Top 25 2015 PDF

TOP 25 COVER2 2.qxp_APCJ Q6.
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APCJs review of the top companies in Asia Pacific, compiled by industry expert Louis McCulloch
AsiaPacific
TOP
25
PAINT
MANUFACTURERS
Comment Top 25 summarised table Company Profiles
2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 1
TOP25 2015
TOP25 PAINT MANUFACTURERS IN ASIA PACIFIC

APCJs review of the top companies in the Asia Pacific coatings business is
compiled by leading industry expert Louis McCulloch
ow entering its seventh year, our

review of the largest paints and
coatings companies continues to
change and grow in much the same way
as the region it covers continues to
astound the coatings world.
To remind and reiterate. We cover the
Asia Pacific region from Nepal to New
Zealand. We rely on and are thankful for,
the co-operation of 25 major companies
from nine different countries, languages
and cultures. Our figures are as up to date
as publication deadlines allow. The work
is, we judge, interesting, insightful and
valued by our audience.
APACS PREMIER LEAGUE

As in football, it is always interesting to
follow the biggest teams. Thats why, for
the first time, last year we gave a
rundown on those companies, whose sales
are largest in the Asia Pacific region,
whether their headquarters are in the
region or elsewhere in the world.
That topic brought into the equation
the worlds largest, like AkzoNobel and
PPG, no surprises there but also mid-sized
businesses like Hempel, number eight in
Europe but with a strong presence in Asia
Pacific (and the Middle East) on the back
of their global marine paints capabilities.
Thus we are pleased to update and present this table once more. To make it fair
and comparable we have used figures for
2013 as the core year. That is because at the
time of going to press the latest data for
the Indian and Japanese contingent are just
around the corner but sadly not readily
available. We have also taken special pains
this time, when converting other currencies
to US dollars to fit the right exchange rate
to the fiscal year of the companies
concerned, particularly as the dollar has
been very strong during the period in question, making comparisons difficult and
troublesome when dealing with nine different currencies and five different year ends.
Turning to the companies themselves,
after only the second time the analysis is
still bedding down but throwing up some
noteworthy changes. Chugoku moves up a
few places compared to the previous table
as does DNT, while Samhwa makes its first
appearance, causing Noroo to make an
exit. Significant moves are also made by
Nipsea and PPG.
The combined coatings sales of these 20
companies amount to some US$25bn. That
figure represents just in excess of 40% of
the Asia Pacific region and approaching
20% of the world market. The super
league indeed.
APAC Coatings Sales (US$M)

1
AkzoNobel
Netherlands
2
Nipsea
Singapore
3
Kansai
Japan
4
PPG
USA
5
Nippon
Japan
6
Asian Paints India
7
S K Kaken
Japan
8
Valspar
USA
9
Dulux
Australia
10
BASF
Germany
11
Chugoku
Japan
Berger
India
12
13
Jotun
Norway
14
DNT
Japan
15
Axalta
USA
16
TOA
Thailand
17
KCC
South Korea
18
Hempel
Denmark
19
Samhwa
South Korea
20
Yip's
Hong Kong
3751
2989
2621
2172
1979
1896
899
845
844
816
795
785
737
653
645
593
522
493
454
438
Louis McCulloch
Tel: +44 (0)1306 740767
louis.mcculloch@btconnect.com
period, notwithstanding sales spikes

like acquisitions.
Year
End
Asian Paints Mar
Berger
Mar
Chugoku Mar
DNT
Mar
Kansai
Mar
Nippon
Mar
SK Kaken Mar
Dulux
Sep
KCC
Dec
Nipsea
Dec
% Sales Increase
2014 2013 2012
16.3 13.9 25.0
15.9 14.4 26.6
8.7
-10.6 -3.1
2.5
0.8
-0.9
9.0
14.6 8.3
11.7 5.0
-2.3
11.4 5.8
10.2
8.5
39.1 3.4
5.9
-0.4
1.5
8.4
7.1
9.8
2011
15.3
23.1
11.3
2.8
6.6
5.0
13.0
2.5
5.6
n/a
TAKEOVER NEWS
In the wake, as previously announced, of
Singapore-based Wuthelam Group, parent
of Nipsea, increasing its stake in Nippon
Paint to some 30%, Nippon confirmed it
had acquired a majority stake in their Asia
joint ventures by issuing new shares to
Nipsea Group. One result of this deal
appears in Nippons profile where
employee figures shot up from 1340 nonconsolidated to 5755 consolidated. No
doubt more will follow in due course.
Meanwhile, in late news from 2013,
Nippon reached an agreement with
Protech Chemicals of Canada to sell its
USA-based powder business, NPA Coatings,
also known as Seibert Powder Coatings.
Other transactions in 2014/15 in a generally quiet market include DuluxGroup
planning to acquire Porters Paints, Sydney,
manufacturer of decorative paints
targeted at architects and designers. Also,
Kansai Nerolac formed a 60% joint
venture with Capital Holdings Maharaja,
to take advantage of their presence in Sri
Lankan hardware outlets.
COUNTRY OUTLOOK
Here is presented the latest growth estimates by volume for the 2014 year for
most of the countries that make up the
region. The information comes largely
from the paint association delegates that
attended the Asia Paint Industry Council
meeting, held at the back end of the year
in The Philippines. Additional canvassing
took place of APIC members not present
at the meeting and other country associations, which it is hoped, will present themselves at future events, the next being in
China in July 2015.
Australia 2%
Cambodia 10%
Indonesia 7%
Malaysia 6%
Nepal 20%
Pakistan 2%
Singapore 1%
Sri Lanka 6%
Thailand 0%
Bangladesh 5%
China 8%
India 12%
Japan 1%
Laos 10%
Myanmar 15%
New Zealand -2%
Philippines 8%
South Korea 0%
Taiwan 0%
Vietnam 1%
DEVELOPMENTS SINCE LAST REVIEW

COMPANY RESULTS
The increase in sales of the top 10 companies in Asia Pacific, by home country, mainly
India and Japan, presents a picture of
strong and continuing growth by the top
two in India, as well as a solid performance
by all companies in the latest year surveyed.
It will not have escaped the notice of
the interested observer that all 10 have,
in general terms, outperformed their
respective countries growth over the
34 APCJ June 2015
www.coatingsgroup.com
For the second year in succession, the

companies in the league table have
remained unchanged, with no deletions
or additions.
In contrast, the companies who potentially could join the club of 25 are, for the
first time since the review began, likely to
change significantly. The list here of companies from China whose sales notionally
would take many of them straight into the
top echelon by virtue of being over the
TOP25 2015
TOP25 TABLE OF RESULTS

Rank
2015
Rank
2014
Rank
2013
Rank
2012
Company
Country
Year
ending
Currency Group
unit (M) sales
Paint
as % of
group sales
Coatings
sales
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2
1
3
4
7
5
6
8
10
9
12
15
13
11
14
16
18
20
22
23
19
17
21
25
24
3
1
2
4
6
5
7
8
10
9
15
13
12
11
14
16
18
21
20
23
25
17
19
24
22
1
2
3
4
5
7
6
10
8
12
15
11
9
16
13
18
22
24
21
17
23
19
20
Nipsea
Kansai
Nippon
Asian Paints
KCC
Chugoku
S K Kaken
Dulux
Berger
DNT
Samhwa
Carpoly
Yips
TOA
Noroo
Shanghai Coatings
Fujikura
Pacific Paint Boysen
Kunsul
Taiho
Rock
Musashi
Shinto
Yung Chi
Shoei Chemical
TOTAL
Singapore
Japan
Japan
India
South Korea
Japan
Japan
Australia
India
Japan
South Korea
China
Hong Kong
Thailand
South Korea
China
Japan
Philippines
South Korea
China
Japan
Japan
Japan
Taiwan
Japan
Dec-14
Mar-14
Mar-14
Mar-14
Dec-14
Mar-14
Mar-14
Sep-14
Mar-14
Mar-14
Dec-14
Dec-14
Dec-14
Dec-14
Dec-14
Dec-13
Mar-14
Dec-14
Dec-14
Dec-14
Mar-14
Mar-14
Mar-14
Dec-14
Mar-14
US$
JP
JP
INR
KRW
JP
JP
AU$
US$
JP
KRW
CNY
HK$
THB
KRW
CNY
JP
US$
KRW
US$
JP
JP
JP
TWD
JP
92
100
98
99
35
100
95
56
97
92
100
96
33
64
91
64
43
100
85
98
99
100
92
96
50
3234
320,440
254,940
125,877
1,068,914
90,585
90,145
902
809
66,817
524,139
2774
3351
13,950
415,584
2152
31,030
275
264,361
248
23,653
23,500
22,757
6373
19,285
US$200M of coatings sales entry qualification. Given one more years results, they may
even replace all of the companies* from
Japan, Indonesia and South Korea who have
been pencilled in for several years as the next
generation of qualifiers.
These companies, not surprisingly, all
from China, have come to light as a result
of recent information from the China
National Coatings Industrial Association.
They have not been included in this review
as time did not allow for their credentials to
be properly checked and verified. The plan
is to do this checking during the upcoming
period, during which the necessary arrangements can be made to contact the companies and ask their help in providing the
same sort of information as is in the individual company profiles, which have become
such a valuable feature over the years.
Total Sales US$M 2014
Badese Group
171
Daoqum Group
242
Hebei Chenyang Group
201
Jiangsu Lanling Chemical Co Ltd
188
Jiangsu Lanling Special Coatings Co Ltd 227
Shandong Changyu Group
162
Shandong Lehua Paint Group
262
Skshu Paint Co Ltd
202
Xiangjiang Paint Group
461
Zhanchen Group
244
*Pacific Paint of Indonesia, Asahipen, Atomix,
Cashew, Natoco, Nihon, Origin Electric and Tohpe
from Japan, Chokwang from South Korea.
3509
320,453
260,578
127,148
3,032,296
90,901
94,890
1611
836
72,627
526,729
2878
10,256
21,900
458,147
3363
72,165
275
312,654
253
23,786
23,500
24,736
6607
38,750
1. NIPSEA
Nipsea Group
1 Kim Seng Promenade #10-04/06
Great World City East Tower
Singapore 237994
Tel: +65 6238 2033; Fax: +65 6887 0526
www.nipponpaint.com; www.nipsea.com.sg
Subsidiary of Nippon Paint Holdings Co Ltd
Peer group: AkzoNobel, Kansai, PPG, Asian
Paints, Berger, Valspar, Jotun, Sherwin-Williams
Key figures:
Group sales 2014: US$3509M
Coatings sales 2014: US$3234M
Paint as % of group sales: 92%
Coatings volume: ~1000M lits
Employees: 16,000
Geographic sales: Asia Pacific 100%
Sales (US$M):
2014: 3509; 2013: 3236; 2012: 3020; 2011: 2751
Sales growth:
2014 +8.4% 2013 +7.1%; 2012 +9.8%; 2011 N/A
Business segments:
Decorative 63%, Industrial 29%, Other 8%
Executive team:
Hup Jin Goh, Chairman
Siew Kim Wee, Group CEO
Recent developments:
2014: Wuthelam Holdings increased stake in
NPHD to 39% deepening the joint venture partnership; NPHD increased stake in joint ventures
in China, Hong Kong, Malaysia and Singapore
to 51%; Established Nippon Paint Vinh Phuc Co
Ltd (Vietnam; Established Nippon Paint PT NP
Auto Refinishes (Indonesia)
2013: Acquired Guangzhou Supe Chemical Co
Ltd, becoming #1 floor coatings player in China;
Acquired brand and assets of Opel Paints from
Dulux Group to enlarge portfolio of wood coatings
35 APCJ June 2015
Currency
converter
2013/14
US$1=
N/A
105.87
105.87
61.03
1055.99
105.87
105.87
1.10
N/A
105.87
1055.99
6.15
7.75
32.54
1055.99
6.20
105.87
N/A
1055.99
N/A
105.87
105.87
105.87
30.35
105.87
Coatings
sales
US$M
3234
3027
2408
2063
1012
856
852
821
809
631
496
451
432
429
394
347
293
275
250
248
223
222
215
210
182
20,380
2012: Partnership with Jalalabad Steel to establish Nippon Paint Bangladesh Pvt Ltd; JV with
Silicone Coatings to establish Nippon Paint
Lanka Pvt Ltd
Affiliated companies:
Nippon Paint (China) Co Ltd
Nippon Paint (Singapore) Co Pte Ltd
Nippon Paint (Malaysia) Sdn Bhd
PT Nippon Paint Indonesia Co Ltd
Structure:
Nipsea Group was founded in 1962 in
Singapore by Mr Goh Cheng Liang and is a JV
between Wuthelam Holdings Pte Ltd and
Nippon Paint Holdings Co Ltd of Japan (until
recently Nippon Paint Co Ltd). NPHD ranks
among the largest paint manufacturers in the
world and is a leading paint company in Japan.
In November 2014, with the exception of PT
Nippon Paint Indonesia, the Nipsea Group
became a subsidiary of NPHD, forming Asias
largest paints and coatings group with 74
(including Japan) manufacturing facilities and
operations spanning 15 countries and regions.
2. KANSAI
Kansai Paint Co Ltd
6-14 Imabashi 2-chome, Chuo-ku
Osaka 541-8523, Japan
Tel: +81 6 6230 5531; www.kansai.co.jp
Public company. Ticker: TYO 4613
Peer group: AkzoNobel, PPG, BASF, Nippon
Key figures:
Group sales 2014/3: 320,453M
Coatings sales 2014/3: 320,440M
Coatings volume: N/A
Employees: 2014/3 11,917
Geographic sales: Asia Pacific 82%;
TOP25 2015
Africa 11%; Europe & America 7%.
Domestic/Overseas 44/56%
Sales (M):
2014: 320,453; 2013: 294,053; 2012: 256,590;
2011: 236,984 2010: 222,401
Sales growth:
2014 +9%; 2013 +14.6%; 2012 +8.3%
2011 +6.6%; 2010 -3.3%
Business segments:
Automotive OEM/Refinish 38%, Industrial 26%,
Decorative 26%, Marine/Protective 6%, Others: 4%
Executive team:
Hiroshi Ishino, President, Representative Director
Mitsuhiro Fukuda, Director, Representative Director
Masanobu Ota, Director
Kunishi Mouri, Director
Masaru Tanaka, Director
Yoshikazu Takahashi, Director
Koji Kamikado, Director
Hidenori Furukawa, Director
Shigeaki Nakahara, External Director
2014: Acquired majority stake in PLC
Laboratory Sdn Bhd, Malaysia
2013: Acquired majority stake in Astra
Industries Ltd, Zimbabwe; Three year partnership deal with Manchester United Football Club,
its first global paint partner
2011: Acquired majority stake in PT Kansai
Prakarsa Coatings, Indonesia
Outlook for 2015:
Continued growth in overseas business;
Continued acceleration of global development
and reinforcement of profitability in domestic
business; MENA and CIS regions are focus of
global expansion plan; Plan to establish Kansai
Paints in Sri Lanka and Myanmar; Estimated
2015/3 sales 350bn. 2016/3 sales 370bn,
profit 44bn (final year of Three Year Mid-term
Business Plan).
3. NIPPON
Nippon Paint Holdings Co Ltd
2-1-2, Oyodo-kita, Kita-ku
Tel: +81 6 6455 9141; Fax: +81 6 6455 9278
www.nipponpaint-holdings.com
Peer group: AkzoNobel, BASF, Kansai, PPG,
Sherwin-Williams
Key figures:
Group sales 2014/3: 260.57bn
Coatings sales 2014/3: 245.94bn
Coatings volume: 730M lits
Employees: 1340 (Not consolidated)
5,755 (Consolidated)
Geographic sales:
EMEA 1%; Americas 9%; Asia Pacific 90%
Sales (M):
2014: 260,578; 2013: 233,380; 2012: 222,256;
2011: 227,378; 2010: 216,547
Sales growth:
2014 +11.7%; 2013 +5.0%; 2012 -2.3%;
2011 +5.0%; 2010 -9.6%
Business segments:
Automotive 36%; Trade Use Paints 19%;
Industrial 18%; Fine Chemicals 6%; Others: 21%
Executive team:
Kenji Sakai, Representative Director / President
Hiroaki Ueno, Representative Director / SVP
Kanji Nishijima, Executive Director / VP
Hideo Nakamura, Executive Director / Senior
Corporate Officer
Hiroshi Miwa, Executive Director / Senior
Corporate Officer
Manabu Minami, Executive Director / Senior
Corporate Officer
Tetsushi Tado, Executive Director / Senior
Corporate Officer
Goh Hup Jin, Executive Director
2015: Establishment of four business operating
companies (Automotive, Industrial-use, Tradeuse, Surface Chemicals); Tetsushi Tado assumed
Presidency on April 1
2014: Transfer to holding company structure;
Acquisition of 51% stake in Asia JVs; Issue 60M
new shares to Nipsea Group to repay loans to
purchase shares in various joint ventures in Asia
2013: Divestment of NPA Coatings Inc powder
business to Protech Chemicals Ltd; Acquisition of
39% stake in Bollig & Kemper, Germany, to
boost sales to European carmakers.
4. ASIAN PAINTS
Asian Paints Ltd
6A Shanti Nagar Santacruz (E)
Mumbai 400 055, India
Tel: +91 22 3981 8000; Fax: +91 22 3981 8888
www.asianpaints.com
Public company. Tickers: BSE:500820
NSE:ASIANPAINT
Peer group: AkzoNobel, BASF, Berger Paints,
Jotun, Kansai Nerolac, Nippon, SherwinWilliams
Key figures:
Group sales 2014/3: Rs127,148M
Coatings sales 2014/3: Rs125,877M
Employees: 5870 (India)
Geographic sales: EMEA 7%; Americas 2%;
Asia Pacific 91%, India 87%, Middle East
(including Egypt) 7%, Asia (including Singapore)
3%, Caribbean 2%, South Pacific 1%
Sales (RsM):
2014: 127,148; 2013: 109,707; 2012: 96,322;
2011: 77,062; 2010: 66,809
Asian Paints India 81%, International 13%,
Industrial Joint Ventures 5%, Chemicals India
1%, Home Improvement India 1%
Sales growth:
2014 +16.3%; 2013 +13.9%; 2012 +25%;
2011 +15.3%; 2010 +22.3%
Business segments:
Paints: Decorative, Automotive OEM, Refinish,
General Industrial, Protective
Home Improvement: Kitchens
Chemicals: Raw materials for paints (Phthalic
Anhydride & Pentaerythritol)
Executive team:
K B S Anand, Managing Director & CEO
Manish Choksi, President Home
Improvement, Supply Chain & IT
Jalaj Dani, President HR, International
& Chemicals
Jayesh Merchant, CFO & Company Secretary;
President Industrial JVs
Amit Syngle, President Technology, Sales
& Marketing
2014/3 Business Performance:
Decorative demand in India resilient in sluggish
environment; Double digit volume increase with
good growth from Tier 2 and Tier 3 cities;
Industrial coatings continue to be affected by
economic slowdown; Automotive coatings
growth subdued due to poor demand;
International business performed well, led by
36 APCJ June 2015
good growth in key markets like Bangladesh,

Nepal and Emirates; International performance
in some markets impacted by continued political unrest and weak economic activity
2014: Acquisition of ESS Bathroom Products Pvt
Ltd, leading bath & wash business in India 51%
equity share capital of Ethiopia-based Kadisco
Chemical Industry PLC; OMR5M 30-32M lit
plant in Sohar, Oman by JV Asian Paints (Middle
East) LLC
2013: Enters home improvement space in India.
Acquires 51% of kitchen solution provider Sleek
International Pvt Ltd; Commercial production at
new plant in Khandala (Maharashtra, India).
5. KCC
KCC Corporation
344 Sapyeong-daero, Secho-dong
Secho-gu Seoul, 137-703, South Korea
Tel: +82 2 3480 5000; Fax: +82 2 3480 5424
www.kccworld.co.kr
Public company. Ticker: SEO 002380
Peer group: AkzoNobel, Chokwang, Kunsul,
Noroo, PPG, Samhwa
Key figures:
Group sales 2014: KRW3,032,296M
Coatings sales 2014: KRW1,068,914M
Paint as % of group sales: 35.25%
Coatings volume: 288,367k lits
Employees: 4787
Geographic sales: EMEA 34.8%; Americas
4.4%; Asia 59.9%; Others 0.8%
Sales (KRWM):
2014: 3,032,296; 2013: 2,862,798;
2012: 2,873,047; 2011: 3,016,124
Sales growth:
2014 +5.9%; 2013 -0.4%; 2012 -4.7%;
2011 +6.6%; 2010 +5.6%
Business segments:
Paint 52.3% (Buildings, Automotive, Refinish,
Plants, Marine & Protective, Industrial, PCM,
Powder, Resins); Building Materials 21.7%, Glass
16.6%, PVC 9.4%
Executive team:
Mong Jin Chung, Chairman & Co-CEO
Mong Ik Chung, President & Co-CEO
KCK/KCB/KCG (China): Marine, Container, PCM,
Automotive, Refinish, Decorative, Plants,
Industrial, Silicone
KCS (Singapore): Marine, Decorative, PCM, Plants
KCM (Malaysia): Decorative, Industrial
KCID (Indonesia): Marine, Refinish, Decorative,
Plants
KCI (India): Marine, Automotive, Refinish,
Decorative, Plants, Industrial, PCM
KCV (Vietnam): Marine, PCM, Automotive,
Refinish, Decorative, Plants, Industrial
KCT (Turkey): Refinish, PCM, Powder,
Automotive, Marine, Decorative,
Basildon (UK): Silicone.
6. CHUGOKU
Chugoku Marine Paints Ltd
Tokyo Club Building, 2-6 Kasumigaseki
3-chome, Chiyoda-ku, Tokyo, Japan
Tel: +81 3 3506 3951; Fax: +81 3 5511 8541
www.cmp.co.jp
Public company. Ticker: TYO:4617
Peer group: AkzoNobel, Hempel, Jotun,
Kansai, KCC, Nippon, PPG
Key figures:
Group sales 2014/3: 90,901M
TOP25 2015
Employees: 2463
Geographic sales:
EMEA & Americas 12%; Asia Pacific 88%
Sales (M):
2014: 90,901; 2013: 83,656; 2012: 93,560;
2011: 96,595; 2010: 86,810
Sales growth:
2014 +8.7%; 2013 -10.6%; 2012 -3.1%;
2011 +11.3%; 2010 -16.2%
Business segments:
Marine 73%, Container 13%, Industrial 14%
Executive team:
Masataka Uetake, President & CEO
Masashi Ono, MD, Chief of Technical
Headquarters
Tsuneo Doi, Director, Chief of Production
Headquarters
Hidenori Miyoshi, Director, Chief of Planning
Division, Administration Headquarters
Junji Tomochika, Director, Chief of Sales
Headquarters
2014: 2014 Environment Ministers Award for
Global Warming Prevention Activities
2013: Orders received for Moses Project,
construction of mobile gates to prevent flooding in Venice; Water-based paint plant
constructed on Shanghai No 2 Factory site
2012: Anti-fouling Seaflo Neo introduced. Low
VOC and fuel savings for environmental protection
2011: Ekomate advanced water-based coating
system to reduce VOC emissions by 80%
2010: New President. Masataka Uetake takes
over from Tetsuo Yamazumi
2014 Business performance:
Bottom of periodic trough during year ending
March 2014; Production volume up in overseas
markets; Slight increase in sales due to depreciation of yen.
7. SK KAKEN
SK Kaken Co Ltd
3-5-25 Nakahozumi, Ibaraki-shi
Tel: +81 7 2621 7720; Fax: +81 7 2621 7726
www.sk-kaken.co.jp; info@sk-kaken.co.jp
Public company. Ticker: OSA:4628
Peer group: Kansai, Nippon, Rock
Key figures:
Employees: 2035
Geographic sales: EMEA 1%; Asia Pacific 99%
Sales (M):
2014: 94,890; 2013: 82,872; 2012: 78,329;
2011: 71,053; 2010: 62,895
Sales growth:
2014 +11.4%; 2013 +5.8%; 2012 +10.2%;
2011 +13.0%; 2010 -0.7%
Affiliated Company Sales:
SKK (S) PTE LTD
S$6000K
SK Kaken (M) SDN BHD
M$200K
SKK Chemical (M)SDN BHD
M$28,000K
SK Coatings SDN BHD
M$150K
SKK (H'K) Co Ltd
HK$22,130K
Siko Ku Kaken (Shanghai )
US$10,000K
SK Kaken (Thailand) Co Ltd
BAHT27,000K
SKK Kaken (Korea) Co Ltd KRW21,470,000K
HK Shikoku Co Ltd
HK$90,225K
Siko Ku Kaken (Langfang )
US$12,000K
SKK Chemical (Thailand)
BAHT250,000K
SKK Vietnam Co Ltd

US$500K
Product groups:
Specialist, Textured, Architectural, Industrial,
Floor, Roof, Fire Retardant, Heat Insulating
Coatings. Chemicals
Business segments:
Decorative 70%, Protective 20%, Industrial 10%
Executive team:
Minoru Fujii, President
Masahide Sakamoto, Executive Director
Mitsuhiro Fujii, Managing Director, General
Manager of Business Division and Director
Kunihiro Fujii, Senior Director of Sales
Administration, General Affairs and HR
Toru Fukuoka, Director
Yoshiyuki Ito, Director of Purchasing
Affiliated companies: China, Hong Kong,
India, Indonesia, Korea, Malaysia, Singapore,
Thailand, Vietnam, Middle East
2013: 54% share of construction coatings
market in Japan; Established Surabaya office in
Indonesia, Taiyuan office in China
2012: Established Henan office in China,
Calcutta office in India
2011: Established SKK Vietnam Co Ltd.
8. DULUX
DuluxGroup Ltd
1956 Princes Highway, Clayton
Victoria 3168, Australia
Tel: +61 3 9263 5678; Fax: +61 3 9543 7851
www.duluxgroup.com.au
Public company. Ticker: ASX:DLX
Peer group: AkzoNobel, Axalta, PPG,
Valspar (Wattyl)
Key figures:
Group sales 2014/9: A$1611M
Coatings sales 2013/9: A$902M
Employees: 4000
Sales (A$M):
2014: 1611; 2013: 1485; 2012: 1068;
2011: 996; 2010: 964
Sales growth:
2014 +8.5%; *2013 +39.1%; 2012 +7.2%;
2011 +3.4%; 2010 +2.5%; 2009 +7.3%
*Includes 10 months revenue from newly
acquired businesses (excluding these, sales
growth was 5.5%)
Business segments:
Retail Paints 21%, Trade Paints 22%, Other
Coatings 13%, Construction Chemicals 8%,
Painting Preparation & Home Care 9%, Garden
Care 7%, Garage Doors & Openers 10%, Cabinet
& Architectural Hardware 10%
Executive team:
Patrick Houlihan, Managing Director & CEO
Stuart Boxer, CFO & Executive Director
Patrick Jones, Executive General Manager,
Dulux Paints Australia
Richard Hansen, Executive General Manager,
Dulux Paints New Zealand
2012: Acquisition of 100% of A$460M Alesco
Corporation Ltd.
2011: 51% JV with Hong Kong-based
Camelpaint in new company DGL Camel
International; Significant upgrade to paint plant
in Wellington New Zealand; New protective
coatings plant in Melbourne Australia
2010: DuluxGroup becomes an ASX listed
company following demerger from former
parent Orica
37 APCJ June 2015
2015 Business outlook:

Resilience in renovations and improvements to
existing homes in Australia expected to
continue; Outlook for commercial and infrastructure construction markets less positive;
New Zealand markets to continue to grow,
underpinned by continued rebuilding in
Christchurch; Dulux markets in China and Hong
Kong remain challenging.
9. BERGER
Berger Paints India Ltd
Berger House, 129 Park Street
Kolkata 700 017, India
Tel: +91 33 2229 9724-28
Fax: +91 33 2249 9009
www.bergerpaints.com
Public company. Tickers: BSE:509480
NSE:BERGEPAINT
Peer group: AkzoNobel, Asian Paints,
Kansai Nerolac
Key figures:
Group sales 2014/3: US$836M
Coatings sales 2014/3: US$809M
Employees: ~3400
Asia 97%
Sales (US$M):
2014: 836; 2013: 722; 2012: 636; 2011: 539;
2010: 435
Sales growth:
2014 +15.9%; 2013 +13.4%; 2012 +18.0%;
2011 +23.9%; 2010 +16.7%
Business segments:
Decorative 83%, General Industrial & Auto 10%,
Powder 1%, Protective 6%
Executive team:
Kuldip Singh Dhingra, Non-Executive Chairman
Gurbachan Singh Dhingra, Non-Executive
Vice Chairman
Abhijit Roy, MD & CEO
Srijit Dasgupta, Director & CFO
Ranjit Singh, President, British Paints Division
2015: Planned paint plant in Stavropol, Russia, for
building industry and car and tractor manufacturing
2014: Largest and fully automatic water-based
plant in Hindupur with initial capacity of
80kt operational
2013: W/b capacity at Rishra and Goa to 80kt
(potential 150+kt) from 42kt. Automatic filling
and robotic palletisation; Integrated CRM system
operational. Real time solutions to dealers and
minimised sales transaction processing time;
Lewis Berger Design Stores offer premium
designer and texture paint concepts under
Sussanne Roshan name; Acquired architectural
business of Sherwin-Williams, strong in exterior
projects in Western and Southern India
Paint industry on a structural growth path driven
by rising incomes, rapid urbanisation, changing
consumer preferences for aesthetics and better
understanding by consumers of inherent properties of paints. Backdrop is lower industrial
production and GDP growth, depressed demand
and depreciation of rupee against dollar.
10. DNT
Dai Nippon Toryo Co Ltd
1-124, Nishikujo 6-Chome
Konohana-ku, Osaka 554-0012, Japan
Tel: +81 6 6466 6690; Fax: +81 6 6466 7797
TOP25 2015
www.dnt.co.jp; dnt-inf@star.dnt.co.jp
Public company. Ticker: TYO: 4611
Peer group: Chugoku, Kansai, Nippon
Key figures:
Coatings volume: 90,800 tons
Employees: 2107 (662 Japan)
Geographic sales: Americas 2%; Asia 98%
Sales (M):
2014: 72,627; 2013: 70,824; 2012: 70,231;
2011: 70,837; 2010: 68,892
Sales growth:
2014 +2.5%; 2013 +0.8%; 2012 -0.9%;
2011 +2.8%; 2010 -14.2%
Business segments:
Architectural 16%, Protective 24%, Rolling
Stock and Machinery 6%, Automotive 3%,
Appliance 2%, Building Materials 30%, Metal
Baking 17%, Others 2%
Alliances:
PPG (Malaysia), Taiyang Paints (China), SherwinWilliams, Tungal Djaja (Indonesia), Hempel,
Valspar, PPG (Keeler & Long), Karl Wrwag,
Maharani Innovative Paints (India)
Executive team:
Toshijiro Iwasa, President
Takatoshi Misumi, Senior Director of Overseas
Operation & Procurement, Member of the Board
Takayuki Sato, Technical Senior Director,
Member of the Board
Seito Murouchi, Technical Director,
Member of the Board
Norihiro Majima, Director of Finance,
Executive Officer
Thailand, Singapore, Malaysia, Indonesia,
Mexico, China, Vietnam
2014: Weak solvent one-component and one
finish coat for steel transmission tower; Mild
solvent-thinnable high durability silicone paint;
High refractive index nano coating materials;
Heli-sign process shortening fluorescent paint
2010: Appointment of President, Toshijiro Iwasa.
11. SAMHWA
Samhwa Paints Industrial Co Ltd
125 Myo-dong, Jongno-gu
Seoul 110-370
South Korea
Tel: +82 2 765 3641; www.spi.co.kr
Public company. Ticker:KSE:000390
Peer group: AkzoNobel (SSCP), Chokwang,
Dongju, KCC, Kunsul, Noroo
Key figures:
Group sales 2014: KRW526,729M
Coatings sales 2014: KRW524,139M
Employees: 889
Geographic sales: Asia 100%
Sales (KRWM):
2014: 526,729; 2013: 499,093; 2012: 434,896;
2011: 414,441; 2010: 390,719
Sales growth:
2014 +5.5%; 2013 +14.8%; 2012 +4.9%;
2011 +6.1%; 2010 +1.8%
Business segments:
Decorative, Coil, Can, Industrial, Plastic,
Automotive, Refinish, Protective, Marine
Executive team:
Jang-Yeon Kim, Chairman & CEO
Sung Huh, Chairman & COO
Jin-Su Oh, Director, Management Planning

Manager
Ki-Bung Ryo, Managing Director Production
Soon-Jong Kim, Director Development Centre
Gwi-Haeng Heo, Director Research Centre
Sae-Gon Yang, Director EMC Division
Il-Seon Yu, Director, PGM Division
Korea market share:
KCC 38%, Samhwa 13%, Noroo 13%, Kunsul
11%, Others 25%
Weihai Samhwa Paints Co Ltd, China
Samhwa Paints (M) Sdn Bhd, Malaysia
Samhwa Paints Vina Co Ltd, Vietnam
Joint Venture:
Chugoku Samhwa Paints Ltd, Korea
2014: Appointment of Sung Huh, Chairman &
COO; Samhwa Paints (Zhang Jia Gang) Co Ltd
established in China
2012: Alliance with NCS Color AB, Switzerland
Joint venture established in Selangor, Malaysia
Sales have increased during each of past five
years (and since 2009 by total of 51%)
Vision:
Grow globally by securing overseas manufacturing and expansion through subsidiaries in China
and Vietnam
Business development plans:
Maximisation of manufacturing efficiency;
Expansion of distribution bases; Stabilisation of
overseas organisation; Maximisation of marketing
ability; Profit through selection and concentration
New COO:
As the new COO, Huh promises to expand into
the global market as a strong business engine,
going beyond being Koreas number one paint
company. Huh stressed the importance of
becoming a practical leader, who can utilise the
competence and experience that the company
has built from overseas experience under the
companys goal of Globalisation and R&D reinforcement. The intention is to become a global
company with products that have globally
recognised quality.
12. CARPOLY
Carpoly Chemical Group Co Ltd
Jinxi Industrial Zone, Tangxia Town
Pengjiang District, Jiangmen
Guangdong, PR China
Tel: +86 750 3578000/3578001
Fax: +86 750 3578248
www.carpoly.com; gd@carpoly.com
Private company
Peer group: AkzoNobel, Axalta, BASF, Nippon,
Shanghai Coatings, Yips
Key figures:
Group sales 2014: CNY2878M
Coatings sales 2014: CNY2774M
Employees: 3155
Geographic sales: EMEA 21% (Africa 5%);
Americas 0.4%; Asia 79% (China)
Sales (CNYM):
2014: 2878; 2013: 2548; 2012: 2299;
2011: 2045; 2010: 1809
Sales growth:
2014 +10.3; 2013 +10.8%; 2012 +12.4%;
2011 +13.0%
Business segments: Decorative 50%, Furniture
41%, Industrial 1%, Other 8%
Executive team:
Qiu Donghang, Chairman
38 APCJ June 2015
Business strategy:
Now one of the leading players in China in
industrial wood paint and decorative paint.
Long term plan is first to strengthen position in
current markets by bringing innovative value to
customers. Second, entry to segments, such as
protective coatings and EIFS. Third, growth
through M&A.
2014: Efforts to improve branding, firstly by
rounding out product offerings and enhancing
in-store services. Secondly working with
distributors on advertising, road shows and
other marketing activities to increase exposure
to end consumers.
Overall growth slightly above 10%. Satisfactory
result given current economic conditions and
internal restructuring; Industrial wood and retail
decorative coatings struggling for single digit
growth; Decorative project segment and some
new business units enjoyed high growth (more
than 30%)
Consumer goods market maintaining sustained
and stable growth; Industrial wood paint market
to focus on environmentally friendly products;
Fight against smog and new law on environment protection to favour w/b and h/s wood
paint, low TDI hardeners etc; High end decorative paints to offer important growth opportunities for retail and project segments.
13. YIPS
Yips Chemical Holdings Ltd
Yips Chemical Building, 13 Yip Cheong
Street, On Lok Tsuen, Fanling
New Territories
Hong Kong
Tel: +852 2675 2288; Fax: +852 2675 2345
www.yipschemical.com
Public company. Ticker: HKG:0408
Peer group: AkzoNobel, Carpoly,
Shanghai Coatings
Key figures:
Group sales 2014: HK$10,256M
Coatings sales 2014: HK$3351M
Employees: 4258
Geographic sales: Asia Pacific (China) 100%
Sales (HK$M):
Coatings 2014: 3351; 2013: 3395; 2012: 3209;
2011: 2821; 2010: 1948 (9 months)
Sales growth:
Coatings 2014 -1.3%; 2013 +5.8%; 2012
13.7%; 2011 +17%; 2010 +20.4% (9 months)
Business segments: Coatings: Household 37%,
Industrial 15%, Ink 48%
Executive team:
Ip Chi Shing, Group Chairman
Yip Tsz Hin, Group Executive Committee
Chairman
Ho Sai Hou, CFO
Ip Kwan, Group Executive Committee
Member and President of Bauhinia Coatings
Group
New President succeeding Wong Kam Yim, CEO
Raw material prices and increased sales of
water-based coatings adversely impact sales;
Household and industrial coatings and resins
consolidated into new Bauhinia Coatings Group
to raise competitiveness; Around 1800 Bauhinia
TOP25 2015
Paints exclusive shops and 6800 points of sales
across China
Outlook for 2015:
Restructuring of coatings division completed and
separate inks business to raise competitiveness;
Second-phase of the Jinshan plant in Shanghai
in full operation; Adjusting to environmental
awareness trends, alcohol soluble and waterbased inks to be introduced to increase market
share; Cost structure improvement through
enhanced vertical integration of supply chain;
Continue to improve R&D and develop new
products, such as water-based coatings.
14. TOA
TOA Paint (Thailand) Co Ltd
107 Soi Charoensuk, Sukhumvit 63 Road
Khlong Tan Nua, Watthana; Bangkok 10110
Thailand
Tel: +66 2 381 6741; Fax: +66 2 382 0112
www.toagroup.com/en; Private company
Peer group: AkzoNobel, Captain Paint,
Jotun, Nippon
Key figures:
Group sales 2014: THB21,900M
Coatings sales 2014: THB18,615M
Coatings volume: 190M lit
Employees: 2200+
Geographic sales: Asia 100%: Thailand 73%,
Other 17% (Laos, Vietnam, Cambodia, Sri Lanka,
Indonesia, Philippines, Bangladesh, Myanmar)
Sales (THBbn):
2014: 21.9; 2013: 21.5; 2012: 21.6;
2011: 18.0; 2010: 15.5
Sales growth:
2014 +1.9%; 2013 -0.5%; 2012 +20%;
2011 +16.1%; 2010 +17.4%
Business segments:
Decorative 90%, Other 10% (Onshore, Marine,
Container, Wood, Automotive, Refinish,
Construction Chemicals, Sundries)
Executive team:
Prachak Tangkaravakoon, Chairman of the
Advisory Board
Mrs La-Or Tangkaravakoon, Vice Chairman of
the Advisory Board
Vonnarat Tangkaravakoon, Group Chairman
Jatuphat Tangkaravakoon, President,
Coatings Business
Natthawat Tangkaravakoon, President
Automotive & B2B Business
Mrs Busatree Wanglee, Executive Director
Manat Petchbuasak, Senior Executive VP,
Coatings Business
Pongcherd Jameekornkul, Executive VP,
Coatings Business
Affiliated companies: Cambodia, China, India,
Laos, Malaysia, Myanmar, Singapore, Vietnam
2013: New paint factory in Myanmar; Bt60M to lift
monthly production capacity to 1900t from 1500t
2012: Bt200M warehouse opened; With MK
Group and GMG Group established a joint
venture, TOA Paint (Myanmar) Co Ltd
2010: Rs200 crore (US$36M) over five years in
3M ton capacity TOA India, on stream 2013;
Invested Bt1bn for a 51% stake in Captain
Paint (Thailand)
Sales up 20%, the largest in company history;
Demand driven by home repairs after big flood of
2011, growing real-estate market and rapid
growth in premium segment; 50% share of
premium market, 23% of ultra-premium, 62% of
medium and 26% of economy

Strategy 2013-2020:
Build new competitive advantages for the domestic home decoration segment; Become a market
leader in the protective coatings market in ASEAN
area; Achieve annual sales growth in Thailand
of 16%, reaching BHT20bn by 2015; Increase
market share by 1%/yr to first position in wood
paints, chemicals and industrial coatings.
Parent company:
NOROO Holdings Co Ltd.
(www.norooholdings.com) originally established
itself in the paint and ink market under the Noroo
brand name. It separated during 2006 into two
divisions an investment business division and a
paint manufacturing and sales company.
15. NOROO
Shanghai Coatings Co Ltd

345 ShanXi South Road, Luwan
Shanghai 200020
PR China
Tel: +86 21 2352 4813; Fax: +86 21 6431 8172
www.chinascc.com; scc@chinascc.com
Private company
Peer group: Chongqing Sanxia
Key figures:
Group sales 2013: CNY3363M
Coatings sales 2013: CNY2164M
Employees: 2000
Sales (CNYM):
2013: 3363; 2012: 3159; 2011: 3208;
2010: 3139; 2009: 2525
Sales growth:
2013 +6.5%; 2012 -1.5%; 2011 +1.2%;
2010 +45.4% 2009 -4.9%
Business segments:
Coatings 68% (Decorative 4%, Automotive
31%, Coil 5%, Marine & Onshore 21%, Plastics
1%, Others 6%) Dyes 6%, Pigments 13%,
Chemicals 13%
Executive team:
Situ Guoji, Chairman
Huang Zhiyong, General Manager
Huang Youwei, Executive Vice General Manager
Wu Jinglei, Vice General Manager
Yu Jianfeng, Chief Engineer
Parent company:
Shanghai Huayi (Group) Co, www.shhuayi.com
Shanghai Chen Hua Paint Mfg Co
Shanghai Paint Manufacture Co
Shanghai Kai Lin Paint Mfg Co
Joint ventures:
International, BASF, Fujikura Kasei
Business overview:
SCC owns 13 manufacturing subsidiaries, two
research institutes and six joint ventures ranging
from coatings, dyes and pigments to auxiliary
agents and fine chemicals. The enterprise is
ranked among the top 500 in sales among
Shanghai industrial companies for five consecutive years.
Brands:
Winged Tiger coil coatings, Yanjing paints,
Kuangming paints.
Noroo Paint & Coatings Co Ltd

351 Bakdal-ro, Manan-gu, Anyang-si
Gyeonggi-do 430-849
South Korea
Tel: +82 31 467 6114
www.noroopaint.com
expoinfo@noroo.com
Public company. Ticker: SEO 090350
Subsidiary of public company NOROO
Holdings Co Ltd
Ticker: SEO 000320/000325
Peer group: KCC, Kunsul, Samhwa,
Chokwang, Dongju
Key figures:
Employees: 631
If the sales of automotive coatings and coil
coatings of Noroo Automotive Coatings and
Noroo Coil Coatings are added Noroo Group
sales are KRW669,996M.
If the sales of marine, powder and plastic coatings of IPK and Noroo Bee Chemical are added
Noroo Group sales are KRW1,400,000M.
Sales (KRWM):
2014: 458,148; 2013: 433,477; 2012: 418,645;
2011: 387,072; 2010: 322,421
Sales growth:
2014 +5.7%; 2013 +3.5%; 2012 +8.2%;
2011 +20.1%; 2010 +18.1%
Business segments:
Decorative 37.9%, Industrial 16.4%, Refinish
11.4%, Coil 17.0%, Other 17.3%
Executive team:
Soo-Kyoung Kim, President & CEO
Jun Shin, Vice President
Seong-Gyu Lee, Vice President
Seong-Guk Jo, MD
Korea market shares:
KCC 25%, Noroo 13%, Samhwa 11%,
Kunsul 10%, Chokwang 7%
2013: 12-year consecutive approval as
National Superior Quality Assurance
Awareness; 14-year consecutive wage agreement without labour dispute
2011: Joint venture, Noroo KOSSAN Paint Sdn
Bhd, in Malaysia; Joint venture, NOROO Kayala
Paint Co Ltd, in Turkey
NOROO Coil Coatings Co Ltd:
www.noroocoilcoating.com
NOROO Automotive Coatings Co Ltd: Nippon Paint
joint venture (www.norooautocoat.com)
NOROO Bee Chemical Co Ltd: Nippon Bee
Chemicals joint venture (www.noroobeechem.com)
NOROO Paint (Shanghai) Co Ltd: www.dpi.cn
NOROO Coatings Shanghai LLC: NOROO subsidiary
in China
IPK Co Ltd: Marine and heavy-duty coatings with
AkzoNobel
39 APCJ June 2015
16. SHANGHAI COATINGS
17. FUJIKURA KASEI

Fujikura Kasei Co Ltd
Kokuryu Shiba-Koen Bldg
6-15, Shibakoen 2-chome
Minato-ku, Tokyo 105-0011
Japan
Tel: +81 3 3436 1100
www.fkkasei.co.jp; info@fkkasei.co.jp
Peer group: AkzoNobel, Axalta, BASF, Cashew,
Grebe, Kansai, Nippon, PPG, Sherwin-Williams
Key figures:
TOP25 2015
Coatings sales 2014: 31,030M
Employees: 1114
Asia Pacific 65%
Sales (M):
2014: 72,165; 2013: 53,869; 2012: 51,525;
2011: 52,625; 2010: 46,482
Sales growth:
2014 +34%; 2013 +4.6%; 2012 -2.1%;
2011 +13.2%; 2010 -7.1%
Business segments:
Coatings 55% (Plastic 32%, Architectural 23%),
Electronic Materials 14%, Chemical Products 6%,
Synthetic Resins 25
The Coatings segment offers coatings for plastics
and construction materials. The Electronic
Materials segment manufactures and sells electrically conductive coating resins and adhesives.
The Chemical Products segment is in binder
resins that are used in toners, as well as functional resins, such as adhesive resins. The
Synthetic Resins segment is involved in the
purchase of raw materials and finished products
of acrylic resin.
Executive team:
Yoshiaki Hasegawa, Chairman
Daisuke Kato, President
Hisashi Kajiwara, Director of Coatings Business
Tadashi Nakamura, Director of Electronics
Materials Business
Hikoji Ueda, Director of Chemical
Product Business
Brazil, China, India, Indonesia, Korea, Malaysia,
Mexico, Thailand, UK, USA, Vietnam
2014: Acquisition of 55% of Arpol Red Spot Tintas
Ltda, Brazil, via Red Spot USA
2013: Appointment of new President, Daisuke
Cato, succeeding Joji Washino
2010: Acquisition of Sonneborn and Rieck UK for
2M (sales 20M and 155 employees)
2009: Acquisition of 100M chemical substance
inspection equipment business from biotechnology
start-up EnBioTec Laboratories for around 40M
2008: Acquisition of US$63.2M Red Spot Paint &
Varnish Co Inc.
18. PACIFIC PAINT BOYSEN

Pacific Paint (Boysen) Philippines Inc
292 D Tuazon St 1115; Quezon City
The Philippines
Tel: +63 2 364 3505; Fax: +63 2 361 7164
www.boysen.com.ph;
inquiry@boysen.com.ph; Private company
Peer group: Asian Coatings, Davies Paints,
Roosevelt, United Paints (Dutch Boy)
Key figures:
Employees: 400
Sales (US$M):
2014: 275; 2013: 275; 2012: 250;
2011: 226.9; 2010: 216.4
Sales growth:
2014 +0.2%; 2013 +10%; 2012 +10.2%;
2011 +4.9%; 2010 +21.6%
Business segments: Decorative 100%
Executive team:
Willy Ong, President
Ruben Cueto, Marketing Manager

2014 Business performance: Exchange rate
movements negated peso sales growth; Opened
solvent-based factory; Winner in Act Responsible
Cannes Tribute 2014 Planet Category
2015 Business outlook: Decorative market in
Philippines expected to grow, given positive GDP
forecasts; Construction shows signs of slowing
down from highs of recent years.
19. KUNSUL
Kunsul Chemical Industrial Co Ltd
197 Gaya-Dong Pusanjin-Gu
Busan 614-012, South Korea
Tel: +82 51 892 4221; Fax: +82 51 892 5576
www.jebi.co.kr; Brand: JB Paints
Public company. Ticker: KRX:000860
Peer group: AkzoNobel, Chokwang, Dongju,
KCC, Noroo, Samhwa
Key figures:
Employees: 570
Sales (KRWM):
2014: 312,654; 2013: 321,696; 2012: 325,213;
2011: 303,206; 2010: 260,281
Sales growth:
2014 -2.8%; 2013 -1.1%; 2012 +7.2%;
2011 +16.5%; 2010 16.3%
Business segments:
Paint 85% (Decorative, Coil, Can, Marine,
Protective, Industrial, Wood), Other 15%
Executive team:
Jae Hui Kim, Vice President
Ki Seok Woo, Vice President
Korea market shares:
KCC 36%, Noroo 16%, Samhwa 13%, Kunsul
11%, Other 24%
2013: Establishment of the Changwon business
office; Low temperature curable coating (epoxy,
polyester) for coil. UV coating for PVC flooring
2012: Heat resistant paint, epoxy putty for rail,
water-based intumescent paint
2011: Establishment of the Incheon business
office; Establishment of Kangnam Powder
Coatings Ltd, local subsidiary in China
Korea JV with Kansai Paints to Hyundai-Kia,
Renault-Samsung and Ssangyong Motors
Museok, China JV with Kangnam Powder Coatings.
20. TAIHO
Taiho Paint (Dongguan) Co Ltd
Hupan Industrial Park, Datanglang Village
Dalingshan Town, Dongguan 523820
Guangdong
PR China
Tel: +86 769 8578 6789; Fax: +86 769 8565 0000
Web site: www.taihopaint.com
Peer group: AkzoNobel (Dulux), Carpoly,
Fuchen, Huarun, Nippon, Zijinghua
Key figures:
Employees: 1757
Sales (US$M):
40 APCJ June 2015
Taiho Dongguan 181, Taiho Shanghai 42,

Taiho Taiwan 4, Taiho Japan 21
Sales growth:
2014 +7.0%; 2013 +13.5%; 2012 +7.5%
Business segments: Engineering/Household
55.6%, General Industrial 44.2%, Others 0.2%
Executive team:
Chen Ho Sheng, Chairman
Chen Chun Hua, General Manager
Tochiaki Ogasawara, President
Huang Jung Chi, Chief of Facility Officer
Chang Cheng Hsien, Vice General Manager
Huang Chien Hua, Vice General Manager
2014 business performance: Taiho Shanghai
developed universal furniture coatings and
special metal coatings for magnesium aluminium
alloy; Taiho Dongguan filed 14 patents and
passed national high and new technology enterprise review; High simulation, weather-resistant
granite coating approved for production by
Guangdong province officials; Establishment of
central laboratory to improve component analysis
in coating inspection and control
Taiho Shanghai plan to achieve US$56,097,560
sales; Regional directors appointed in North,
Northeast, South, Central, Northwest, Southwest,
East China, Guangdong, Shanghai; Continue to
separate furniture and decorative coatings in channel management strategy.
21. ROCK
Rock Paint Co Ltd
3-1-47 Himejima Nishi-Yodogawa-ku
Osaka 555-0033
Japan
Tel: +81 6 6473 1551; www.rockpaint.co.jp
Public company. Ticker: 4621:TYO
Peer group: Kansai, Nippon, SK Kaken
Key figures:
Coatings sales 2014: 23,653M
Coatings volume: 62,400 tons (54M lit)
Employees: 404
Sales (M):
2014: 23,786; 2013: 22,626; 2012: 21,511;
2011: 21,364; 2010: 20,247
Sales growth:
2014 +5.1%; 2013 +5.2%; 2012 +0.7%;
2011 +5.5%; 2010 -7.9%
Business segments sales:
Car Refinish 40%, Decorative Professional 24%,
Industrial 27%, Decorative DIY 5%, Others 4%
Executive team:
Togo Utsumi, President
Yuji Ikeya, Representative Director
Senior Executive
Toshio Otsuki, Managing Director
Ryohei Sakamoto, Director
Yoshinori Takanohashi, Director
Satoshi Ichikawa, Director
Affiliated Companies:
Three subsidiaries (one associated, one related
and one affiliated company)
2011: Established subsidiary company in
Indonesia (PT Rock Paint Indonesia).
22. MUSASHI
Musashi Paint Holdings Co Ltd
2-30-16 Minami Ikebukuro
TOP25 2015
Toshima-ku, Tokyo 171-0022
Japan
Tel: +81 3 3985 8118
Fax: +81 3 3985 0947
www.musashipaint.com; Private company
Peer group: Cashew, Fujikura, Origin Electric
Key figures:
Group sales 2014/12: 23,500M
Employees: 1000
Asia Pacific 80%
Sales (M):
2014: 23,500; 2013: 23,500; 2012: 24,500;
2011: 24,000; 2010: 26,000
Sales growth:
2014 0.0%; 2013 -4.1%; 2012 +2.1%;
2011 -7.7%; 2010 +5.2%
Business segments:
Plastics 100% (Mobile phones, laptop computers, digital cameras, plasma/LCD TV, DVD players, electrical appliances, automotive interiors)
Executive team:
Yumiko Fukui, President
China (Guangdong, Suzhou, Kunshan, Tianjin,
Shanghai, Beijing, Hong Kong), Malaysia (Kuala
Lumpur, Johor Bahru), Korea
(Chungcheongbuk-do, Gyeonggi-do), Hungary,
USA, Thailand, Vietnam, India
2015: New company name, Musashi Paint
Holdings Co Ltd
2014: New President Yumiko Fukui, succeeding
Hideki Sato
2011: New President Hideki Sato, succeeding
Shuhei Fukui; Tie-up established with US Paint
Corporation; Musashi Paint Manufacturing
(Thailand) Co Ltd established
2010: Vietnam Musashi Paint Co Ltd established
and 500M plant operational; 2010 Musashi
Paint (India) established
2009: Musashi Paint (Thailand) Co Ltd established
Strategy: Manufacturing bases spread throughout Japan, China, South East Asia, India, America
and Europe; Ability to manufacture products
required at each place on site; One product
around the world, offered around the world.
23. SHINTO
Shinto Paint Co Ltd
6-10-73 Minami-Tsukaguchi-cho
Amagasaki-shi; Hygoto 661-8511
Japan
Tel: +81 6 6426 3355
Fax: +81 6 6429 6188
www.shintopaint.co.jp
Public company. Ticker: TYO:4615
Peer group: Kansai, Nippon
Key figures:
Coatings sales 2014/3: US$22,757M
Employees: 397
Sales (M):
2014: 24,736; 2013: 23,383; 2012: 22,011;
2011: 20,869; 2010: 19,636
Sales growth:
2014 +5.8%; 2013 +6.2%; 2012 +9.6%;
2011 +6.3%; 2010 -7.9%
Business segments sales: Protective (Onshore)
13%, Automotive (OEM, Aerospace) 21%,

Industrial (Powder, Ecoat) 33%, Decorative
13%, Other Coatings 11%, Chemicals 8%
Executive team:
Ryuhei Tamamura, President
Yukifumi Tokunaga, MD
Masayoshi Kashida, MD
Masanobu Kuroda, Deputy Director of Sales
Toshio Mitsuhara, Deputy Director of Sales
TOA-Shinto (Thailand) Co Ltd
Axalta Shinto Coating Systems Taiwan Co Ltd
PT Shinto Paint Indonesia
Shinto Paint Trading (Shanghai) Co Ltd
2014: Appointment of Yukifumi Tokunaga and
Masayoshi Kashida, Managing Directors
2012: Establishment of sales subsidiaries in
China and Indonesia; Appointment of new
President, Ryuhei Tamamura
Presidents message:
The Shinto Paint Group has been expanding its
overseas activity over the years through its
subsidiaries, with most being in Southeast Asian
countries, notably in Thailand and Taiwan. We
showed a steady progress in increasing our presence in overseas markets by establishing new
bases in China and Indonesia. We plan to
further enhance our overseas business through a
planned and step-by-step approach to these
newly developed horizon of the markets.
Major shareholders:
Sumitomo Chemical Co Ltd
Axalta Coating Systems Germany GmbH.
24. YUNG CHI

Yung Chi Paint & Varnish Mfg Co Ltd
26 Yen Hai 3rd Road, Kaohsiung
Taiwan
Tel: +886 7 871 3181
Fax: +886 7 871 3880
www.rainbowpaint.com.tw
Public company. Ticker: 1726:TAI
Peer group: AkzoNobel, Axalta, Berlin, Carpoly,
Central Paints, Hsin Mei Hua Paint, Kansai,
Nippon, Yips
Key figures:
Group
Company
Sales 2014:
TWD8303M TWD6373M
Coatings sales 2014: TWD8054M TWD6118M
Paint as % of sales: 97%
96%
Coatings volume: 95,550kg
78,134kg
Employees:
909
623
Sales (TWDM):
Group: 2014: 8303; 2013: 8147; 2012: 8127;
2011: 7787; 2010: 7196
Company: 2014: 6373; 2013: 6607;
2012: 6581; 2011: 6423; 2010: 5914
Sales growth:
Group: 2014 +1.9%; 2013 +0.3%;
2012 +4.4%; 2011 +8.2%; 2010 +12.4%
Company: 2014 -3.5%; 2013 +4.0%;
2012 +2.5%; 2011 +8.6%; 2010 +10.5%
Business segments:
Decorative 41%, Protective 16%, Coil 27%,
Marine 5%, Others 11%
Executive team:
Shen Hung-Lieh, Chairman
Chen Hung-Wei, President
Yung Chi Paint & Varnish Mfg (Kunshan) Co Ltd
Yung Chi Paint & Varnish Mfg, (Vietnam) Co Ltd
Yung Chi Paint & Varnish Mfg, (Malaysia) Co Ltd
2011: Appointment of new GM
42 APCJ June 2015
2009: Appointment of new Chairman; Malaysia

Melaka factory in production for coil coatings.
25. SHOEI
Shoei Chemical Co Ltd
Chuo-ku, Korea bridge 4-8-5
541-0043 Osaka City
Japan
Tel: +81 3 3344 6662
Fax: +81 3 3344 6657
www.shoei-chem.jp
info@shoei-chem.jp
Parent: Shoei Chemical Holdings Co Ltd
Major Shareholders: Shoei Management
Fund Co Ltd, Marubeni Corp, Nippon Paint
Co Ltd et al
Peer group: Kansai, Nippon
Key figures:
Company sales 2014/3: 38,570M
Paint thinners as % of company sales: 50%
Employees: 453
Sales (M):
2014: 38,570; 2013: 35,426; 2012: 34,400;
2011: 35,000; 2010: 31,200
Sales growth:
2014 +8.9%; 2013 +3.0%; 2012 -1.7%;
2011 +12.2%; 2010 -28.4%
Business segments:
Thinners, Hardeners, Oil & Water-based Paints
and Inks, Electronic Materials
Product range (thinners):
Toluene, Xylene, High-boiling point solvents,
Cyclohexane, MCH, ECH, N-hexane, MEK,
Acetone, MIBK, Cyclohexanone, Methanol,
Ethyl alcohol, IPA, TBA, IPE, Butyl alcohol,
Glycol ether, Ethyl acetate, Butyl acetate, NPA,
NPAC, IPAC
Factories:
Tsukuba, Nagoya, Kobe, Fukuoka. 220,000t/yr
capacity for paint and ink thinners
Strategy:
80,000 different products
Competitive products with strict quality, cost
and delivery date management
Executive team:
Eichi Asada, Chairman
Benro Takeuchi, President
Business overview:
Shoei manufactures paints, inks, resins and
electronic materials but specialises in the toll
manufacturing of thinners for companies serving the OEM market in Japan. It has thinners
plants at Tsukuba, Nagoya, Kobe and Fukuoka,
all recently remodelled and other plants at
Kawanishi, Chiba and Handa.
Shoei is a 26% affiliate of the Marubeni
Corporation, one of the largest general trading
companies in Japan. It sits within the Chemical
Division, which handles a wide range of products, from upstream basic petrochemicals to
downstream speciality chemicals and is also a
major customer through Marubeni Chemix for
commissioned manufacturing of paint thinners.
2013: Establishment of Shoei Canada Corporation
2012: Appointment of new President
Outsourcing continues to progress as a result of
business restructuring; Solvent-recycling to
benefit from the shift to more environmentally
friendly solvents.
APCJ

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TOP 25 COVER2 2.qxp_APCJ Q6.

5 Template 04/06/2015 12:26 Page 1

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 1

TOP25 PAINT MANUFACTURERS IN ASIA PACIFIC

ow entering its seventh year, our

APACS PREMIER LEAGUE

APAC Coatings Sales (US$M)

period, notwithstanding sales spikes

DEVELOPMENTS SINCE LAST REVIEW

For the second year in succession, the

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 2

TOP25 TABLE OF RESULTS

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 3

good growth in key markets like Bangladesh,

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 4

SKK Vietnam Co Ltd

2015 Business outlook:

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 5

Jin-Su Oh, Director, Management Planning

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 6

medium and 26% of economy

Shanghai Coatings Co Ltd

Noroo Paint & Coatings Co Ltd

16. SHANGHAI COATINGS

17. FUJIKURA KASEI

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 7

18. PACIFIC PAINT BOYSEN

Ruben Cueto, Marketing Manager

Taiho Dongguan 181, Taiho Shanghai 42,

2015 top 25.qxp_Layout 3 05/06/2015 10:16 Page 8

13%, Automotive (OEM, Aerospace) 21%,

24. YUNG CHI

2009: Appointment of new Chairman; Malaysia

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