44 chemical industry giants 'slim down' in 2025: plant closures, divestitures, and layoffs

34. Zeon Corporation (Japan) In January, Zeon Corporation decided to freeze for approximately two years its investment plan for its U.S. subsidiary Zeon Chemicals L.P.’s Texas plant—originally intended to produce lithium-ion battery binders, with commissioning scheduled for 2026. 35. Hyosung (South Korea) In May, according to Eco Jiaxing, due to environmental concerns, Hyosung Spandex (Jiaxing) Co., Ltd.—located in the northern urban area of Jiaxing—had already shut down eight production lines by the end of 2023; two additional lines are scheduled to close in July this year, another two by March 2026, and all remaining operations are slated for complete shutdown by the end of 2026. 36. SABIC In June, SABIC confirmed the permanent shutdown of its Olefins VI cracker unit located in Teesside, England, UK. The unit’s annual ethylene capacity is 865,000 tons and propylene capacity is 415,000 tons. SABIC has not disclosed the exact number of layoffs, but the site directly employs approximately 330 staff, with a similar number of contract workers. This shutdown follows SABIC’s April 2024 announcement of the permanent closure of its Olefins III cracker unit in Herleen, the Netherlands (with annual ethylene and propylene capacities of 550,000 tons and 325,000 tons, respectively), marking another step in its strategic retreat from European operations. 37. AkzoNobel In January, AkzoNobel announced a restructuring of its French operations, including a €22 million investment to transform its Montataire plant into a flagship facility for decorative coatings production, alongside plans to cut 211 jobs while creating 29 new positions. In May, AkzoNobel announced plans to close its manufacturing sites in Wapenveld (the Netherlands) and Machelen (Belgium), consolidating production into other regional facilities. Previously, it had already announced the closure of three production sites across Europe and Africa—in Groot-Ammers (the Netherlands), Cork (Ireland), and Lusaka (Zambia). In November, AkzoNobel and Axalta Coating Systems Ltd. reached a definitive agreement to merge, forming a new global coatings company (AkzoNobel to hold 55% and Axalta 45%). In December, AkzoNobel completed the sale of its Indian subsidiary, AkzoNobel India Limited (ANIL), to India’s JSW Group. It also stated that it is selling its Pakistan business and expects further divestments in the future. Notably, in September last year, AkzoNobel announced plans to cut approximately 2,000 jobs globally by the end of 2025. 38. SGL Carbon In May, SGL Carbon decided to close its manufacturing site in Lavradio, Portugal, which currently employs around 250 people and produces acrylic fibers and carbon fiber precursor materials. 39. Kraton Corporation On May 7, Kraton Corporation announced a strategic realignment of its business to sharpen focus on core competencies and accelerate long-term growth. As part of this initiative, the company will exit its Dover, Ohio (USA) manufacturing facility and gradually discontinue its dimer and polyamide production lines. 40. H.B. Fuller In January, U.S.-based adhesive manufacturer H.B. Fuller announced plans to close nearly one-third of its global factories—reducing its total number of plants from 82 to 55—and significantly scale back its North American warehouse network—from 55 to just 10 facilities.

AkzoNobel and Axalta merge, set to replace PPG as the world’s largest industrial coatings company

In August 2026, TuJie—the China-based professional financial media outlet specializing in the coatings industry—released the '2026 Global Top 30 Industrial Coatings Brands Ranking' (Note: Click here to view the full ranking). Now in its eighth consecutive year, this ranking remains a key window into the evolving competitive landscape of the global industrial coatings sector. According to the list, the combined sales revenue of the ranked companies rose to USD 55.442 billion, accounting for 52.90% of the global industrial coatings market—a 1.3 percentage-point increase year-on-year. Yet more striking than these figures is the profound reshaping of the industry’s competitive map underway behind the scenes—the merger of AkzoNobel and Axalta is rewriting the global industrial coatings landscape. 01 Tripartite Rivalry: Dominant Players, Underlying Concerns The ranking reveals a classic oligopolistic structure in the global industrial coatings industry. U.S.-based PPG retained the top spot with USD 10.5 billion in industrial coatings sales. Overall, PPG reported 2025 sales of USD 15.875 billion, up 0.2% year-on-year. Its industrial coatings segment generated net sales of USD 6.524 billion, down 2.4%. By business line: organic sales of PPG’s automotive OEM coatings were flat; its industrial coatings business saw a slight decline due to lower selling prices; packaging coatings achieved double-digit organic growth; and specialty products posted mid-single-digit growth. PPG’s high-performance coatings division performed particularly well, generating USD 5.513 billion in annual sales—a 5.3% increase—with aerospace-related organic sales growing double-digit, and protective and marine coatings likewise achieving double-digit growth. While PPG’s diversified portfolio helped offset weakness in certain segments, the modest decline in its core industrial coatings business still signals mounting market pressure. Dutch firm AkzoNobel ranked third, reporting 2025 sales of EUR 10.158 billion (approx. USD 11.514 billion), down 5.0% year-on-year. Its decorative coatings segment generated EUR 4.090 billion in sales, down 5%; its high-performance coatings segment recorded EUR 6.068 billion in sales, also down 5.0%. Breakdown by sub-segment: powder coatings revenue fell 6% to EUR 1.280 billion; marine and protective coatings revenue remained flat at EUR 1.570 billion; automotive and specialty coatings revenue declined 6% to EUR 1.347 billion; and industrial coatings revenue dropped 8% to EUR 1.871 billion. Although revenues faced pressure, AkzoNobel’s profitability improved: operating profit rose from EUR 917 million to EUR 1.164 billion, and adjusted EBITDA margin increased from 13.8% to 14.2%. U.S.-based Axalta ranked fourth, reporting 2025 net sales of USD 5.117 billion, down 3% year-on-year. Its high-performance coatings segment generated USD 3.277 billion in sales, down 5.2%—including USD 2.051 billion from automotive refinish coatings (down 5.2%) and USD 1.226 billion from industrial coatings (down 5.1%). Its mobility coatings segment generated USD 1.840 billion in sales, up 1.1%—including USD 1.438 billion from light-vehicle coatings (up 2.3%) and USD 402 million from commercial-vehicle coatings (down 3.1%).

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Dutch AkzoNobel Q3 Net Loss Narrows Despite Wider Operating Loss

Dutch AkzoNobel Q3 Net Loss Narrows Despite Wider Operating Loss

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