The company opened a 25-acre site, which has facilities for making decorative paint, wood finishes, automotive and specialty coatings, coil coatings, and protective coatings.
The report from Global Market Insights attributes the increase in the market to demand for enhancing the visual appeal of surfaces across various industries, from construction to automotive, and beyond.
The acquisition will further boost the company’s position in China and will allow further market segmentation and reinforce its position outside of the premium segment.
The intended acquisition follows a series of recent acquisitions by AkzoNobel across paints and coatings over the last years. Completion, which is subject to regulatory approvals, is expected in the second half of 2023.
Research and Markets’ new report projects the global market for decorative paints and coatings to 2027, including projections for products across the acrylic and vinyl segments. It features over 42 companies and includes new sections, like market presence across multiple geographies and global competitiveness.
AkzoNobel is further strengthening its African footprint after reaching an agreement with Kansai Paint to acquire its paints and coatings activities in the region.
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