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Mapei continues to grow

With a turnover of €4.2 billion and investments of €182 million the company strengthens its presence in Italy and worldwide

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August 1, 2024

Mapei's growth continues, closing 2023 with a consolidated turnover of 4.2 billion euros, improving by 5.2% on 2022. An increase that is above the performance of the global construction market, which grew by 3.4% , and which, without the exchange rate penalty, would have been over 11%.

The Italian multinational led by Veronica and Marco Squinzi confirms its position as one of the world's biggest players in the production of chemical products for the building industry with a global presence in 57 countries where it operates with about 12,500 employees and 96 subsidiaries, including the other group's international brands such as Vinavil and Polyglass.

"Even in 2023 we continued to invest in ourselves, to become stronger in the countries where we are present and to enter new areas," says Veronica Squinzi, Mapei CEO. "To build new plants and expand or renew production lines, we invested over 182 million euros, increasing the 2022 figures by 20%”.

A strategy that brought excellent results since every geographical area in which Mapei operates saw a growth in 2023, recording double-digit increases in emerging markets such as Asia (+14.1%), Oceania (+14.6%), the Middle East (+12.5%) and Africa (+11.8%).

In the group's geography, Europe is still dominant, contributing 55% of global turnover, and North America 31%.

"Innovation is another of our strengths," says Marco Squinzi, CEO of Mapei, "It allows us to respond to the different needs of the building industry all over the world with a complete offer of quality, durable and environmentally friendly products and systems".

There are 35 research centres distributed worldwide and coordinated by the corporate research centre in Milan, while all the group's 93 production facilities in 36 countries are equipped with a quality control laboratory.

Many new constructions or expansions of existing locations were completed in 2023 to strengthen the group's presence worldwide, particularly in Portugal, the UK, Greece and Germany; Canada and the US; Egypt and Saudi Arabia.

There were also numerous investments in Italy, where the group is present with 11 factories and recorded a consolidated turnover of 908.7 million euro in 2023, including a new wall paint plant in the Mapei factory in Mediglia (MI) and a new line in the Vinavil factory in Villadossola (VCO).

"The forecasts for 2024 are to continue along the path of growth, both thanks to a number of strategic acquisitions concluded during the year, and thanks to further investments in plant expansions in Italy and abroad - Marco Squinzi declares -. Healthy and balanced growth, in the conviction that profit must go hand in hand with ethics, respect for people and the creation of value for the territory".

In 2024, Mapei acquired a plant in Vejen, Denmark, for the production of concrete admixtures, and the Canadian company Diaplas, specialised in the production of profiles and finishes for floors and walls, based in Laval where Mapei Canada's main site is also located.

"To serve the fast-growing market of Saudi Arabia - adds Veronica Squinzi -, we have acquired Bitumat, a leading company in the production and marketing of waterproofing systems, and completed work on the new Mapei plant in Tabuk, in the Neom region, where visionary projects such as The Line, a futuristic linear city, and Trojena, a ski resort in the mountains, are underway”.

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