Coatings Industry Sees Surge in Mergers and Acquisitions

The European coatings industry is undergoing significant changes due to a surge in mergers and acquisitions. The market has seen several billion-euro deals, including the sale of BASF's coatings division to Carlyle and the Qatar Investment Authority for EUR 7.7 billion. This deal, which was approved by the European Commission on June 4, 2026, involves the transfer of around 6,000 employees and EUR 3.8 billion in revenue.

Another major transaction is the planned merger between Akzo Nobel and Axalta Coating Systems, announced on November 18, 2025. The combined company would have revenues of around USD 17 billion and estimated synergies of US$600 million, making it a global leader in the coatings industry. However, Nippon Paint and Sherwin-Williams attempted to derail the merger with two successive cash offers, but their efforts were ultimately unsuccessful.

Hendkel has also made significant moves in the market with its acquisition of coatings specialist Stahl. The consolidation wave is not limited to large companies, as SMEs in the DACH region are also undergoing quieter but strategically important consolidations.