INDUSTRY OVERVIEW BOB WELLS SENIOR VICE PRESIDENT, CORPORATE COMMUNICATIONS & PUBLIC AFFAIRS
Forward-Looking Statement The presentations today will contain certain forward-looking statements," within the meaning of the federal securities laws, with respect to anticipated future performance (including sales and earnings), expected growth, future business plans and other matters. These statements may be identified by the use of words and phrases such as "believe," "expect," "may," "will," "should," "project," "could," "plan," "goal," "potential," "seek," "intend" or "anticipate" or the negative thereof or comparable terminology. These statements are based upon management's current expectations, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control that could cause actual results to differ materially from such statements and from our historical results and experience. These risks, uncertainties and other factors include such things as: general business conditions, strengths of retail and manufacturing economies and the growth in the coatings industry; changes in raw material and energy supplies and pricing; changes in our relationships with customers and suppliers; our ability to successfully integrate past and future acquisitions into our existing operations, including Valspar, as well as the performance of the businesses acquired; risks inherent in the achievement of anticipated cost synergies resulting from the acquisition of Valspar and the timing thereof; competitive factors, including pricing pressures and product innovation and quality; the nature, cost, quantity and outcome of pending and future litigation and other claims, including the lead pigment and lead-based paint litigation, and the effect of any legislation and administrative regulations relating thereto; adverse weather conditions and natural disasters; and other risks, uncertainties and factors described from time to time in our reports filed with the SEC. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Paint & Coatings Industry Global Mix by Category (Based on $) Special Purpose Coatings 20% OEM Coatings 41% Architectural Paints 39% Total Coatings 2017 ~9.4 Billion Gallons ~125 Billion Dollars 2 Source: KNG Global Research The use of KNG information in this presentation is for illustrative and consistency purposes only; SHW cannot verify the accuracy of KNG Research.
Global Paint & Coatings Industry Mix by Category (Based on $) ARCHITECTURAL 6% 2% 39% GENERAL INDUSTRIAL AUTO OEM 12% WOOD COIL 2% PACKAGING 4% PROTECTIVE & MARINE 7% AUTO REFINISH 11% 17% OTHER 3 Source: KNG Global Research The use of KNG information in this presentation is for illustrative and consistency purposes only; SHW cannot verify the accuracy of KNG Research.
Paint & Coatings Demand by Region Geographic Split of Global Revenue North America 23% 24% 21% 25% South America 5% 7% 3% 3% Europe 23% 23% 23% 25% ROW ~ 4% Asia-Pacific 45% 39% 51% 42% 4 All Coatings Architectural Paints OEM Coatings Special Purpose Coatings Source: KNG Global Research The use of KNG information in this presentation is for illustrative and consistency purposes only; SHW cannot verify the accuracy of KNG Research.
Top Global Manufacturers Coatings Industry 2017 All Others (>5,000 firms) Global Market Top 10 Suppliers ~55% Masco 5 Source: KNG Global Research The use of KNG information in this presentation is for illustrative and consistency purposes only; SHW cannot verify the accuracy of KNG Research.
North America Paint & Coatings Industry Sales ($) Mix by Category Special Purpose 22% OEM Coatings 37% Architectural Paints 41% North America Paint & Coatings 2017 ~1.5 Billion Gallons ~28.0 Billion Dollars 6 Source: KNG Global Research The use of KNG information in this presentation is for illustrative and consistency purposes only; SHW cannot verify the accuracy of KNG Research.
U.S. Paint & Coatings Industry Architectural Paint Gallons (Millions) Millions of Gallons 850 2017 ~802 Million (+2.8% YoY) 800 750 700 650 600 550 500 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7 Sources: ACA, Department of Commerce, Company Estimates
U.S. Architectural Paints Estimated Breakdown by Segment New Non- Residential 6% (51M Gal) Residential Repaint (Pro) 29% (230M Gal) Non-Residential Repaint 15% (123M Gal) New Residential 12% (93M Gal) DIY 38% (305M Gal) 802 Million Gallons 8 Sources: ACA (Total Gallons), Company Estimates (Segment Breakdown)
Five Reasons for Solid Growth Prospects NEW CONSTRUCTION REPAINT & REMODELING PROTECTIVE & MARINE GLOBAL MANUFACTURING AUTO REFINISH Sherwin-Williams is well positioned in all areas 9
NEW CONSTRUCTION RESIDENTIAL NON-RESIDENTIAL 10
U.S. Residential Activity Factors Supporting a Continued Growth Cycle Annual household formation ~1.4 million for the next 6-8 years Housing supply is not keeping pace especially at entry level New housing activity lags prior periods Home values rising rapidly due to tight supply Baby Boomers averaged ~1.6M households from 1970-1980 Existing entry level supply is under 3 mo. (compared to 6.5 mo. historical average) 2017 single family completions 21% below historical average 5-yr avg. home values up 8% compared to 10-yr average of +1.3% Strong household formation over foreseeable future but building like a recession 11 Refer to Industry Appendix for support data
U.S. New Non-Residential Current Activity is Positive Architectural Billings Multi-Family starts soften in 2019 as completions catch-up Commercial Building Starts Institutional Building Starts March 2018 was 6th straight month of expansion Completions expected to rise ~15% YoY in 2018 Square feet (in millions) estimated +2% YoY in 2018 Square feet (in millions) estimated +3% YoY in 2018 Softer start to 2018 season Positive customer commentary on the full year 12 Refer to Industry Appendix for support data
Latin America New Residential & Non-Residential Early Stages of Recovery Residential Construction Spend Non-Residential Construction Spend 2012-2017 CAGR Total: -0.92% 2017-2022 CAGR Total: +2.64% 2012-2017 CAGR Total: -0.65% 2017-2022 CAGR Total: +4.27% Mexico: -1.35% Brazil: -4.08% Mexico: +1.55% Brazil: +2.99% Mexico: +0.41% Brazil: -2.83% Mexico: +2.2% Brazil: +5.3% Recovery is forecasted for 2017-2022 Mexico and Brazil most impactful for Sherwin-Williams 13 Refer to Industry Appendix for support data
REPAINT & REMODEL Painting Contractors Remodelers DIY 14
U.S. Repaint and Remodel Factors Supporting a Continued Growth Cycle Strong remodeling activity forecast Baby boomers aging in place and rising home values Residential fixed investment Non-Residential fixed investment +7% YoY growth for 2018 & 2019 2018 total spending ~$337 billion Less than 8% of households over 55 move annually 3.9% of GDP in 1Q18 down 13% from historical average 12.8% of GDP in 1Q18 down 4% from historical average Sherwin-Williams has had double digit growth in residential repaint category in 16 of last 18 quarters 15 Refer to Industry Appendix for support data
Repaint & Remodel Well Positioned to Serve All Segments PAINT BIG BOX SPECIALTY PAINT STORE MULTICATEGORY RETAIL STORES PRO PAINT CONTRACTOR PROJECT TYPE(S) DIY REMODELER PROJECT TYPE(S) 16
Repaint and Remodel DIY Contractor Shift Will Continue in U.S. & Canada 59% 38% DIY/ Remodeler Paint Contractor 41% 62% Sherwin-Williams is well positioned to serve both segments 17 Sources: U.S. Commerce Department, Company Estimates
PROTECTIVE & MARINE 18
Protective & Marine Upside Opportunities in the U.S. Continue to Improve Rig counts are following steady recovery of oil prices Poor condition of US highways & bridges Government infrastructure investment below trend since 2010 Average rig count 2017 YoY +71.6% 2018 YTD +30.6% $420B repair backlog $836B capital needs backlog Under-funded ~$950B over last 7 years 19 Refer to Industry Appendix for support data
GLOBAL MANUFACTURING 20
2015-Dec 2016-Jan 2016-Feb 2016-Mar 2016-Apr 2016-May 2016-Jun 2016-Jul 2016-Aug 2016-Sep 2016-Oct 2016-Nov 2016-Dec 2017-Jan 2017-Feb 2017-Mar 2017-Apr 2017-May 2017-Jun 2017-Jul 2017-Aug 2017-Sep 2017-Oct 2017-Nov 2017-Dec 2018-Jan 2018-Feb 2018-Mar 2018-Apr Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar Global Confidence Positive Outlook 60.0 58.0 56.0 54.0 52.0 50.0 48.0 46.0 44.0 42.0 Global Manufacturing Confidence PMI WORLD NORTH AMERICA EMEA ASIA LATIN AMERICA 105 100 Global Consumer Confidence Consumer Outlook 40.0 95 2014 2015 2016 2017 2018 21 Sources: IHS-Markit, OECD
Global Manufacturing Factors Supporting a Continued Growth Cycle General Industrial Industrial Wood Packaging Coil & Extrusion Macroeconomic trends support global growth in heavy construction & agricultural machinery Primarily driven by US remodeling activity and construction starts Conversion to Non-BPA technology and growing consumption in emerging markets 2018 expected to be another record year for high-rise construction completions 22 Refer to Industry Appendix for support data
AUTO REFINISH VEHICLES IN USE MILES DRIVEN COLLISION REPAIR 23
Automotive Refinish Factors Supporting a Continued Growth Cycle Vehicle Miles Driven & Vehicles In Use (US) Collision repair industry consolidation drives partnership opportunities Continued shift to waterborne products Positive trend since 2015, potential slow down as oil/gas rises MSO s expected to account for ~50% of revenues by 2020 Global regulatory environment driving technology change 24 Refer to Industry Appendix for support data
INDUSTRY APPENDIX
U.S. Residential Activity Sustained Household Formation Underpins Housing Demand Number of Occupied Households 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr 3rd Qtr 1st Qtr Quarterly Y-o-Y Growth 120,000 118,000 5,000 4,500 116,000 4,000 114,000 112,000 110,000 108,000 106,000 104,000 102,000 100,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20172018 Occupied Households Quarterly Y-o-Y Growth 2 Source: U.S. Census Bureau
U.S. Residential Supply & Demand Shortfall Particularly Acute in Entry Level 10.0 9.0 8.0 Months' Supply of Resale Inventory - 9.3 11% Price Appreciation - right 12% 10% 7.0 6.0 Historical Average 7% 8% 5.0 4.9 6% 4.0 3.0 2.8 3.2 4% 4% 2.0 2% 1.0 0.0 Entry Level First-Time Move Up Second-Time Move Up Luxury Low Tier Mid Tier High Tier 0% 3 Sources: Zelman & Associates, Case-Shiller, CoreLogic, Local MLS
U.S. Residential Limited Supply Inventory For Sale (New & Existing) Below Multi-Decade Norms 1Q90 3Q90 1Q91 3Q91 1Q92 3Q92 1Q93 3Q93 1Q94 3Q94 1Q95 3Q95 1Q96 3Q96 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 3.5% Seasonally-Adjusted Single-Family New and Existing Home Inventory as Percentage of Households 3.0% 2.5% 2.0% 1.5% 1.0% 4 Sources: Zelman & Associates, Census Bureau, NAR
U.S. New Residential Housing Supply Not Keeping Pace 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Annual Surplus/Deficit (Thousands) 2000 2002 2004 2006 2008 2010 2012 2014 2016 Cumulative Surplus/Deficit (Thousands) Housing Surplus/Deficit (thousand) & Homeowner Vacancy Rate Housing Surplus/ Deficit (LHS) Vacancy Rate (RHS) Cumulative Housing Surplus/Deficit (RHS) Housing Surplus/Deficit (thousand) 800 0.03 800 4,000 600 0.025 600 3,000 400 200 0.02 400 200 2,000 1,000 0 0.015 0 0 (200) 0.01 (200) (1,000) (400) (600) 0.005 (400) (600) (2,000) (3,000) (800) 0 (800) (4,000) 5 Sources: Wells Fargo Securities, U.S. Commerce Department
U.S. New Residential New Housing Activity Lags Prior Periods 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 3000 2500 2000 1500 1000 500 0 6 Sources: Zelman & Associates, Census Bureau
U.S. New Non-Residential Positive Manufacturing & Construction Outlook 65.0 Architectural Billings by Sector 60.0 55.0 50.0 45.0 40.0 35.0 Commercial/ Industrial Billings Institutional Billings Residential Billings 7 Sources: American Institute of Architects
U.S. New Non-Residential Positive Growth to Continue in Non-Res Spending Non Residential Construction Spending- $Millions Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Architectural Billings Index U.S. Architectural Billings Index and Non-Residential Construction Spending $740,000 70 $730,000 $720,000 60 $710,000 $700,000 $690,000 $680,000 $670,000 $660,000 $650,000 50 40 30 20 10 $640,000-2015 2016 2017 2018 U.S. Non-Residential Construction ABI- Design Contracts ABI- Inquiries ABI- Billings 8 Sources: American Institute of Architects, St Louis Fed
U.S. Non-Residential Moderating Permits and Starts Completions Likely to Continue Rising 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 700 Multi-Family Construction - Units in Thousands 600 500 400 300 200 100 0 Starts Completions Year-End Under Construction 9 Sources: Zelman & Associates, Census Bureau
YOY change - In millions of square feet U.S. New Non-Residential Positive Starts Support Completions thru 2018 and into 2019 YOY change - In millions of square feet Commercial Building Starts Commercial includes Retail. Warehouse, Office, Parking Garage. Institutional Building Starts Institutional includes Education, Dormitory, Healthcare, Govt Building, Religious building, recreation building, transportation building 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 2015 2016 2017 2018E 0% 2015 2016 2017 2018E 10 Source: Dodge Data & Analytics
Latin America New Residential & Non-Residential Construction Spend by Country 160 140 120 100 80 Non-Residential US$ Billions ARGENTINA BRAZIL CHILE COLUMBIA ECUADOR MEXICO PERU URUGUAY 250 Residential US$ Billions 200 150 60 100 40 20 50 0 0 11 Sources: IHS Global Construction Outlook (Jan. 2018)
Repaint & Remodel U.S. Residential Remodeling Remains Strong $425.0 $405.0 $385.0 $365.0 $345.0 $325.0 $305.0 $285.0 $265.0 $245.0 $225.0 6.1% 6.0% 5.9% 5.7% $260.9 $264.4 $267.0 $256.6 Leading Indicator of Remodeling Activity 5.5% 5.3% 5.1% 4.8% 5.3% 6.1% 6.6% 6.9% 6.9% 6.4% 6.3% $309.4 $304.8 $296.4 $299.0 $291.5 $285.2 $278.8 $274.7 $278.0 $279.8 6.8% 7.2% 7.3% 7.1% 7.2% $341.0 $337.0 $331.4 $324.9 $314.8 $318.0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2p Q3p Q4p Q1p 2014 2015 2016 2017 2018 2019 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 4-Quarter Moving Totals (Bils. $) (Revised) 4-Quarter Moving Rate of Change (Revised) 12 Source: Harvard Joint Center for Housing Studies
Repaint & Remodel Change in U.S. Home Values 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 13
Repaint & Remodel Senior Cohort Show Lowest Mobility; Choosing to Age in Place 60% Average Share of Households That Moved Per Year by Age 55% 53% 50% 45% 40% 35% 34% 30% 25% 23% 20% 17% 15% 10% 5% 13% 10% 9% 8% 7% 6% 5% 5% 5% 0 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-Plus 14 Sources: Zelman & Associates, Census Bureau
U.S. Paint & Coatings Industry Residential and Non-Residential Fixed Investment as % of GDP 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 Residential Investment 3.9% of GDP in 1Q18 13% Below Historical Average Non-Residential Investment 12.8% of GDP in 1Q18 4% Below Historical Average 7.00% 15.00% 6.50% 14.50% 6.00% 14.00% 5.50% 13.50% 5.00% 13.00% 4.50% 12.50% 4.00% 12.00% 3.50% 11.50% 3.00% 11.00% 2.50% 10.50% 2.00% 10.00% 15 Sources: Wells Fargo Securities, U.S. Commerce Department
Protective & Marine Coatings Forecasted U.S. & Canada Activity 15.0% 10.0% 5.0% 0.0% -5.0% Bridge & Highway Food & Bev. Plants Marine Oil & Gas Power Generation Rail Steel Fabricator Water & Wastewater -10.0% -15.0% 2015 2016 2017 2018e 16 Sources: IHS Global Insight, Company Estimates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Number of Rigs Global Economic Indicator: Oil and Gas 3000 2500 Global Oil & Gas Rig Count NORTH AMERICA EMEA ASIA-PACIFIC LATIN AMERICA 2000 1500 1000 500 0 2013 2014 2015 2016 2017 2018 17 Source: Baker Hughes
Oil & Gas Infrastructure Capital Expenditure (in Billions $) 39.9-20.8% 31.6-17.4% Shell 26.1-15.3% 22.1-5.8% 20.8 42.5-9.4% 38.5 Exxon -19.2% -37.9% 31.1 19.3 +19.7% 23.1 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Chevron BP 37.9-6.6% 35.4-16.7% 29.5-38.6% 18.1-25.9% 13.4 30.1-23.9% 23.2-12.9% 20.2-13.8% 17.4 +2.3% 17.8 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 18 Source: Public Company Reports
U.S. Infrastructure Spending Under-Funded is Increasingly Urgent 19 2018 Morgan Stanley
U.S. Infrastructure Spending Funding is Increasingly Urgent 20 2018 Morgan Stanley
U.S. Infrastructure Spending Total Nonbuilding Starts for the United States History Forecast Billions of Current Dollars 2013 2014 2015 2016 2017 2018 2019 2020 Total Nonbuilding 157.3 147.5 185.0 176.6 177.5 172.4 177.1 176.2 % Chg -5% -6% 25% -5% 1% -3% 3% -1% Public Works 127.4 122.4 127.6 130.2 145.5 142.4 151.1 152.2 % Chg 13% -4% 4% 2% 12% -2% 6% 1% Street 45.1 43.6 49.0 46.1 48.5 51.0 54.4 55.4 % Chg 14% -3% 13% -6% 5% 5% 7% 2% Bridge 22.1 15.6 18.2 15.2 18.6 18.2 19.2 19.8 % Chg 60% -29% 16% -16% 22% -2% 5% 3% Dam/Flood Control 11.5 11.5 10.7 10.6 10.6 11.2 12.0 12.5 % Chg 33% 0% -6% -1% 0% 6% 7% 4% Sewer 10.9 12.2 12.3 11.4 10.6 11.2 12.2 12.8 % Chg 3% 13% 1% -7% -7% 6% 9% 5% Water Supply 11.1 10.7 10.7 11.8 10.0 10.7 12.0 12.7 % Chg 11% -3% 0% 10% -15% 7% 12% 6% Other Nonbuilding 26.7 28.8 26.6 34.9 47.2 40.1 41.3 39.0 % Chg -10% 8% -8% 31% 35% -15% 3% -6% Power/Utilities 29.9 25.1 57.4 46.4 32.0 30.0 26.0 24.0 % Chg -44% -16% 128% -19% -31% -6% -13% -8% 2017-2020 CAGR +1.51% + 4.53 + 2.11% + 5.65% + 6.49% + 8.29% -6.16% -9.1% 21 Source: Dodge Data & Analytics
U.S. Manufacturing Activity Positive Manufacturing Outlook April March Index 2018 2018 Change Direction Rate of Change PMI New Orders Production Employment Inventories Order Backlog Exports 57.3 61.2 57.2 54.2 52.9 62.0 57.7 59.3 61.9 61.0 57.3 55.5 59.8 58.7-2.0-0.7-3.8-3.1-2.6 +2.2-1.0 Growing Growing Growing Growing Growing Growing Growing Slower Slower Slower Slower Slower Faster Slower 22 Source: Institute for Supply Management
Industrial Coatings Positive Global Activity & 2018 Outlook 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% General Industrial Packaging Industrial Wood Coil Manufacturing -1.0% -2.0% 2015 2016 2017 2018e 23 Source: IHS Global Insight, KNG Global Research
Industrial Coatings Metal Packaging Growth Cans Consumed per Person Total Per Capita Can Consumption Growth Through 2021 Global Population by Region NORTH AMERICA EMEA ASIA-PACIFIC LATIN AMERICA Metal Can Consumption per Capita 300 15% 200 +12% +7% 10% 100 +4% 5% 0-100 APR EMEA LAR NAR NORTH ASIA-PACIFIC EMEA LATIN AMERICA AMERICA -6% 0% -5% Metal can consumption increasing in developing regions where Population and GDP driving consumers to spend more on packaged food. North American per capita consumption decreasing as Population growth flattens and alternative packaging shifts buying preferences. 24 Sources: OECD, Euromonitor, Company Estimates
Number of Completions Industrial Coatings Coil Coatings - High Rise Construction 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 # of 200 meter+ (height) completions # of 300 meter+ (height) completions Completions Timeline 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 10 6 6 5 11 1 1 2 1 2 1 3 3 2 1 4 4 7 9 8 2 3 3 1 2 3 3 6 6 6 1 1 1 23 19 22 15 14 10 13 17 12 17 18 3 2 6 5 2 2 3 2 2 1 1 1 1 1 2 3 4 1 3 31 31 27 32 47 52 81 73 74 69 102 127 115 9 9 8 9 11 15 9 144 160 15 12 25 CTBUH / The Skyscraper Center
Total U.S. Vehicle Miles Driven Automotive Refinish CR/VR Indicators 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 NORTH AMERICA 3,200 U.S. Vehicle Miles Driven Moving 12-Month Total Vehicle Miles Driven (10 Years) 350,000,000 Vehicles In Use Estimated Vehicles In Use 2002-2020 EMEA ASIA-PACIFIC LATIN AMERICA 3,160 300,000,000 3,120 250,000,000 3,080 200,000,000 3,040 150,000,000 3,000 100,000,000 2,960 50,000,000 2,920-26 Sources: www.fhwa.dot.gov, AAA, IHS-Markit