Sherwin-Williams on a roll as most valuable paints brand for 3rd consecutive year
For the third year running, US-based Sherwin-Williams (brand value up marginally to USD7.6 billion) remains in first place as the most valuable paints brand ranked, according to a Brand Finance, the world’s leading brand valuation consultancy.
Sherwin-Williams's brand value was stable compared to 2023, due to slow home sales, high inflation rates as well as a slowdown in the Europe market. However, the brand was in turn supported by better selling prices and architectural sales volume across several end markets. It is followed by PPG (brand value up 8% to USD4.1 billion) and Nippon Paint (brand value up 5% to USD2.4 billion).
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 10 most valuable and strongest Paints brands are included in the annual Brand Finance Paints 10 2024 ranking.
Savio D’Souza, Senior Director of Brand Finance commented:
“Paint brands are increasingly integrating cutting-edge technologies into their products to enhance functionality and appeal, giving consumers an impressive range of advanced solutions for their homes and businesses.
“The approach of focusing on innovation highlights the industry's commitment to improving product performance and customer satisfaction through constant advancements. As the most valuable brand in our rankings, Sherwin-Williams has taken the lead in the development of air purifying paint, which not only reduces the usage of volatile organic compounds (VOCs) but also neutralises odours and improves indoor air quality.”
Kansai Paints (brand value up 17% to USD925 million) saw the largest brand value percentage growth, with Jotun (brand value up 15% to USD869 million) following closely behind. The former’s increase in brand value was largely attributed to the brand’s swift response to escalating raw material charges with price hikes. Kansai Paints also reported a rise of 24% in net profit in their most recent quarter ending March 2024, due to increased demand for industrial and decorative paints.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
Asian Paints (brand value down 14% to USD1.5 billion) kept its title of the strongest paints brand and a BSI score of 76.0 of 100. This is owed to brand perceptions by consumers of Asian Paints as being highly reliable for the manufacturing and distribution of paint. Asian Paints has also been taking steps into various new directions, such as the planning for a White Cement manufacturing facility and collaborations for nanotechnology, showing its dedication to innovation and leading industry advancements.
Sherwin-Williams has the highest Sustainability Perceptions Value at USD625 million
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.
The 2024 Sustainability Perceptions Index finds that in the paints sector, Sherwin-Williams has the highest Sustainability Perceptions Value of USD625 million.