Clear Coatings

Clear Coatings Market Outlook

The global clear coatings market is anticipated to reach USD 15.5 billion by 2035, growing at a CAGR of 5.6% from 2025 to 2035. This growth is primarily driven by the increasing demand from various end-user industries such as automotive, construction, and electronics, coupled with advancements in coating technologies that enhance performance characteristics including durability and aesthetic appeal. The need for environmentally friendly coatings is also pushing manufacturers to innovate and develop clear coatings that meet stringent regulatory standards. Moreover, the rising trend of DIY projects and home renovations further fuels the market growth as consumers seek protective and decorative finishes for their personal belongings. As industries continue to expand, the clear coatings market is expected to evolve, catering to the diverse requirements of various applications.

Growth Factor of the Market

The clear coatings market is experiencing robust growth due to several key factors, including the rise in demand for protective coatings across diverse applications. Technological advancements play a critical role, as innovations in formulation have led to coatings with improved adhesion, flexibility, and resistance to chemicals. Additionally, an increasing emphasis on aesthetic enhancement and surface protection in industries such as automotive and construction is boosting the market. The growing trend of sustainability is prompting manufacturers to develop eco-friendly clear coatings that are low in volatile organic compounds (VOCs), thereby attracting environmentally conscious consumers. Furthermore, the expansion of the e-commerce sector is facilitating broader access to clear coatings, making it easier for customers to obtain these products for both commercial and personal use.

Key Highlights of the Market

• Significant growth projected in the clear coatings market, reaching USD 15.5 billion by 2035.
• Growing demand across automotive, construction, and electronics industries drives market expansion.
• Technological advancements lead to innovative and high-performance clear coatings.
• Increasing emphasis on sustainability encourages the development of eco-friendly products.
• Expansion of e-commerce enhances accessibility for consumers and businesses alike.

By Product Type

Polyurethane Clear Coatings:

Polyurethane clear coatings are widely recognized for their exceptional durability and resistance to abrasion and chemicals. They provide a hard protective layer that not only enhances the aesthetic appeal of surfaces but also extends their lifespan. These coatings are often used in various applications, including automotive finishes and industrial machinery, where protection against wear and tear is paramount. Additionally, the versatility of polyurethane allows for modifications in gloss levels, making it suitable for diverse aesthetic preferences. As manufacturers continuously innovate, the formulation of polyurethane coatings is evolving to meet increasing consumer demands for sustainability and high performance, further solidifying their position in the market.

Acrylic Clear Coatings:

Acrylic clear coatings offer a balance between performance and affordability, making them a popular choice across various industries. Known for their clarity and UV resistance, these coatings are ideal for applications that require a transparent finish, such as in the furniture and electronics sectors. Acrylic clear coatings can be formulated to dry quickly and form a flexible film, accommodating the expansion and contraction of substrates. As environmental regulations tighten, the development of water-based acrylic formulations is gaining traction, aligning with the industry’s shift towards greener alternatives. The ability to easily apply and maintain acrylic coatings adds to their appeal, driving their adoption in both commercial and residential projects.

Epoxy Clear Coatings:

Epoxy clear coatings are renowned for their superior adhesion and chemical resistance, making them particularly valuable in industrial and automotive applications. These coatings are often used to protect surfaces that are exposed to harsh environments, providing a robust barrier against moisture, chemicals, and mechanical damage. The curing process of epoxy coatings contributes to their high-performance characteristics, resulting in a hard, glossy finish that enhances the appearance of underlying materials. While traditional epoxy coatings have been criticized for their slow curing times, advancements in formulation technologies are leading to quicker-drying options, improving their practicality for various applications. The epoxy segment continues to grow as manufacturers seek to leverage these benefits to enhance product offerings.

UV-cured Clear Coatings:

UV-cured clear coatings are becoming increasingly popular due to their rapid curing process and environmental benefits. By utilizing ultraviolet light to initiate the curing process, these coatings can achieve a hard finish in a fraction of the time compared to traditional methods. This efficiency not only speeds up production times but also reduces energy consumption, making it an attractive option for manufacturers seeking sustainability. The smooth and durable finish provided by UV-cured coatings is particularly beneficial in sectors such as automotive and furniture, where aesthetic presentation is critical. As consumer preferences shift towards quicker and more sustainable solutions, the demand for UV-cured clear coatings is expected to rise significantly.

Others:

The category of 'Others' includes various emerging and specialized clear coatings that cater to niche applications. These coatings may incorporate unique properties such as antimicrobial features, self-cleaning capabilities, or enhanced slip resistance, which are becoming increasingly desirable in specific industries. Innovations in this segment are often driven by advancements in materials science, leading to the development of coatings that address specific consumer needs and regulatory demands. As the market for clear coatings continues to evolve, this segment is likely to see increased activity as manufacturers explore new formulations and applications that offer competitive advantages in various markets.

By Application

Automotive:

The automotive sector is one of the largest consumers of clear coatings, driven by the need for protective finishes that enhance the vehicle's aesthetic appeal and longevity. Clear coatings are applied on car exteriors to provide a glossy finish that not only looks appealing but also protects against environmental factors such as UV radiation, moisture, and chemicals. As automotive manufacturers increasingly focus on durability and sustainability, the demand for high-performance clear coatings that can withstand harsh conditions is rising. Innovations in coatings technology, including self-healing properties and enhanced scratch resistance, are also gaining traction, further fueling the market growth in this application.

Construction:

Clear coatings play a vital role in the construction industry, where they are utilized to enhance the appearance and protection of various materials, including wood, concrete, and metals. These coatings contribute to the aesthetic appeal of architectural elements while providing a barrier against environmental degradation. The construction sector's growing emphasis on sustainability is leading to increased demand for eco-friendly clear coatings, particularly those that are low in VOCs. With the global construction market expanding, driven by urbanization and infrastructural development, the demand for clear coatings in this sector is expected to rise noticeably over the coming years.

Furniture:

In the furniture industry, clear coatings are essential for protecting wood surfaces from scratches, stains, and moisture while enhancing the natural beauty of the material. These coatings provide a durable finish that withstands everyday wear and tear, making them invaluable in residential and commercial furniture applications. As consumers become more environmentally conscious, there is a growing demand for water-based and low-VOC clear coatings that do not compromise on performance. Manufacturers are responding by developing innovative products that cater to the aesthetic and functional needs of consumers, further driving the growth of the clear coatings market in the furniture segment.

Electronics:

The electronics industry increasingly relies on clear coatings to protect sensitive components and enhance product appearance. These coatings provide a barrier against moisture and dust, crucial for the reliability and functionality of electronic devices. The demand for coatings that can withstand high temperatures and offer chemical resistance is growing as the electronics market continues to evolve. Additionally, with advances in technology, manufacturers are developing clear coatings that are not only protective but also contribute to the aesthetic qualities of devices. As electronic devices become more integrated into everyday life, the need for effective clear coatings will continue to rise in this application.

Others:

The 'Others' category encompasses various applications where clear coatings are utilized, including industrial machinery, sporting goods, and consumer products. In these areas, clear coatings serve both protective and decorative functions, enhancing the surface finish and durability of products. As industries increasingly recognize the benefits of high-performance clear coatings, there is potential for growth in niche markets that require specialized solutions. The versatility of clear coatings allows them to be tailored for specific applications, which is driving innovation within this segment and contributing to overall market growth.

By Distribution Channel

Direct Sales:

Direct sales channels offer manufacturers a streamlined approach to reaching end-users, allowing for personalized service and tailored solutions. By selling directly, companies can establish closer relationships with customers, gather valuable feedback, and create targeted marketing strategies. This channel is particularly beneficial for specialized clear coating products that require expert knowledge for proper application. As customer preferences shift towards convenient purchasing options, direct sales are expected to play an increasingly pivotal role in the clear coatings market, providing consumers with immediate access to products and technical support.

Distributors:

Distributors serve as vital intermediaries in the clear coatings market, providing manufacturers with access to a broader customer base while offering logistical support and expertise. These channels play a crucial role in streamlining the supply chain and ensuring that products reach retailers and end-users efficiently. By leveraging established relationships with various industries, distributors can promote and sell clear coatings in a wide array of applications. The growth of the clear coatings market is expected to benefit from the expanding distributor network, as more businesses seek reliable partners to navigate the complexities of product distribution.

Retail Stores:

Retail stores remain a key distribution channel for clear coatings, providing consumers with an accessible platform to purchase products directly. This channel allows customers to see and understand the product offerings firsthand, fostering informed purchasing decisions. The presence of knowledgeable staff in retail environments can also enhance consumer confidence in their choices, particularly for DIY projects. As the trend of home improvement and DIY continues to grow, retail stores are likely to see increased demand for clear coatings, making them an essential part of the overall distribution landscape.

E-commerce:

The e-commerce channel has revolutionized the way consumers purchase clear coatings, offering convenience and a diverse range of products at the click of a button. Online platforms allow for easy comparison shopping and access to customer reviews, which are critical for consumers looking to make informed purchasing decisions. The COVID-19 pandemic accelerated the shift towards online shopping, with more consumers becoming accustomed to purchasing home improvement products online. As e-commerce continues to expand, clear coatings are expected to benefit from enhanced visibility and accessibility, further driving market growth.

Others:

The 'Others' category includes various alternative distribution channels such as specialized online marketplaces and wholesale suppliers. These platforms cater to specific segments of the market, providing tailored solutions for niche applications. The proliferation of alternative channels is contributing to the overall expansion of the clear coatings market by allowing smaller manufacturers and local businesses to reach their target audiences effectively. As the clear coatings market continues to evolve, these alternative distribution channels will play a vital role in ensuring that products are accessible to a wide range of consumers and businesses.

By Ingredient Type

Resins:

Resins are a fundamental component of clear coatings, serving as the primary binding agent that provides adhesion and durability. The composition of resins can significantly affect the performance characteristics of the final coating, including its hardness, flexibility, and resistance to environmental factors. With advancements in materials science, manufacturers are exploring various resin formulations to enhance the performance and environmental profile of clear coatings. The shift towards eco-friendly resins is gaining momentum as regulatory frameworks become stricter, prompting the development of sustainable alternatives that do not compromise on performance.

Additives:

Additives play a crucial role in enhancing the properties of clear coatings, allowing manufacturers to tailor their formulations for specific applications. These include agents that improve UV resistance, enhance flow and leveling, or provide anti-microbial properties. The incorporation of additives can significantly improve the usability and performance of clear coatings, making them more appealing to consumers. As industry trends evolve and consumers demand higher-performing products, the role of additives in the clear coatings market is becoming increasingly important, driving innovation and product development.

Solvents:

Solvents are used in clear coatings to dissolve resins and facilitate application, making them an integral part of the formulation. However, the growing emphasis on environmental sustainability is leading to a shift towards low-VOC and water-based solvents that reduce harmful emissions during application. This trend is particularly significant in regions with stringent environmental regulations, where manufacturers are incentivized to develop greener formulations. As the clear coatings market evolves, the demand for sustainable solvent options is expected to increase, influencing the overall market dynamics.

Pigments:

While clear coatings are primarily designed to be transparent, pigments can be included to achieve specific aesthetic effects. The use of pigments in clear coatings allows for customization based on consumer preferences and market trends, providing manufacturers with the flexibility to cater to different applications. The development of high-quality pigments that do not compromise the clarity or performance of the coating is essential for maintaining product integrity. As consumers increasingly seek unique and personalized finishes, the incorporation of pigments into clear coatings will become a significant area of growth, driving innovation in product offerings.

Others:

The 'Others' category in ingredient types includes various specialty additives and materials that enhance the functionality of clear coatings, such as surfactants, dispersants, and curing agents. These components can provide unique performance characteristics, such as improved flow, leveling, and adhesion, which are crucial for achieving high-quality finishes in various applications. As the clear coatings market continues to grow and diversify, the inclusion of specialty ingredients will play an essential role in developing innovative products that meet the evolving demands of consumers and industries alike.

By Region

The North American clear coatings market is projected to grow significantly, driven by the automotive and construction industries. With a market share expected to account for approximately 30% of the global clear coatings market by 2035, the region benefits from a robust manufacturing base and strong consumer demand. The presence of numerous key players and ongoing advancements in coatings technology are also propelling growth in this region. Additionally, increasing investments in infrastructure and construction projects, particularly in the U.S. and Canada, are expected to further bolster the demand for clear coatings over the forecast period.

In Europe, the clear coatings market is also anticipated to witness substantial growth, with an estimated CAGR of 5.2% from 2025 to 2035. The region's emphasis on sustainability and environmental regulations is driving manufacturers to develop eco-friendly products, which is reshaping the market landscape. Countries such as Germany, France, and the U.K. are expected to contribute significantly to the market, as their automotive and construction sectors continue to expand. Moreover, the increasing focus on aesthetics in both consumer and industrial applications further supports the growth of the clear coatings market in Europe.

Opportunities

The clear coatings market presents numerous opportunities for growth, particularly in the realm of sustainability. As consumers become more environmentally conscious, there is a burgeoning demand for eco-friendly clear coatings that minimize environmental impact without compromising performance. This trend is prompting manufacturers to invest heavily in research and development aimed at formulating water-based and low-VOC coatings that align with regulatory standards. Additionally, the global push towards green building initiatives is creating an expanding market for clear coatings that contribute to sustainable construction practices. These opportunities not only enable manufacturers to meet current market demands but also position them favorably for future growth in a rapidly evolving industry.

Furthermore, the rise of advanced coating technologies, including nanotechnology and smart coatings, represents another significant opportunity in the clear coatings market. These innovations can offer enhanced properties such as self-cleaning capabilities, improved durability, and resistance to scratches and stains. As industries seek higher value and performance from their coatings, the integration of such advanced technologies will drive product differentiation and market competitiveness. By embracing these innovations, companies can capture new market segments and stay ahead of consumer expectations, ultimately propelling growth in the clear coatings market.

Threats

While the clear coatings market is poised for growth, it faces several threats that could impact its trajectory. One significant challenge is the volatility in raw material prices, which can affect production costs and profit margins for manufacturers. Fluctuations in the prices of key ingredients, such as resins and solvents, may lead to pricing pressures that could be passed on to consumers, potentially dampening demand. Additionally, the rising competition from alternative coating technologies and materials poses a threat to the traditional clear coatings market, as consumers may opt for new solutions that offer better performance or sustainability. Manufacturers will need to remain vigilant and adaptive to these market dynamics to mitigate potential risks.

Moreover, stringent regulatory frameworks concerning environmental standards may pose a challenge for manufacturers in the clear coatings market. As governments around the world implement stricter regulations aimed at reducing VOC emissions and promoting sustainability, manufacturers may need to invest significantly in reformulating their products or adopting new technologies to comply. This could result in increased operational costs and extended product development timelines, impacting overall market competitiveness. Staying ahead of regulatory changes and investing in sustainable practices will be critical for manufacturers to navigate these challenges effectively.

Competitor Outlook

• PPG Industries
• AkzoNobel N.V.
• BASF SE
• Sherwin-Williams Company
• RPM International Inc.
• Tikkurila Oyj
• Axalta Coating Systems Ltd.
• Henkel AG & Co. KGaA
• Valspar Corporation
• 3M Company
• Eastman Chemical Company
• DuPont de Nemours, Inc.
• Covestro AG
• Kansai Paint Co., Ltd.
• Jotun A/S

The competitive landscape of the clear coatings market is characterized by a diverse range of players, including established multinational corporations and smaller specialized companies. These competitors are continually innovating to develop high-performance coatings that meet the evolving needs of various industries. Key players are focusing on expanding their product portfolios and enhancing their distribution channels to capture larger market shares. Additionally, strategic partnerships and collaborations are becoming increasingly common as companies look to leverage each other's strengths in technology and market reach. The emphasis on sustainability and eco-friendliness is also shaping the competitive landscape, with players seeking to differentiate themselves through the development of environmentally friendly products.

PPG Industries is a leading player in the clear coatings market, offering a wide array of products across various applications, including automotive, industrial, and architectural sectors. Their commitment to sustainability is evident in their ongoing efforts to develop low-VOC and eco-friendly coatings. PPG's strong research and development capabilities enable them to innovate continuously, ensuring they remain at the forefront of the clear coatings industry. Similarly, AkzoNobel N.V. is recognized for its extensive range of high-performance clear coatings, particularly in the decorative and protective coatings segments. The company's focus on sustainability and use of advanced technologies further reinforce its competitive position in the market.

BASF SE is another significant player in the clear coatings market, known for its comprehensive portfolio that caters to various applications. The company has made significant investments in R&D to develop innovative coatings solutions that address both performance and environmental concerns. Their commitment to sustainable practices positions them favorably in an increasingly eco-conscious market. Sherwin-Williams Company, recognized for its expansive distribution network and strong brand presence, continues to grow its clear coatings segment by focusing on product innovation and customer-centric solutions. By leveraging its extensive experience and market knowledge, Sherwin-Williams aims to maintain its competitive edge in the evolving clear coatings landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Jotun A/S
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 3M Company
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Covestro AG
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Tikkurila Oyj
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 AkzoNobel N.V.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 PPG Industries
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Valspar Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Henkel AG & Co. KGaA
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Kansai Paint Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 RPM International Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 DuPont de Nemours, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Eastman Chemical Company
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Sherwin-Williams Company
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Axalta Coating Systems Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Clear Coatings Market, By Application
    • 6.1.1 Automotive
    • 6.1.2 Construction
    • 6.1.3 Furniture
    • 6.1.4 Electronics
    • 6.1.5 Others
  • 6.2 Clear Coatings Market, By Product Type
    • 6.2.1 Polyurethane Clear Coatings
    • 6.2.2 Acrylic Clear Coatings
    • 6.2.3 Epoxy Clear Coatings
    • 6.2.4 UV-cured Clear Coatings
    • 6.2.5 Others
  • 6.3 Clear Coatings Market, By Ingredient Type
    • 6.3.1 Resins
    • 6.3.2 Additives
    • 6.3.3 Solvents
    • 6.3.4 Pigments
    • 6.3.5 Others
  • 6.4 Clear Coatings Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributors
    • 6.4.3 Retail Stores
    • 6.4.4 E-commerce
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Clear Coatings Market by Region
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Clear Coatings market is categorized based on

By Product Type

• Polyurethane Clear Coatings
• Acrylic Clear Coatings
• Epoxy Clear Coatings
• UV-cured Clear Coatings
• Others

By Application

• Automotive
• Construction
• Furniture
• Electronics
• Others

By Distribution Channel

• Direct Sales
• Distributors
• Retail Stores
• E-commerce
• Others

By Ingredient Type

• Resins
• Additives
• Solvents
• Pigments
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• PPG Industries
• AkzoNobel N.V.
• BASF SE
• Sherwin-Williams Company
• RPM International Inc.
• Tikkurila Oyj
• Axalta Coating Systems Ltd.
• Henkel AG & Co. KGaA
• Valspar Corporation
• 3M Company
• Eastman Chemical Company
• DuPont de Nemours, Inc.
• Covestro AG
• Kansai Paint Co., Ltd.
• Jotun A/S