Elastomeric Coatings for the Construction

Elastomeric Coatings for the Construction Market Outlook

The global elastomeric coatings market is projected to reach approximately USD 30 billion by 2035, growing at a CAGR of around 5.5% during the forecast period of 2025–2035. The increasing demand for advanced construction materials with superior durability and flexibility is a significant driver of this market's growth. Additionally, the rising awareness regarding energy-efficient building solutions and sustainability in construction practices is pushing the acceptance of elastomeric coatings. Their unique properties, such as high elasticity, waterproofing capabilities, and UV resistance, make elastomeric coatings a preferred choice in various applications within the construction sector. Moreover, the expansion of the construction industry, particularly in emerging economies, is expected to further fuel market growth.

Growth Factor of the Market

One of the primary growth factors for the elastomeric coatings market is the increasing focus on infrastructure development, especially in developing nations. Urbanization is leading to rapid construction activities, resulting in a higher demand for protective coatings that enhance the lifespan of structures. Additionally, the growth of the automotive and aerospace industries is expected to drive the demand for specialized elastomeric coatings that provide resistance against extreme environmental conditions. The increased regulation regarding VOC emissions and the need for eco-friendly products are also prompting manufacturers to innovate and offer sustainable coating solutions. Technological advancements in the formulation of elastomeric coatings, enabling better performance and application efficiency, are further stimulating market growth. Lastly, the rising trend of retrofitting existing infrastructure with advanced materials to improve energy efficiency supports the market's expansion.

Key Highlights of the Market

• Projected market size of approximately USD 30 billion by 2035.
• CAGR of around 5.5% from 2025 to 2035.
• Growing demand in emerging economies driven by infrastructural development.
• Technological advancements leading to innovative product formulations.
• Increased focus on sustainability and eco-friendly coatings.

By Product Type

Acrylic Elastomeric Coatings:

Acrylic elastomeric coatings are one of the most widely used types in the construction industry due to their excellent weather resistance and UV protection. These coatings provide a seamless finish that can withstand various weather conditions, making them ideal for outdoor applications. Their high elasticity allows them to expand and contract with temperature fluctuations, thereby preventing cracking and peeling. Additionally, acrylic coatings are low in VOCs, making them an environmentally friendly option while maintaining superior performance. The ease of application and maintenance associated with acrylic elastomeric coatings further enhances their popularity among contractors and builders.

Silicone Elastomeric Coatings:

Silicone elastomeric coatings are known for their superior water resistance and high-temperature stability, making them ideal for roofs and exterior surfaces. Their ability to repel water effectively helps prevent mold and mildew growth, prolonging the life of structures. These coatings can also withstand extreme temperatures, making them suitable for regions with high thermal variations. Moreover, silicone coatings are known for their high reflectivity, contributing to energy savings by reducing heat absorption in buildings. The durability and longevity of silicone coatings make them a preferred choice for long-term asset protection in construction projects.

Polyurethane Elastomeric Coatings:

Polyurethane elastomeric coatings offer exceptional durability and abrasion resistance, making them suitable for industrial and commercial applications. Their chemical resistance properties make them ideal for use in environments exposed to harsh chemicals and solvents. These coatings provide a tough, flexible barrier that can accommodate the movement of substrates without cracking. This property is particularly beneficial in flooring applications where heavy foot traffic and equipment movement are expected. Additionally, polyurethane coatings can be formulated for various finishes, including glossy and matte, providing aesthetic flexibility to designers and architects.

Butyl Elastomeric Coatings:

Butyl elastomeric coatings are recognized for their excellent adhesion properties and water resistance, which makes them optimal for roofing applications. Their rubber-like flexibility enables them to adapt to substrate movements, minimizing cracking and providing long-lasting performance. Butyl coatings are often used in situations where moisture and vapor barrier performance are critical, making them suitable for below-grade applications. Furthermore, these coatings are impervious to many solvents and chemicals, enhancing their utility in industrial settings.

Others:

This category includes niche elastomeric coatings that are engineered for specific applications or enhanced performance characteristics. These coatings may incorporate a range of additives and modify formulations to achieve unique properties, such as increased thermal resistance, enhanced adhesion, or improved UV stability. Specialty elastomeric coatings are often tailored to meet stringent industry standards or specific environmental conditions, supporting diverse construction needs. The growth of this segment is attributed to innovation and custom solutions that manufacturers are developing to meet evolving market demands.

By Application

Roof Coatings:

Roof coatings represent a significant application segment within the elastomeric coatings market. These coatings are designed to enhance the durability and longevity of roofing systems, offering protection against UV rays, rain, and other environmental factors. Roof coatings can effectively reduce heat absorption, leading to lower energy costs associated with cooling buildings. The application of elastomeric roof coatings also extends the life of roofing substrates, minimizing the need for frequent replacements. This has become increasingly vital as commercial and residential property owners seek sustainable solutions to maintain their properties.

Wall Coatings:

Elastomeric wall coatings are gaining traction due to their flexibility and weather resistance, making them ideal for both residential and commercial applications. These coatings help protect walls from moisture intrusion, UV damage, and environmental pollutants, thus preserving the aesthetic appeal of the structures. The seamless nature of elastomeric wall coatings not only improves the appearance of buildings but also contributes to energy efficiency by creating thermal barriers. The growing trend in architectural design towards energy-efficient buildings contributes significantly to the demand for these coatings.

Floor Coatings:

In the construction sector, elastomeric floor coatings are increasingly utilized in commercial, industrial, and institutional settings due to their durability and resistance to wear and tear. These coatings provide a protective layer that enhances the performance and aesthetic of flooring surfaces, often used in settings requiring high resistance to chemicals and abrasion. Elastomeric floor coatings can improve slip resistance and ease of maintenance, catering to a wide range of applications from warehouses to retail spaces. Their ability to withstand heavy loads and impacts makes them an essential component of modern flooring systems.

Bridge Coatings:

Elastomeric coatings for bridge applications are crucial for protecting structures from the harsh effects of weather, chemicals, and physical wear. These coatings are designed to withstand extreme environmental conditions while providing a flexible, waterproof barrier that extends the life of bridge structures. The use of elastomeric coatings on bridges not only enhances performance but also reduces maintenance costs significantly. The focus on infrastructure renewal and development, especially in urban areas, is driving the demand for high-performance elastomeric coatings in bridge projects.

Others:

This category encompasses various specialized applications where elastomeric coatings can be effectively utilized, such as for tanks, pipelines, and industrial equipment. These applications often require coatings with specific properties, such as chemical resistance, thermal protection, and flexibility. The versatility of elastomeric coatings allows them to be tailored for use in diverse environments and industries, making them a popular choice among manufacturers seeking reliable and durable solutions. As industries continue to evolve, the demand for custom elastomeric coatings for unique applications will likely expand.

By Distribution Channel

Direct Sales:

Direct sales channels enable manufacturers to engage closely with customers, providing tailored solutions and support. This approach allows for better communication of product benefits and specifications compared to other distribution methods. Direct sales are particularly effective for large-scale projects where customers require detailed information on product performance and application methods. Manufacturers often provide technical assistance and training to ensure proper product usage, enhancing customer satisfaction and loyalty. The growth of direct sales channels is facilitated by the increasing number of construction projects that demand reliable and high-quality elastomeric coatings.

Distributors:

Distributors play a vital role in the elastomeric coatings market by bridging the gap between manufacturers and end-users. They offer a wide range of products, ensuring availability across various locations, which is crucial for contractors needing timely access to materials. Distributors often provide additional services such as logistics, storage, and technical support, which can enhance the overall customer experience. The established networks of distributors facilitate the introduction of new products to the market and support regional demand effectively. As construction activities increase, the importance of distributors in maintaining supply chain efficiency continues to rise.

Retail Stores:

Retail stores serve as direct points of sale for elastomeric coatings, catering mainly to individual consumers and small contractors. They provide an accessible platform for customers to explore different coating options and receive immediate product acquisition. Retail channels often emphasize customer service, enabling buyers to receive advice on the best products for their specific needs. The growth of home improvement projects and DIY activities has driven increased foot traffic to retail stores, leading to greater sales of elastomeric coatings. Retailers are increasingly expanding their product ranges to meet growing consumer demand for quality construction materials.

E-commerce:

E-commerce platforms are transforming how elastomeric coatings are marketed and sold, providing convenience and a wide selection for customers. Online sales channels enable customers to compare products, read reviews, and place orders from the comfort of their homes. The growth of e-commerce is complemented by increasing consumer confidence in online purchasing, particularly for construction materials. Many manufacturers are partnering with online retailers to optimize their reach and expand into new markets. This trend is likely to continue as more consumers and contractors recognize the benefits of e-commerce for sourcing elastomeric coatings.

Others:

This segment includes alternative distribution channels, such as wholesale suppliers and specialty retailers, who cater to niche markets. These channels often target specific industries or applications, providing specialized elastomeric coatings that meet unique performance criteria. The presence of these alternative distribution methods enriches the overall supply ecosystem by ensuring that various customer needs are met. As the market evolves, the importance of diverse distribution channels, including emerging platforms, may continue to gain prominence in reaching end-users more effectively.

By Ingredient Type

Fillers:

Fillers are essential components in the formulation of elastomeric coatings, as they enhance physical properties, such as strength and durability. Fillers can also reduce production costs while maintaining the desired performance characteristics of the final coating. Common fillers used in elastomeric coatings include calcium carbonate, talc, and silica, each contributing unique attributes to the formulation. The growing demand for high-quality coatings is driving innovation in filler technology, with manufacturers seeking to optimize the balance between performance and cost-efficiency. Thus, the fillers segment will continue to play a crucial role in the elastomeric coatings market.

Binders:

Binders are critical in elastomeric coatings formulations, as they provide adhesion and cohesion, ensuring the integrity of the coating throughout its lifecycle. Polymer-based binders, such as acrylic, polyurethane, and silicone, are commonly used to impart flexibility, durability, and resistance to environmental factors. The choice of binder directly influences the performance characteristics of the coating, such as elasticity and UV resistance. As manufacturers strive to meet stringent performance standards, there is a growing trend towards developing advanced binder technologies that improve overall coating performance, thereby driving growth in this segment.

Pigments:

Pigments are vital for providing color and opacity to elastomeric coatings, enhancing their aesthetic appeal. The choice of pigments can also affect the coatings' performance by influencing factors such as UV resistance and thermal reflectivity. Non-toxic and environmentally friendly pigments are gaining popularity as manufacturers respond to increasing consumer demand for sustainable solutions. This shift is driving innovation in pigment technology, with researchers exploring new materials that can provide superior performance without compromising environmental standards. As a result, the pigments segment is expected to witness continued growth and evolution in the elastomeric coatings market.

Additives:

Additives are incorporated into elastomeric coatings to enhance specific properties such as flow, stability, and curing time. Common additives include thickeners, surfactants, and anti-foaming agents, each contributing to the overall performance of the coating. The demand for high-performance elastomeric coatings is driving the development of novel additives that can improve various characteristics, from application ease to durability. As manufacturers continue to innovate, the additives segment is likely to see significant advancements, enabling coatings to meet evolving industry requirements and consumer expectations.

Others:

This segment encompasses various specialized ingredients that can be incorporated into elastomeric coatings to enhance performance or achieve specific functionalities. These ingredients might include antimicrobial agents, fire retardants, and other specialty compounds tailored to meet stringent industry standards. The growing trend towards custom formulations in response to specific application needs drives the demand for unique ingredient combinations. As the push for innovation in elastomeric coatings continues, this segment will likely play a vital role in shaping the future landscape of the market.

By Region

The North American elastomeric coatings market is expected to remain a strong segment due to the continued infrastructure development and building renovations across the region. The increasing awareness of energy-efficient solutions and sustainability in construction practices is pushing the market forward. By 2035, North America is projected to account for approximately USD 9 billion of the global market, reflecting a CAGR of 5.2%. The growing demand for roof and wall coatings in commercial and residential buildings is anticipated to significantly contribute to the market's expansion in this region.

In Europe, the elastomeric coatings market is expected to experience steady growth driven by stringent regulations promoting energy-efficient building standards. The adoption of innovative construction materials and technologies in countries like Germany, France, and the UK is expected to increase the demand for high-performance elastomeric coatings. By 2035, Europe is projected to capture a market share of around USD 8 billion, with a CAGR of approximately 5.1%. The focus on retrofitting existing buildings to meet modern standards and enhance energy efficiency is likely to fuel the demand for elastomeric coatings in the European market.

Opportunities

The elastomeric coatings market presents substantial growth opportunities due to the increasing focus on sustainable construction practices and the need for energy-efficient building solutions. As governments and organizations worldwide prioritize sustainability, the demand for eco-friendly coatings that comply with environmental regulations is rising. Manufacturers can capitalize on this trend by developing innovative formulations that reduce VOC emissions while providing superior performance. Additionally, as more construction projects move towards using advanced materials that promote energy efficiency, such as green roofs and insulated walls, the demand for elastomeric coatings is expected to increase significantly. This shift represents a unique opportunity for market players to innovate and introduce sustainable coating solutions to meet evolving customer needs.

Another promising opportunity lies in the expansion of elastomeric coatings into developing markets. Rapid urbanization and infrastructure development in regions such as Asia Pacific and Latin America present immense potential for elastomeric coatings. These regions are witnessing significant investments in construction projects, driven by population growth and economic development. As these markets mature, there will be an increasing demand for high-quality, durable coatings that can withstand various environmental conditions. Companies looking to expand their footprint can leverage strategic partnerships, local manufacturing, and targeted marketing strategies to establish a strong presence in these emerging markets and tap into their growth potential.

Threats

One of the key threats facing the elastomeric coatings market is the volatility of raw material prices. The fluctuating costs of key ingredients, such as polymers and additives, can significantly impact the production costs of elastomeric coatings. This uncertainty may lead manufacturers to experience reduced profit margins, making it challenging to maintain competitive pricing in a market that is increasingly price-sensitive. Additionally, manufacturers may have to pass on higher costs to customers, which could impact demand. To mitigate this risk, companies need to establish strategic partnerships with raw material suppliers and explore alternative sourcing options to ensure a stable supply chain.

Another significant factor posing a threat to the elastomeric coatings market is the increasing competition from alternative coating technologies. As innovations in construction materials continue to evolve, alternative coatings that offer similar performance characteristics at lower costs may emerge. This competition can potentially divert market share from traditional elastomeric coatings, especially if these alternatives provide effective solutions for specific applications. To remain competitive, manufacturers must focus on ongoing research and development to enhance their product offerings and emphasize the unique benefits and performance features of elastomeric coatings.

Competitor Outlook

• PPG Industries, Inc.
• Benjamin Moore & Co.
• Sherwin-Williams Company
• BASF SE
• AkzoNobel N.V.
• RPM International Inc.
• Valspar Corporation
• Dow Inc.
• Hempel A/S
• Covestro AG
• Axalta Coating Systems Ltd.
• Henkel AG & Co. KGaA
• Kansai Paint Co., Ltd.
• Jotun A/S
• Chugoku Marine Paints, Ltd.
• Masco Corporation

The competitive landscape of the elastomeric coatings market is characterized by a mix of large multinational corporations and smaller specialized manufacturers. Major players such as PPG Industries, Sherwin-Williams, and BASF dominate the market by leveraging their extensive product portfolios and global distribution networks. These companies have established a strong presence in various application segments, ranging from construction to automotive, allowing them to capitalize on diverse opportunities in the elastomeric coatings market. Furthermore, these industry leaders often invest significantly in research and development to innovate and enhance their product offerings continuously, ensuring they stay ahead of competitors.

Additionally, the market includes several regional players specializing in niche applications and custom formulations. Companies like Hempel A/S and Jotun A/S focus on specific markets, such as marine and protective coatings, providing tailored solutions that meet unique customer requirements. These smaller players are actively expanding their footprints through strategic partnerships and collaborations to enhance their market presence. The growing trend of mergers and acquisitions within the industry is also expected to shape the competitive landscape, as companies seek to gain access to new technologies, markets, and customer segments.

Key companies such as Dow Inc. and AkzoNobel N.V. are focusing on sustainability as a core aspect of their business strategies. They are actively developing eco-friendly elastomeric coatings that comply with stringent environmental regulations while meeting the performance requirements of various applications. This focus on sustainable solutions not only enhances their brand reputation but also aligns with the increasing consumer demand for environmentally friendly products. As the market continues to evolve, companies that can balance performance, sustainability, and cost-effectiveness will likely emerge as leaders in the elastomeric coatings market.

• 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 Dow Inc.
    • 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 Jotun A/S
    • 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 Hempel A/S
    • 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 Covestro AG
    • 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 Masco Corporation
    • 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 Benjamin Moore & Co.
    • 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 Henkel AG & Co. KGaA
    • 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 PPG Industries, 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 Kansai Paint Co., Ltd.
    • 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 RPM International Inc.
    • 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
  • 5.16 Chugoku Marine Paints, Ltd.
    • 5.16.1 Business Overview
    • 5.16.2 Products & Services
    • 5.16.3 Financials
    • 5.16.4 Recent Developments
    • 5.16.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Elastomeric Coatings for the Construction Market, By Application
    • 6.1.1 Roof Coatings
    • 6.1.2 Wall Coatings
    • 6.1.3 Floor Coatings
    • 6.1.4 Bridge Coatings
    • 6.1.5 Others
  • 6.2 Elastomeric Coatings for the Construction Market, By Product Type
    • 6.2.1 Acrylic Elastomeric Coatings
    • 6.2.2 Silicone Elastomeric Coatings
    • 6.2.3 Polyurethane Elastomeric Coatings
    • 6.2.4 Butyl Elastomeric Coatings
    • 6.2.5 Others
  • 6.3 Elastomeric Coatings for the Construction Market, By Ingredient Type
    • 6.3.1 Fillers
    • 6.3.2 Binders
    • 6.3.3 Pigments
    • 6.3.4 Additives
    • 6.3.5 Others
  • 6.4 Elastomeric Coatings for the Construction 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 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Elastomeric Coatings for the Construction Market by Region

• 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 Elastomeric Coatings for the Construction market is categorized based on

By Product Type

• Acrylic Elastomeric Coatings
• Silicone Elastomeric Coatings
• Polyurethane Elastomeric Coatings
• Butyl Elastomeric Coatings
• Others

By Application

• Roof Coatings
• Wall Coatings
• Floor Coatings
• Bridge Coatings
• Others

By Distribution Channel

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

By Ingredient Type

• Fillers
• Binders
• Pigments
• Additives
• Others

By Region

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

Key Players

• PPG Industries, Inc.
• Benjamin Moore & Co.
• Sherwin-Williams Company
• BASF SE
• AkzoNobel N.V.
• RPM International Inc.
• Valspar Corporation
• Dow Inc.
• Hempel A/S
• Covestro AG
• Axalta Coating Systems Ltd.
• Henkel AG & Co. KGaA
• Kansai Paint Co., Ltd.
• Jotun A/S
• Chugoku Marine Paints, Ltd.
• Masco Corporation