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Inside: The Top 25 Paint Manufacturers in Asia Pacifi c

Inside: Automotive Coatings

Knock on woodWood coatings take centre stage

VOL 34 • NO 3AUGUST 2021

PRIMARY JOURNAL FOR THE COATINGS MARKET IN ASIA & THE PACIFIC RIM

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Each company in the list of the Top 25 Paint Manufacturers in Asia Pacific was obviously going to be impacted by the

effects of COVID-19 over the past year, however, surprisingly little has changed in the rankings between June 2020 and August 2021. With each company facing similar restrictions on its workforce and output, as well as worldwide slowdowns affecting industries such as automotive, industrial and travel, the respective downturn in coatings demand appears to have resulted in a fairly level playing field.

In this article, experts from global consultanting firm Orr & Boss analysed the top 25 paint manufacturers headquartered in the Asia Pacific region.

Orr & Boss estimates that the entire Asia Pacific region coatings market was down about 2% in value in 2020. Its pre-pandemic growth rate was always in the 4-6% range with the Chinese and Indian markets growing faster, the Japanese and Korean markets growing a bit slower and the south east Asian markets coming somewhere inbetween these two. The pandemic upended the entire global coatings market. However, despite the up and down nature of 2020, the Top 25 coatings companies in Asia Pacific stayed relatively stable. Of the 25 companies on last year’s list, 24 have returned.

• The Top 25 paint companies had sales of US$23.95bn in 2020. This shows an increase of 2% from 2019 but if we exclude Nippon Paint, sales declined by 2.6% for the Top 25.

• Nippon Paint further solidified its hold as the number one paint company in Asia Pacific, growing its sales to US$6.88bn from US$5.968bn last year. Some of the sales gains for Nippon Paint were a result of its 2019 acquisition of Dulux; 2020 was the first year of having the Australian Dulux as part of Nippon Paint for the full 12 months of the year.

• Nine of the top 10 companies are the same as last year. Hunan Xiangjiang gained two spots, moving up from #12 to #10, while Dai Nippon Toryo dropped three spots.

• SK Shu continues to move up the list and is now the sixth largest paint company in Asia and the largest Chinese paint company.

• Kikusui Chemical Industries of Japan was the newcomer to the Top 25 this year. It is at the 25th spot.

• Hebei Chen Yang Industry and Trade Group, which was #15 on the 2020 list, has run into financial difficulties and has dropped off the list.

• Zuhai ZhanChen, which is #16 on this year’s list, did not provide updated financial information. The company believes that this information is sensitive and they decided not to disclose. We have, therefore, had to assume its sales were the same as in 2020.

• Given the rising demand for antiviral paint against COVID-19, many of the companies in this list have developed and are promoting antiviral paint and coatings.

• Kikusui and Fujikura Kasei have coatings sales that are very close to each other and so both were included as the 25th largest company. n

Compiled by Xilin Li, Douglas Bohn and Osamu Kirihara of Orr & Boss Consulting Incorporated

TOP25 Paint Manufacturers in Asia Pacific

Author: Orr & Boss is a management consulting firm that focuses on the global coatings markets. It offers clients strategic, market research and operations consulting services. Please contact Xilin Li at xli@orrandboss.com or Douglas Bohn at dbohn@orrandboss.com with any questions or comments about the articleWebsite: www.orrandboss.com

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The Top 25 companies: In detail2021 Rank

2020 Rank

Company Home country Home currency

Sales revenue (millions of home currency)

% Coatings revenue

Coating sales (millions of currency)

Exchange rates

Total coating sales (US$M)

1 1 Nippon Paint Holdings Co Ltd Japan JP¥ 781,146 94.0% 734,277 106.7 6880

2 2 Kansai Paint Co Ltd Japan JP¥ 364,600 100.0% 364,600 106.7 3416

3 3 Asian Paints Ltd India INR 217,128 98.0% 212,785 74.1 2873

4 4 Berger Paints India Ltd India INR 77,437 96.0% 74,340 74.1 1004

5 5 KCC Corporation South Korea KRW 5,083,000 23.0% 1,169,090 1.250 935

6 9 SK SHU Paint Co Ltd China CN¥ 8208 72.2% 5929 6.90 859

7 6 Chugoku Marine Paints Ltd Japan JP¥ 82,392 99.6% 82,072 107 769

8 7 SK Kaken Co Ltd Japan JP¥ 85,200 90.0% 76,680 106.7 718

9 8 Noroo Holdings Co Ltd South Korea KRW 848,000 95.0% 805,600 1.250 644

10 12 Hunan Xiangjiang Paint Group Co Ltd

China CN¥ 3921 100.0% 3921 6.90 568

11 11 TOA Paint (Thailand) Public Company Ltd

Thailand THB 16,438 99.1% 16,290 31.3 521

12 13 Carpoly Chemical Group China CN¥ 3515 99.0% 3480 6.90 504

13 10 Dai Nippon Toryo Co Ltd Japan JP¥ 62,475 85.0% 53,104 106.7 498

14 14 Samwha Paint Industries Co Ltd

South Korea KRW 551,720 97.0% 535,168 1250 428

15 20 Guangdong Maydos Building Materials Ltd Co

China CN¥ 2713 100.0% 2713 6.90 393

16 16 Zhuhai Zhanchen New Materials Co Ltd

China CN¥ 2609 96.8% 2525 6.90 366

17 17 Shanghai Huayi Group Corp Ltd

China CN¥ 4560 53.0% 2417 6.90 350

18 18 Guangdong Bardese Chemical Co Ltd

China CN¥ 2257 95.6% 2158 6.90 313

19 23 Le Hua Paint China CN¥ 1979 100.0% 1979 6.90 287

20 24 Yung Chi Paint & Varnish Mfg Taiwan TW$ 8374 95.5% 7997 29.4 272

21 21 Kangnam Jevisco Co Ltd South Korea KRW 340,810 98% 333,994 1250 267

22 19 Pacific Paint (Boysen) Philippines Inc

Phillippines US$ 265 100.0% 265 1.0 265

23 25 Rock Paint Co Ltd Japan JP¥ 23,374 98.0% 22,907 106.7 215

24 22 Taiho Paint Products Co Ltd China CN¥ 1465 99.0% 1450 6.90 210

25 NA Kikusui Chemical Industries Japan JP¥ 20,527 97.0% 19,911 106.7 187

25 25 Fujikura Kasei Co Ltd Japan JP¥ 49,498 37.9% 18,753 106.7 176

Total 23,916

1. NIPPON PAINT HOLDINGS COMPANY LTDCorporate headquarters: Osaka, JapanWebsite: www.nipponpaint-holdings.comOwnership: Publicly listedPeer group: Sherwin-Williams, AkzoNobel, Kansai Paint, Axalta, PPG and BASFKey figuresTotal revenue: JP¥781.1bn (US$7.32bn)Paint as a % of sales: 94%Coatings revenue: JP¥734.3bn (US$6.88bn)Coatings volume: NAGeographic sales: Asia exc Japan 53%, Japan 23%, North America 10%, Australia & New Zealand 8%, Others 6%Segment sales: Decorative 54%; Auto OEM 22%; General Industrial + Coil 11%,

Other Coatings (auto refinish, marine & others) 10%, and Fine Chemicals (surface treatment) 3%New developments:

• Nippon Paint acquired the entire JV in Asia and Indonesian business from Wuthelam. This activity closed on January 25, 2021.

• Nippon Paint has partnered with Tokyo University on several new innovation projects, including those related to antiviral paints and coatings.

• New antviral interior paint named “Protection VK-200DIY” was released.

• Nippon Paint announced a new medium-term plan. The concept of

the plant is “Extreme No. 1 in Asia X Deco”. The plan includes Nippon Paint holding 100% of the shares of all Asian Joint Ventures.

• Nippon Paint Automotive Coatings (NPAC) opened a new manufacturing plant in North America. This new operation was completed by January 1, 2021, and another new plant will be completed in Europe by July 2021.

• NPAC plans to open a new plant in Okayama prefecture in West Japan. This new plant will take over the function of the old Hiroshima plants. The new plant is scheduled to be completed by May 2022.

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2. KANSAI PAINT CO LTDCorporate headquarters: Osaka, JapanWebsite: www.kansai.co.jpOwnership: Publicly listedPeer group: Nippon Paint, AkzoNobel, PPG and BASFKey figuresTotal revenue: JP¥364.6bn (US$3.42bn)Paint as a % of sales: 100%Coatings revenue: JP¥364.6bn (US$3.42bn)Coatings volume: NAGeographic sales: Asia 73%, Europe 18%, Middle East & Africa 8% and Others 1%Segment sales: Automotive 30%, General Industrial 28%, Decorative 28%, Protective & Marine 6% and Others 8%New developments:

• In 2020, Kansai Paint jointly conducted a verification test of its plaster paint (slake lime paint) for SARS-CoV-2 with Prof Jiro Yasuda, a leading expert in the field of virus research in Japan. Kansai Paint has confirmed an inactivation effect of 99.9% or more within five minutes of contact with the surface in the laboratory.

• Kansai Paint announced this result on October 5, 2020 and afterwards started a new brand: “ANTIVIRUS TECHNOLOGY™”. Previously, its products were mainly for professional users but under this integrated brand, Kansai Paint has decided to introduce its antiviral products to consumers in a more consumer-friendly way.

• Kansai Paints continues to develop the products for pro-usage that can solve the problems at the job site. Kansai Paint has already developed and announced products like its anticorrosive paint, “Ultimo”, which can be applied directly to wet surfaces and exhibits high rust prevention function.

3. ASIAN PAINTS LTDCorporate headquarters: Mumbai, IndiaWebsite: www.asianpaints.comOwnership: Publicly listedPeer group: AkzoNobel, BASF, Berger Paints, Jotun, Kansai Nerolac, Nippon PaintKey figuresTotal revenue: INR217,128bn (US$2.93bn)Paint as a % of sales: 98%Coatings revenue: INR212,785bn (US$2.873bn)Coatings volume: NAGeographic sales: India 88.5%, Asia 5.3%, Middle East 3.1%, Africa 2.6%, South Pacific 0.5%.Segment sales: Asian Paints Decorative coatings in India 83.9%, Industrial Paints Joint Ventures in India 2.3% (includes only one Joint Venture – Asian Paints PPG),

International business 11.5%, and Home Improvement business in India: 2.3%.New developments:

• In 2020, Asian Paints introduced Lightings, Furnishings and Furniture.

• Also, the company produced sanitisers and surface disinfectants in 2020.

• It is likely that Asian Paints will be influenced by the course of the pandemic in India. If another major lockdown is needed, it will definitely impact sales.

4. BERGER PAINTS INDIA LTDCorporate headquarters: Kolkata, IndiaWebsite: www.bergerpaints.com Ownership: Publicly listedPeer group: Asian Paints, Kansai Nerolac, AkzoNobelKey figuresTotal revenue: INR77.7bn (US$1.045bn)Paint as a % of sales: 96%Coatings revenue: INR74.340bn (US$1.005bn)Coatings volume: NAGeographic sales: Asia Pacific 96%, Europe 4%Segment sales: Decorative 87.7%, Protective 6.5%, Auto OEM 2.4%, General Industrial 2.1%, Powder 1.2 %, and Auto Refinish 0.1%.New developments:

• Launched Silk Breathe Easy, luxury interior paint with a promise of safer walls and hygienic interiors. It is the only certified paint in India proven to be effective against COVID-19. It also has benefits of: Antibacterial (approved by IMA (Indian Medical Association); anti-pollution (reduces SOx, NOx); protects surfaces from viruses (including SARS-Cov-2).

• Remodelled its existing Express Painting Service (use of mechanised tools, trained applicators) to become Safe Express Painting, so as to cater to the heightened need for safe practices in post-COVID times.

• Introduced HomeShield Moisture Meter to provide standardised and prescription-based waterproofing solutions to customers, depending on the moisture content in their walls.

• Launched colour visualiser app for consumers for exploring colours, shades, textures, faux finishes, etc virtually and in 3D for both interior and exterior surfaces.

5. KCC CORPORATIONCorporate headquarters: SeoulSouth KoreaWebsite: www.kccworld.co.krOwnership: Publicly listedPeer group: AkzoNobel, Chokwang, Kansai, Noroo, PPG, Samwha

Key figuresTotal revenue: KRW5083bn (US$4.1bn)Paint as a % of sales: 23%Coatings revenue: KRW1169bn (US$935bn)Geographic sales: Asia 60%, EMEA 35%, Americas 4%, Others 1%Segment sales: 40% Paint (includes Building, Industrial, Protective & Marine, Powder, Auto OEM and Auto Refinish), 40% Building Materials, 20% Others.New developments:

• Clear type glass primer for polyurethane adhesive for Automotive applications.

• Wet on wet waterborne refinish basecoat.

• 1K modified sealant for Industrial interior/exterior applications (excluding train).

• High weatherability coating powder for Automotive exterior parts.

• Non-solvent epoxy coating for ship engine rooms.

• Hi-concealing waterborne paint for rollers (construction).

• Anti-yellowing, stain resistant epoxy lining for ASEAN local spec.

6. SK SHUCorporate headquarters: Putian, ChinaWebsite: www.skshu.com.cnOwnership: Publicly tradedPeer group: Nippon Paint, Sherwin-Williams and TaihoKey figuresTotal revenue: CN¥8.208bn (US$1.189bn)Paint as a % of sales: 72.2%Coatings revenue: CN¥5.929bn (US$859M)Geographic sales: Asia 99.88%, Middle East & Africa 0.12%Segment sales: Decorative 98.8% and Industrial Wood 1.2%.New Developments:

• In 2020, SK Shu developed 288 new products, optimised 414 products and completed an integrated 6-in-1, one-stop system of green construction materials and services, encompassing interior and exterior wall coatings, waterproofing products, insulation materials, auxiliary materials, floor coatings and construction. Meanwhile, the company continues to upgrade the “health +” product standard. The latest launched “health +” product reaches the standard of odour dissipation eight hours after application.

• In 2020, SK Shu officially became the exclusive supplier of coatings for the Beijiang 2022 Olympic Winter Games’ and Paralympic Winter Games.

• In 2021, the company will focus on three themes: “Innovation”, “culture” and “growth” to innovate and develop high-end products, continue to improve the

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multi-channel development, establish a sustainable new retail marketing model, build the capacity of quick service, provide people with an integrated solution for a better life and upgrade to the era of high-end brands.

• SK Shu will also continue to push forward the construction of production bases in Sichuan, Anhui, Hebei and Fujian, support the production and construction of the subsidiary Dayu, improve the “six in one” supply capacity, promote the continuous optimisation of production capacity distribution and improve supply chain services level.

7. CHUGOKU MARINE PAINTS LTDCorporate headquarters: Tokyo, JapanWebsite: www.cmp.co.jpOwnership: Publicly listedPeer group: Nippon Paint, Kansai Paint, AkzoNobel, Hempel, Jotun, KCC, PPGKey figuresTotal revenue: JP¥86.8bn (US$796.9M)Paint as a % of sales: 99.6%Coatings revenue: JP¥86.6bn (US$794M)Geographic sales: Asia Pacific 81.8%, Europe & Americas 18.2%Segment: Marine 83.3%, Protective 16.7%.New Developments:

• The marine repair business in Europe was active and led to total marine sales increase in all areas.

• License agreement partner, Berger Paints Bangladesh, started to manufacture marine and industrial products licensed by CMP.

• For industrial business, Chugoku secured a part of renovation work of Estadio Santiago Bernabeu, which is the new home stadium of Real Madrid C.F. in Madrid, Spain.

• In alliance with Imabari Shipbuilding Group, the largest shipbuilding company in Japan, Chugoku will accelerate developments for the resolution of environmental issues and other challenges in the shipbuilding and maritime transport industries.

8. SK KAKEN CO. LTDCorporate headquarters: Osaka, JapanWebsite: www.sk-kaken-co.jpOwnership: Publicly listedPeer group: Nippon Paint, Kansai Paint, Rock Paint, AkzoNobelKey figuresTotal revenue: JP¥85.2bn (US$798M)Paint as a % of sales: 90%Coatings revenue: JP¥76.68bn (US$718M)Geographic sales: Asia Pacific 100%Segment sales: Decorative 70%, Protective 25%, Others 5%.New Developments: SK Kaken will continue to focus on the decorative market

and plans to grow its share in Japan and Asia.

9. NOROO HOLDINGS CO LTDCorporate headquarters: Anyang-Si, South KoreaWebsite: www.norooholdings.comOwnership: Publicly listedPeer group: KCC, Kunsul, Samwha, Chokwang, Dongju and PPGKey figuresTotal revenue: KRW848bn (US$678M)Paint as a % of sales: 95%Coatings revenue: KRW805.6bn (US$644M)Geographic sales: Korea 80%, Other Asia 20%Segment sales: Decorative 40%, Auto OEM 20%, Coil 15%, General Industrial 15%, Auto Refinish 8%, Others 2%.New developments: Some new products developed and launched in 2020 include:

• Binder for anti-absorption acryl foam• Adhesive for battery repair tape • PAI for NEC cover lay• Acrylic emulsion resin for foam sheet

10. HUNAN XIANGJIANG PAINT GROUP CO LTDCorporate headquarters: Changsha, Hunan, ChinaWebsite: www.xjtlgroup.cnOwnership: Privately ownedPeer group: AkzoNobel, Axalta, BASF, Carpoly, Nippon Paint, PPG, YipsKey figuresTotal revenue: CN¥3.92bn (US$568M)Paint as a % of sales: 100%Coatings revenue: CN¥3.92bn (US$568M)Geographic sales: 100% AsiaSegment sales: Automotive OEM 66.9%, General Industrial 31.1%, Decorative 1.1% and Powder 0.9%.New developments:

• Hunan Xiangjiang has continued to increase its waterborne coatings, high solid coating and powder coatings product system R&D investment.

• The company’s commitment to R&D has led to a number of new products gradually launched into the market.

• In 2021, a new production plant in Kaifeng will be put into production.

11. TOA PAINT (THAILAND) PUBLIC CO LTDCorporate headquarters: Bang Sao Thong, Samut Prakan, ThailandWebsite: www.toagroup.comOwnership: Publicly tradedPeer group: AkzoNobel, Jotun, Nippon PaintKey figuresTotal revenue: THB16.44bn (US$525M)Paint as a % of sales: 99.3%Coatings revenue: THB16.29bn (US$521M)

Geographic sales: Asia 100%Segment sales: Decorative paint 66.1%, non-decorative paint and coating products 31.8% and other business products 2.1%.New developments:

• TOA Established paint production plants in Cambodia and Myanmar and commenced commercial operations in 2020.

• Launched new business models to achieve goals through its “MEGA PAINT Warehouse”, which aims to offer a one-stop service to synergise the whole product line of construction materials and total solution services, keeping pace with the digital transformation by offering a new standard of construction services from professional contractors through “WHO Service”, which is an all-in-one communication platform.

12. CARPOLY CHEMICAL GROUP CO LTDCorporate headquarters: Guangdong, ChinaWebsite: www.carpoly.comOwnership: PrivatePeer group: AkzoNobel, Nippon Paint, SK Shu, Sherwin-Williams, Zhanchen and TaihoKey figuresTotal revenue: CN¥3.515bn (US$509M)Paint as a % of sales: 99%Coatings revenue: CN¥3.480bn (US$504M)Geographic sales: Asia Pacific 99.2%, Europe 0.5%, South America 0.2% and North America 0.1%.Segment sales: Decorative 49%, General Industrial 33% and Industrial Wood/Furniture 18%.New Developments: Carpoly continues to expand. It has commissioned a new plant in Anhui. The Anhui Carpoly plant is equipped with an annual production capacity of 500,000t for mastic paint, emulsion paint, stone-like paint and powder paint. The total investment was RMB1.26bn. The new plant is estimated to be completed and put into production in 2021.

13. DAI NIPPON TORYO CO LTDCorporate headquarters: Osaka, JapanWebsite: www.dnt.co.jpPeer group: Nippon Paint, Kansai Paint, ChugokuKey figuresTotal revenue: JP¥62.475bn (US$585M)Paint as a % of sales: 85%Coatings revenue: JP¥53.10bn (US$498M)Geographic sales: Japan 69%, Asia excluding Japan 30%, North America 1%Segment sales: Protective 24%, General Industrial and Coil 22%, Decorative 13%, Other Transportation 9%, Auto OEM 6%, Others 26%.New developments:

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• Two technical centres started to operate in 2020 to increase domestic sales with environmental consideration for customers: CTC in Komaki (Aichi) for industrial coatings and PCTC in Nasu (Tochigi) for protective coatings.

• New protective paint named “KELBIN 2.5” was released in 2018 and received a technical award from the Color Material Society in Japan.

DNT has many growth initiatives including: • A sales & profit target for the fiscal year

ending March 2024 of JP¥75bn and JP¥6bn.

• A final target of March 2030 – the 100 year anniversary of DNT – of JP¥100,000 and JP¥10,000M.

• Strengthen overseas business, such as a new paint production plant which started in March 2021. This plant is in line with environmental regulations in China and will produce waterborne and powder paints with new R&D.

14. SAMWHA PAINT INDUSTRIES CO LTDCorporate headquarters: Seoul, South KoreaWebsite: www.spi.co.krOwnership: Publicly tradedPeer group: AkzoNobel, Chokwang, Jevisco, KCC and NorooKey figuresTotal revenue: KRW551.72bn (US$428M)Paint as a % of sales: 97%Coatings revenue: KRW535,168bn (US$445M)Geographic sales: Korea 81%, Asia ex Korea 18%, North America <1%, Europe <1%Segment sales: Decorative, General Industrial, Plastic, Automotive Refinish, Protective and Marine.New developments:

• MMA Resin for artificial marble• Conductive coating • MATT coating for exterior of food cans• Easy clean antiviral coating

15. GUANGDONG MAYDOS BUILDING MATERIALS LIMITED COMPANYCorporate headquarters: Zhongshan, ChinaWebsite: www.maydos.cnOwnership: PrivatePeer group: Nippon, Sherwin-Williams, Taiho, BARDESE, SK Shu, CarpolyKey figuresTotal revenue: CN¥2.71bn (US$393M)Paint as a % of sales: 100%Coatings revenue: CN¥2.71bn (US$393M)Geographic sales: Asia Pacific 91%, Middle East & Africa 5%, South America 2%, North America 1.5%, Europe 0.5% Segment sales: Decorative 71.3%, General Industrial 20%, and Furniture paint 8.7%.

New developments: In 2020, Maydos reacted to the COVID-19 pandemic in several ways:

• Sales and production of Q1 were affected by the COVID-19 pandemic but the company’s management committee adjusted its marketing strategies in time. The company took the measures of strengthening scientific and technological innovation, promoting management reforms, reducing costs and controlling expenditures, activating organisation and improving efficiency, recruiting more agents and supporting large and capable agents.

• The domestic market was expanded and the overseas market stabilised. Both production and sales throughout the year realised positive growth.

• Maydos will continue to uphold the principles of management reform, technological innovation and being people-oriented and try to keep an annual growth rate of more than 30% to become the leading company of the Chinese coatings industry. It strives to be listed on the A-share market of China within two years.

16. ZHUHAI ZHANCHEN NEW MATERIALS CO LTDCorporate headquarters: Zhuhai City, Guangdong province, ChinaWebsite: www.zhanchen.cnOwnership: PrivatePeer group: Nippon Paint, Sherwin-Williams, TaihoKey figuresTotal revenue: CN¥2.61bn (US$378M)Paint as a % of sales: 96.8%Coatings revenue: CN¥2.53bn (US$366M)Geographic sales: Asia Pacific 100%Segment sales: Furniture 70%, Decorative 20%, Industrial 10%.New developments: Zhanchen continues to look to improve. Though 2020 was a roller coaster ride, Zhanchen’s industrial plants performed well. Production continues to increase at all its plants including its international plant in Vietnam.

17. SHANGHAI HUAYI FINE CHEMICAL CO LTDCorporate headquarters: Shanghai, ChinaWebsite: www.shanghaicoatings.comOwnership: State ownedPeer group: PPG, Nippon Paint, Hempel, Chongqing, SanxiaKey figuresTotal revenue: CN¥4.56bn (US$661M)Paint as a % of sales: 53%Coatings revenue: CN¥2.42bn (US$340M)Geographic sales: Asia Pacific 90%, Europe 10%Segment sales: Auto OEM, General Industrial and Protective Coatings.New developments:

Shanghai HuaYi Fine Chemical (HYFC) coatings has realised overall improvements in its business and going forward, will focus on key products, clear market positioning and focus on improving its products and marketing approach.

18. GUANGDONG BARDESE CHEMICAL COMPANYCorporate headquarters: Zhongshan City, Guangdong Province, ChinaWebsite: www.bardese.comOwnership: PrivatePeer group: AkzoNobel, Sherwin-Williams, Carpoly, SK ShuKey figuresTotal revenue: CN¥2.26bn (US$327M)Paint as a % of sales: 95.6%Coatings revenue: CN¥2.158bn (US$313M)Geographic sales: Asia Pacific 100% Segment sales: Decorative 45.8%, Industrial Wood 40.6%, General Industrial 7%, Powder 6.6%.New developments: In June, the new exterior wall paint production plant expansion project in Bardese’s Chengdu factory was completed and started production. In 2021, Bardese Group will continue to invest in the research and development of new eco-friendly coating products and solutions, mainly focusing on new powder coating products on different wooden substrates, new waterborne paint products on different substrates etc. Additionally, Bardese Group will continue to expand its sales network and distribution channels with the support of its seven production factories throughout China. Furthermore, Bardese Group has invested in several new production plant expansion projects in its Zhongshan, Jinan and Shanghai factories, which are planning to start production in the second half of 2021 or early 2022.

19. LE HUA PAINTCorporate headquarters: Shandong, ChinaWebsite: www.lehua-china.comOwnership: PrivatePeer group: Baotashan, Jingling, LanlingKey figuresTotal revenue: CN¥1.98bn (US$287M)Paint as a % of sales: 100%Coatings revenue: CN¥1.98bn (US$287M)Geographic sales: China 100%Segment sales: General Industrial 89%, Decorative 10% and Furniture Paint 1%.New developments:

• Le Hua Paint will build a high-end coating plant with a 1Mt capacity in the Shandong Shouguang Marine Chemical Industrial Park from 2021 to 2023.

• The company will set up Lehua Marine Coatings Technology Research Institute

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in 3-5 years to develop environmentally-friendly industrial coatings and marine anticorrosive coatings.

20. YUNG CHI PAINT & VARNISH MFGCorporate headquarters: Kaohsiung City, TaiwanWebsite: www.rainbowpaint.com.twOwnership: PrivatePeer group: Hempel, Jotun, Nippon Paint, AkzoNobel and PPG Key figuresTotal revenue: NT$8.37bn (US$284M)Paint as a % of sales: 95.5%Coatings revenue: NT$8bn (US$272M)Geographic sales: Taiwan 73%, China 16%, Others 11% Segment sales: Decorative 60%, Protective 25%, Coil 10% and Others 5%.New developments:

• Yung Chi’s sales increased by 0.37% in 2020 and its operating profit increased by 7.65%.

• Yung Chi will still focus on improving the quality of products, supply capacity, cost performance and service to ensure stable sales. At the same time, Yung Chi also developed high value-added coatings and special functional coatings to differentiate. Eco-friendly coatings, such as waterborne products, will also be an important development direction for Yung Chi.

21. KANGNAM JEVISCO CO LTDCorporate headquarters: Busan, South KoreaWebsite: www.jevisco.comOwnership: Publicly tradedPeer group: AkzoNobel, Chokwang, KCC, Noroo and Samwha Key figuresTotal revenue: KRW340.8bn (US$273M)Paint as a % of sales: 98%Coatings revenue: KRW334bn (US$267M)Geographic sales: Asia 100% Segment sales: Paint 98% (Decorative, General Industrial, Powder, Packaging, Coil, Marine, Protective, Refinish), Other 2%.New developments:

• High moisture proof UV Coatings• Low toxicity (chrome free) etching

primer coating • Polyester resin for waterproof topcoat• BPA-NI OSS/ISS (3PC food can) • Adhesive primer for PP sheet (tack free) • Two hours refractory coating for pillars • Non-toxic coating for fence application

22. PACIFIC PAINT (BOYSEN) PHILIPPINES INCCorporate headquarters: Quezon City, PhilippinesWebsite: www.boysenpaints.comOwnership: Private

Peer group: Asian Coatings, Davies Paints, Roosevelt, United PaintsKey figuresTotal revenue: US$265MPaint as a % of sales: 100%Coatings revenue: US$265MGeographic sales: Asia Pacific 100% Segment sales: Decorative 100%.New developments: Pacific Paint (Boysen®) Philippines, Inc was founded in 1953 and focuses on the Filipino decorative coatings market. It continues to grow by developing new products and focusing on quality. It is the first Filipino paint company to be given by SPIK (ie, also known as the Chemical Industries Association of the Philippines) the privilege to use the Responsible Care logo. Boysen® Paints has also been the recipient of the Reader’s Digest Most Trusted Brand for a number of years.

23. ROCK PAINT CO LTDCorporate headquarters: Osaka, JapanWebsite: www.rockpaint.co.jpOwnership: PublicPeer group: Nippon Paint, Kansai Paint, SK KakenKey figuresTotal revenue: JP¥23.4bn (US$219M)Paint as a % of sales: 98%Coatings revenue: JP¥22.9bn (US$215M)Geographic sales: Asia 100% Segment sales: Auto Refinish 33%, General Industrial 29%, Decorative 24%, Others 14%.New developments:

• Rock Paint has developed new car refinish coatings.

• Also, Rock Paint has been developing new paints that are more environmentally friendly including waterborne products. Rock Paint has been developing products that are more robust and easier to colour match.

24. TAIHO PAINT PRODUCTS CO LTDCorporate headquarters: Dongguan, Guangdong Province, ChinaWebsite: www.taihopaint.comOwnership: 100% owned by Samoa Easy Joy International Co LtdPeer group: Nippon Paint, Zhanchen, Sherwin-Williams, SK ShuKey figuresTotal revenue: CN¥1.465bn (US$212M)Paint as a % of sales: 99%Coatings revenue: CN¥1.45bn (US$210M)Geographic sales: Asia 100%Segment sales: Industrial Wood 56.85%, Decorative 22.77%, General Industrial 14.6%, Auto OEM 5.04%, Other 0.74%.New developments:

• Rail traffic paint, which has not only passed the relevant national product technical testing but also passed the

enterprise standard of China Railway Corporation and the enterprise standard of CRRC Corporation. In April 2020, the company won the bidding for the fourth phase of the Shenzhen urban rail transit construction project and co-operated with CRRC Qingdao Sifang high speed railway.

• Taiho Paint has developed a low-grade latex product to be used in kitchen and bath applications.

• Aiming at the middle and high-end home market, Taiho has implemented a new colouring system to improve the appearance of wood furniture.

• With its customer, Ikea, Taiho has developed and implemented a new chemically resistant coating.

25. KIKUSUI CHEMICAL INDUSTRIES Corporate headquarters: Nagoya, JapanWebsite: www.kikusui-chem.co.jpOwnership: PublicPeer group: Nippon Paint, Kansai Paint, SK Kaken Key figuresTotal revenue: JP¥20.5bn (US$192M)Paint as a % of sales: 97%Coatings revenue: JP¥19.9bn (US$187M)Geographic sales: Asia 100% Segment sales: Decorative >99%.New developments:

• Kikusi is concentrating on the decorative coatings market as well as fluorinate coatings.

• Kikusi is in the fourth position of decorative coatings in Japan, (the order is: SKK; NP; KP; Kikusi – 4% share in Japan).

25. FUJIKURA KASEI CO LTDCorporate headquarters: Tokyo, JapanWebsite: www.fkkasei.co.jpOwnership: PrivatePeer group: AkzoNobel, Axalta, BASF, Cashew, Greve, Kansai, Nippon, PPG, Origin Electric, Musashi, Sherwin-Williams Key figuresTotal revenue: JP¥49.5bn (US$464M)Paint as a % of sales: 37.9%Coatings revenue: JP¥18.75bn (US$176M)Geographic sales: Asia 78%, North America 16% and Others 6% Segment sales: Plastic Coatings 42%, Decorative 22%, Synthetic Resins 24%, Chemical Products 7%, Electronic Materials 5%.New developments:Fujikura Kasei is planning to build a new plant in Fujikura Kasei Vietnam and is preparing for the start of operations in 2021. In Japan, Fujikura Kasei is renovating its main plant in Sano. As the first step, the new construction of warehouses has already been completed. n