Emulsion Coatings

Emulsion Coatings Market Outlook

The global emulsion coatings market is poised for significant growth, with an estimated market size of approximately USD 50 billion in 2023, projected to expand at a compound annual growth rate (CAGR) of around 6% from 2025 to 2035. This growth trajectory is primarily fueled by the rising demand for environmentally friendly and sustainable coating solutions across various sectors, including construction, automotive, and industrial applications. Furthermore, increasing urbanization and infrastructure development in emerging economies are expected to bolster the market, as businesses and consumers alike seek versatile, durable, and low-VOC (volatile organic compounds) alternatives to conventional coatings. These factors, combined with innovations in formulation technology and growing awareness of the benefits of emulsion coatings, are projected to drive the market forward in the coming decade.

Growth Factor of the Market

Several key factors are contributing to the growth of the emulsion coatings market. Firstly, the increasing focus on sustainability is prompting manufacturers to develop eco-friendly products that meet stringent environmental regulations. As consumers and industries become more environmentally conscious, the demand for low-VOC and water-based emulsion coatings is on the rise. Secondly, the rapid urbanization and infrastructural expansions in developing regions are creating a higher requirement for advanced coatings that offer durability and weather resistance. Thirdly, the automotive sector is witnessing substantial growth, with manufacturers seeking innovative solutions to enhance vehicle aesthetics and longevity, which emulsion coatings can provide. Moreover, technological advancements in coating formulations are allowing for improved performance characteristics, such as enhanced adhesion and reduced drying times. Lastly, the growing trend towards DIY projects and home renovations is driving demand in the consumer market, further boosting sales in the emulsion coatings segment.

Key Highlights of the Market

• Significant growth projected with a CAGR of 6% from 2025 to 2035
• Increasing demand for sustainable and eco-friendly coatings
• Expansion in infrastructure development globally
• Technological advancements enhancing emulsion coatings performance
• Growing DIY trends contributing to consumer market demand

By Product Type

Acrylic Emulsion Coatings:

Acrylic emulsion coatings are the most widely used type in the emulsion coatings market, owing to their excellent durability, flexibility, and adhesion properties. These coatings are highly resistant to weathering, making them ideal for exterior applications such as residential and commercial buildings. Their quick drying time and ease of application further contribute to their popularity. Acrylic emulsion coatings are also favored for their low VOC content, aligning with the increasing demand for environmentally friendly products. With a diverse range of applications, including walls, roofs, and decorative finishes, the acrylic segment is expected to maintain a significant share of the overall market.

Vinyl Emulsion Coatings:

Vinyl emulsion coatings are gaining traction due to their cost-effectiveness and user-friendly application. These coatings are characterized by their excellent adhesion and resistance to water, making them suitable for various substrates. Vinyl emulsions find extensive use in the building and construction sector, often applied in residential paints and surface coatings. They provide a durable finish while offering a wide range of color options, further appealing to consumers seeking aesthetic value. As demand for versatile coatings grows, the vinyl segment is anticipated to witness steady growth, particularly in regions focusing on affordable housing solutions.

Polyurethane Emulsion Coatings:

Polyurethane emulsion coatings are recognized for their superior chemical and abrasion resistance, making them ideal for industrial applications and high-traffic areas. They provide excellent hardness and toughness, ensuring longevity and protection against mechanical wear. These coatings are commonly used in automotive finishes, wood coatings, and flooring applications. The growing automotive sector, with its demand for high-performance coatings, is expected to significantly boost the polyurethane emulsion segment. Additionally, as industries increasingly prioritize wear and tear resistance, the uptake of polyurethane emulsion coatings is likely to rise steadily.

Epoxy Emulsion Coatings:

Epoxy emulsion coatings offer exceptional adhesion and chemical resistance, making them suitable for harsh environments often found in industrial applications. Their durability and protective qualities make them a preferred choice for metal surfaces, machinery, and equipment. The ability to withstand corrosion and chemical spills positions epoxy emulsions as a vital component in various industries, including automotive, manufacturing, and construction. The growing focus on industrial safety and equipment longevity is expected to drive demand for epoxy emulsion coatings, contributing to the segment’s growth over the forecast period.

Others:

The "Others" category in the product type segment encompasses a range of emulsion coatings that do not fall under the primary classifications mentioned above. This includes specialty and hybrid coatings that combine various properties to meet specific application requirements. Market participants are increasingly investing in research and development to create innovative products that cater to niche markets, such as protective coatings and primers. As customization and specialty coatings gain popularity, this segment is likely to experience moderate growth, driven by the evolving needs of consumers and industries alike.

By Application

Building & Construction:

The building and construction segment represents one of the largest applications for emulsion coatings, driven by the growing demand for protective and aesthetic finishes. With rapid urbanization and infrastructure development globally, the need for high-quality coatings that can withstand various weather conditions is paramount. Emulsion coatings are preferred due to their ease of application, quick drying times, and low VOC content, making them environmentally friendly options for both residential and commercial projects. Moreover, as standards for indoor air quality improve, the demand for non-toxic, low-emission coatings in the building sector is expected to remain strong, further solidifying the position of emulsion coatings.

Automotive:

The automotive segment is witnessing significant growth, as manufacturers increasingly look for innovative coatings that enhance vehicle aesthetics and durability. Emulsion coatings are utilized in a variety of automotive applications, including exterior finishes, primers, and interior coatings. Their ability to provide excellent adhesion, color retention, and UV resistance makes them ideal for automotive use. With the rising trend of electric vehicles and the need for lightweight materials, emulsion coatings that can meet these specific requirements are gaining traction, leading to an expansion of this segment in the coming years.

Industrial:

Industrial applications of emulsion coatings encompass a wide array of uses, from machinery and equipment protection to flooring solutions. These coatings are favored for their durability, chemical resistance, and ability to withstand harsh environments, making them suitable for factories, warehouses, and other industrial facilities. As industries place a premium on operational efficiency and safety, the demand for high-performance emulsion coatings is expected to increase. Furthermore, the ongoing trend towards automation and modernization in manufacturing processes is likely to drive the need for advanced coatings that offer long-lasting protection and maintenance-free solutions.

Paper & Packaging:

Emulsion coatings play a crucial role in the paper and packaging industry, providing protective and aesthetic finishes to various products. These coatings enhance the print quality and durability of paper products, including labels, cartons, and flexible packaging. Furthermore, with growing concerns about sustainability, manufacturers are shifting towards water-based emulsion coatings that reduce environmental impact while maintaining performance. As the demand for sustainable packaging solutions continues to rise, the emulsion coatings segment in the paper and packaging sector is expected to benefit from this trend, driven by both consumer preferences and regulatory pressures.

Others:

The "Others" category in applications includes a diverse range of areas where emulsion coatings are utilized, such as textiles, leather, and furniture. This segment is characterized by niche applications that require specific properties, such as flexibility, waterproofing, and UV resistance. As innovation in emulsion coatings evolves, manufacturers are developing products that cater to these unique requirements, fostering growth within this segment. Moreover, the rising trend of personalization and customization across industries is likely to further drive the demand for specialized emulsion coatings in various applications.

By Distribution Channel

Direct Sales:

Direct sales are a crucial distribution channel for emulsion coatings, allowing manufacturers to engage directly with consumers and businesses. This channel provides significant advantages, including better control over pricing, branding, and customer service. Direct sales are particularly popular among large manufacturers that seek to establish strong relationships with their clientele. By serving customers directly, companies can also gather valuable feedback on product performance and customer preferences, enabling them to tailor their offerings accordingly. As the demand for personalized solutions increases, the direct sales channel is expected to thrive, contributing significantly to the overall market growth.

Distributors:

Distributors play a vital role in the emulsion coatings market by facilitating the movement of products from manufacturers to end-users. They are essential for expanding the market reach and ensuring that products are readily available across various regions. Distributors offer a wide range of products and can provide on-the-ground support to contractors and consumers, helping them select the right coatings for their needs. Moreover, distributors often provide valuable services such as technical support and training, which can help drive product adoption in the market. As the emulsion coatings market continues to grow, the role of distributors is likely to become even more significant.

Online Retailers:

The rise of e-commerce has transformed the way consumers and businesses purchase emulsion coatings. Online retailers provide convenience and accessibility, allowing customers to compare products easily, read reviews, and make informed purchasing decisions from the comfort of their homes. This distribution channel has become increasingly popular, especially during the pandemic when traditional retail outlets faced restrictions. Online platforms also enable manufacturers to reach a broader audience and cater to the growing trend of DIY projects. As e-commerce continues to reshape consumer behavior, online retailers are expected to play an increasingly important role in the emulsion coatings market.

Wholesalers:

Wholesalers serve as intermediaries between manufacturers and retailers, distributing emulsion coatings in bulk to various markets. This channel allows for greater efficiency in product distribution, as wholesalers can manage inventory and logistics on behalf of manufacturers. Wholesalers often have established relationships with a network of retailers, ensuring that products reach end-users effectively. By offering competitive pricing and volume discounts, wholesalers make it easier for smaller retailers to stock and sell emulsion coatings. The growth of the emulsion coatings market is likely to see continued support from wholesalers as they adapt to changing consumer demands and market dynamics.

Others:

The "Others" category in distribution channels may include specialized channels such as trade shows, exhibitions, and direct-to-consumer events. These avenues allow manufacturers to showcase their products and engage directly with potential customers, creating opportunities for networking and collaboration. Additionally, emerging platforms and marketplaces are offering new ways for consumers to access emulsion coatings, further expanding the distribution landscape. As the industry evolves, innovative distribution channels will emerge, contributing to the overall growth of the emulsion coatings market.

By Ingredient Type

Acrylic:

Acrylic-based emulsion coatings are favored for their excellent adhesion, flexibility, and resistance to UV light. Acrylic ingredients allow for enhanced durability and weather resistance, making them ideal for exterior applications in buildings and construction. The growing demand for sustainable and low-VOC coatings has further propelled the popularity of acrylic emulsions, aligning with consumer preferences for environmentally friendly products. The versatility of acrylic ingredients enables the development of a wide range of coatings suitable for various surfaces, thus solidifying their position as a dominant ingredient type in the emulsion coatings market.

Vinyl:

Vinyl ingredients are often utilized in emulsion coatings due to their cost-effectiveness and performance characteristics. Vinyl-based coatings offer excellent adhesion and flexibility, making them suitable for various applications, particularly in the building and construction sector. The ease of application and quick drying times associated with vinyl emulsions contribute to their popularity among contractors and DIY enthusiasts alike. As the demand for affordable and efficient coating solutions grows, vinyl ingredients are expected to maintain a noteworthy presence in the emulsion coatings market.

Polyurethane:

Polyurethane ingredients are essential for producing high-performance emulsion coatings that offer superior durability and chemical resistance. These coatings are particularly valuable in industrial applications, where they protect surfaces from abrasion, impact, and harsh environmental conditions. The versatility of polyurethane allows for customization to meet specific performance requirements, enhancing their appeal across various industries, including automotive and manufacturing. The increasing emphasis on safety and longevity in industrial settings is driving up the demand for polyurethane-based emulsion coatings, contributing to this ingredient type's growth.

Epoxy:

Epoxy ingredients are integral to the formulation of emulsion coatings that require exceptional adhesion and chemical resistance. These coatings are commonly used in industrial settings, where they provide protection for machinery and equipment from corrosion and chemical exposure. Epoxy emulsions also find applications in flooring systems, offering durability in high-traffic areas. The demand for epoxy-based coatings is on the rise due to the growing awareness of industrial safety and the need for long-lasting protection. As industries increasingly prioritize quality and performance, epoxy ingredients are expected to play a critical role in the emulsion coatings market.

Others:

The "Others" category in ingredient types encompasses a variety of additives and specialty ingredients used in emulsion coatings. These may include fillers, pigments, and solvents that enhance specific properties, such as color fastness, texture, and application characteristics. As manufacturers focus on innovation and customization, the use of specialty ingredients is expected to increase, allowing for the development of unique coatings tailored to niche applications. The diverse requirements of different industries will drive the growth of this segment, as companies seek to differentiate their products through innovative formulations.

By Region

The North America region holds a significant share of the emulsion coatings market, driven by robust demand in the construction and automotive sectors. The region's market size was valued at approximately USD 15 billion in 2023 and is expected to grow at a CAGR of around 5% through 2035. The increasing focus on sustainable building practices and environmentally friendly products aligns with the rise of water-based emulsion coatings, further supporting market expansion. Moreover, advancements in technology and rising investments in infrastructure projects are anticipated to contribute to the continued growth of the emulsion coatings market in North America.

In Europe, the emulsion coatings market is also experiencing substantial growth, largely fueled by stringent environmental regulations and a strong emphasis on sustainability. The region, valued at about USD 12 billion in 2023, is projected to witness solid growth as manufacturers increasingly adopt eco-friendly formulations. The presence of well-established automotive and construction industries further accelerates demand in this region. Additionally, countries such as Germany, France, and the UK are expected to lead the market, leveraging technological advancements and innovative product offerings to meet evolving consumer needs.

Opportunities

The emulsion coatings market is ripe with opportunities, particularly in emerging economies where urbanization and industrialization are rapidly advancing. As countries continue to develop their infrastructure, the demand for high-quality coatings will naturally increase, presenting a lucrative opportunity for manufacturers to expand their reach. Additionally, with the growing awareness of environmental concerns, there is a significant push towards sustainable and eco-friendly coating solutions. This shift in consumer preferences creates an opportunity for companies that can innovate and provide low-VOC and water-based emulsion coatings. Furthermore, the rise of e-commerce provides an additional avenue for manufacturers to reach customers directly, bypassing traditional distribution channels and enhancing market accessibility.

Moreover, technological advancements in coating formulations present a wealth of opportunities for differentiation in the emulsion coatings market. As manufacturers explore new ingredients and innovative applications, there is potential for developing specialty coatings tailored to specific industries or consumer needs. This adaptability will enable companies to capture niche markets and establish themselves as leaders in innovative coating solutions. The ongoing trend of DIY projects and home renovations also offers an opportunity for manufacturers to engage directly with consumers, providing easy-to-use products that cater to the growing interest in home improvement. Overall, the emulsion coatings market is poised for growth, with numerous avenues for companies to capitalize on emerging trends and consumer demands.

Threats

Despite the positive outlook for the emulsion coatings market, several threats could hinder its growth. One significant challenge is the volatility of raw material prices, which can impact production costs and, consequently, pricing strategies. Fluctuations in the prices of key ingredients, such as acrylics and polyurethane, can squeeze profit margins for manufacturers, leading to potential pricing wars that may benefit consumers but harm suppliers. Additionally, the market is characterized by intense competition, with numerous players vying for market share. This competitive landscape could result in aggressive pricing strategies that may not be sustainable in the long term.

Another notable threat comes from stringent regulatory requirements associated with environmental standards. While many manufacturers are responding positively to these regulations by developing sustainable products, others may struggle to keep up with compliance costs and evolving standards. Non-compliance with environmental regulations can lead to significant penalties and tarnished reputations, which can deter potential customers. Furthermore, the rapid pace of technological advancements necessitates continuous investment in research and development, which can strain resources for some companies, particularly smaller players. As the market evolves, those unable to adapt to changing consumer preferences and regulatory demands may find it increasingly difficult to remain competitive.

Competitor Outlook

• BASF SE
• AkzoNobel N.V.
• PPG Industries, Inc.
• Sherwin-Williams Company
• RPM International Inc.
• Masco Corporation
• Henkel AG & Co. KGaA
• Asian Paints Limited
• Dow Chemical Company
• Valspar Corporation
• Benjamin Moore & Co.
• Beckers Group
• Sika AG
• Ferro Corporation
• Jotun Group

The competitive landscape of the emulsion coatings market is characterized by a mix of well-established multinational corporations and emerging regional players, all striving to capture market share through innovation and strategic partnerships. Major companies such as BASF, AkzoNobel, and PPG Industries lead the market, leveraging their extensive product portfolios, advanced R&D capabilities, and global reach. These industry giants are continually investing in sustainable technologies and eco-friendly formulations to align with consumer demands and regulatory standards. Additionally, they often engage in mergers and acquisitions to expand their market presence and enhance their competitive edge in key regions.

Smaller and emerging players in the emulsion coatings market are also making significant strides by focusing on niche applications and specialty products that cater to specific industry needs. Companies like Beckers Group and Jotun are carving out their position by offering innovative solutions tailored to particular markets, such as marine coatings and protective industrial coatings. This strategic focus allows them to differentiate themselves and capture customer loyalty in a competitive environment. Furthermore, as sustainability becomes a critical factor in purchasing decisions, these emerging players often highlight their commitment to developing eco-friendly products, appealing to environmentally conscious consumers.

As the market continues to evolve, collaboration among companies is becoming increasingly common, with many seeking partnerships with technology developers and research institutions to foster innovation. By combining resources and expertise, companies aim to accelerate the development of advanced emulsion coatings that meet the changing demands of consumers and industries alike. Overall, the competitive landscape of the emulsion coatings market is dynamic and characterized by innovation, sustainability, and collaboration, positioning it well for future growth and evolution.

• 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 Sika AG
    • 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 Group
    • 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 Beckers Group
    • 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 AkzoNobel N.V.
    • 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 Ferro Corporation
    • 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 Asian Paints Limited
    • 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 Benjamin Moore & Co.
    • 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 Dow Chemical Company
    • 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 Henkel AG & Co. KGaA
    • 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 PPG Industries, 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 RPM International Inc.
    • 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 Sherwin-Williams Company
    • 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 Emulsion Coatings Market, By Application
    • 6.1.1 Building & Construction
    • 6.1.2 Automotive
    • 6.1.3 Industrial
    • 6.1.4 Paper & Packaging
    • 6.1.5 Others
  • 6.2 Emulsion Coatings Market, By Product Type
    • 6.2.1 Acrylic Emulsion Coatings
    • 6.2.2 Vinyl Emulsion Coatings
    • 6.2.3 Polyurethane Emulsion Coatings
    • 6.2.4 Epoxy Emulsion Coatings
    • 6.2.5 Others
  • 6.3 Emulsion Coatings Market, By Ingredient Type
    • 6.3.1 Acrylic
    • 6.3.2 Vinyl
    • 6.3.3 Polyurethane
    • 6.3.4 Epoxy
    • 6.3.5 Others
  • 6.4 Emulsion Coatings Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributors
    • 6.4.3 Online Retailers
    • 6.4.4 Wholesalers
    • 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 Emulsion Coatings Market by Region
  • 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 Emulsion Coatings market is categorized based on

By Product Type

• Acrylic Emulsion Coatings
• Vinyl Emulsion Coatings
• Polyurethane Emulsion Coatings
• Epoxy Emulsion Coatings
• Others

By Application

• Building & Construction
• Automotive
• Industrial
• Paper & Packaging
• Others

By Distribution Channel

• Direct Sales
• Distributors
• Online Retailers
• Wholesalers
• Others

By Ingredient Type

• Acrylic
• Vinyl
• Polyurethane
• Epoxy
• Others

By Region

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

Key Players

• BASF SE
• AkzoNobel N.V.
• PPG Industries, Inc.
• Sherwin-Williams Company
• RPM International Inc.
• Masco Corporation
• Henkel AG & Co. KGaA
• Asian Paints Limited
• Dow Chemical Company
• Valspar Corporation
• Benjamin Moore & Co.
• Beckers Group
• Sika AG
• Ferro Corporation
• Jotun Group