Brand Finance logo

Sherwin-Williams on a roll as world’s most valuable paints brand for 3rd consecutive year

30 May 2024
Jump to Media Downloads
  • Kansai Paints has a brush with success with largest brand value growth
  • Asian Paints remains strongest paints brand ranked with brand strength rating of AA+
  • Sherwin-Williams has the highest Sustainability Perceptions Value at USD625 million

LONDON - 30 May 2024 – For the third year running, US-based Sherwin-Williams (brand value up marginally to USD7.6 billion) remains in first place as the most valuable paints brand ranked, according to a new report by Brand Finance, the world’s leading brand valuation consultancy.

Sherwin-Williams’s brand value was stable compared to 2023, due to slow home sales, high inflation rates as well as a slowdown in the Europe market. However, the brand was in turn supported by better selling prices and architectural sales volume across several end markets. It is followed by PPG (brand value up 8% to USD4.1 billion) and Nippon Paint (brand value up 5% to USD2.4 billion).

Kansai Paints (brand value up 17% to USD925 million) saw the largest brand value percentage growth, with Jotun (brand value up 15% to USD869 million) following closely behind. The former’s increase in brand value was largely attributed to the brand’s swift response to escalating raw material charges with price hikes. Kansai Paints also reported a rise of 24% in net profit in their most recent quarter ending March 2024, due to increased demand for industrial and decorative paints.

Asian Paints (brand value down 14% to USD1.5 billion) kept its title of the strongest paints brand and a BSI score of 76.0 of 100. This is owed to brand perceptions by consumers of Asian Paints as being highly reliable for the manufacturing and distribution of paint. Asian Paints has also been taking steps into various new directions, such as the planning for a White Cement manufacturing facility and collaborations for nanotechnology, showing its dedication to innovation and leading industry advancements.

Savio D’Souza, Senior Director of Brand Finance commented:

“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.

“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 neutralises odours and improves indoor air quality.”

Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile a Sustainability Perceptions Index. The study determines the role of sustainability in driving brand consideration across sectors and offers insight into which brands global consumers believe to be most committed to sustainability.

For individual brands, the Index displays the proportion of brand value attributable to sustainability perceptions. This Sustainability Perceptions Value is the financial value contingent on a brand’s reputation for acting sustainably. From here, Brand Finance’s perceptual research is analysed alongside CSRHub’s environmental, social and governance (ESG) performance data to determine a brand’s ‘gap value’. This is the value at risk or to be gained, based on the difference between sustainability perceptions and actual performance.

The 2024 Sustainability Perceptions Index finds that in the paints  sector, Sherwin-Williams has the highest Sustainability Perceptions Value of USD625 million.

Media Downloads

These images may be downloaded and used for publication. Please attribute to Brand Finance.
Copyright © 2024 Brand Finance. All rights reserved.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

Get in Touch