This year’s forum includes CEOs from leading coatings companies from the U.S., Europe and Asia. The participants are Greg Poux-Guillaume, AkzoNobel CEO; Uta Holzenkamp, president, BASF’s Coatings Division; Dan Calkins, CEO, Benjamin Moore; Abhijit Roy, CEO, Berger Paints; Jaume Juher, chairman, Briolf; João Serrenho, CEO and president, CIN Coatings; Steve Crossman, COO, HMG Paints; Julien Molina, CEO, Mäder Group; Tim Knavish, chairman and CEO, PPG; and Kuldip Raina, MD and CEO, Shalimar Paints.

CW: How did the market for paints and coatings fare overall in 2025?

AkzoNobel: 2025 was a difficult year for the market, marked by geopolitical uncertainties, with tariffs complicating supply chains and influencing customer demand. The global market for paints and coatings was slightly down in volumes, driven primarily by the weakness in the building and construction sector across key markets, with only a few exceptions.

Overall, the market for decorative paints experienced uneven demand trends in EMEA and a continuing weakness in China. Trends were broadly more positive in the rest of Asia.

As for performance coatings, it was a challenging market environment, with significant volume pressure in North America. There was also broad-based economic softness in EMEA, while China was more resilient.

BASF: In 2025, our industry navigated a mix of complexities – everything from volatile raw material prices, customer demand changes to trade barriers and shifting customs rules. Even so, we strengthened our ability to act flexibly and proactively and kept our delivery performance strong by qualifying new suppliers, adjusting formulations, and staying flexible in our production processes. In the end, 2025 turned out to be a fairly solid year for us, despite the headwinds.

What really made the difference was our passionate team and the strong, trust‑based partnerships. That close collaboration helped us find quick, innovative solutions and kept us resilient in a tough environment while creating new momentum.

Benjamin Moore: In recent years, there have continued to be several economic and industry factors impacting the home improvement and architectural coatings categories. 2025 saw weaker turnover of existing homes, low consumer confidence and affordability issues that continued to affect the industry. We do anticipate repaint and maintenance demand to increase and contribute to growth in the year ahead. 

Berger Paints: 2025 was a challenging year for the industry with growth remaining soft. Demand was impacted in many parts of the country due to excessive and prolonged rains, which affected the normal cadence of painting activity, especially in the exterior category. At the same time, competitive intensity in decorative paints continued to rise with multiple new entrants over the last couple of years, and that has kept the market
very dynamic.

In this environment, we have still managed to grow—albeit modestly—supported by steady performance in our industrial and protective coatings businesses and continued execution focus across our distribution and operations.

Briolf: 2025 has been a year of progressive normalization for the paints and coatings market after a period marked by significant external pressure, including inflation, geopolitical uncertainty and volatility in energy and logistics costs. Despite this context, the sector has shown solid resilience, particularly in segments linked to maintenance, repair and renovation activities.

In Europe, market performance has varied by country and application, but overall demand has remained stable to positive. There is a clear shift toward solutions that deliver higher value, improved efficiency and greater sustainability. This environment tends to favor industrial players with strong technical capabilities, close relationships with customers and the ability to adapt quickly to local market realities.

CIN: Market evolution overall in 2025 was, once again, largely dependent on sector and geography. While Southern Europe and Africa showed some growth, other European markets continued to struggle in 2025. 

HMG Paints: 2025 was a significant year for HMG Paints, celebrating our 95th anniversary, and saw us achieve a very solid financial performance across the business thanks to the diversification strategy HMG utilizes. The UK market as a whole saw a small decrease across 2025 of around 2%, but as a business, we saw positive growth across our business areas.

Mäder: 2025 remained a transition year for the paints and coatings industry. After the volatility of the previous years, markets showed signs of stabilization, although recovery was uneven across regions and segments.

In Europe, industrial activity remained under pressure, particularly in construction-related segments. However, mobility markets such as rail and selected automotive platforms demonstrated resilience. Infrastructure renovation and asset life extension programs continued to support demand.

Against this backdrop, our performance was driven by a clear strategic focus. We continued to strengthen our presence in our core markets while accelerating our international development, particularly in high potential regions such as India, Eastern Europe, and Turkey. These efforts helped us offset local slowdowns and further diversify our activity base.

2025 also confirmed the relevance of our Ë-Volve strategic plan. Decarbonization, regulatory compliance and sustainable innovation remained central pillars of our development. We made tangible progress in the deployment of lower-impact solutions, both through new product launches and through continuous improvements in our industrial processes. In this context, we were proud to maintain our EcoVadis Gold rating in 2025, confirming the consistency and credibility of our CSR and sustainability commitments over time.

Finally, our close customer relationships once again proved to be a key differentiator. Our ability to combine technical expertise, agility and proximity enabled us to support our customers in optimizing both performance and sustainability, reinforcing long-term partnerships in a still selective market environment.

PPG: The paints and coatings market experienced mixed performance in 2025 with a slight overall decline. Despite a challenging macroeconomic environment and uneven demand across regions, PPG delivered 2% organic sales growth. Certain end-use segments—particularly aerospace coatings, protective and marine coatings, traffic solutions, and automotive OEM—showed strong momentum, helping offset weaker demand in automotive refinish and architectural coatings in Europe.

Overall, while the global coatings market was pressured by industrial softness and sluggish consumer sentiment in Europe, it remained resilient, and PPG outperformed the broader industry in several key categories.

Shalimar Paints: The Indian paints industry demonstrated remarkable resilience in 2025, reaching a market size of USD 10.46 billion and standing on a strong growth footing. With a projected CAGR of 9.38% through 2030, the sector is well positioned to support India’s rise as the world’s third-largest construction market.

Residential real estate activity has been a key catalyst, with unit sales rising 30% year-on-year to 474,000 units, aided by enabling policies such as PM Awas Yojana. The accelerating shift toward water-borne technologies, now commanding 45.90% market share, reflects the industry’s proactive move toward sustainability, while also reducing exposure to crude-linked volatility.

Architectural paints continue to anchor the market, contributing 77.56% of revenues across emulsions, primers, and protective coatings for residential and commercial applications. Even amid elevated raw material costs, robust infrastructure investments, urban renewal initiatives, and shorter repaint cycles in tier I and II cities are strengthening demand fundamentals and reinforcing long-term optimism for the sector.

CW: What areas of the paint and coatings market represent the most growth opportunities for your company? 

AkzoNobel: In the current climate, growth opportunities are primarily linked to marine and protective coatings – supported by demand for vessel efficiency, offshore energy and infrastructure protection – and aerospace coatings, which has a strong, multi-year pipeline.

BASF: We are seeing strong momentum in a few places: sustainable and low‑VOC coatings, fast‑growing markets in Asia and new mobility technologies like EVs with customers asking for bolder color solutions. 

From a global market perspective, there are differences across regions. In the Asia‑Pacific region – which now accounts for around 60% of the global automotive market – we continue to see strong growth, driven by electromobility and the market share growth of strong innovative manufacturers, especially from China. 

In Europe and North America, market dynamics remain challenging but stable. Demand is differentiated but steady. Especially, the North American refinish market grew below expectations in 2025 and is expected to slowly come back in 2026. 

In general, cost competitiveness is key for our customers and we support them with excellent technical service, deep expertise and innovative solutions. The speed at which we are implementing new solutions together with our customers is really exciting. A good example is the introduction of Gardolene D, the first chrome‑ and fluoride‑free passivation solution for copper foils. This innovation improves both corrosion protection and battery performance and makes a strong contribution to advancing electromobility.

Benjamin Moore: Our outlook is positive, particularly given the growing professional segment focused on repaint, potential interest rate cut, turns in the market that increase purchasing power, and a go-to-market strategy positioned for growth in collaboration with our independent channel.

Berger Paints: We see strong opportunities across a few clear spaces. In decorative, exterior coatings remain an important focus, especially given the need for higher durability and surface protection in demanding weather conditions. Waterproofing and allied construction chemicals continue to be a high-potential segment, driven by both new construction and the large base of existing structures that require repair and preventive maintenance.

In coatings, protective coatings remain a long-term opportunity for us, supported by India’s continued infrastructure build-out and the need to protect assets over longer lifecycles.

Briolf: The most attractive growth opportunities are found in areas where technical specialization, regulatory requirements and customer expectations converge. Automotive refinish and industrial coatings continue to be core segments, particularly where customers are looking for systems that improve productivity while reducing environmental impact.

At the same time, we see strong potential in more specialized applications within OEM, packaging and niche industrial markets, where adaptability and technical support are decisive. Beyond coatings, aerosols and bonding solutions also offer opportunities, especially where strong brands and application-driven innovation play a central role. Our diversified business model allows us to participate in different market dynamics while maintaining a balanced growth profile.

CIN: We see growth opportunities in eco-efficient and high-performance coatings, especially those that extend asset life. In the architectural segment, value-added and premium paints continue to outperform in markets where brand, service, and innovation are decisive factors.

HMG Paints: Growth in water-based technologies is no longer limited to niche sectors; it is now a standard across our entire portfolio. Our R&D department is actively working with raw material partners to develop high-performance, environmentally compliant and sustainable products that ensure we meet future “green” benchmarks, but also ensure our customers have tailored coating solutions that meet their exact requirements.

Driven by tightening environmental regulations and shifting consumer preferences, we are prioritizing these environmentally sound and sustainable coating solutions as business pillars, both for our customers’ bespoke formulations and the core HMG portfolio.

Mäder: Several of the segments we consider as key growth drivers today were identified in our strategic roadmap several years ago. We have since built solid technical positions and meaningful market shares in these areas, which now represent stable and profitable pillars of our portfolio :

• Rail and sustainable mobility, supported by fleet modernization, stringent fire and safety standards, and extended asset life expectations.

• Water infrastructure and piping rehabilitation, driven by tighter environmental regulation and increasing demand for long-term corrosion protection and durability.

• Automotive, especially premium interior plastic coatings, functional coatings, and electrotechnical varnishes supporting electrification. These applications require high aesthetic standards, technical performance, and reliability in increasingly demanding vehicle architectures.

At the same time, we are accelerating our development in new strategic domains that we see as future growth engines — particularly cosmetics and energy transition-related applications.

• Cosmetics and premium packaging, where decorative excellence, regulatory compliance, and sustainability are becoming decisive competitive factors.

• Energy transition-related solutions, including electrification and renewable infrastructure, where coatings contribute to protection, insulation, and overall system performance.

Across all these segments, the common denominator is technical complexity combined with sustainability pressure — areas where formulation expertise and close customer collaboration create measurable and differentiated value.

PPG: PPG’s most compelling growth opportunities continue to be in technology-advantaged coating solutions and new processes that are enabling customer productivity.

Aerospace is a major long-term growth engine at PPG, and we expect to see continued strong demand in the years ahead. Customer order backlogs reached $315 million, and aftermarket demand is expected to grow at a high single-digit pace for the next four years. Our protective and marine coatings business delivered its 11th consecutive quarter of year-over-year volume growth, driven by increasing adoption of PPG’s sustainably advantaged technologies. Within our automotive OEM businesses, PPG continues to outpace industry production, gaining share globally. For packaging coatings, a double-digit increase in Q4 2025 organic sales reflects global regulatory momentum, new customer wins, and strong beverage packaging demand. Within our architectural coatings business in Mexico, demand remains robust, with strong retail sales and project activity. 

Shalimar Paint: Our growth momentum is being driven by a balanced mix of premium innovation and accessible value products. On the premium side, we are seeing strong traction in high-performance emulsions and waterproofing solutions, particularly in urban and semi-urban markets where consumers increasingly prioritize durability, aesthetics, and eco-friendly performance. The launch of Hero 5, a power packed, health friendly, VOC-compliant, feature-rich emulsion, has strengthened our position in this segment and helped elevate the brand in performance-led paints.

At the same time, our industrial and protective coatings continue to gain credibility in large infrastructure and institutional projects, supported by our refreshed portfolio of high-performance, project-grade coatings. These launches reinforce Shalimar’s legacy in technical applications while opening up higher-value growth opportunities. Additionally, we have also introduced Smart Bharat, a high-value, cost-effective paint line tailored for rural consumers, along with the Mela Series of primers, enamels, and distempers to balance premiumization with affordability. These offerings address the vast untapped potential in Tier-II, Tier-III, and rural markets, where more than 50% of surfaces remain unpainted.

Overall, our strategy rests on a dual approach, aspirational premium products that build brand equity, and value-driven innovations that democratize quality paint, supported by expanding distribution and deeper last-mile reach.

CW: What is your business strategy for growth in 2026 and beyond? 

AkzoNobel: We will continue to invest in growth markets and segments where we have differentiated positions, such as aerospace coatings, marine and protective coatings, and powder coatings. Our focus on sustainability-driven innovation, which is key to achieving meaningful change in our industry, is unchanged. In 2026, we don’t anticipate a meaningful recovery across our end markets and will remain firmly focused on the implementation of our self-help programs and maintaining strict cost discipline.

The proposed merger with Axalta will bring together two coatings industry leaders with complementary portfolios and world class innovation capabilities, enabling us to create exceptional value and outgrow the market.

BASF: The coatings industry is undergoing significant transformation, and with transformation comes opportunity. Shifting customer expectations towards cost competitiveness, innovation and speed and structural changes among major players – all of this requires us to act with both flexibility and strategic focus. We are aiming for sustainable growth in all regions.

2026 is a major year for us at BASF Coatings. Becoming an independent more nimble, stand-alone company under the umbrella of Carlyle, gives us greater entrepreneurial freedom, faster decision‑making processes, new market access, and – most importantly – room for accelerated growth across all three business units Surface Treatment, Automotive OEM Coatings and Refinish Coatings. Our focus is clear: stay close to our customers, support them in their operational efficiency and sustainability goals, continue to innovate, and invest in growth where demand is strongest. Deep technical expertise and strong service orientation paired with high quality and supply reliability are more important than ever for our customers. 

Berger Paints: Our growth strategy for 2026 and beyond continues to be anchored firmly in profitable, sustainable growth. In decorative paints, our priorities are clear and consistent: deepening and expanding our distribution network, investing meaningfully in brand building, and strengthening our product pipeline through innovations that address real consumer needs—be it performance, durability, convenience, or aesthetics.

In industrial coatings, we see significant opportunity as manufacturing and infrastructure activity in the country continues to scale. Our focus will be on introducing differentiated, application-specific solutions tailored to evolving customer requirements, while deepening engagement with key accounts. As part of this journey, we will also ensure that our differentiated industrial products are backed by the necessary certifications and approvals, enabling wider adoption, greater customer confidence, and long-term participation in high-value segments.

Briolf: Our growth strategy is based on continuity, focus and disciplined execution. Rather than pursuing rapid expansion, we prioritize sustainable and profitable growth built on a clear
industrial logic.

In the coming years, this means continuing to integrate and strengthen the businesses we have incorporated into the group, activating synergies across brands, technologies and countries. We are also reinforcing our direct presence in strategic markets through our own commercial subsidiaries, while maintaining a balanced approach to risk. Looking ahead, our objective is not only to grow in size, but to build a more integrated, agile and resilient organization, well prepared for the next strategic cycle.

CIN: CIN’s strategy focuses on international expansion, industrial excellence, and continuous innovation while strengthening positioning across core markets. Performance coatings – particularly, protective and powder – will be key growth drivers in the coming years, alongside high-value paints in the decorative segment. We plan to pursue opportunities for both organic and inorganic growth.

 HMG Paints: Once again, the business strategy will be based around evolution and not revolution. 2025 saw us establish several new customer partnerships which revolve around product development, innovation and a long-term market strategy. 

These new opportunities saw us invest heavily in capital expenditure in 2025, with a focus on new production equipment and the facilities at Riverside Works. These strategic investments will allow us to further increase our capacity, notably for water-based coatings, and increase efficiency, which will help drive growth.

Mäder: Looking ahead to 2026, industrial activity will likely remain influenced by geopolitical uncertainty, regulatory acceleration, and volatility in energy and specialty raw materials. Environmental compliance continues to be a key driver across the coatings value chain.

At the same time, the sector is undergoing structural transformation. Stricter regulations — particularly in Europe — are accelerating the shift toward lower VOC systems, bio-based content, and lower carbon footprint formulations, while customers increasingly demand life-cycle transparency and validated performance.

Ongoing consolidation among coatings producers and raw material suppliers is further reshaping competitive dynamics, requiring stronger strategic sourcing and closer technical collaboration to ensure supply continuity and innovation capacity.

In this context, we have updated our strategic roadmap with a clear horizon to 2030, ensuring continued focus and alignment around our key development pillars, including sustainable innovation, operational excellence, and international growth.

In 2026, we will continue to invest heavily in R&D to deliver full solutions to accompany our customers in their global coatings processes; solutions that combine performance, durability and reduced environmental impact. Supporting our customers in their own transformation — whether through product innovation, process optimization, or regulatory compliance — will remain a
key priority. 

We will also pursue our international expansion while reinforcing our operational excellence, ensuring reliability, service quality, and agility across our industrial footprint.

Overall, we remain confident in our strategy. By staying close to our customers, anticipating market changes, and continuing to invest in sustainable innovation, we believe we are well positioned to strengthen our market presence and create long-term value in 2026 and beyond.

PPG: At PPG, we remain focused on developing and providing technology-advantaged solutions that help our customers increase productivity and drive their overall success. To accelerate our growth momentum in 2026 and beyond, we will continue to strengthen our portfolio through innovation, productivity, and strategic investments across our end markets and within fast growing regions. We will also continue to leverage digital tools across our businesses to create new, innovative products and solutions for our customers. An example of our digital productivity tools includes PPG LINQ and PPG MoonWalk, which exceeded 3,200 installations globally in 2025, and are helping body shops improve accuracy, efficiency and overall throughput.

Shalamar Paints: Our growth strategy for 2026 and beyond is centered on deepening our market presence, strengthening our product portfolio, and building a more efficient, future-ready organization. We have now crossed 10,000 dealer outlets, and this scale is critical as demand in Tier-II and Tier-III towns is growing faster than in large metros, where service reliability, availability, and painter trust increasingly determine brand choice. We will continue to modernize outlets with tinting machines, expand last-mile reach, and invest in structured painter and dealer engagement.

On the product side, we will accelerate innovation across both decorative and industrial coatings, with greater emphasis on sustainable, water-borne, and performance-led solutions. Our recent launches, alongside new premium interior, exterior, and specialty offerings, including Floor Shield coatings.

Operationally, we are strengthening automation, R&D, and cost efficiency to improve margins without compromising quality. Together, these initiatives position Shalimar as an aspirational, accessible, and future-ready brand, built for sustainable growth, stronger market share, and long-term profitability.

CW: In what areas are you focusing your R&D efforts? 

AkzoNobel: We remain committed to sustainability-driven innovation as a core competitive strength. Our R&D efforts focus on:
• Continued innovation in powder coatings and other high-performance technologies.
• Low-carbon and energy-efficient technologies.
• Increased use of bio-based and recycled raw materials.
• Circular solutions that support customers’ sustainability ambitions.

BASF: Sustainability will continue to be one of our strongest drivers and a key area of innovation. We’re partnering closely with customers to create solutions that deliver both real environmental progress and solid economic value. Anticipating regulatory changes in the different countries leads to future ready products. Understanding the full life cycle and applications at our customers and e.g. reducing energy and material usage not only in our production but also in the customer’s processes is continuously improving what we offer. We see a lot of potential in digitalization and increasing automation in basically all areas like customer interfaces with virtual color, improving precision and speed of our formulation development, and, of course, optimizing our
supply chain.

Benjamin Moore: We believe in the transformative power of our paint and producing premium-quality products and colors that deliver lasting results. R&D efforts remain focused on consistently delivering the highest-quality paints for different jobs and staying at the forefront of innovation – which can include enhanced formulations for existing trusted products, or new introductions designed to meet the unique needs of our customers.

Berger Paints: Our R&D focus is increasingly centered on sustainability and performance-led innovation. We are working on low-VOC and VOC-free solutions, and on functional coatings that combine tangible benefits—such as protection, longer life, easy maintenance, or improved indoor comfort—with the aesthetics consumers expect from a modern paint brand.

The intent is to deliver products that are better for the environment, safer to use, and meaningfully differentiated in performance.

Briolf: R&D plays a central role in our long-term competitiveness and industrial development. Our focus is on solutions that combine performance, efficiency and sustainability, always closely linked to real application needs.

In practical terms, this involves developing technologies that help customers simplify processes, reduce energy consumption and meet increasingly demanding environmental standards. We are working on new formulations, curing technologies and application systems across our businesses, with innovation driven by close collaboration between our technical teams, production sites and customers. This ensures that R&D efforts translate into tangible, usable improvements in the field.

CIN: CIN is investing in next-generation formulations that combine lower environmental impact with superior durability and climate adaptability. The industry and infrastructure sectors will continue to demand performance aligned with responsibility.

HMG Paints: A priority in 2025 was to expand our R&D team to deal with an ever-growing list of new projects, which saw the team grow by 36%. New additions to the HMG team contained a mix of young staff to develop and experienced industry chemists with specialist knowledge in a mix of industry areas and specialty coatings. HMG’s specialism of bespoke product development means that our team are often led by our customers, but always endeavor to ensure we provide high-performance, eco-friendly and sustainable coatings that allow our customers to meet their own ESG targets without compromising coating performance.

Mäder: Sustainability and environmental transition have long been integral to Mäder Group’s positioning. Contributing to a more responsible industrial model is not a recent adjustment to market trends; it is embedded in our DNA and has consistently guided our strategic decisions.

Today, we are accelerating this commitment by actively advancing our transition toward more sustainable chemistry. Our development strategy and R&D efforts are firmly oriented toward solutions that combine high technical performance with respect for human health and environmental protection. This includes the integration of safer raw materials, reduced VOC systems, increased bio-based content, and improved life-cycle performance.

Beyond our own footprint, we are intensifying our support to customers as they work to reduce their environmental impact. We develop coatings and composites designed to improve overall process efficiency — for example through lower curing temperatures, shorter cycle times, reduced material consumption, or enhanced durability that extends asset life. By combining formulation expertise with process optimization, we aim to contribute concretely to the reduction of energy use and emissions across the value chain.

Our objective is clear: to make sustainability not only a compliance requirement, but a driver of innovation, competitiveness, and long-term value creation.

PPG: At PPG, our R&D investments remain focused on high-value, technology-advantaged solutions aligned with the jobs to be done for our customers. We have a three-pronged approach to innovation – technology differentiation within the coatings formula (inside the can), differentiated process and application solutions (outside of the can), and utilizing AI tools to formulate products faster and more efficiently. This includes our first product developed utilizing AI assistance, PPG DELTRON® NXT DC7020 Premium Glamour Speed Clearcoat. The coating is engineered for exceptional appearance and throughput, with a force dry time of 5 minutes and air-dry time of less than 60 minutes. This significantly reduces the energy required for vehicle refinishing, representing an approximately 80% reduction in natural gas requirements for the force dry curing process. By transitioning to DC7020, customers are reducing operating costs while driving higher shop productivity.

Another example of our R&D is the PPG SIGMAGLIDE® 2390 fouling release coating, a breakthrough solution to help shipowners lower power consumption and carbon emissions and meet demands for higher performance. The biocide-free fouling release coating has revolutionary PPG HYDRORESET™ technology, which modifies the coating when it is immersed in water to create a super-smooth, almost friction-free surface that marine organisms do not recognize and cannot adhere to. The coating enables vessels to maintain a clean hull and reduce drag, achieving power savings of up to 20%, a speed loss performance of less than 1%, and up to 35% reduction in CO₂ emissions in comparison to traditional antifouling coatings. When electrostatically applied, the coating also ensures cleaner operation for applicators, dramatically minimizing overspray and significantly reducing waste through increased transfer efficiency. 

Shalimar Paint: Our R&D focus is anchored in building a more sustainable, resilient, and performance-led product portfolio. At the core of this is our accelerated investment in water-borne technologies, developing low-VOC, low-odor, and high-durability formulations that deliver superior finish, easier application, and lower environmental impact while reducing dependence on solvent-based systems. We are also advancing hybrid waterborne systems that balance sustainability with cost efficiency for both urban and
rural consumers.

A key priority is developing coatings with enhanced weather resilience and heat performance, ensuring better protection against extreme temperatures, UV exposure, moisture, and surface deterioration, critical for India’s diverse climate conditions.

In parallel, we are strengthening innovation in high-performance industrial and protective coatings, especially long-life, corrosion-resistant systems for infrastructure and institutional projects where reliability is non-negotiable. Equally important is our work on raw material localization and alternative chemistries to reduce import dependence, stabilize margins, and build a more resilient supply chain, supported by greater use of domestic resins and additives.

CW: What are your company’s long-term plans?

AkzoNobel: Our long-term plans are anchored in sustainable profitable growth and disciplined execution. Our proposed merger with Axalta will support that, through enhanced scale and capabilities to better serve our customers globally. So exciting times ahead for 2026 and beyond.

BASF: We can’t wait to continue building our own company and brand in 2026! With Carlyle’s network, expertise, and willingness to invest, we position ourselves for long‑term success as a standalone coatings player. But even more important: we embark on this journey with a clear vision, great competence, and a strong passionate team that already inspires our customers today.

Our customers remain at the center for everything that we do today and in the future. We want to grow sustainably, while seizing opportunities in our markets globally in an even stronger set up. We will continue to invest in innovation, sustainability, digitalization and lasting relationships. We look forward to shaping the future of the coatings industry.

Berger Paints: Our growth strategy for 2026 and beyond is anchored in building a stronger, more differentiated, and future-ready Berger Paints. Profitable growth remains our foundation, but equally important is how we grow—by creating lasting value for all stakeholders.

In decorative paints, we will continue to expand our reach, strengthen brand salience, and accelerate innovation that improves consumer outcomes across performance, durability, convenience, and aesthetics, with sustainability and technology increasingly shaping our product pipeline.

In industrial coatings, we see significant opportunity as manufacturing and infrastructure activity scales up. Our focus will be on application-specific, differentiated solutions, supported by the necessary certifications, to deepen engagement with key accounts and participate more meaningfully in higher-value segments.

Looking toward 2030, our ambition is to scale Berger Paints to revenues of approximately USD 2.5 billion, while sustaining EBITDA margins in the range of 15% to 17%, driven by disciplined execution, premiumization, and operational efficiency.

ESG remains integral to our strategy. We are committed to reducing our environmental footprint, strengthening governance, and building an inclusive, high-performance culture, viewing responsible growth as a key enabler of long-term competitiveness.

Ultimately, our aspiration is not just to grow larger, but to build a resilient, innovation-led, and purpose-driven organization positioned to shape the future of the coatings industry.

Briolf: Our long-term ambition is to consolidate Briolf as a strong and relevant worldwide industrial group, with a clear focus on coatings and related technologies. We aim to continue building solid positions market by market, combining industrial scale with proximity to customers and local realities. In this sense, maximizing our existent subsidiaries and opening new ones in some new strategic markets plays a crucial role in our strategy of
organic growth

Growth, for us, is not an end in itself. The priority is to strengthen our industrial foundations, deepen integration across the group and continue investing in people, knowledge and manufacturing capabilities. We believe that long-term success in our sector depends on consistency, adaptability and a clear strategic direction, and these principles will continue to guide our decisions in the years ahead.

CIN: Our long-term ambition is to reinforce CIN’s position as a leading coatings player, consolidating our position as a reference industrial company, driven by innovation, operational excellence, and sustainable international expansion. We are confident that our people, differentiated product portfolio, and robust industrial processes provide a solid foundation to deliver consistent value in the years ahead.

HMG Paints: The plan for the next 5, 10, 15 years and beyond is to ensure our values of Decent, Worthwhile and Secure remain at the heart of the business and we continue our ongoing commitment to invest in our infrastructure (production, logistics, R&D and more) along with our people. 

2025 saw us mark our 95th anniversary and gave us a chance to reflect on the journey so far and lay out a road map for the business as we look to the next milestone of 100 years in business. As a family business unbound by shareholders obsessed with quarterly performance, the directors can focus on long term projects including product innovation, development of Riverside Works and our employees while also exploring new markets and upholding our reputation for exceptional customer service and technical support. 

Mäder: Our long-term strategic vision remains fully consistent with the initiatives we are implementing today, reaffirming our commitment to sustainable, profitable growth and continued international development.

We will further reinforce our presence in priority markets and expand our geographical footprint, particularly by supporting our customers in strategic mobility segments. Our ambition is to consolidate our position as a leading international player in the Coatings & Composites industry. This expansion is underpinned by our capacity to deliver customized, high-performance solutions that address increasingly demanding technical and regulatory requirements, while building durable, long-term partnerships.

In parallel, we have made substantial progress in evaluating and reducing our environmental footprint. Sustainability is not an adjunct to our strategy; it is one of its core drivers. Going forward, we will intensify our actions through a comprehensive life-cycle approach to the coating process. This encompasses eco-design principles, responsible raw material selection, optimized production methods, and continuous improvement of application efficiency and end-of-life management at our customers’ sites.

By systematically enhancing energy efficiency, resource optimization, and waste reduction across the entire value chain, we aim to deliver solutions that combine technical excellence with measurable environmental performance.

Shalimar Paints: Our long-term plan is to structurally transform Shalimar Paints into a technology-led, scalable, and margin-accretive coatings company with leadership across decorative and performance coatings. Over the next three years, we are targeting to double revenues, achieve approximately 65% growth, while improving profitability through better product mix, supply chain localization, and operational efficiency. In decorative paints, we expect to gain 3–4% market share, while industrial coatings will remain strategically consolidated with a focus on high-
value applications.

Technologically, we are building leadership in advanced water-borne and low-VOC systems, heat-reflective and weather-resilient exteriors, and next-generation hybrid formulations that balance sustainability, performance, and affordability. In industrial and protective coatings, our emphasis is on long-life, corrosion-resistant systems for infrastructure, energy, and manufacturing, supported by deeper technical partnerships and project specifications.

We are investing aggressively in R&D, automation, and material science to reduce import dependence, increase use of domestic resins, and strengthen formulation robustness across plants. Our manufacturing ecosystem will become more digitally integrated, data-driven, and quality-consistent.

Commercially, we will scale and modernize our network beyond 10,000 dealer outlets, deepen penetration in Tier-II, Tier-III, and rural markets while consolidating urban strongholds, and strengthen painter ecosystems through training and certification.

Brand building will be central, leveraging digital activation, social media, and influencer collaborations to make Shalimar modern, aspirational, and youth relevant. Despite competitive pressures, rising incomes, government housing initiatives, and higher paint penetration give us strong structural tailwinds. Blending our 120-year legacy with transformation, Shalimar will remain both trusted and future-ready.