At the start of the new year, the M&A activity in the paint industry gained momentum. Two major deals stood out, reshaping the competitive landscape.
On January 3, AkzoNobel finalized its acquisition of British ICI for £8.1 billion (around $16.1 billion), marking a significant step in strengthening its position in the architectural coatings sector and expanding its global footprint, particularly in China. This deal solidified AkzoNobel’s status as the world's largest paint producer.
A substantial portion of ICI’s business—roughly one-third—was focused on architectural coatings, with the Dulux brand dominating markets in the Asia-Pacific region. Additionally, Dulux held a 40% share in the European architectural coatings market and had a strong presence in Canada and the U.S. Prior to the acquisition, AkzoNobel’s operations in the Asia-Pacific, including Australia, China, and Indonesia, were relatively weak. With the addition of the Dulux brand, the company is now better positioned to increase its market share.
Currently, AkzoNobel holds about 9% of the $76 billion global paint market, valued at $7.2 billion. The acquisition is expected to boost its global market share to 15%, reaching $11.6 billion.
Meanwhile, PPG Industries also made headlines on the same day by completing its $3.2 billion acquisition of the Dutch-based Macaron Group. This move significantly strengthened PPG’s presence in various end-user markets, especially in architectural and decorative coatings.
The Macaron Group, formed in 1999 through the merger of Total’s Sigma coating business and PetroFina, generated €2 billion in sales in 2006. It specializes in construction, protective, marine, and industrial coatings, serving key markets across Europe and expanding into Africa and Asia. Western Europe accounts for 70% of its sales, making it the second-largest coatings company in Europe after AkzoNobel.
These two acquisitions signal a major shift in the global paint industry, with companies aiming to consolidate their positions and expand into high-growth regions.
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