Global independent brand valuation consultancy Brand Finance recently released a new report, listing the top 10 most valuable paint brands for the year.
According to the latest ranking, global coatings company Sherwin-Williams “dominates” the list’s top spot, despite a small brand value reduction year-over-year amid selling price increases and increased production volume.
The Brand Finance Paints 10 2023 ranking analyzed companies in the categories of most valuable paint brands, fastest-growing paint brands, strongest paint brand and highest “Sustainability Perceptions Score.”
According to the report, the top 10 most valuable paint brands of 2023 are:
1. Sherwin-Williams ($7.5 billion);
2. PPG ($3.8 billion);
3. Nippon Paint ($2.3 billion);
4. Asian Paints ($1.7 billion);
5. Axalta Coating Systems ($1.5 billion);
6. Dulux ($1.3 billion);
7. 3TREES ($0.8 billion);
8. Kansai Paints ($0.8 billion);
9. Jotun ($0.8 billion); and
10. Berger Paints ($0.4 billion).
While Sherwin took first in this category, Brand Finance reports that PPG has the most brand value growth of all paint brands “by far,” up 141% from the previous year. Dulux took second place in this category, up 15%.
The consultants attribute PPG’s growth to higher selling prices across its markets. The brand has also added further manufacturing capacity through strategic acquisitions, particularly in the fast-growing powder coating product category.
In the strongest paint brands category, Brand Finance uses a scorecard of metrics evaluating marketing investment, stakeholder equity and business performance in compliance with ISO 20671. Additionally, the assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
Asian Paints took the lead as the strongest brand with a Brand Strength Index score of 77.6/100 and AA+ brand rating. According to Brand Finance, this demonstrates that consumers perceive Asian Paints to be a trusted option for paint production and distribution, catering to a broad range of multi-faceted consumer needs.
Looking next at sustainability, Nippon Paints reportedly holds the highest Sustainability Perceptions Score (4.61/10), while PPG has the highest Sustainability Perception Value (SPV) at $134 million.
Brand Finance assesses how sustainable specific brands are perceived to be, represented by the Sustainability Perceptions Score. The value that is linked to sustainability perceptions is then calculated for each brand.
The report notes that Nippon has released several new and more sustainable products over the past few years, including anti-bacterial and anti-viral paints and coatings; and ultra-low odor and ultra-low chemical emission products.
Meanwhile, Brand Finance adds that PPG’s position at the top of the SPV table is not an assessment of its overall sustainability performance, but rather indicates how much brand value it has tied up in sustainability perceptions. The brand’s Sustainability Perception Score was also 4.52/10, the third highest in the ranking.
“The world’s top paints brands have faced significant challenges over the past two years; however, innovation and evolving trends are continuing to reshape the industry. From eco-friendly formulations and advanced application technologies to personalized color solutions, the industry is constantly adapting to meet the changing needs and expectations of consumers,” commented Savio D’Souza, Senior Director of Brand Finance.
“With a focus on sustainability, durability, and aesthetics, the paints industry is driving forward with creativity and ingenuity, paving the way for a more colorful and sustainable future.”
Paint Satisfaction Study
In April this year, marketing research company J.D. Power released its 2023 U.S. Paint Satisfaction Study, revealing an increase in do-it-yourselfers despite a spike in paint prices.
The U.S. Paint Satisfaction Study was based on responses from 4,640 customers who purchased and applied interior paint, exterior paint and/or exterior stain in the past 12 months. The study was fielded from December 2022 through January 2023.
According to J.D. Power, the overall customer experience is based on four key drivers of satisfaction: application; durability; offerings; and price. The study also examines the customer experience with their paint retailer based on online experience; in-store experience; service and staff; merchandise; and price.
The findings were then organized by study segment, which involved the following:
-Measures key drivers of satisfaction among customers who purchased and applied interior paint, exterior paint, interior stain and/or exterior stain;
-Examines pathway to purchase;
-Captures application behaviors;
-Examines problems experienced; and
-Delivers insight into what drives customer loyalty.
The study also looked at customer experience with paint retailers, which examined five key drivers of satisfaction: online experience; in-store experience; service and staff; merchandise; and price. These findings were then broken down into the following segments:
-Captures brand image and reputation;
-Measures key drivers of satisfaction among customers who purchased interior/exterior paint or interior/exterior stain from a major paint retailer;
-Captures online and in-store experience; and
-Delivers insight into what drives customer loyalty.
According to the press release, Sherwin-Williams ranked the highest in the interior paint segment with a score of 872. Behr followed with a score of 867, and Benjamin Moore ranked third with a final score of 865.
For the exterior paint segment, Behr ranked highest with a score of 865. Benjamin Moore ranked second and Sherwin-Williams ranked third, with scores of 864 and 859, respectively.
For the exterior stain segment, Benjamin Moore had the highest-ranking score, reporting of 868. In second, Sherwin-Williams reported a score of 854 and, in third, Cabot received a score of 843.
Finally, in tallying the scores for independent retailers, Ace Hardware took the top spot with a score of 889. Benjamin Moore ranked second at 882, followed by the Sherwin-Williams Paint Store in third with a score of 880.
