Knock on wood Wood coatings take centre stage - Orr & Boss
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PRIMARY JOURNAL FOR THE COATINGS MARKET IN ASIA & THE PACIFIC RIM
VOL 34 • NO 3
AUGUST 2021
Inside: The Top 25 Paint Manufacturers in Asia Pacific
Inside: Automotive Coatings
Knock on wood
Wood coatings take centre stage
LAB & TEST EQUIPMENT • ANTIBACTERIAL COATINGS • WATERBORNETOP25 2021
Compiled by Xilin Li, Douglas Bohn and Osamu Kirihara of Orr & Boss Consulting Incorporated
TOP25 Paint Manufacturers
in Asia Pacific
E
ach company in the list of the Top 25 • Kikusui Chemical Industries of Japan was the
Paint Manufacturers in Asia Pacific was newcomer to the Top 25 this year. It is at the
obviously going to be impacted by the 25th spot.
effects of COVID-19 over the past year, however, • Hebei Chen Yang Industry and Trade Group,
surprisingly little has changed in the rankings which was #15 on the 2020 list, has run into
between June 2020 and August 2021. With financial difficulties and has dropped off
each company facing similar restrictions on its the list.
workforce and output, as well as worldwide • Zuhai ZhanChen, which is #16 on this
slowdowns affecting industries such as year’s list, did not provide updated financial
automotive, industrial and travel, the respective information. The company believes that this
downturn in coatings demand appears to have information is sensitive and they decided
resulted in a fairly level playing field. not to disclose. We have, therefore, had to
In this article, experts from global assume its sales were the same as in 2020.
consultanting firm Orr & Boss analysed the top • Given the rising demand for antiviral paint
25 paint manufacturers headquartered in the against COVID-19, many of the companies
Asia Pacific region. in this list have developed and are promoting
Orr & Boss estimates that the entire Asia antiviral paint and coatings.
Pacific region coatings market was down about • Kikusui and Fujikura Kasei have coatings sales
2% in value in 2020. Its pre-pandemic growth rate that are very close to each other and so both
was always in the 4-6% range with the Chinese were included as the 25th largest company. n
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$5.968bn last year. Some of the sales
gains for Nippon Paint were a result of its
2019 acquisition of Dulux; 2020 was the
first year of having the Australian Dulux as
part of Nippon Paint for the full 12 months of Author: Orr & Boss is a management consulting
the year. firm that focuses on the global coatings markets.
• Nine of the top 10 companies are the same as It offers clients strategic, market research and
last year. Hunan Xiangjiang gained two spots, operations consulting services. Please contact
moving up from #12 to #10, while Dai Nippon Xilin Li at xli@orrandboss.com or Douglas Bohn at
Toryo dropped three spots. dbohn@orrandboss.com with any questions or
• SK Shu continues to move up the list and is comments about the article
now the sixth largest paint company in Asia Website: www.orrandboss.com
and the largest Chinese paint company.
13 APCJ • August 2021
www.coatings-group.comTOP25 2021
The Top 25 companies: In detail
2021 2020 Company Home country Home Sales revenue % Coatings Coating sales Exchange Total coating
Rank Rank currency (millions of revenue (millions of rates sales (US$M)
home currency) currency)
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 China CN¥ 3921 100.0% 3921 6.90 568
Co Ltd
11 11 TOA Paint (Thailand) Public Thailand THB 16,438 99.1% 16,290 31.3 521
Company Ltd
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 South Korea KRW 551,720 97.0% 535,168 1250 428
Co Ltd
15 20 Guangdong Maydos Building China CN¥ 2713 100.0% 2713 6.90 393
Materials Ltd Co
16 16 Zhuhai Zhanchen New China CN¥ 2609 96.8% 2525 6.90 366
Materials Co Ltd
17 17 Shanghai Huayi Group China CN¥ 4560 53.0% 2417 6.90 350
Corp Ltd
18 18 Guangdong Bardese China CN¥ 2257 95.6% 2158 6.90 313
Chemical Co Ltd
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) Phillippines US$ 265 100.0% 265 1.0 265
Philippines Inc
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 LTD Other Coatings (auto refinish, marine & the plant is “Extreme No. 1 in Asia X
Corporate headquarters: Osaka, Japan others) 10%, and Fine Chemicals (surface Deco”. The plan includes Nippon Paint
Website: www.nipponpaint-holdings.com treatment) 3% holding 100% of the shares of all Asian
Ownership: Publicly listed New developments: Joint Ventures.
Peer group: Sherwin-Williams, AkzoNobel, • Nippon Paint acquired the entire JV • Nippon Paint Automotive Coatings
Kansai Paint, Axalta, PPG and BASF in Asia and Indonesian business from (NPAC) opened a new manufacturing
Key figures Wuthelam. This activity closed on plant in North America. This new
Total revenue: JP¥781.1bn (US$7.32bn) January 25, 2021. operation was completed by January
Paint as a % of sales: 94% • Nippon Paint has partnered with Tokyo 1, 2021, and another new plant will be
Coatings revenue: JP¥734.3bn (US$6.88bn) University on several new innovation completed in Europe by July 2021.
Coatings volume: NA projects, including those related to • NPAC plans to open a new plant in
Geographic sales: Asia exc Japan 53%, antiviral paints and coatings. Okayama prefecture in West Japan.
Japan 23%, North America 10%, Australia • New antviral interior paint named This new plant will take over the
& New Zealand 8%, Others 6% “Protection VK-200DIY” was released. function of the old Hiroshima plants.
Segment sales: Decorative 54%; Auto • Nippon Paint announced a new The new plant is scheduled to be
OEM 22%; General Industrial + Coil 11%, medium-term plan. The concept of completed by May 2022.
14 APCJ • August 2021
www.coatings-group.comTOP25 2021
2. KANSAI PAINT CO LTD International business 11.5%, and Home Key figures
Corporate headquarters: Osaka, Japan Improvement business in India: 2.3%. Total revenue: KRW5083bn (US$4.1bn)
Website: www.kansai.co.jp New developments: Paint as a % of sales: 23%
Ownership: Publicly listed • In 2020, Asian Paints introduced Coatings revenue: KRW1169bn
Peer group: Nippon Paint, AkzoNobel, Lightings, Furnishings and Furniture. (US$935bn)
PPG and BASF • Also, the company produced sanitisers Geographic sales: Asia 60%, EMEA 35%,
Key figures and surface disinfectants in 2020. Americas 4%, Others 1%
Total revenue: JP¥364.6bn (US$3.42bn) • It is likely that Asian Paints will be Segment sales: 40% Paint (includes
Paint as a % of sales: 100% influenced by the course of the Building, Industrial, Protective & Marine,
Coatings revenue: JP¥364.6bn pandemic in India. If another major Powder, Auto OEM and Auto Refinish), 40%
(US$3.42bn) lockdown is needed, it will definitely Building Materials, 20% Others.
Coatings volume: NA impact sales. New developments:
Geographic sales: Asia 73%, Europe 18%, • Clear type glass primer for polyurethane
Middle East & Africa 8% and Others 1% 4. BERGER PAINTS INDIA LTD adhesive for Automotive applications.
Segment sales: Automotive 30%, General Corporate headquarters: Kolkata, India • Wet on wet waterborne
Industrial 28%, Decorative 28%, Protective Website: www.bergerpaints.com refinish basecoat.
& Marine 6% and Others 8% Ownership: Publicly listed • 1K modified sealant for Industrial
New developments: Peer group: Asian Paints, Kansai Nerolac, interior/exterior applications
• In 2020, Kansai Paint jointly conducted AkzoNobel (excluding train).
a verification test of its plaster paint Key figures • High weatherability coating powder for
(slake lime paint) for SARS-CoV-2 with Total revenue: INR77.7bn (US$1.045bn) Automotive exterior parts.
Prof Jiro Yasuda, a leading expert in the Paint as a % of sales: 96% • Non-solvent epoxy coating for ship
field of virus research in Japan. Kansai Coatings revenue: INR74.340bn engine rooms.
Paint has confirmed an inactivation (US$1.005bn) • Hi-concealing waterborne paint for
effect of 99.9% or more within five Coatings volume: NA rollers (construction).
minutes of contact with the surface in Geographic sales: Asia Pacific 96%, • Anti-yellowing, stain resistant epoxy
the laboratory. Europe 4% lining for ASEAN local spec.
• Kansai Paint announced this result Segment sales: Decorative 87.7%,
on October 5, 2020 and afterwards Protective 6.5%, Auto OEM 2.4%, General 6. SK SHU
started a new brand: “ANTIVIRUS Industrial 2.1%, Powder 1.2 %, and Auto Corporate headquarters: Putian, China
TECHNOLOGY™”. Previously, its Refinish 0.1%. Website: www.skshu.com.cn
products were mainly for professional New developments: Ownership: Publicly traded
users but under this integrated brand, • Launched Silk Breathe Easy, luxury Peer group: Nippon Paint, Sherwin-
Kansai Paint has decided to introduce interior paint with a promise of safer Williams and Taiho
its antiviral products to consumers in a walls and hygienic interiors. It is the Key figures
more consumer-friendly way. only certified paint in India proven to be Total revenue: CN¥8.208bn (US$1.189bn)
• Kansai Paints continues to develop effective against COVID-19. It also has Paint as a % of sales: 72.2%
the products for pro-usage that benefits of: Antibacterial (approved by IMA Coatings revenue: CN¥5.929bn (US$859M)
can solve the problems at the (Indian Medical Association); anti-pollution Geographic sales: Asia 99.88%, Middle
job site. Kansai Paint has already (reduces SOx, NOx); protects surfaces East & Africa 0.12%
developed and announced products from viruses (including SARS-Cov-2). Segment sales: Decorative 98.8% and
like its anticorrosive paint, “Ultimo”, • Remodelled its existing Express Industrial Wood 1.2%.
which can be applied directly to Painting Service (use of mechanised New Developments:
wet surfaces and exhibits high rust tools, trained applicators) to become • In 2020, SK Shu developed 288 new
prevention function. Safe Express Painting, so as to cater to products, optimised 414 products
the heightened need for safe practices and completed an integrated 6-in-1,
3. ASIAN PAINTS LTD in post-COVID times. one-stop system of green construction
Corporate headquarters: Mumbai, India • Introduced HomeShield Moisture materials and services, encompassing
Website: www.asianpaints.com Meter to provide standardised and interior and exterior wall coatings,
Ownership: Publicly listed prescription-based waterproofing waterproofing products, insulation
Peer group: AkzoNobel, BASF, Berger solutions to customers, depending on materials, auxiliary materials, floor
Paints, Jotun, Kansai Nerolac, Nippon Paint the moisture content in their walls. coatings and construction. Meanwhile,
Key figures • Launched colour visualiser app for the company continues to upgrade the
Total revenue: INR217,128bn (US$2.93bn) consumers for exploring colours, “health +” product standard. The latest
Paint as a % of sales: 98% shades, textures, faux finishes, etc launched “health +” product reaches
Coatings revenue: INR212,785bn virtually and in 3D for both interior and the standard of odour dissipation eight
(US$2.873bn) exterior surfaces. hours after application.
Coatings volume: NA • In 2020, SK Shu officially became the
Geographic sales: India 88.5%, Asia 5. KCC CORPORATION exclusive supplier of coatings for the
5.3%, Middle East 3.1%, Africa 2.6%, Corporate headquarters: Seoul Beijiang 2022 Olympic Winter Games’
South Pacific 0.5%. South Korea and Paralympic Winter Games.
Segment sales: Asian Paints Decorative Website: www.kccworld.co.kr • In 2021, the company will focus on
coatings in India 83.9%, Industrial Paints Ownership: Publicly listed three themes: “Innovation”, “culture” and
Joint Ventures in India 2.3% (includes only Peer group: AkzoNobel, Chokwang, “growth” to innovate and develop high-
one Joint Venture – Asian Paints PPG), Kansai, Noroo, PPG, Samwha end products, continue to improve the
15 APCJ • August 2021
www.coatings-group.comTOP25 2021
multi-channel development, establish a and plans to grow its share in Japan Geographic sales: Asia 100%
sustainable new retail marketing model, and Asia. Segment sales: Decorative paint 66.1%,
build the capacity of quick service, non-decorative paint and coating products
provide people with an integrated 9. NOROO HOLDINGS CO LTD 31.8% and other business products 2.1%.
solution for a better life and upgrade to Corporate headquarters: Anyang-Si, New developments:
the era of high-end brands. South Korea • TOA Established paint production
• SK Shu will also continue to push Website: www.norooholdings.com plants in Cambodia and Myanmar and
forward the construction of production Ownership: Publicly listed commenced commercial operations
bases in Sichuan, Anhui, Hebei and Peer group: KCC, Kunsul, Samwha, in 2020.
Fujian, support the production and Chokwang, Dongju and PPG • Launched new business models to
construction of the subsidiary Dayu, Key figures achieve goals through its “MEGA PAINT
improve the “six in one” supply capacity, Total revenue: KRW848bn (US$678M) Warehouse”, which aims to offer a
promote the continuous optimisation Paint as a % of sales: 95% one-stop service to synergise the whole
of production capacity distribution and Coatings revenue: KRW805.6bn product line of construction materials
improve supply chain services level. (US$644M) and total solution services, keeping
Geographic sales: Korea 80%, Other pace with the digital transformation by
7. CHUGOKU MARINE PAINTS LTD Asia 20% offering a new standard of construction
Corporate headquarters: Tokyo, Japan Segment sales: Decorative 40%, Auto services from professional contractors
Website: www.cmp.co.jp OEM 20%, Coil 15%, General Industrial through “WHO Service”, which is an all-
Ownership: Publicly listed 15%, Auto Refinish 8%, Others 2%. in-one communication platform.
Peer group: Nippon Paint, Kansai Paint, New developments: Some new products
AkzoNobel, Hempel, Jotun, KCC, PPG developed and launched in 2020 include: 12. CARPOLY CHEMICAL GROUP CO LTD
Key figures • Binder for anti-absorption acryl foam Corporate headquarters: Guangdong,
Total revenue: JP¥86.8bn (US$796.9M) • Adhesive for battery repair tape China
Paint as a % of sales: 99.6% • PAI for NEC cover lay Website: www.carpoly.com
Coatings revenue: JP¥86.6bn (US$794M) • Acrylic emulsion resin for foam sheet Ownership: Private
Geographic sales: Asia Pacific 81.8%, Peer group: AkzoNobel, Nippon Paint, SK
Europe & Americas 18.2% 10. HUNAN XIANGJIANG PAINT GROUP CO LTD Shu, Sherwin-Williams, Zhanchen and Taiho
Segment: Marine 83.3%, Protective 16.7%. Corporate headquarters: Changsha, Key figures
New Developments: Hunan, China Total revenue: CN¥3.515bn (US$509M)
• The marine repair business in Europe Website: www.xjtlgroup.cn Paint as a % of sales: 99%
was active and led to total marine sales Ownership: Privately owned Coatings revenue: CN¥3.480bn
increase in all areas. Peer group: AkzoNobel, Axalta, BASF, (US$504M)
• License agreement partner, Berger Carpoly, Nippon Paint, PPG, Yips Geographic sales: Asia Pacific 99.2%,
Paints Bangladesh, started to Key figures Europe 0.5%, South America 0.2% and
manufacture marine and industrial Total revenue: CN¥3.92bn (US$568M) North America 0.1%.
products licensed by CMP. Paint as a % of sales: 100% Segment sales: Decorative 49%, General
• For industrial business, Chugoku Coatings revenue: CN¥3.92bn (US$568M) Industrial 33% and Industrial Wood/
secured a part of renovation work of Geographic sales: 100% Asia Furniture 18%.
Estadio Santiago Bernabeu, which is Segment sales: Automotive OEM 66.9%, New Developments: Carpoly continues to
the new home stadium of Real Madrid General Industrial 31.1%, Decorative 1.1% expand. It has commissioned a new plant in
C.F. in Madrid, Spain. and Powder 0.9%. Anhui. The Anhui Carpoly plant is equipped
• In alliance with Imabari Shipbuilding New developments: with an annual production capacity of
Group, the largest shipbuilding • Hunan Xiangjiang has continued to 500,000t for mastic paint, emulsion paint,
company in Japan, Chugoku will increase its waterborne coatings, high stone-like paint and powder paint. The total
accelerate developments for the solid coating and powder coatings investment was RMB1.26bn. The new plant
resolution of environmental issues and product system R&D investment. is estimated to be completed and put into
other challenges in the shipbuilding and • The company’s commitment to R&D production in 2021.
maritime transport industries. has led to a number of new products
gradually launched into the market. 13. DAI NIPPON TORYO CO LTD
8. SK KAKEN CO. LTD • In 2021, a new production plant in Corporate headquarters: Osaka, Japan
Corporate headquarters: Osaka, Japan Kaifeng will be put into production. Website: www.dnt.co.jp
Website: www.sk-kaken-co.jp Peer group: Nippon Paint, Kansai Paint,
Ownership: Publicly listed 11. TOA PAINT (THAILAND) PUBLIC CO LTD Chugoku
Peer group: Nippon Paint, Kansai Paint, Corporate headquarters: Bang Sao Key figures
Rock Paint, AkzoNobel Thong, Samut Prakan, Thailand Total revenue: JP¥62.475bn (US$585M)
Key figures Website: www.toagroup.com Paint as a % of sales: 85%
Total revenue: JP¥85.2bn (US$798M) Ownership: Publicly traded Coatings revenue: JP¥53.10bn (US$498M)
Paint as a % of sales: 90% Peer group: AkzoNobel, Jotun, Geographic sales: Japan 69%, Asia
Coatings revenue: JP¥76.68bn (US$718M) Nippon Paint excluding Japan 30%, North America 1%
Geographic sales: Asia Pacific 100% Key figures Segment sales: Protective 24%, General
Segment sales: Decorative 70%, Protective Total revenue: THB16.44bn (US$525M) Industrial and Coil 22%, Decorative 13%,
25%, Others 5%. Paint as a % of sales: 99.3% Other Transportation 9%, Auto OEM 6%,
New Developments: SK Kaken will Coatings revenue: THB16.29bn Others 26%.
continue to focus on the decorative market (US$521M) New developments:
16 APCJ • August 2021
www.coatings-group.comTOP25 2021
• Two technical centres started to operate New developments: In 2020, Maydos Shanghai HuaYi Fine Chemical (HYFC)
in 2020 to increase domestic sales reacted to the COVID-19 pandemic in coatings has realised overall improvements
with environmental consideration for several ways: in its business and going forward, will focus
customers: CTC in Komaki (Aichi) for • Sales and production of Q1 were on key products, clear market positioning
industrial coatings and PCTC in Nasu affected by the COVID-19 pandemic and focus on improving its products and
(Tochigi) for protective coatings. but the company’s management marketing approach.
• New protective paint named “KELBIN committee adjusted its marketing
2.5” was released in 2018 and received strategies in time. The company took 18. GUANGDONG BARDESE
a technical award from the Color the measures of strengthening scientific CHEMICAL COMPANY
Material Society in Japan. and technological innovation, promoting Corporate headquarters: Zhongshan City,
DNT has many growth initiatives including: management reforms, reducing costs Guangdong Province, China
• A sales & profit target for the fiscal year and controlling expenditures, activating Website: www.bardese.com
ending March 2024 of JP¥75bn and organisation and improving efficiency, Ownership: Private
JP¥6bn. recruiting more agents and supporting Peer group: AkzoNobel, Sherwin-Williams,
• A final target of March 2030 – the large and capable agents. Carpoly, SK Shu
100 year anniversary of DNT – of • The domestic market was expanded Key figures
JP¥100,000 and JP¥10,000M. and the overseas market stabilised. Total revenue: CN¥2.26bn (US$327M)
• Strengthen overseas business, such Both production and sales throughout Paint as a % of sales: 95.6%
as a new paint production plant which the year realised positive growth. Coatings revenue: CN¥2.158bn (US$313M)
started in March 2021. This plant is in • Maydos will continue to uphold the Geographic sales: Asia Pacific 100%
line with environmental regulations in principles of management reform, Segment sales: Decorative 45.8%,
China and will produce waterborne and technological innovation and being Industrial Wood 40.6%, General Industrial
powder paints with new R&D. people-oriented and try to keep an 7%, Powder 6.6%.
annual growth rate of more than 30% New developments:
14. SAMWHA PAINT INDUSTRIES CO LTD to become the leading company of the In June, the new exterior wall paint
Corporate headquarters: Seoul, Chinese coatings industry. It strives to production plant expansion project in
South Korea be listed on the A-share market of China Bardese’s Chengdu factory was completed
Website: www.spi.co.kr within two years. and started production. In 2021, Bardese
Ownership: Publicly traded Group will continue to invest in the research
Peer group: AkzoNobel, Chokwang, 16. ZHUHAI ZHANCHEN NEW MATERIALS CO LTD and development of new eco-friendly
Jevisco, KCC and Noroo Corporate headquarters: Zhuhai City, coating products and solutions, mainly
Key figures Guangdong province, China focusing on new powder coating products
Total revenue: KRW551.72bn (US$428M) Website: www.zhanchen.cn on different wooden substrates, new
Paint as a % of sales: 97% Ownership: Private waterborne paint products on different
Coatings revenue: KRW535,168bn Peer group: Nippon Paint, Sherwin- substrates etc. Additionally, Bardese Group
(US$445M) Williams, Taiho will continue to expand its sales network
Geographic sales: Korea 81%, Asia ex Key figures and distribution channels with the support
Korea 18%, North AmericaTOP25 2021
in 3-5 years to develop environmentally- Peer group: Asian Coatings, Davies Paints, enterprise standard of China Railway
friendly industrial coatings and marine Roosevelt, United Paints Corporation and the enterprise standard
anticorrosive coatings. Key figures of CRRC Corporation. In April 2020, the
Total revenue: US$265M company won the bidding for the fourth
20. YUNG CHI PAINT & VARNISH MFG Paint as a % of sales: 100% phase of the Shenzhen urban rail transit
Corporate headquarters: Kaohsiung Coatings revenue: US$265M construction project and co-operated
City, Taiwan Geographic sales: Asia Pacific 100% with CRRC Qingdao Sifang high
Website: www.rainbowpaint.com.tw Segment sales: Decorative 100%. speed railway.
Ownership: Private New developments: Pacific Paint (Boysen®) • Taiho Paint has developed a low-grade
Peer group: Hempel, Jotun, Nippon Paint, Philippines, Inc was founded in 1953 and latex product to be used in kitchen and
AkzoNobel and PPG focuses on the Filipino decorative coatings bath applications.
Key figures market. It continues to grow by developing • Aiming at the middle and high-end
Total revenue: NT$8.37bn (US$284M) new products and focusing on quality. It is home market, Taiho has implemented
Paint as a % of sales: 95.5% the first Filipino paint company to be given a new colouring system to improve the
Coatings revenue: NT$8bn (US$272M) by SPIK (ie, also known as the Chemical appearance of wood furniture.
Geographic sales: Taiwan 73%, China Industries Association of the Philippines) the • With its customer, Ikea, Taiho has
16%, Others 11% privilege to use the Responsible Care logo. developed and implemented a new
Segment sales: Decorative 60%, Boysen® Paints has also been the recipient chemically resistant coating.
Protective 25%, Coil 10% and Others 5%. of the Reader’s Digest Most Trusted Brand
New developments: for a number of years. 25. KIKUSUI CHEMICAL INDUSTRIES
• Yung Chi’s sales increased by 0.37% in Corporate headquarters: Nagoya, Japan
2020 and its operating profit increased 23. ROCK PAINT CO LTD Website: www.kikusui-chem.co.jp
by 7.65%. Corporate headquarters: Osaka, Japan Ownership: Public
• Yung Chi will still focus on improving Website: www.rockpaint.co.jp Peer group: Nippon Paint, Kansai Paint,
the quality of products, supply capacity, Ownership: Public SK Kaken
cost performance and service to ensure Peer group: Nippon Paint, Kansai Paint, Key figures
stable sales. At the same time, Yung SK Kaken Total revenue: JP¥20.5bn (US$192M)
Chi also developed high value-added Key figures Paint as a % of sales: 97%
coatings and special functional coatings Total revenue: JP¥23.4bn (US$219M) Coatings revenue: JP¥19.9bn (US$187M)
to differentiate. Eco-friendly coatings, Paint as a % of sales: 98% Geographic sales: Asia 100%
such as waterborne products, will also Coatings revenue: JP¥22.9bn (US$215M) Segment sales: Decorative >99%.
be an important development direction Geographic sales: Asia 100% New developments:
for Yung Chi. Segment sales: Auto Refinish 33%, • Kikusi is concentrating on the
General Industrial 29%, Decorative 24%, decorative coatings market as well as
21. KANGNAM JEVISCO CO LTD Others 14%. fluorinate coatings.
Corporate headquarters: Busan, New developments: • Kikusi is in the fourth position of
South Korea • Rock Paint has developed new car decorative coatings in Japan, (the order
Website: www.jevisco.com refinish coatings. is: SKK; NP; KP; Kikusi – 4% share
Ownership: Publicly traded • Also, Rock Paint has been in Japan).
Peer group: AkzoNobel, Chokwang, KCC, developing new paints that are more
Noroo and Samwha environmentally friendly including 25. FUJIKURA KASEI CO LTD
Key figures waterborne products. Rock Paint has Corporate headquarters: Tokyo, Japan
Total revenue: KRW340.8bn (US$273M) been developing products that are more Website: www.fkkasei.co.jp
Paint as a % of sales: 98% robust and easier to colour match. Ownership: Private
Coatings revenue: KRW334bn (US$267M) Peer group: AkzoNobel, Axalta, BASF,
Geographic sales: Asia 100% 24. TAIHO PAINT PRODUCTS CO LTD Cashew, Greve, Kansai, Nippon, PPG,
Segment sales: Paint 98% (Decorative, Corporate headquarters: Dongguan, Origin Electric, Musashi, Sherwin-Williams
General Industrial, Powder, Packaging, Guangdong Province, China Key figures
Coil, Marine, Protective, Refinish), Website: www.taihopaint.com Total revenue: JP¥49.5bn (US$464M)
Other 2%. Ownership: 100% owned by Samoa Easy Paint as a % of sales: 37.9%
New developments: Joy International Co Ltd Coatings revenue: JP¥18.75bn (US$176M)
• High moisture proof UV Coatings Peer group: Nippon Paint, Zhanchen, Geographic sales: Asia 78%, North
• Low toxicity (chrome free) etching Sherwin-Williams, SK Shu America 16% and Others 6%
primer coating Key figures Segment sales: Plastic Coatings 42%,
• Polyester resin for waterproof topcoat Total revenue: CN¥1.465bn (US$212M) Decorative 22%, Synthetic Resins 24%,
• BPA-NI OSS/ISS (3PC food can) Paint as a % of sales: 99% Chemical Products 7%, Electronic
• Adhesive primer for PP sheet (tack free) Coatings revenue: CN¥1.45bn (US$210M) Materials 5%.
• Two hours refractory coating for pillars Geographic sales: Asia 100% New developments:
• Non-toxic coating for fence application Segment sales: Industrial Wood 56.85%, Fujikura Kasei is planning to build a new
Decorative 22.77%, General Industrial plant in Fujikura Kasei Vietnam and is
22. PACIFIC PAINT (BOYSEN) PHILIPPINES INC 14.6%, Auto OEM 5.04%, Other 0.74%. preparing for the start of operations in
Corporate headquarters: Quezon City, New developments: 2021. In Japan, Fujikura Kasei is renovating
Philippines • Rail traffic paint, which has not only its main plant in Sano. As the first step,
Website: www.boysenpaints.com passed the relevant national product the new construction of warehouses has
Ownership: Private technical testing but also passed the already been completed. n
18 APCJ • August 2021
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