuPont operates through eight business segments: agriculture; performance chemicals; performance materials; safety and protection; nutrition and health; electronics and communications; industrial biosciences; and pharmaceuticals. The agriculture segment offers products and services to improve crop yields and productivity. The segment operates through the company's wholly-owned subsidiary, DuPont Pioneer (Pioneer) and DuPont Crop Protection. Pioneer has seed production facilities throughout the world and produces corn hybrid, soybean varieties, canola, sunflower, wheat and rice. DuPont Crop Protection serves the global production agriculture industry with crop protection products for field crops such as wheat, corn, soybean and rice; specialty crops such as fruit, nut, vine and vegetables; and non-crop segments, including forestry and land management. Principal crop protection products are weed control, disease control and insect control products. The performance chemicals segment provides customized solutions with a range of industrial and specialty chemical products for markets including plastics and coatings, textiles, mining, pulp and paper, water treatment, and healthcare. The segment conducts these businesses through DuPont Titanium Technologies and DuPont Chemicals and Fluoroproducts. DuPont Titanium Technologies manufactures titanium dioxide for the coatings, paper, plastics, specialties and minerals markets. It provides a broad line of DuPont Ti-Pure titanium dioxide products. DuPont Chemicals and Fluoroproducts manufactures industrial and specialty fluorochemicals, fluoropolymers, and performance chemicals. The business' products include refrigerants, lubricants, propellants, solvents, fire extinguisher materials and electronic gases. The performance materials segment operates through performance polymers and packaging and industrial polymers businesses. Through these businesses, DuPont offers higher-performance polymers, elastomers, films, parts, and systems and solutions. The performance polymers division offers a range of polymer-based high performance materials, including elastomers, and thermoplastic and thermoset engineering polymers and elastomers. These products are used by customers to fabricate components for mechanical, chemical and electrical systems. The packaging and industrial polymers business offers specialized resins and films used in packaging and industrial applications, sealants and adhesives, sporting goods, and inter-layers for laminated safety glass.
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The safety and protection segment serves a number of markets, ranging from construction, transportation, communications, industrial chemicals, oil and gas, electric utilities, automotive, manufacturing, defense, homeland security, and safety consulting. It offers these services through its three businesses, namely, Protection Technologies, Sustainable Solutions, and Building Innovations. Protection Technologies is focused on finding solutions to protect people and the environment. Sustainable Solutions helps organizations worldwide in reducing workplace injuries and fatalities. Additionally, Sustainable Solutions helps organizations in reducing sulfur and other emissions, formulate cleaner fuels, or dispose of liquid waste. Building Innovations helps organizations in increasing the performance and energy efficiency of building systems. DuPont's nutrition and health segment is comprised of the specialty food ingredients business of Danisco (a global enzyme and specialty food ingredients company acquired by DuPont in 2011) and Solae, a company engaged in manufacturing soy-based ingredients. This segment is the premier provider of innovative solutions for specialty food ingredients, health and safety. Its products include cultures, emulsifiers, gums, natural sweeteners and soy-based food ingredients. The nutrition and health segment serves various end-markets within the food industry including the meat, dairy, beverages and bakery segments. The electronics and communications segment of DuPont is a supplier of differentiated materials and systems for photovoltaics, consumer electronics, displays and advanced printing. The company is a leading supplier of metalization pastes and backsheet materials for use in solar cells and modules. It is also a leading materials supplier for flexographic printing systems. The segment is also developing new color-pigmented inks for network printing applications. The industrial biosciences segment develops and manufactures a range of enzymes, which find application in products and processes such as animal nutrition, detergents, food manufacturing, ethanol production and industrial applications. The industrial biosciences segment also includes DuPont Tate and Lyle Bio Products (a joint venture with Tate & Lyle), which is engaged in producing BioPDO 1,3 propanediol using a proprietary fermentation and purification process. BioPDO is the key building block for DuPont Sorona PTT polymer, which is used primarily in carpet and apparel fibers. The pharmaceuticals segment of DuPont has interest in Cozaar (losartan potassium) and Hyzaar (losartan potassium with hydrochlorothiazide), which are used in the treatment of hypertension. DuPont has exclusively licensed worldwide marketing and manufacturing rights for Cozaar and Hyzaar to Merck & Co. Besides its reportable business segments, DuPont has other businesses which includes certain embryonic businesses (not included in the reportable segments), such as pre-commercial programs, and non-aligned businesses.
Key Metrics The company recorded revenues of $36,144m in the fiscal year ending December 2013, an increase of 2.4% compared to fiscal 2012. Its net income was $4,862m in fiscal 2013, compared to a net income of $2,870m in the preceding year.
Table 8: E. I. duPont de Nemours & Company: key financials ($) $ million
2009
2010
2011
2012
2013
27,218.0
32,347.0
34,423.0
35,310.0
36,144.0
1,755.0
3,031.0
3,599.0
2,870.0
4,862.0
Total assets
38,185.0
40,410.0
48,492.0
49,859.0
51,499.0
Total liabilities
30,970.0
31,132.0
39,899.0
39,560.0
35,213.0
58,000
60,000
70,000
70,000
64,000
Revenues Net income (loss)
Employees SOURCE: COMPANY FILINGS
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Table 9: E. I. duPont de Nemours & Company: key financial ratios Ratio Profit margin
2009
2010
2011
2012
2013
6.4%
9.4%
10.5%
8.1%
13.5%
(14.4%)
18.8%
6.4%
2.6%
2.4%
Asset growth
5.5%
5.8%
20.0%
2.8%
3.3%
Liabilities growth
6.5%
0.5%
28.2%
(0.8%)
(11.0%)
Debt/asset ratio
81.1%
77.0%
82.3%
79.3%
68.4%
Return on assets
4.7%
7.7%
8.1%
5.8%
9.6%
$469,276
$539,117
$491,757
$504,429
$564,750
$30,259
$50,517
$51,414
$41,000
$75,969
Revenue growth
Revenue per employee Profit per employee SOURCE: COMPANY FILINGS
MARKETLINE
Figure 13: E. I. duPont de Nemours & Company: revenues & profitability
SOURCE: COMPANY FILINGS
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Figure 14: E. I. duPont de Nemours & Company: assets & liabilities
SOURCE: COMPANY FILINGS
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The Sherwin-Williams Company Table 10: The Sherwin-Williams Company: key facts Head office:
101 West Prospect Avenue, Cleveland, Ohio 44115 1075, USA
Telephone:
1 216 566 2000
Website:
www.sherwin-williams.com
Financial year-end:
December
Ticker:
SHW
Stock exchange:
New York
SOURCE: COMPANY WEBSITE
MARKETLINE
The Sherwin-Williams Company (SHW or 'the company') is a developer, manufacturer, distributor, and retailer of paint, coatings, and related products. The company offers products to professional, industrial, commercial, and retail customers in North and South America. The company also has its operations in the Caribbean region, Europe and Asia. SHW operates through four reportable business segments: paint stores group; global finishes group; consumer group; and Latin America coatings group. The paint stores group operates outlets for SHW branded products. This segment offers products such as paints, stains, coatings, caulks, applicators, wall coverings, floor coverings, spray equipment and related products. The segment also offers SHW branded architectural paint and coatings; protective and marine products; and original equipment manufacturer (OEM) product finishes and related items. The segment offers products to do-it-yourselfers (DIY), professional painting contractors, home builders, property maintenance, healthcare, hospitality, architects, interior designers, industrial, marine, flooring and OEM product finishers. As of 2013, the paint stores group operated 3,908 stores in the US, Canada, and the Caribbean. The global finishes group segment develops, licenses, manufactures, and sells a variety of protective and marine products; automotive finishes and refinish products; and OEM product finishes and related products in North and South America, Europe, and Asia. It licenses certain technology and trade names worldwide. This segment distributes products through a network of 302 company-operated branches and by direct sales staff and outside sales representatives to retailers, dealers, jobbers, licensees and other third party distributors in North America, South America, Europe and Asia. It has distribution services in 38 countries through wholly owned subsidiaries, joint ventures, distributors, export options and licensees of technology, trademarks, and trade names. The consumer group segment provides branded, private label and licensed brand paints, stains, varnishes, industrial products, wood finishing products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks and adhesives, and related products. The segment offers these products to DIY, professional painting contractors, industrial maintenance, and flooring contractors. The Latin America coatings group segment of the company develops, licenses, manufactures, distributes and sells a variety of architectural paint and coatings, protective and marine products, OEM product finishes and related products in North America and South America. SHW and other controlled brand products are distributed through this segment's 276 company-operated stores and by a direct sales staff and outside sales representatives to retailers, dealers, licensees and other third party distributors.
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Besides these four reportable segments, the company also has an administrative segment, which includes the administrative expenses of the company's corporate headquarters site. In this segment, a real estate management unit is also included that is responsible for the ownership, management, and leasing of non-retail properties held primarily for use by the company, including the company's headquarters site, and disposal of idle facilities. Sales of this segment represent external leasing revenue of excess headquarters space or leasing of facilities no longer used by the company in its primary businesses.
Key Metrics The company recorded revenues of $10,185.5m in the fiscal year ending December 2013, an increase of 6.8% compared to fiscal 2012. Its net income was $753m in fiscal 2013, compared to a net income of $631m in the preceding year.
Table 11: The Sherwin-Williams Company: key financials ($) $ million Revenues Net income (loss)
2009
2010
2011
2012
2013
7,094.2
7,776.4
8,765.7
9,534.5
10,185.5
435.8
462.5
441.9
631.0
752.6
Total assets
4,323.9
5,169.2
5,229.3
6,234.7
6,382.5
Total liabilities
2,832.9
3,559.8
3,712.3
4,442.9
4,607.9
Employees
29,220
32,228
32,988
34,154
37,633
SOURCE: COMPANY FILINGS
MARKETLINE
Table 12: The Sherwin-Williams Company: key financial ratios Ratio
2009
2010
2011
2012
2013
Profit margin
6.1%
5.9%
5.0%
6.6%
7.4%
(11.1%)
9.6%
12.7%
8.8%
6.8%
(2.1%)
19.6%
1.2%
19.2%
2.4%
Liabilities growth
0.8%
25.7%
4.3%
19.7%
3.7%
Debt/asset ratio
65.5%
68.9%
71.0%
71.3%
72.2%
Revenue growth Asset growth
Return on assets Revenue per employee Profit per employee
10.0%
9.7%
8.5%
11.0%
11.9%
$242,786
$241,294
$265,724
$279,162
$270,653
$14,914
$14,350
$13,395
$18,475
$19,997
SOURCE: COMPANY FILINGS
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Figure 15: The Sherwin-Williams Company: revenues & profitability
SOURCE: COMPANY FILINGS
MARKETLINE
Figure 16: The Sherwin-Williams Company: assets & liabilities
SOURCE: COMPANY FILINGS
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PPG Industries, Inc. Table 13: PPG Industries, Inc.: key facts Head office:
One PPG Place, Pittsburgh, Pennsylvania 15272, USA
Telephone:
1 412 434 3131
Website:
www.ppg.com
Financial year-end:
December
Ticker:
PPG
Stock exchange:
New York
SOURCE: COMPANY WEBSITE
MARKETLINE
PPG Industries (PPG or 'the company') is a supplier of paints, coatings, optical products, specialty materials, glass and fiber glass. The company serves customers in industrial, transportation, consumer products, construction and aftermarkets. It operates in more than 70 countries across North America, Asia Pacific, and Europe, Middle East, and Africa (EMEA). The company operates through six reportable business segments: performance coatings; industrial coatings; architectural coatings EMEA; commodity chemicals; optical and specialty materials; and glass. The performance coatings segment is comprised of the refinish, aerospace, protective and marine, and architectural coatings - Americas and Asia Pacific coatings businesses. The refinish coatings business supplies coatings for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings for a range of markets, and specialty coatings for signs. These products are sold primarily through distributors. The aerospace coatings business supplies sealants, coatings, technical cleaners and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor for military land vehicles. These products are supplied to aircraft manufacturers and maintenance and aftermarket customers worldwide. The protective and marine coatings business supplies coatings and finishes for the protection of metals and structures to metal fabricators, heavy duty maintenance contractors and manufacturers of ships, bridges, rail cars, and shipping containers. These products are sold through company-owned stores, independent distributors and directly to customers. The industrial coatings segment is comprised of the automotive original equipment manufacturers (OEM), industrial, and packaging coating business. The industrial and automotive OEM coatings businesses sell directly to a variety of manufacturing companies. PPG also supplies adhesives and sealants for the automotive industry and metal pretreatments and related chemicals for industrial and automotive applications. The packaging coatings business provides coatings and inks to the manufacturers of aerosol, food, and beverage containers. The architectural coatings - Americas and Asia Pacific business primarily produces coatings used by painting and maintenance contractors and by consumers for decoration and maintenance. These products are sold through a combination of company-owned stores, home centers, paint dealers, independent distributors, and directly to customers. The architectural coatings business operates about 400 company-owned stores in North America and approximately 40 company-owned stores in Australia. The architectural coatings - EMEA segment supplies a variety of coatings and purchased sundries to painting contractors and consumers in Europe, the Middle East, and Africa. The segment's products are sold through a combination of approximately 700 company-owned stores, home centers, paint dealers, independent distributors, and directly to customers.
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In January 2013, PPG spun off its commodity chemicals business segment. The company merged its subsidiary (holding the PPG commodity chemicals business) with a subsidiary of the Georgia Gulf Corporation. Until January 2013, PPG was a producer and supplier of basic chemicals under its commodity chemicals segment. This segment produced chloralkali and derivative products including chlorine, caustic soda, vinyl chloride monomer, chlorinated solvents, calcium hypochlorite, ethylene dichloride, hydrochloric acid, and phosgene derivatives. Most of these products were sold directly to manufacturing companies in the chemical processing, plastics, paper, minerals, metals, agricultural products and water treatment industries. The optical and specialty materials segment is comprised of the optical products and silica businesses. The primary optical and specialty materials products are lenses; optical lens materials and high performance sunlenses; amorphous precipitated silicas for tire, battery separator, and other end-use markets; and Teslin substrate, used in such applications as radio frequency identification (RFID) tags and labels, e-passports, drivers' licenses, and identification cards. The glass segment consists of the company’s flat glass and fiber glass businesses. This segment is engaged in producing flat glass in North America. It also produces continuous-strand fiber glass. The segment addresses commercial and residential construction markets; and the wind energy, energy infrastructure, transportation, and electronics industries. Most of the glass products are sold directly to manufacturing companies.
Key Metrics The company recorded revenues of $15,108m in the fiscal year ending December 2013, an increase of 11.8% compared to fiscal 2012. Its net income was $3,231m in fiscal 2013, compared to a net income of $941m in the preceding year.
Table 14: PPG Industries, Inc.: key financials ($) $ million Revenues Net income (loss)
2009
2010
2011
2012
2013
12,239.0
13,423.0
13,153.0
13,512.0
15,108.0
336.0
769.0
1,095.0
941.0
3,231.0
Total assets
14,240.0
14,975.0
14,382.0
15,878.0
15,863.0
Total liabilities
10,318.0
11,142.0
10,936.0
11,566.0
10,665.0
39,900
38,300
38,400
39,200
41,400
Employees SOURCE: COMPANY FILINGS
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Table 15: PPG Industries, Inc.: key financial ratios Ratio Profit margin
2009
2010
2011
2012
2013
2.7%
5.7%
8.3%
7.0%
21.4%
(22.8%)
9.7%
(2.0%)
2.7%
11.8%
Asset growth
(3.1%)
5.2%
(4.0%)
10.4%
(0.1%)
Liabilities growth
(7.9%)
8.0%
(1.8%)
5.8%
(7.8%)
Debt/asset ratio
72.5%
74.4%
76.0%
72.8%
67.2%
Return on assets
2.3%
5.3%
7.5%
6.2%
20.4%
$306,742
$350,470
$342,526
$344,694
$364,928
$8,421
$20,078
$28,516
$24,005
$78,043
Revenue growth
Revenue per employee Profit per employee SOURCE: COMPANY FILINGS
MARKETLINE
Figure 17: PPG Industries, Inc.: revenues & profitability
SOURCE: COMPANY FILINGS
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Figure 18: PPG Industries, Inc.: assets & liabilities
SOURCE: COMPANY FILINGS
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Akzo Nobel N.V. Table 16: Akzo Nobel N.V.: key facts Head office:
Strawinskylaan 2555, 1077 ZZ Amsterdam, NLD
Telephone:
31 20 502 7854
Fax:
31 20 502 7605
Website:
www.akzonobel.com
Financial year-end:
December
Ticker:
AKZA
Stock exchange:
Amsterdam
SOURCE: COMPANY WEBSITE
MARKETLINE
Akzo Nobel (or 'the company') is a leading global manufacturer of decorative paints and performance coatings. The company is also engaged in the supply of specialty chemicals worldwide. The company operates in more than 80 countries worldwide. Akzo Nobel operates through three business segments: performance coatings; specialty chemicals; and decorative paints. The performance coatings segment operates in five businesses: automotive and aerospace coatings; marine and protective coatings; powder coatings; industrial coatings; and wood finishes and adhesives. Akzo Nobel's automotive and aerospace coatings business supplies paints and services to the car repair, commercial vehicles, and automotive plastics markets around the world. The business also provides coatings to the aerospace industry. The business sells coatings for car body refinishing, or recoating, to customers including body shops, distributors, fleet owners, automotive suppliers, and major bus and truck producers. It operates in approximately 60 countries under brands including Lesonal, Dynacoat, and Sikkens The marine and protective coatings business produces marine paints and antifouling coatings used in shipbuilding, ship maintenance, and repair, and also by yacht and other pleasure craft owners. The business, which markets its products through the International brand name, also manufactures protective coatings for structures such as bridges, stadia, and landmarks. The powder coatings business manufactures powder coatings under the global brands Interpon and Resicoat. Powder coatings manufactured by the company are used to protect and decorate sports stadiums, cars, window frames, radiators, laptops, kitchen appliances, metal furniture, wood and plastic. These products also provide anti-corrosion protection for pipelines, valves and fittings, and reinforcing steel (rebar), as well as electrical insulation for a range of electrical components. The industrial coatings protect and enhance products made from steel, aluminum, and plastic. The industrial coatings business also provides packaging coatings for interior and exterior decoration and protection in the beverage can industry. These products are used to protect food and drinks cans, aerosols, and metal closures. The business also supplies coil and extrusion coatings for commercial and residential metal building products, home appliances, and automotive components. The wood finishes and adhesives business provides bonding solutions for laminated beams, wood flooring, furniture, and other wood applications. The specialty chemicals segment operates through five businesses: pulp and performance chemicals; industrial chemicals; functional chemicals; surface chemistry; and Chemicals Pakistan.
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The pulp and performance chemicals business supplies specialty chemicals to the polymer production and processing industries. It trades under the name of Eka Chemicals. The business produces bleaching and performance chemicals for the pulp and paper industry. The business also provides water treatment solutions; microbiological control solutions for pulp and paper manufacturing, as well as paper-mill water and waste treatment applications; and services for plants, equipment and process optimization for the pulp and paper industry. Through its industrial chemicals business, Akzo Nobel is engaged in the production of salt, chlor-alkali products, and derivatives such as monochloracetic acid (MCA). The segment also supplies vacuum salt, chlorine, caustic lye, hydrochloric acid, metal salts, water treatment chemicals, and dimethyl ether. These products are used in the chemical, detergent, construction, food, pulp and paper, and plastic industries. The functional chemicals business manufactures and sells a variety of chemical intermediates, performance chemicals, and end-products worldwide. It supplies cellulosic specialties, chelates, ethylene amines, metal alkyls, micronutrients, organic peroxides, polysulphides, redispersable powder polymers, salt specialties, and sulfur products. These chemicals are used in manufacturing detergents, vinyl, automotive parts, agricultural products, pharmaceutical products, food products, wallpaper adhesives, plastic bags, and cosmetics. The functional chemicals business consists of the following seven strategic business units (SBUs): performance additives; chelates, cross linking peroxides-thermoset chemicals and polymer additives (XTP); performance additives; ethylene amines; high polymer; salt specialties; and sulfur derivatives. The surface chemistry business produces surface-active agents for a variety of applications ranging from asphalt and agro chemicals to paint and personal care products. Its specialty surfactants and surfactant intermediates are used by industrial and consumer product companies including cleaning goods, oil field applications, printing, paints, fabric softeners, asphalt, mining, and electronics. Through the Chemicals Pakistan business, the company exclusively markets its specialty chemicals, polyester fibers, and soda ash in Pakistan. These products are supplied to various industries including consumer goods, electronics and engineering products, food and beverages, pharmaceuticals, and textiles. The decorative paints segment of Akzo Nobel is engaged in the production of paints, lacquers, varnishes, adhesives, and floor leveling compounds. It offers brands like Sikkens, Dulux, and Hammerite. The decorative paints business consists of six business units in three regions which include decorative paints Europe, decorative paints America, and decorative paints Asia.
Key Metrics The company recorded revenues of $19,368m in the fiscal year ending December 2013, a decrease of 5.2% compared to fiscal 2012. Its net income was $1,051m in fiscal 2013, compared to a net loss of $2,693m in the preceding year.
Table 17: Akzo Nobel N.V.: key financials ($) $ million
2009
2010
2011
2012
2013
18,442.4
19,434.0
19,386.2
20,429.6
19,367.6
471.2
1,111.1
633.2
(2,693.4)
1,051.3
Total assets
25,062.4
26,673.9
26,401.8
23,665.9
21,322.9
Total liabilities
14,117.5
14,051.1
13,468.4
15,398.5
13,330.3
61,300
55,590
52,020
50,610
49,560
Revenues Net income (loss)
Employees SOURCE: COMPANY FILINGS
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Table 18: Akzo Nobel N.V.: key financials (€) € million
2009
2010
2011
13,893.0
14,640.0
355.0
837.0
Total assets
18,880.0
Total liabilities
10,635.0
Revenues Net income (loss)
2012
2013
14,604.0
15,390.0
14,590.0
477.0
(2,029.0)
792.0
20,094.0
19,889.0
17,828.0
16,063.0
10,585.0
10,146.0
11,600.0
10,042.0
SOURCE: COMPANY FILINGS
MARKETLINE
Table 19: Akzo Nobel N.V.: key financial ratios Ratio Profit margin
2009
2010
2011
2012
2013
2.6%
5.7%
3.3%
(13.2%)
5.4%
(9.9%)
5.4%
(0.2%)
5.4%
(5.2%)
0.8%
6.4%
(1.0%)
(10.4%)
(9.9%)
Liabilities growth
(5.6%)
(0.5%)
(4.1%)
14.3%
(13.4%)
Debt/asset ratio
56.3%
52.7%
51.0%
65.1%
62.5%
Return on assets
1.9%
4.3%
2.4%
(10.8%)
4.7%
$300,854
$349,595
$372,668
$403,667
$390,791
$7,688
$19,987
$12,172
($53,219)
$21,214
Revenue growth Asset growth
Revenue per employee Profit per employee SOURCE: COMPANY FILINGS
MARKETLINE
Figure 19: Akzo Nobel N.V.: revenues & profitability
SOURCE: COMPANY FILINGS
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Figure 20: Akzo Nobel N.V.: assets & liabilities
SOURCE: COMPANY FILINGS
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APPENDIX Methodology MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style. Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases provide the foundation for all related industry profiles Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market overview Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the market and our clients Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends MarketLine aggregates and analyzes a number of secondary information sources, including: -
National/Governmental statistics
-
International data (official international sources)
-
National and International trade associations
-
Broker and analyst reports
-
Company Annual Reports
-
Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can then be refined according to specific competitive, regulatory and demand-related factors Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
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Industry associations Fédération des industries des peintures, encres, couleurs, colles et adhesives (FIPEC) 42, avenue Marceau, 75008 Paris, FRA Tel.: 33 1 53 23 00 00 Fax: 33 1 47 20 90 30 www.fipec.org
Verband der deutschen Lackindustrie e.V. Karlstraße 21, 60329 Frankfurt, DEU Tel.: 49 069 2556 1411 Fax: 49 069 2556 1358 www.lackindustrie.de
Australian Paint Manufacturers’ Federation Inc. Suite 1201, Level 12, 275 Alfred Street, North Sydney, NSW 2060, AUS Tel.: 61 2 9922 3955 Fax: 61 2 9954 9440 www.apmf.asn.au
China National Coatings Industrial Association No.1, Liu Pu Kang Street, De-wai,Beijing, 100011, CHN Tel.: 86 10 6200 4186 Fax: 86 10 6237 6292 www.chinacoatingnet.com
American Coatings Association 1500 Rhode Island Ave, NW, Washington D.C. 20005, USA Tel.: 1 202 462 6272 Fax: 1 202 462 8549 www.paint.org
Related MarketLine research Industry Profile Paints & Coatings in Europe Paints & Coatings in Germany Paints & Coatings in France Paints & Coatings in Asia-Pacific Paints & Coatings in Japan
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