MAPEI continues on the road to growth

Laval, Quebec -- MAPEI closed 2024 with a consolidated turnover of €4.4 billion, marking a 4.7% increase over the previous year. This result outperformed the global construction market, which grew by 2.3%. Without the impact of exchange rate fluctuations, real growth at constant exchange rates would have exceeded 8%.

This positive trend confirms the steady expansion of the leading Italian multinational in the construction chemicals sector, which has grown by approximately 60% in turnover since 2020.

Under the leadership of Veronica Squinzi and Marco Squinzi, the MAPEI Group today stands as a major global player in the sector, with operations in 59 countries, a workforce of over 13,000 employees, and 98 subsidiaries, including international brands such as Vinavil and Polyglass. The Group now operates 106 production plants, each equipped with an in-house quality control laboratory.

Thanks to a network of 38 research centres across five continents, coordinated by its corporate headquarters in Milan, MAPEI continues to develop and deliver high-quality, durable, and sustainable products and systems.

“The Group has recorded an increase in turnover across all geographical areas 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 making significant investments,” said Veronica Squinzi, MAPEI CEO. “In 2024, we acquired the Saudi company Bitumat, a leader in waterproofing systems, and inaugurated a new plant in Tabuk, in the Neom region, where several development projects tied to the Vision 2030 plan are underway.”

“We also strengthened our presence in Europe through the acquisitions of Wecal in the Netherlands and Wykamol in the UK—specialists respectively in insulation and roofing solutions, and in waterproofing and renovation systems—as well as in North America through the acquisition of the Canadian company Diaplas, which specializes in profiles and finishes for floors and walls.”

In terms of geographical contribution, Europe remains MAPEI’s largest market, accounting for 52% of global turnover in 2024, while North America holds steady at 31%.

“Our formula for continuous and responsible growth is simple: seize external opportunities while continuing to invest in our companies, factories, and offices to strengthen our production capacity and stay close to our customers and major infrastructure projects,” added Marco Squinzi, MAPEI CEO.

“In 2024, we invested over €213 million in tangible fixed assets, and we intend to maintain this course next year. In the first quarter of 2025, we opened a new production plant in Egypt, in the City of the Tenth of Ramadan, northwest of Cairo, to meet rising market demand in North Africa. In Italy, we inaugurated a new commercial office in Sicily (Catania), while construction continues on a new facility in Apulia (Modugno), which will be fully operational by 2026.”

In 2024, MAPEI also inaugurated new plants in Portugal (Cantanhede), the United Kingdom (Speke), and Denmark (Vejen); relocated the Olomouc site in the Czech Republic to a more modern facility; and opened its first office in Pudahuel, Chile.

“Looking ahead, we foresee balanced growth supported by strategic acquisitions that allow us to enter new markets or enhance our product offerings. Most importantly, we will continue investing in our assets both in Italy and abroad,” concluded 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.”

About MAPEI
MAPEI Group, with 98 subsidiaries operating in 59 countries and 106 plants in 36 nations, is one of the world’s leading manufacturers of mortars, grouts, adhesives and complementary products for installing all types of flooring and wall coverings. The company specializes in developing chemical products for every aspect of construction, from waterproofing and structural strengthening to concrete repairs and tunnel building.