February 18, 2025 – The competitive landscape of the global paint industry is undergoing subtle shifts. In the recently unveiled “Top 100 Global Paint Companies” list, JOTUN has made a remarkable leap, overtaking MASCO, which previously held a top-ten spot, to secure its position in the prestigious top ten. Meanwhile, HEMPEL, currently ranked 12th, is also garnering industry attention as it aims for a potential rank upgrade this year.
MASCO’s recently released 2024 annual report reveals a 2% decline in full-year sales to $7.828 billion, with its core paint brand, Behr, experiencing a 5% drop in revenue. This performance stands in stark contrast to JOTUN’s robust growth.
According to Color Masterbatch Industry Network insights, JOTUN’s total revenue for 2024 surged 7% to NOK 34.206 billion (approximately $3.079 billion). Notably, the fourth quarter witnessed a 14.6% revenue increase, with both sales and operating profits reaching all-time highs. Morten Fon, JOTUN’s President and CEO, expressed satisfaction with these results, emphasizing that despite uncertainties like exchange rate fluctuations, the orderly operation of the company’s business units provided significant security.
It’s worth mentioning that since MASCO’s decision to exit the Chinese market at the end of 2023, its paint business has experienced consecutive years of decline. Conversely, JOTUN has sustained its strong growth momentum, gradually narrowing the gap with MASCO. HEMPEL has also performed impressively in recent years, achieving a 13.7% organic growth in 2023 and record-high revenues. However, to break into the top ten, HEMPEL would need to achieve nearly a 20% sales increase in 2024.
As a global leader in the paint market, JOTUN’s business spans decorative paints, marine coatings, industrial protective coatings, and powder coatings. With a network of subsidiaries and production bases worldwide, JOTUN’s products are sold in over 100 countries and regions. In China, JOTUN has established multiple companies and production facilities, employing over 1,600 staff.
Looking ahead, JOTUN’s prospects remain optimistic. The company anticipates that its sales growth in 2025 will continue to exceed market expectations, and it aims to achieve steady profitability in the new year. Despite facing uncertainties such as inflation, rising interest rates, and exchange rate fluctuations, JOTUN remains committed to its long-term growth strategy and investment plans, aiming to further boost profitability through its extensive industrial and international operations.