US-based Sherwin-Williams (brand value down 5% to USD7.5 billion) is the world’s most valuable Paints brand for the second year running, according to a new ranking from the world’s leading independent brand valuation consultancy, Brand Finance. Sherwin-Williams’ retention of the top spot comes amid selling price increases and increased production volume of the brand’s products. Despite a small brand value reduction year-on-year, Sherwin-Williams still dominates the Paints 10 2023 ranking, with a brand value almost double that of the next most valuable brand, PPG (brand value up 141% to USD3.8 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 2023 ranking.
Savio D’Souza, Senior Director of Brand Finance commented:
"The world’s top paints brands have faced significant challenges over the past two years; however, innovation and evolving trends are continuing to reshape the industry. From eco-friendly formulations and advanced application technologies to personalised colour 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 driving forward with creativity and ingenuity, paving the way for a more colourful and sustainable future."
PPG is fastest-growing Paints brand, with brand value almost tripled to USD3.8 billion
PPG has seen, by far, the most brand value growth of all Paints brands included in the ranking, up 141% to USD3.8 billion. Dulux (brand value USD1.3 billion) was the second fastest growing brand, up 15%.
PPG’s growth has been primarily driven by higher selling prices across its markets. The brand has also added further manufacturing capacity through strategic acquisitions, particularly in the fast-growing powder coating product category.
Asian Paints is strongest Paints brand, earning AA+ rating
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 up 13% to USD1.7 billion) is the strongest brand with a Brand Strength Index score of 77.6/100 and AA+ brand rating. This demonstrates that consumers perceive Asian Paints to be a trusted option for paint production and distribution, catering to a broad range of multi-faceted consumer needs.
Over the past two years, the brand has competed several strategic acquisitions: for example, lighting and home décor brand, White Teak. This comes as the brand looks to further diversify its product offering and become a leader in the home décor market. Asian Paints has also launched various new products, many of them with unique, first-to-market value features, expanding the uses and possibilities of their products for customers.
Nippon Paint has highest Sustainability Perceptions Score, while PPG leads for Sustainability perception Value
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.
Japanese brand, Nippon Paints (brand value down 14% to USD2.3 billion), has the highest Sustainability Perceptions Score (4.61/10) of any brand included in the Paints 10 2023 ranking. The brand has released several new and more sustainable products over the past few years. These include anti-bacterial and anti-viral paints and coatings, as well as ultra-low odour and ultra-low chemical emission products.
PPG has the highest Sustainability Perception Value (SPV) at USD134 million. The brand’s position at the top of the SPV table is not an assessment of its overall sustainability performance, but rather indicates how much brand value it has tied up in sustainability perceptions. The brand’s Sustainability Perception Score was also 4.52/10, the third highest in the ranking.