AGB 2021.1 - Sherwin-Williams (SHW)

Death, Taxes and Repaint

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Sherwin-Williams

Sherwin-Williams is the leading provider of architectural and industrial coatings globally. The company has a collection of highly recognized brands such as Sherwin-Williams, Valspar, Purdy, Dutch Boy, HGTV Home, Minwax, Krylon, Thompson’s WaterSeal, etc. These brands are available in Sherwin-Williams owned stores and at strategic retail channel partners such as Lowe’s, Menards, and Walmart. Internationally, many of its products are distributed through a small selection of company owned stores and through a network of retailers, dealers and distributors.

The market for coatings can be broken down into architectural paints which make up 40%, industrial OEM coatings at 40% and special purpose coatings the remaining 20%. There were 9.8B gallons of coatings used in 2019, which roughly puts the market at $132B. Sherwin Williams is the leader followed by PPG, Akzo Nobel, and Nippon. The top 10 suppliers repres…