Sherwin-Williams is the world’s largest paint and coatings company. The business has a particularly strong position in the market for professional painters in the US, which it distributes through its own stores. The business is impressively dominant, with a market share 10x its closest peer. Remarkably, its market share continues to rise. Its strong position comes from its willingness to invest in its product development, its distribution network, and its people.

Sherwin-Williams also has dominant positions in the many niches that its industrial coatings business serves. This business shares many of the paint business’ strengths. It has invested in the technical capabilities of its products, in expert reps, and in other value-adds that customers appreciate.