Paints and coatings: Production
How Birla Opus set off a paint price war in India
What this tab covers Who makes it and how much: world capacity and output, utilisation, the top producing countries and companies globally and in India, concentration, new capacity coming, and each region's position.| Measure | Figure | Detail | Source |
|---|---|---|---|
| World capacity | not published globally; India's two largest decorative players alone have about 2,950 million litres a year (Asian Paints over 1,850; Birla Opus 1,096, rising to 1,332) | The Week (PTI), May 2025 | |
| World output | about 50 Mt (indicative, basis: about $200 billion at about $4/kg) | indicative | |
| Capacity utilisation | not published globally; Indian decorative capacity is in surplus after Birla Opus added about 31% to industry capacity | Overcapacity in India has driven discounting and dealer incentives since 2024. Asian Paints still took weighted price increases of about 7% in Q1 FY27 as raw materials rose. | Businessworld (31% capacity addition); PL Capital Jul 2026 |
| Concentration | top 4 companies about $58 billion, roughly 29% of a $200 billion market; top 10 roughly 40-45% (indicative, derived) | Global rankings have been stable, but 2025-2026 brings large deals: the AkzoNobel-Axalta all-share merger (about $16.2 billion of 2025 coatings sales combined; approved by both sets of shareholders on 5 August 2026, closing expected end-2026 or early 2027), BASF's sale of its automotive OEM, refinish and surface treatment coatings to Carlyle and QIA (EUR 7.7 billion enterprise value, completed 30 June 2026; the business is now Surventis and BASF keeps 40%), and Nippon Paint's $1.35 billion purchase of AkzoNobel's South-East Asia decorative business. | PCI Magazine, 9 Jul 2026; ChemXplore (Aug 2026); BASF news release P-26-113 (1 Jul 2026) (derived shares indicative) |
| New capacity | India: Birla Opus to 1,332 million litres; Asian Paints VAM/VAE backward integration from August 2026 | Global capacity additions are not tracked publicly; growth is via M&A (AkzoNobel-Axalta, BASF coatings sale, Nippon-AOC, Sherwin-Williams-Suvinil). | The Week May 2025; PL Capital Jul 2026; PCI Magazine Jul 2026 |
Top producing countries
- China: largest market; Nippon Paint China and SKSHU (Three Trees) lead decorative
- United States: home of Sherwin-Williams ($19.8 billion), PPG ($15.9 billion), RPM and Axalta
- Europe (Germany, Netherlands, Nordics): AkzoNobel (about $11 billion), BASF Coatings, Jotun, Hempel
- Japan: Nippon Paint (about $11 billion) and Kansai Paint
- India: Rs 72,000 crore industry (about $8.5 billion); decorative 70%
Largest producers: global
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| Sherwin-Williams acquired Suvinil (Brazil) | US | 19.8 $ billion coatings sales (estimated) | 2025 | PCI Magazine Global Top 10, Jul 2026 |
| PPG Industries also a partner of Asian Paints in Indian industrial and auto JVs (indicative) | US | 15.9 $ billion coatings sales | 2025 | PCI Magazine Jul 2026 |
| AkzoNobel merging with Axalta (shareholders approved 5 Aug 2026; closing expected end-2026 or early 2027); selling SE Asia deco to Nippon | Netherlands | 11 $ billion coatings sales (approx.) | 2025 | PCI Magazine Jul 2026 |
| Nippon Paint Holdings Wuthelam-controlled; acquired AOC | Japan | 11 $ billion coatings sales (approx.) | 2025 | PCI Magazine Jul 2026 |
| RPM International includes sealants and construction products | US | 7.37 $ billion total sales (FY to May 2025) | 2025 | ASI Top 20, 2026 |
| Axalta not published here; merging with AkzoNobel (closing expected end-2026 or early 2027, ChemXplore Aug 2026) | US | not published | 2025 | PCI Magazine Jul 2026 |
| Surventis (former BASF Coatings) sold to Carlyle and QIA at EUR 7.7 billion enterprise value, completed 30 June 2026; BASF keeps 40%; BASF coatings sales were EUR 3.8 billion in 2024 (BASF; European Rubber Journal, Oct 2025) | Germany | not published | 2025 | PCI Magazine Jul 2026 |
| Asian Paints ranked eighth or so globally (PCI 2026) | India | 4.2 $ billion consolidated revenue (INR 356.2 bn at about Rs 85/$) | FY2026 | PL Capital result update, 29 Jul 2026 |
Largest producers: India
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| Asian Paints FY26 revenue INR 356.2 bn, EBITDA margin 18.8%; Q1 FY27 decorative volume +9% | India | 1,850 million litres a year capacity (over) | 2025 | The Week (PTI), May 2025; PL Capital Jul 2026 |
| Birla Opus (Grasim Industries) capex Rs 9,352 crore by Mar 2025; claims over 10% revenue share in decorative | India | 1,096 million litres a year capacity (1,332 planned) | 2025 | The Week (PTI), May 2025 |
| Berger Paints India number two by revenue before Birla Opus (indicative); figures not retrieved | India | not published | 2025 | Coatings World top 15 via Zona de Pinturas (2022) |
| Kansai Nerolac strong in industrial and auto coatings; guided gross margin up 162 bps over three years | India | not published | 2025 | Businessworld |
| JSW Paints (JSW Akzo) named with Birla Opus and JK Cement as gaining share | India | not published | 2026 | PL Capital Jul 2026 |
India's industry is about Rs 72,000 crore (May 2025) and has grown at 1.5-2 times GDP; decorative is 70%. Per capita use is 3.5 kg against a world average of 10 kg. The country makes nearly all its paint at home but imports much of its TiO2 and acrylic monomers.
Position by region
| Region | Position |
|---|---|
| US | Largest company base (Sherwin-Williams, PPG, RPM, Axalta); demand tied to housing turnover and repaint. |
| EU | Strict VOC limits under the Decopaint Directive; BASF sold control of its coatings arm (now Surventis) in June 2026; AkzoNobel is merging with Axalta. |
| India | Fast growth from low per-capita use; price war after Birla Opus, JSW and JK Cement entries; imports TiO2 and monomers. |
| China | Largest market by volume; property slump since 2021 has hit decorative demand; local champions such as SKSHU. |
| Japan | Nippon Paint and Kansai expand abroad (Asia, Europe, Americas) as the home market is flat. |
| Middle East | Jotun and National Paints strong; construction-driven demand. |