Global independent brand valuation consultancy Brand Finance recently released a new report, listing the top 10 most valuable paint brands for the year. For the third consecutive year, Sherwin-Williams took the top spot, as its brand value was stable compared to last year during slow home sales, high inflation rates and a slowdown in the European market.
The Brand Finance Paints 10 2024 analyzed companies in the categories of most valuable paint brands, fastest-growing paint brands, strongest paints brand and highest “Sustainability Perceptions Score.”
According to the report, the top 10 most valuable paint brands of 2024 are:
1. Sherwin-Williams ($7.6 billion);
2. PPG ($4.1 billion);
3. Nippon Paint ($2.4 billion);
4. Axalta Coating Systems ($1.7 billion);
5. Asian Paints ($1.5 billion);
6. Dulux ($1.3 billion);
7. Kansai Paint ($0.9 billion);
8. Jotun ($0.9 billion);
9. 3TREES ($0.7 billion); and
10. Berger Paints ($0.4 billion).
The analysis found that Kansai Paints saw the overall largest brand value percentage growth since last year, up 17%, followed by Jotun at 15%. Kansai’s increase was reportedly attributed to its response to rising raw material changes with price hikes, as well as a rise of 24% in net profit during its most recent quarter and an increase in demand for industrial and decorative paints.
In addition to brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. The assessment is reportedly compliant with ISO 20671 and incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
Asian Paints held onto its title of the strongest paints brand with a BSI score of 76.0 of 100. This is reportedly owed to brand perceptions by consumers of Asian Paints as being highly reliable for the manufacturing and distribution of paint.
Additionally, the consultancy firm notes, Asian Paints has been taking steps into various new directions, such as the planning for a White Cement manufacturing facility and collaborations for nanotechnology.
As part of the analysis, Brand Finance also assesses the role that specific brand attributes play in driving overall brand value. An attribute growing “rapidly” in significance is sustainability, they report.
Represented by a “Sustainability Perceptions Score,” the company assesses how sustainable specific brands are perceived to be and calculates a value for each brand. The 2024 Sustainability Perceptions Index reportedly found that, in the paints sector, Sherwin-Williams has the highest Sustainability Perceptions Value of $625 million.
“Paint brands are increasingly integrating cutting-edge technologies into their products to enhance functionality and appeal, giving consumers an impressive range of advanced solutions for their homes and businesses,” commented Savio D’Souza, Senior Director of Brand Finance. “The approach of focusing on innovation highlights the industry's commitment to improving product performance and customer satisfaction through constant advancements. As the most valuable brand in our rankings, Sherwin-Williams has taken the lead in the development of air purifying paint, which not only reduces the usage of volatile organic compounds (VOCs) but also neutralizes odors and improves indoor air quality.”
