Mapei closes 2024 with a consolidated turnover of 4.4 billion euros, marking a 4.7% increase over the previous year. This result outperformed the global construction market, which grew by 2.3%1. Without the exchange rate penalty, real growth at constant exchange rates would have been over 8%.
This positive trend has seen the leading Italian multinational in the construction chemicals sector continue to grow over the past five years, improving turnover by around 60% since 2020.
Led by Veronica Squinzi and Marco Squinzi, the Mapei Group today confirms itself as a major global player in the sector with a presence in 59 countries worldwide, employing over 13 thousand people, and operating through 98 subsidiaries, including those of other international brands such as Vinavil and Polyglass. The Group also boasts 106 production plants, each equipped with a quality control laboratory.
Thanks to an innovation network of 38 research centres on the five continents and coordinated by the corporate centre in Milan, Mapei formulates and offers high-quality, durable and sustainable products and systems.
"The Group has recorded an increase in turnover in every geographical area in which it operates with double-digit growth in Latin America (+28.3%), and triple-digit growth in the Middle East (+130.3%), a rapidly expanding region where we are investing heavily," says Veronica Squinzi, Mapei CEO. "In 2024 we acquired the Saudi company Bitumat, a leader in waterproofing systems, and inaugurated the new plant in Tabuk, in the Neom region, where numerous development projects, envisaged in the Vision 2030 plan, are underway”.
"We have also strengthened our presence in Europe through the acquisitions of Wecal in the Netherlands and Wykamol in the UK, companies specialising respectively in insulation and roofing solutions and in waterproofing and renovation systems, and in North America with the acquisition of the Canadian company Diaplas, which specialises in profiles and finishes for floors and walls."
In terms of the Group’s geographical breakdown, Europe remains the largest contributor, accounting for 52% of global turnover in 2024 while North America's contribution of 31% remains stable.
"Our formula for achieving continuous and responsible growth is simple: seize external opportunities and, at the same time, continue to invest in our companies, factories and offices, to strengthen our production capacity and be close to our customers and large infrastructure projects”, adds Marco Squinzi, Mapei CEO.
"During 2024 we invested over €213 million in tangible fixed assets, and we intend to continue on this path next year. In the first quarter of 2025, we opened a new production plant in Egypt, in the City of the Tenth Ramadan, northwest of Cairo to meet the growing market demands in North Africa. In Italy, we inaugurated a new commercial office in Sicily (Catania) while works continue on the new site in Apulia (Modugno), which will be fully operational from 2026".
Last year Mapei inaugurated new plants in Portugal (Cantanhede), the United Kingdom (Speke) and Denmark (Vejen), relocated the Olomouc (Czech Republic) site to a new, more modern facility, and opened its first office in Pudahuel, Chile.
"In our future we still see a balanced growth, made up of strategic acquisitions to enter new markets or enhance our offering and, above all, investments in our assets both in Italy and abroad - concludes Veronica Squinzi -. This is our way of doing business, growing step by step alongside the market, our people and the communities in which we operate, because nobody grows alone".
1Source Global Data
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