Aerospace Materials Co., Ltd. Analysis Report: Leading the Development of Aviation Materials; the AVIC Aero-Materials Institute’s Industrial Platform Sets Sail

Major domestic competitors in the titanium alloy casting business include Anji Precision Casting, Shenyang Foundry Research Institute, and Shuangrui Precision Casting. (1) Anji Precision Casting: Founded in 1966, it is a specialized casting enterprise under the Aviation Industry Corporation of China (AVIC). Today, Anji Precision Casting has evolved into a professional casting enterprise focused on titanium, aluminum, magnesium, and superalloy castings, primarily serving defense-related aerospace and aviation sectors. Its main products include large titanium, aluminum, and superalloy casings and housings; aircraft structural components; castings for regional aircraft series; turbine housing castings; high-speed rail gear box castings; and self-propelled cotton harvester castings. Its primary customers are concentrated in China’s aerospace and aviation sectors. (2) Shenyang Foundry Research Institute: The Titanium Alloy Technology Division of Shenyang Foundry Research Institute Co., Ltd. was established in 1965. It currently masters multiple titanium alloy casting R&D and production technologies, including investment precision casting, machined graphite mold casting, improved graphite mold casting, rammed mold casting, metal mold casting, and composite mold casting. The company mainly supplies titanium alloy castings to China’s aerospace market. (3) Shuangrui Precision Casting: Luoyang Shuangrui Precision Casting Titanium Co., Ltd. was founded in October 2005, originally as the Seventh Research Division of the No. 725 Research Institute of China Shipbuilding Industry Corporation (CSIC). Shuangrui Precision Casting dominates the shipbuilding sector and virtually monopolizes the titanium alloy casting market for marine applications. Global competitors in rubber and sealing materials include Dow Corning, PPG, Hutchinson, and Trelleborg AB. (1) Dow Corning: Founded in 1943, it holds a world-leading position in silicone materials. The company now serves over 25,000 customers globally with more than 7,000 silicone products and related services. Dow Corning (China) Investment Co., Ltd., its wholly owned subsidiary in China, specializes in manufacturing silicone adhesives (sealants and silicone rubber) and providing related technical services. (2) PPG: Founded in 1883, it is a world-leading supplier of coatings and specialty materials. Its product portfolio includes paints, coatings, sealants, and specialty materials, primarily applied across construction, consumer goods, industrial, transportation, and aftermarket sectors—and it is a key supplier to Boeing. PPG has established a branch office in Shanghai, China, operating fourteen manufacturing plants and four R&D centers, engaged in the production and sale of aerospace materials, architectural coatings, automotive coatings, refinish coatings, industrial coatings, packaging coatings, protective and marine coatings, OEM automotive coatings, specialty coatings, and specialty materials. (3) Hutchinson: Founded in 1843, it is a subsidiary of TotalEnergies SE and owns renowned brands such as PAUSTRA, VIBRACHOC, BARRY CONTROLS, STOP-CHOC, and TECHLAM. As a global leader in non-tire rubber products, Hutchinson operates production facilities in 25 countries and manufactures military products, vibration-damping components, body sealing systems, fluid transmission systems, drive belts, seals, medical gloves, and baby products.

The ‘Acquisition Rules’ of Global Coating Giants: How a $500-Billion Empire Was Built

More importantly, Valspar’s acquisitions delivered an additional layer of ‘indirect leverage’: In 2006, Valspar acquired controlling interest in China’s leading domestic coating company, Huarun Paints, for USD 290 million. Through its acquisition of Valspar, Sherwin-Williams thus indirectly gained access to Huarun Paints’ brand equity and distribution network—effectively stepping into the heartland of the Chinese market overnight. In October 2025, Sherwin-Williams further acquired BASF’s Brazilian architectural coatings business for USD 1.15 billion, reinforcing its presence in the South American market and continuing to execute its strategic intent of expanding operations through acquisitions in industrial coatings and regions outside the Americas. PPG: A Century-Long Transformation from Glassmaker to Coating Empire If Sherwin-Williams’ acquisition strategy can be described as ‘decisive moves that clinch victory,’ PPG’s path reflects ‘accumulating small wins into major triumphs’—a continuous stream of acquisitions weaving a truly global business network. PPG’s predecessor, the Pittsburgh Plate Glass Company, was founded in 1883. Its transformation into a global coatings giant itself unfolded as a decades-long acquisition journey: In the 1900s, it entered the coatings industry by acquiring equity in Patton Paint Company; in the 1920s, it acquired Ditzler Color Company, gradually broadening its product portfolio. Starting in 1989, PPG launched a series of acquisitions, significantly expanding its offerings of automotive, industrial, aerospace, and packaging coatings worldwide. But the acquisition that truly cemented PPG’s status as a coatings empire was its 2008 acquisition of SigmaKalon Group—the Netherlands-based global coatings producer—for EUR 2.2 billion. This, the largest acquisition in PPG’s history, brought under its umbrella a top-ten global coatings manufacturer, substantially expanding PPG’s architectural, protective & marine, and industrial coatings businesses—and dramatically extending its footprint across Western Europe, Eastern Europe, Asia, and Africa. In 2013, PPG acquired AkzoNobel’s North American architectural coatings business—the second-largest acquisition in its history at the time. This deal expanded PPG’s customer base across the United States, Canada, and the Caribbean; and propelled PPG, at that moment, ahead of Sherwin-Williams to become the world’s largest coatings company. In 2014, PPG acquired Comex—the largest architectural coatings company in Mexico—further scaling up its operations. Quantitatively, acquisitions played a decisive role in PPG’s strategic transformation. Ten years ago, coatings accounted for approximately 55% of PPG’s total revenue; by 2014, this share had risen to around 90%. PPG successfully transformed from a diversified glass and chemical enterprise into a focused, world-class coatings empire. Since then, PPG’s acquisition momentum has scarcely slowed: From 1997 to today, it has completed over 50 acquisitions, with the combined sales of acquired companies exceeding USD 10.4 billion. Each major acquisition—including SigmaKalon, AkzoNobel’s North American architectural coatings business, and Nordic decorative coatings manufacturer Tikkurila—has added significant strategic weight. AkzoNobel: A Century-Old ‘Add-and-Subtract Acquisition Strategy’ If one were to identify the most representative benchmark on the global coatings industry’s acquisition landscape, AkzoNobel’s name would undoubtedly occupy a pivotal position.

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