International. For the second year in a row, Sherwin-Williams has been recognized as the world's most valuable paint brand, according to a new ranking from the world's leading independent brand valuation consultancy, Brand Finance.
Sherwin-Williams' retention at the top comes amid increases in selling prices and increased production volume of the brand's products.
Despite a small year-over-year reduction in brand value, Sherwin-Williams continues to lead the 2023 Paints 10 rankings, with brand value nearly double that of the next most valuable brand, PPG (brand value increased 141% to $3800 million).
Every year, the leading brand valuation consultancy, Brand Finance, tests 5,000 of the most important brands and publishes more than 100 reports, ranking brands in all sectors and countries.
The 10 most valuable and strongest paint brands in the world are included in the annual Brand Finance Paints 10 2023 ranking.
Savio D'Souza, Senior Director of Brand Finance, commented: "The world's leading paint brands have faced significant challenges over the past two years; However, innovation and evolving trends continue to reshape the industry."
"From eco-friendly formulations and advanced application technologies to customized color solutions, the industry is constantly adapting to meet the changing needs and expectations of consumers."
"With a focus on sustainability, durability and aesthetics, the paints industry is moving forward with creativity and ingenuity, paving the way for a more colorful and sustainable future."
PPG has experienced by far the highest brand value growth of all paint brands included in the ranking, increasing 141% to $3800 million. Dulux (brand value USD 1300 million) was the second fastest growing brand, up 15%.
PPG's growth has been driven primarily by higher selling prices in all of its markets. The brand has also added more manufacturing capacity through strategic acquisitions, particularly in the fast-growing powder coating product category.
Asian Paints, the strongest brand
Asian Paints (brand value up 13% to $1700 million) is the strongest brand with a brand strength index score of 77.6/100 and an AA+ brand rating.
This shows that consumers perceive Asian Paints as a reliable choice for paint production and distribution, meeting a wide range of multifaceted consumer needs.
Over the past two years, the brand has competed in several strategic acquisitions: for example, the lighting and home décor brand, White Teak. This comes as the brand seeks to further diversify its product offering and become a leader in the home décor market.
Asian Paints has also launched several new products, many with unique value features and market firsts, which expand the uses and possibilities of its products for customers.
Nippon Paints, the highest record in perception of sustainability
Japanese brand, Nippon Paints (brand value down 14% to $2300 million), had the highest sustainability perception score (4.61/10) of all brands included in the 2023 Paints 10 ranking.
The brand has launched several new and more sustainable products in recent years. These include antibacterial and antiviral paints and coatings, as well as ultra-low-odor and ultra-low-emission chemical products.
Find the full report here.
