Disclosed herein is a paint composition comprising a hydroxyl group containing resin (A), comprising structural units based on 2,2-dimethylolalkanoic acid, having a hydroxyl group value of from 200 to 400 mgKOH/g, and comprising less than 25 weight % in the resin solid fraction of structural units based on a lactone compound; a hydroxyl group containing resin (B), having a hydroxyl group value from 50 to 200 mgKOH/g, and comprising from 25 to 75 weight % in the resin solid fraction of structural units based on a lactone compound; and a crosslinking agent (C) comprising at least two OH-reactive functional groups per molecule; wherein the resin solid fraction weight ratio (A)/(B) of the hydroxyl group containing resin (A) and the hydroxyl group containing resin (B) is from 90/10 to 10/90.