Global Chemicals Mergers and Acquisitions Outlook 2022: Optimism Abounds

Global chemicals mergers and
acquisitions outlook 2022

Optimism abounds
Introduction 01
Outcomes of the chemical M&A survey 03
ESG—Deal driver or no big deal? 07
Private Equity—Still playing a meaningful role in chemical M&A 09
Merger and acquisition activity by chemical sector 11
Merger and acquisitions activity by geography 13
Summary outlook for 2022 mergers and acquisitions activity 18
Key contacts 20
End notes 23
Global chemicals mergers and acquisitions outlook 2022 | Introduction
Introduction
What a difference a year makes!
As we predicted in our 2021 Global chemical industry mergers and acquisitions outlook
(2021 Outlook), 2021 was set to break four straight years of global merger and
acquisition (M&A) volume declines in the chemicals industry. And, indeed, after
global M&A volumes in the industry hit a 10-year low in 2020, the industry did an
about-face—reaching a 10-year high in 2021 in both M&A volumes and number of
transactions exceeding US$1 billion in value (figure 1). This rebound in M&A activity
was largely anticipated by last year’s M&A survey of chemical executives, which
indicated that nearly 75% of respondents were very likely to undertake M&A in 2021.
Chemical deal makers made it clear in 2021 that the uncertainty arising from the
ongoing COVID-19 pandemic was no match for strong M&A tailwinds, which included
unprecedented central bank monetary easing,1 record dry powder at private equity
funds,2 and chemical companies continuing to realign their portfolios and searching
for growth.
Will this strong M&A momentum continue in 2022 or will the pace of M&A in the
chemicals industry slow? Does our survey reveal that chemical executives largely filled
their M&A appetite in 2021—or are they hungry for more? How will the industry’s
continued move to sustainability shape its approach to M&A? After a record 85
transactions in 2021, will private equity’s deployment of capital in the chemicals
industry continue or will it moderate? Will any new sectors or geographies emerge as
key M&A markets in 2022?
We explore these and many other questions here, in the 2022 Global chemical
industry mergers and acquisitions outlook.
01
Global chemicals mergers and acquisitions outlook 2022 | Introduction
Figure 1: Global chemical mergers and acquisitions activity (2011 to 2021)
800 250
700
200
600
Volume (# of transactions)
Value (US$ billions)

500
150
400
100
300
200
50
100
0 -
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Volume (# of transactions) Value (US$ billions)
Figure 2: Total activity (2011 to 2021)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Volume (# of transactions) 646 609 537 635 612 650 637 600 585 501 688
Value (US$ billions) 55.1 41.8 31.8 77.8 145.8 231.1 46.4 72.4 178.3 34.6 103.6
Source: Deloitte Development LLC analysis of data from S&P Capital IQ. Data is from January 1, 2011, to December 31, 2021.
Figure 3: Activity over US$1 billion (2011 to 2021)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
02
Global chemicals mergers and acquisitions outlook 2022 | Outcomes of the chemical M&A survey
Outcomes of the chemical

M&A survey
Our survey polled 33 executives at chemical companies across sectors and geographies
between December 15, 2021 and January 14, 2022 to assess current and future M&A
plans. For the second year running, chemical executives were nearly unanimous in their
positive outlook for M&A heading into 2022. Below is a summary of the results from the
survey, and key insights from survey respondents.
Question
Do you anticipate that your company will undertake any mergers or
acquisitions over the next 12 months?
30
26
25
20
15
10
7
5
0 0
-
Yes, very likely Somewhat likely Likely not No, very unlikely
When executives were asked what was Additionally, for the second straight year, was a significant move-up from last year’s
driving their company’s acquisition strategy, the most attractive end-market for survey survey, where electronic materials did not
portfolio/technical capability was the respondents was advanced resins/plastics, rank in the top half of end-market priorities.
most-cited driver for the second year in a with eight respondents ranking it as their Other end-markets that garnered top marks
row. This was followed by diversification of most attractive end-market and six ranking this year included construction materials
end-markets that they serve and geographic it second. This was followed by electronic and automotive (including electrification).
expansion. materials, with seven respondents ranking
it as their most attractive end-market and
three respondents ranking it second. This
03
Question
How competitive do you believe the current
acquisition climate is?
25
21
20
15
10
8
5
3
1
0
-
Not at all competitive Not too competitive Somewhat competitive Very competitive Extremely competitive
Over 87% of survey respondents said the deal environment. Despite this trend,
the current acquisition climate is either survey respondents unanimously said they
extremely or very competitive—up from were somewhat or very likely to undertake
49% in last year’s survey—providing a clear a merger or acquisition over the next 12
signal of the mounting competitiveness of months.
04
Question
Do you anticipate your company undertaking any divestitures (including
spin-offs) over the next 12 months?
12
11 11
10
8
7
4
4
-
No, very unlikely Likely not Somewhat likely Yes, very likely
For the second consecutive year, chemical next 12 months, compared to 57% in last to non-core parts of their business rather
executives surveyed were not as bullish year’s survey. With the significant portfolio than divest. Similarly, with the supply issues
on divestitures as they were on a merger realignment that has already occurred in faced in 2021 and still challenging many
or acquisition. In fact, they have become the industry over the last several years, chemical companies,4 several companies
slightly less bullish on divestitures compared and with many chemicals at record prices have benefited from vertical integration,
to last year, with only 45% saying their and generating meaningful profits,3 survey which is likely driving down their appetite to
company is either very or somewhat respondents may be signaling that, in 2022, divest upstream businesses.
likely to undertake a divestiture over the their companies are more willing to hang on
05
Question
What are your company’s top priorities over
the next 12 months?
12
10
10
8
7
6 6 6 6 6
6
5 5 5
4 4
4
3 3 3 3
2 2 2 2 2 2 2 2 2 2 2
2
1 1 1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0 0
-
1st 2nd 3rd 4th
Organic growth Completing or optimizing recent / in-process capital projects

Large transformational acquisitions Small strategic acquisitions
Remedying supply chain disruptions Sustainability / ESG / decarbonization goals
Liquidity / cost reduction / working capital eﬃciency Digitalization
Larger transformational divestitures Other
New product development Small surgical divestitures
For the second year in a row, organic While many trends persisted over the Another area of change—while only one
growth was selected as the top focus past two years, several others have respondent said remedying supply chain
area over the next 12 months, with 10 changed. For instance, in last year’s distributions was a top four priority last
respondents ranking it as their top priority survey, 25% of respondents ranked year, 25% of this year’s survey respondents
and 21 respondents ranking it among liquidity/cost reduction/working capital ranked it among their top four priorities.
their top four priorities for 2022. Large efficiency as their highest priority areas This further confirms that supply chain
transformational acquisitions and small for 2021, with 40% of respondents issues persist and are even more top of
strategic acquisitions were jointly ranked ranking it as a top four priority. This year, mind among chemical industry executives.
by nine respondents as their top priority however, only one survey respondent
and by 31 respondents in their top four ranked this as their highest priority, and
priorities, a marked increase over last fewer than 20% said it was a top four
year’s survey—reinforcing the fact that priority. This clearly underscores the
both big and small acquisitions remain key perceived financial health of the chemical
priorities for chemical companies in 2022. industry as we crest into 2022.
06
Global chemicals mergers and acquisitions outlook 2022 | ESG—Deal driver or no big deal?
ESG—Deal driver or no big deal?

In our 2021 Outlook, we noted that longer-term goals. It is an increasing area of focus. In fact, for some companies, ESG /
few traditional acquisitions were being strategic focus for chemical executives alike, sustainability represents a key element of
specifically driven by sustainability or other as this year’s chemical M&A survey shows. their acquisition strategy.
environmental, social, and governance
(ESG) topics—a trend that persisted from The survey polled chemical company
2020. Despite this, ESG is increasingly a executives on how they viewed sustainability
topic of focus among many analysts as they and carbon footprint in the context of
try to assess a company’s approach and M&A. Their responses suggest a rising
Question
Does your company’s ESG / sustainability / carbon strategy impact your
company’s mergers, acquisitions, or divestiture strategy?
25
23
20
15
10
5
3
Yes, to a Yes, to some degree, it is one No, it impacts other things at the
signiﬁcant of many things that impact company, but not our mergers,
degree our strategy acquisitions, or divestiture strategy
07
Global chemicals mergers and acquisitions outlook 2022 | ESG—Deal driver or no big deal?
Of the 33 chemical company executives that based solutions in place of solvent-based Yet, this broader view of ESG also makes
participated in our survey, nearly 80% said solutions, or using bio-based alternatives in it harder to measure how ESG is directly
their company assesses a target company’s place of petrochemical-based products, can impacting M&A activity and how it will
sustainability / carbon footprint profile result in a more environmentally-friendly continue to impact such activity in 2022.
when looking at a potential acquisition. Of footprint. These are just a handful of ways One might expect that assets that help to
that 80%, nearly half said this assessment in which individual products or technologies reduce a company’s environmental impact
is a very important deal consideration. appear to advance a company’s ESG may be in higher demand and drive activity
Nearly one-third of the executives surveyed strategy. going forward. However, other factors
admitted to walking away from a potential may inhibit chemical M&A activity—such
acquisition in recent years due to a target With that broader lens, press releases as higher costs of capital for companies
company’s weak sustainability / carbon announcing some of this year’s larger without a defined ESG strategy, assets
footprint / ESG profile. transactions put the results of our survey that do not align with such a strategy, or
into context. Here are just some of the ways lower demand for such assets. How these
So how can we reconcile the importance these acquisitions are being communicated competing factors may drive the M&A
of ESG as part of an M&A strategy with the to investors: market in the medium- to long-term remains
lack of direct ESG acquisitions in the market? to be seen, but, for 2022, activity is expected
• Platinum Equity’s acquisition of Solenis:
For one, certain technologies underpinning to continue in line with 2021 as companies
“Global demand for solutions that save
the shift towards carbon neutrality—such target these types of assets.
water, use less energy, eliminate waste,
as carbon capture, utilization, and storage
and convert everyday products to more
capacity—have not yet reached the point
sustainable materials is only continuing
where they can be monetized.5 Before
to grow”.7
we see sustained M&A activity in this
space, there may be a ramp-up period • Westlake Chemical’s acquisition of
of smaller investments and alternative, Hexion’s epoxy business: “[Hexion’s
non-M&A investments required to support epoxy business] is an industry leader in
the significant capital projects already the manufacture and development of
underway. specialty resins, coatings and composites
for a variety of industries, including high-
Second, and perhaps more critically, ESG growth and sustainability-oriented
deals appear to encompass more than end-uses, such as wind turbine blades
merely direct acquisitions of carbon- and light-weight automotive structural
reducing or circular economy assets (e.g., components.”8
mechanical or chemical recycling assets).
• Arkema’s acquisition of Ashland’s
Rather, many view ESG as also including such
performance adhesives business: “…
areas as chemical industry contributions
Ashland Performance Adhesives offers
to reduce (i) the environmental impact of
a wide range of adhesives for flexible
the end markets it supplies and (ii) its own
packaging, addressing growing demand
carbon footprint and environmental impact
for more sustainable products.” 9
during manufacturing.
• Cargill’s acquisition of Croda’s
Consider just a few examples of how the performance technologies and industrial
industry is reducing its own environmental chemicals businesses: “The bio-industrial
impact. First, according to the American space is a priority for Cargill, as we strive to
Chemistry Council, in today’s vehicles support our customers with innovative,
“plastics make up around 50% of the nature-based solutions that deliver
volume of new cars, but typically only 10% real-world benefits.”10
of the weight, helping to make cars lighter
and more fuel-efficient.”6 Similarly, many This represents just a small subset of
chemical companies have taken steps to press releases increasingly focused on the
increase the durability of coatings to extend sustainability elements of transactions
product life, resulting in lower emissions and how they align with a company’s
over the life of an asset. Also, using water- sustainability goals or strategies.
08
Global chemicals mergers and acquisitions outlook 2022 | Private Equity—Still playing a meaningful role in chemical M&A
Private Equity—Still playing a

meaningful role in chemical M&A
Figure 4: Global chemical M&A activity - Private equity buyers (2011 to 2021)
90 25
80
20
70
Volume (# of transactions)
60
Value (US$ billions)

15
50
40
10
30
20
5
10
- -
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Volume (# of transactions) Value (US$ billions)
Figure 5: Global Chemical M&A - Private Equity Buyers
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
09
Global chemicals mergers and acquisitions outlook 2022 | Private Equity—Still playing a meaningful role in chemical M&A
Last year, private equity buyers were less While the data presented here focus on (Solenis) to special purpose acquisition
dissuaded from deal making during the private equity firms as buyers, one factor companies (Perimeter Solutions). The
uncertainty caused by the pandemic than driving activity among private equity and size of these exits and diversity of buyers
corporate buyers. In fact, 2021 continued corporate buyers alike is the assets being show that private equity has not resigned
the trend of increased activity from financial sold by private equity investors. With buyers itself to playing on the margins of this
sponsors, which reached the highest volume flush with cash and rich market valuations, industry; instead, it has become a key M&A
of the last 10 years (see Figure 4). This many private equity investors are achieving participant.
represented a 47% growth in M&A volume desired return on investment in a shorter
from 2020. duration. As noted in previous years, the available
dry powder and favorable debt markets
While M&A volumes driven by corporate Notable private equity exits during the year continue to fuel activity in this sector.
buyers declined in each of the four years include the combined stake of Clayton, Inflationary pressures may cause central
since their 2016 high-water mark, private Dubilier & Rice and BASF in Solenis,12 banks to raise interest rates, potentially
equity’s presence has grown during that American Securities’ sale of Emerald Kalama dampening demand from private equity
same time period—and is now taking a Chemical,13 Lone Star Funds’ announced buyers in 2022. However, with strong
greater share of the chemical M&A deal sale of Altadia Group,14 and SK Capital’s sales demand and competitive sales processes
market. In addition to a higher proportion of both Niacet15 and Perimeter Solutions.16 currently in the market, or rumored to be in
of deals, these investors are also engaging Buyers of these range from corporates the market shortly, a significant pull-back is
in bigger deals. While 2018 was a high (Emerald and Niacet) to private equity not expected.
point in value, which was driven by a
single significant transaction (see the 2019
Outlook). Conversely, 2021 saw six private
equity deals with values of more than US$1
billion and another five deals with values
between US$500 million and US$1 billion11.
This speaks to the growing comfort of

private equity buyers to operate in an
industry once considered daunting to the
uninitiated—particularly those who lacked
an existing synergistic platform company
and an in-place executive team to manage
the operating units that are frequently
carved-out from larger companies.
The volume of assets being shed by

corporate sellers in a bid to focus on core
competencies, or otherwise divest non-
strategic businesses, provides additional
opportunity to generate value, even when
there may be a lack of synergies from an
existing platform.
10
Global chemicals mergers and acquisitions outlook 2022 | Merger and acquisition activity by chemical sector
Merger and acquisition activity by

chemical sector
Figure 6: Global chemical mergers and acquisitions by target sector (2011 to 2021)
450
400
350
300
250
200
150
100
50
-
Commodity Specialty Fertilizers and Industrial
chemicals chemicals & materials agricultural chemicals gases
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Figure 7: Global chemical mergers and acquisitions by target sector (2011 to 2021)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Commodity chemicals 391 358 346 394 379 391 390 357 365 312 401
Specialty chemicals & materials 174 171 132 159 147 185 172 157 148 130 202
Fertilizers and agricultural chemicals 69 66 43 67 72 61 65 77 61 51 71
Industrial gases 12 14 16 15 14 13 10 9 11 8 14
Total 646 609 537 635 612 650 637 600 585 501 688
11
Global chemicals mergers and acquisitions outlook 2022 | Merger and acquisition activity by chemical sector
Commodity Specialty chemicals Fertilizers and agricultural

chemicals & materials chemicals
After commodity Continuing the The fertilizers and agricultural
chemical deal trend, the specialty chemicals sector also caught
volumes saw their chemicals and the M&A fever of 2021, seeing
sharpest decrease in materials sector also an increase in deal volume of
the last decade in 2020 (figure 6), had the largest increase in M&A nearly 40%. However, with much of the
the sector experienced nearly a 30% volumes in more than a decade in consolidation in the sector in the rearview mirror,
increase in M&A volumes in 2021, 2021, growing over 50%. This strong 2021 saw smaller and more strategic transactions,
marking the largest increase in the demand for acquisitions drove deal with none exceeding the US$1 billion threshold.
last 10 years. multiples to record highs in the Notable transactions in the sector included two
sector. divestitures from Compass Minerals—including
Despite many commodity chemical its South American specialty plant nutrition
companies dealing with supply While nearly all specialty chemical business to ICL Brasil Ltda for approximately
chain issues—and focusing on and material subsectors saw record US$418 million,29 and its North American
asset optimization during 2021, as M&A volumes, a few subsectors micronutrient assets to Koch Agronomic Services
many dealt with Winter Storm Uri warrant particular attention. For for approximately US$60 million.30 Acquisitions
and Hurricane Ida for their US Gulf instance, the electronic materials included Galileo Otto S.à r.l.’s acquisition of SICIT
Coast-based assets—they still found end-market moved up meaningfully, Group S.p.A. for approximately €360 million
time to fit in some meaningful M&A. finishing as the second highest most (approximately US$407 million)31 and Albaugh’s
Commodity chemical companies attractive end-market in this year’s pending acquisition of Rotam Global AgroSciences
continued to focus their portfolios survey, after barely registering in Limited for approximately US$197.5 million.32
through divestitures of non-core last year’s survey. This doesn’t come
businesses: examples in 2021 as a huge surprise after seeing all High agricultural commodity prices driving strong
included The Chemours Company the M&A activity in the subsector in demand for yield-increasing products will likely result
sale of its Mining Solutions business 2021, including DuPont’s announced in strong earnings and cash flows for many fertilizer
for US$520M17 and Trinseo’s sale US$5.2 billion acquisition of Rogers and agricultural chemical companies—good news
of its synthetic rubber business Corporation,23 Entegris’s announced for continued strong M&A in the sector in 2022.
for US$491M.18 Many commodity acquisition of CMC Materials,24
chemical companies also continued and Materion’s US$380 million
to grow their value-added acquisition H.C. Starck’s electronic
downstream businesses through materials business25. Industrial gases
M&A: examples in 2021 included Keeping pace with other sectors,
Westlake’s acquisition of Hexion’s As predicted in last year’s outlook, the industrial gases sector had
global epoxy business for US$1.2 coatings, adhesives, sealants, and strong M&A volumes in 2021.
billion19 and Celanese’s acquisition elastomers (CASE) remained a very The largest transaction was South
of ExxonMobil’s Santoprene TPV active subsector in 2021. Deals Korea’s conglomerate SK Group’s
elastomers business for US$1.15 in the sector included Axalta’s merger transaction with of SK Materials
billion.20 US$590M acquisition of U-POL,26 Co—yet another deal with electronic materials
PTTGC’s acquisition of Allnex,27 and as an end-market focus.33 Canadian assets tied
With a favorable pricing environment Hempel’s acquisition of Farrow & to helium were especially active in 2021. We
providing many commodity chemical Ball.28 With continued consolidation also saw sustainability focused investments in
companies with robust earnings opportunities in CASE and strong the sector, including Air Liquide’s acquisition of
and cash flow,21 and continued end-market demand coming from H2V Normandy for the production of renewable
strong demand tailwinds coming housing/construction, automotive, hydrogen in France34.
from automotive and housing/ and others, we expect 2022 to be
construction,22 we expect to see another busy year of M&A in the With the sector largely consolidated following
strong M&A activity from commodity subsector. significant M&A transactions and regulatory-
chemical companies in 2022. driven divestitures of past years, 2022 looks
to continue the trend of smaller tuck-in asset
acquisitions.
12
Global chemicals mergers and acquisitions outlook 2022 | Merger and acquisitions activity by geography
Merger and acquisitions activity

by geography
Figure 8: Global chemical mergers and acquisitions by target country (2011 to 2021)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
United States 197 204 160 206 186 201 196 180 180 169 232
China 50 50 48 70 78 72 89 82 82 66 70
United Kingdom 29 37 27 35 33 41 33 29 30 28 42
Germany 28 44 37 44 37 38 41 28 40 23 45
India 27 10 20 17 23 28 15 28 21 10 27
Netherlands 10 14 6 9 11 19 8 21 9 13 11
Japan 20 15 14 15 20 12 11 15 14 10 22
Brazil 18 23 15 12 10 24 14 16 4 8 11
France 28 25 28 29 25 26 40 27 21 16 30
Other 239 187 182 198 189 189 190 174 184 158 198
Total 646 609 537 635 612 650 637 600 585 501 688
United States: Four-decade for buyers and sellers alike. The risk that temporary margin capture driven by the
rising capital gains tax rates35 would be sales of lower cost inventories for higher
highs in GDP accompanied by made retroactive to a date in 2021 provided prices as inflationary pressures set in. EV/
four-decade highs in inflation extra motivation for sellers to close on EBITDA multiples for the S&P 500 Chemical
transactions before the end of the year. Index (figure 9) provide a case in point.
lead to favorable, though murky, While this didn’t materialize, it undoubtedly While not a direct indicator of transaction
outlook for 2022 had an impact as deals raced toward the multiples, Figure 9 can be helpful to put
finish line ahead of the new year. into context those observed in the M&A
Chemical M&A activity in the United States market. The decline seen in the second
hit an all-time high in 2021, marking a 36% Sellers in the US enjoyed a very half of 2021 from a high-point on March
increase over 2020 and an 11% increase competitive market. As a result, 31 was driven more by strong earnings
over the previous high in 2012. Favorable transaction multiples at or near recent growth than by the aggregate 1.7% drop in
economic conditions, such as low interest highs were applied to FY21 or FY22 enterprise values.
rates and a reopening of the economy, forecasts—despite the fact that many
resulted in a very attractive deal market of these forecasts hinged on potentially
13
Figure 9: S&P 500 Chemical Index - EV / TTM EBITDA
17.0
16.0
15.0
14.0
13.0
12.0
11.0
10.0
9.0
8.0
9/30/14
12/31/14
3/31/15
6/30/15
9/30/15
12/31/15
3/31/16
6/30/16
9/30/16
12/31/16
3/31/17
6/30/17
9/30/17
12/31/17
3/31/18
6/30/18
9/30/18
12/31/18
3/31/19
6/30/19
9/30/19
12/31/19
3/31/20
6/30/20
9/30/20
12/31/20
3/31/21
6/30/21
9/30/21
Source: Deloitte Development LLC analysis of data from S&P Capital IQ. Data is from September 30, 2014, to September 30, 2021.
Activity was stronger in nearly all sectors, As we peer into trends for 2022, favorable which will lead to higher borrowing costs
but particularly in the specialty chemicals conditions will likely contribute to a for acquirors—although the targeted rate
space which saw 13 of the 17 US deals continued robust deal environment: debt remains uncertain.39 While we may not
valued at US$1B or more—comprising markets remain liquid, access to capital is achieve similar deal volumes or value in
US$42 billion of the US$49 billion of total still cheap by historical standards, private 2022, the conditions remain for another
deal value. Multiples on the deals where equity is sitting on record levels of dry strong market for M&A activity.
trailing 12-month EBITDA was disclosed powder, and consumers are flush with
ranged from 9.4x for the Performance cash. That said, there are headwinds that
Chemicals business of PQ Group Holdings may temper activity. Notably, inflation rose
(now Ecovyst)36 to 20x for Arkema’s to 7% in December 2021, its highest level
acquisition of the Performance Adhesives since 1982.38 In response, the US Federal
business of Ashland LLC,37 with most in the Reserve may raise interest rates in March,
low- to mid-double digits.
14
China: In 2021, COVID-19 At the same time, the Action Plan for Carbon Sustainability, decarbonization, and
Dioxide Peaking Before 2030 promulgated supply chain are also major issues playing
impacted M&A activity, but
by the State Council of China in 2021 is out in European chemical company
chemical industry integration focusing more attention on environmental, strategies. With consumers demanding
continues social, and governance (ESG) 42. This has ESG-friendly products, the chemical
boosted the research spend on clean industry is working to change feedstock
In 2021, M&A activity in China's chemical energy and environmental materials, while and production processes. For instance,
industry did not recover to pre-pandemic promoting greater joint venture/cooperation some industry players are using alternative
levels. Despite the volume of deals rising by with foreign companies. This is expected energy sources and raw materials, such
11%, total deal value declined by 40% for the to create additional M&A opportunities as green methanol, to enable a renewable
year—pushing deal value to its lowest level in areas such as new energy (battery- feedstock. Chemical companies are also
in five years40. related materials), environmentally friendly reviewing their production structures to
materials, and other ESG-related sectors. optimize processes and taking steps to
Corporations and industry players reduce their environmental footprints by
comprised the majority of acquirers in Continental Europe: Strategic divesting of sites that are struggling to
2021. For instance, 67% of deals were led by meet environmentally friendly production
chemical companies pursuing integration
investors focus on select
standards.
and expansion opportunities. Acquirers in businesses while private equity
other transactions were largely downstream appetite grows In response to these trends, European
players involved in sectors such as chemical companies are actively analyzing
electronic components, packaged food, and The European chemicals market has their portfolios. High company valuations
textiles, with greater vertical integration as recovered faster than many expected from (even for troubled assets), combined with
the key objective. This trend of integration its low in 2020. Chemical companies are strong private equity interest, will likely fuel
within the chemical industry, and along entering 2022 after challenging market M&A activity in 2022. Furthermore, chemical
the industry value chain, is expected to conditions in 2020 and 2021, with the companies are poised to use M&A to hedge
continue in 2022. Private equity investment COVID-19 pandemic adding volatility to an access to “green” technology and safeguard
and acquisition activity by financial buyers already volatile decade. In 2022, strong non-carbon feedstock supply.
are not currently visible features of the demand for both commodity and specialty
industry's M&A landscape. chemicals could keep prices resilient
throughout the year. However, the industry
Interestingly, foreign investment in China's may come under margin pressure given
chemical industry rebounded in 2021 and commodity cost inflation, along with rising
comprised 14% of overall deal volume. In energy and freight costs.
2022, with the global economy expected
to steadily recover from the effects of the M&A activity in the chemical sector picked
COVID-19 pandemic, foreign investors up speed again in 2021 after the pandemic-
might play a more active role as acquirers in fueled restraint of 2020. Most transactions
China's chemical industry. came from specialty chemicals and
acquisitions by private equity investors. In
Additionally, as part of China’s 14th Five-Year fact, private equity is increasingly active on
Plan for the chemical industry, chemicals the buy and sell side, with interest focused
used in electronics, specialty/high-end on carve-outs of large corporates and large
materials, and pharmaceutical chemicals are to medium-sized companies.
listed as encouraged segments.41 This partly
explains why pharmaceutical and electronic Notably, transaction values from both
buyers were active in the market in 2021, strategic and private equity buyers are
and why M&A activity was observed in high- increasing in many different sub-sectors
end materials such as specialty fertilizers of the European chemical industry beyond
and high-end plastic films. Given the specialty chemicals.
conducive policy environment, M&A activity
in these encouraged segments is likely to
pick up speed in 2022.
15
UK: M&A activity rebounds

in 2021
In Q4 2020, the UK saw an uptick in M&A

activity, which continued into 2021, with deal
volumes hitting a 10-year high. Whereas
specialty chemicals dominated the space
in 2020, commodity chemicals proved the
most active in 2021, with a particular focus
on companies serving the plastics and
packaging sector. International interest in UK
companies remained strong, with investors
from the US particularly active. In just one
example, Croda International Plc sold its
Performance Technologies and Industrial
Chemicals (PTIC) businesses to Cargill Inc.
for US$1 billion43.
As in 2020, corporates made up the

majority of acquirers of UK chemical
companies, despite an active global private
equity market driven by continued record
levels of dry powder.44 Compared to the
year previous, private equity exits of UK
companies rose as investors looked to take
advantage of a buoyant M&A market and
high valuations.45
Yet the most prevalent M&A theme in 2021

for both financial and corporate investors
was sustainability / the ESG agenda.46 In fact,
this focus underpinned the rationale for
many of the plastics and packaging disposals
in the UK chemicals sector this past year.
With the industry rebounding from a period

of uncertainty in 2020 due to COVID-19 and
BREXIT, similar continued demand for M&A
is expected in the UK moving into 2022. In
fact, with the wall of committed capital from
private equity holding strong, appetite for
quality assets is expected to stay strong
across all industrial sectors. The focus on
ESG is forecast to continue in 2022, with
investors targeting specific sub-sectors
within chemicals.
16
India: Accelerated momentum Brazil: M&A activity slows amid Japan: Appetite for large
for chemical M&A due to inflation and higher interest M&A remains subdued, but
high GDP growth, strong rates, despite GDP recovery conditions are ripe for further
macroeconomics, and positive reorganizations/consolidations
In 2021, Brazil’s GDP slowly recovered to
industrial climate
pre-pandemic levels. However due to the In Japan, the M&A market for 2021 was
highest inflation rate in the last five years characterized by the continuation of
India witnessed an aggressive rebound in
and a devalued Brazilian Real, the Brazilian pandemic-related business and economic
2021, posting a growth rate of 9%, with the
Central Bank raised the country’s interest concerns. As a result, Japanese chemical
IMF projecting an additional 9% GDP growth
rate from 2% to 9.25%.52 firms remained largely cautious and did not
during 2022—making India one of the
fastest growing economies in the world.47 pursue significant transactions outside the
The market forecast for the Brazilian country. Conversely, domestic deal activity
The Indian chemical industry ranks sixth
economy in 202253 projects a GDP increase rebounded from a 10-year low in 2020.
in the world, with a current market size of
of 0.3%, with inflation forecasted at 5.4%.
US$178 billion, and a forecast market size of
The expectation of further exchange rate Last year, we predicted that “defensive
US$300 billion by 2025.48 Up to 100% foreign
depreciation and higher interest rates M&A”—such as divestitures/reorganizations,
direct investment (FDI) in the chemical
(forecast at 11.75%) by the end of the year are rather than acquisitions—would accelerate
sector is permitted, attracting FDI inflows
bound to increase local capital costs as well. amid continued business uncertainty. The
of US$18.48 billion throughout 2020-21.49
Additionally, the Reserve Bank of India has combined effects of decarbonization and
Despite this, demand for chemical products those of COVID-19 saw this prediction come
consistently maintained the repo rates at 4%
reached the highest level on record in 2021, true. For example, JSR Corporation sold
since May 2020 in keeping with the objective
growing by 20.5% above 2020, and driving its elastomers business for US$1 billion
of achieving the medium-term target for
higher raw material imports—which pushed (JPY 115 billion) to ENEOS Corporation,55
consumer price index inflation of 4%.50
up prices.54 While M&A activity did not which attracted attention as one of the first
reach all-time highs as in other geographies, times a Japanese company sold a portion
Taken together, this positions the chemical
there was a slight increase in the number of of its original business representing 30%
industry in India for strong growth across
transactions in the sector for the year (11 of consolidated sales. In addition, Japan’s
sub-sectors. Specifically, petrochemicals
transactions compared to eight in 2020), biggest chemical company, Mitsubishi
is expected to grow at 7.5% CAGR,
which were together valued at more than Chemical Holdings Corporation, announced
agrochemicals at 8%, and specialty
US$1.8 billion. plans to restructure its petrochemical
chemicals at 12%51 due to the rise in
demand from end-user industries such as and carbon-based chemical businesses,
As 2022 is an election year, uncertainty over foreshadowing further industry
food processing, personal care, and home
the election’s results may impact economic consolidation.56 During 2022, similar to last
care. Conducive government policies for
policies, potentially hampering M&A activity. year, expect Japanese chemical companies
innovation and production-linked incentives
On the other hand, the local increase in to boldly restructure their portfolios,
are also benefitting the sector, attracting
demand for chemical products, as well as while cautiously monitoring the effects of
significant FDI and M&A opportunities.
the depreciated exchange rate, could still COVID-19.
create an attractive environment for cross-
In fact, M&A activity in the chemical industry
border M&A transactions in 2022.
grew substantially in the second half of
2021 and is expected to accelerate further
during 2022 amid high GDP growth, strong
macroeconomic factors, and a positive
industrial climate.
17
Global chemicals mergers and acquisitions outlook 2022 | Summary outlook
Merger and for 2022
acquisitions mergers
activity and acquisitions activity
by geography
Summary outlook for 2022

mergers and acquisitions activity
M&A was at or near all-time highs in many industries in 2021 and the chemicals
industry was no exception. The favorable environment for strong M&A activity in the
chemicals industry continues as we start 2022—with a push towards building more
focused portfolios, abundant dry powder from private equity funds, a favorable
economic backdrop in many global economies, and chemical companies in search
for growth. The energy transition, and the move toward decarbonization and a more
circular economy, are also bound to rise in focus as chemical companies shape their
M&A strategies for 2022 and beyond.
More than half of the chemical executives in this year’s survey said they are
modestly or significantly more optimistic regarding merger, acquisition, and
divestiture activity in the chemical industry over the next 12 months compared to
the start of calendar 2021. Plus, none of the survey respondents said they were
less optimistic. 2022 will likely prove to be another busy year of transactions in
the chemical industry. However, with the mismatch between the supply of high-
quality opportunities and the M&A appetite from both private equity and chemical
companies, we would expect competition and valuations to remain high.
As 2022 plays out, chemical companies will need to critically think through their M&A
strategies to effectively compete and be successful in this uber competitive M&A
environment.
It would also be remiss to omit the potential impact of the global geopolitical events
unfolding (at the time of publishing) and the broad impacts this may have on
business and the economy, but more importantly, humanity.
18
Global chemicals mergers and acquisitions outlook 2022 | Summary outlook for 2022 mergers and acquisitions activity
19
Global chemicals mergers and acquisitions outlook 2022 | Key contacts
Key contacts
Global
Rajeev Chopra Andrew Botterill

Global Industry Leader, Energy, Resources Global Industry Leader, Energy, Resources
and Industrials and Industrials
Deloitte LLP Deloitte LLP
[email protected] [email protected]
+44 20 7007 2933 +1 403 648 3239
John England
Global Industry Sector Leader, Oil, Gas and
Chemicals
Deloitte LLP
[email protected]
+1 713 501 8786
US
Phil Hueber Joel Flottum

Partner Managing Director
Deloitte & Touche LLP Deloitte & Touche LLP
+1 312 486 5791 +1 312 486 4758
Joel Schlachtenhaufen Amy Chronis

Principal Vice Chairman
Deloitte Consulting LLP US Oil, Gas & Chemicals Sector Leader
[email protected] Deloitte LLP
+1 612 659 2924 [email protected]
+1 713 982 4315
Brazil
Ubirata Bertelli Costa Venus Kennedy

Partner Partner
Deloitte Brazil Deloitte Brazil
+55 21 3981 0491 +55 11 5186 6329
20
China
Jill Wang
Partner
Deloitte China
[email protected]
+86 10 8520 7766
Germany
Joerg Niemeyer Malte Stoever

Partner Partner
Deloitte Germany Deloitte Germany
+49 211 8772 3668 +49 211 8772 2895
Marc Schmitz
Director
Deloitte Germany
[email protected]
+49 697 5695 6200
Switzerland
Konstantin von Radowitz

Partner
Deloitte Switzerland
[email protected]
+41 58 279 6457
Netherlands
Don van Neuren Justin Hamers

Partner Partner
Deloitte Netherlands Deloitte Netherlands
+31 882 886 166 +31 882 881 951
21
Japan
Dai Yamamoto Tetsuya Matsumoto

Partner Partner
Deloitte Japan Deloitte Japan
+81 703 191 4171 +81 804 435 1491
India
Savan Godiawala
Partner
Deloitte India
[email protected]
+91 796 682 7340
UK
Mark Adams
Partner
Deloitte United Kingdom
[email protected]
+44 20 7007 3624
Middle East
Lawrence Hunt Bart Cornelissen

ER&I M&A Leader ER&I Leader
Deloitte Middle East Deloitte Middle East
+971 2 408 2424 +971 4 376 8888
22
Global chemicals mergers and acquisitions outlook 2022 | End notes
End notes
1. https://www.bloomberg.com/news/articles/2021-04-19/robust-rebound-won-t-augur-end-to-stimulus-central-bank-guide
2. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/half-a-trillion-dollars-of-dry-powder-held-by-25-pe-firms-66172037
3. https://chicago.suntimes.com/business/2021/10/1/22704697/chemical-shortage-industrial-chemicals-higher-prices-paints-plastics
4. https://www.bulktransporter.com/news/article/21214745/acc-survey-spotlights-persistent-supplychain-problems-for-chemical-manufacturers
5. https://www.iea.org/commentaries/carbon-capture-in-2021-off-and-running-or-another-false-start
6. https://www.americanchemistry.com/chemistry-in-america/chemistry-sustainability/climate
7. https://www.solenis.com/en/resources/news-releases/2021/platinum-equity-to-acquire-solenis
8. https://www.westlake.com/news/westlake-acquire-hexions-global-epoxy-business
9. https://www.arkema.com/usa/en/media/news/global/corporate/2021/20210831-arkema-acquires-ashland-performance-adhesives/
10. https://www.cargill.com/2021/cargill-to-acquire-croda-bio-based-industrial-business
11. Deloitte Development LLC analysis of data from S&P Capital IQ from January 1, 2011, to December 31, 2021
12. https://www.cdr-inc.com/news/press-release/clayton-dubilier-rice-exits-investment-water-treatment-leader-solenis
13. https://www.american-securities.com/en/press-releases/emerald-kalama-chemical-announces-acquisition-by-lanxess
14. https://www.carlyle.com/media-room/news-release-archive/carlyle-acquire-altadia-group-lone-star
15. https://skcapitalpartners.com/sk-capital-reaches-agreement-to-sell-niacet-for-1015m/
16. https://skcapitalpartners.com/leading-fire-fighting-products-producer-perimeter-solutions-to-become-publicly-traded-via-acquisition-by-everarc-holdings/
17. https://investors.chemours.com/news-releases/news-releases-details/2021/The-Chemours-Company-Agrees-to-Sell-Mining-Solutions-Business-to-Draslovka-for-
520-Million/default.aspx
23
Global chemicals mergers and acquisitions outlook 2022 | End notes
18. https://investor.trinseo.com/home/news/news-details/2021/Trinseo-Announces-Sale-of-Synthetic-Rubber-Business-to-Synthos-S-A--for-491-Million-05-21-2021/
default.aspx
19. https://s26.q4cdn.com/761341895/files/doc_presentations/2021/11/24/Westlake-Hexion-Draft-F.pdf
20. https://investors.celanese.com/websites/celanese/English/301020/news-detail.html?airportNewsID=f4ff3ec1-be91-4b0b-bed3-919e03064fe4
21. https://www.prnewswire.com/news-releases/dow-reports-fourth-quarter-2021-results-301469523.html
22. https://www.icis.com/explore/cn/resources/news/2021/12/07/10713632/chemical-industry-poised-for-growth-in-2022-as-consumer-demand-strengthens-acc
23. https://www.investors.dupont.com/news-and-media/press-release-details/2021/DuPont-Announces-Strategic-Actions-to-Enhance-Portfolio-for-Near-and-Long-
term-Value-Creation/default.aspx
24. https://investor.entegris.com/news-releases/news-release-details/entegris-acquire-cmc-materials-create-leader-electronic
25. https://investor.materion.com/press-releases/press-release-details/2021/Materion-Completes-Acquisition-of-H.C.-Starcks-Electronic-Materials-Portfolio/default.aspx
26. https://newsroom.axalta.com/2021-07-07-Axalta-to-acquire-U-POL,-a-leading-paint,-protective-coatings,-and-accessories-manufacturer-for-the-automotive-
aftermarket
27. https://www.pttgcgroup.com/en/newsroom/news/1093/pttgc-international-netherlands-bv-subsidiary-of-gc-announces-completion-of-acquisition-of-allnex
28. https://www.hempel.com/news/2021/hempel-to-acquire-farrow-ball
29. https://investors.compassminerals.com/investors-relations/investor-news/press-release-details/2021/Compass-Minerals-Enters-Into-Definitive-Agreement-to-Sell-
South-America-Specialty-Plant-Nutrition-Business/default.aspx
30. https://investors.compassminerals.com/investors-relations/investor-news/press-release-details/2021/Compass-Minerals-Enters-Into-a-Definitive-Agreement-to-Sell-
North-America-Micronutrient-Assets/default.aspx
31. https://www.marketscreener.com/quote/stock/SICIT-GROUP-S-P-A-58675338/news/Galileo-Otto-S-a-r-l-completed-the-acquisition-of-SICIT-Group-S-p-A--36005912/
32. https://www.albaughllc.com/news/north-america/albaugh-to-acquire-rotam/
33. https://www.kedglobal.com/newsView/ked202111300018
34. https://energies.airliquide.com/air-liquide-accelerates-its-large-scale-renewable-hydrogen-production-flagship-project-france
35. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-taxnewsandviews-210529.pdf
36. http://investor.pqcorp.com/~/media/Files/P/PQ-IR/reports-and-presentations/slides-pqg-accelerates-transformation-v-f-3-1-2021.pdf
37. https://investor.ashland.com/news-releases/news-release-details/ashland-signs-definitive-agreement-sell-performance-adhesives
38. https://www.bls.gov/news.release/pdf/cpi.pdf
39. https://www.reuters.com/business/fed-officials-say-march-rate-hike-track-future-increases-data-dependent-2022-01-31/
40. Deloitte Development LLC analysis of data from S&P Capital IQ from January 1, 2011, to December 31, 2021
41. https://www.fujian.gov.cn/english/news/202108/t20210809_5665713.htm
42. http://english.www.gov.cn/policies/latestreleases/202110/27/content_WS6178a47ec6d0df57f98e3dfb.html
43. https://www.cargill.com/2021/cargill-to-acquire-croda-bio-based-industrial-business
44. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/half-a-trillion-dollars-of-dry-powder-held-by-25-pe-firms-66172037
45. https://pitchbook.com/news/articles/2021-pe-exits-record-ipo-value
46. https://www.wealthandsociety.com/updates-and-articles/private-equity-record-high-%E2%80%98dry-powder%E2%80%99-to-be-invested-in-esg
47. IMF – World Economic Outlook Update https://www.imf.org/en/Publications/WEO/Issues/2022/01/25/world-economic-outlook-update-january-2022
48. Invest India https://www.investindia.gov.in/sector/chemicals
49. FDI India – Chemical industry https://www.fdi.finance/sectors/chemicals
50. Reserve Bank of India – Monetary policy https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52843
51. Invest India https://www.investindia.gov.in/sector/chemicals
52. Banco Central do Brasil, January 31st, 2022. “Sistema Gerenciador de Séries Temporais”. Accessed at: https://www3.bcb.gov.br/sgspub/
53. Banco Central do Brasil, January 31st, 2022. “Focus – Relatório de Mercado”. Accessed at: https://www.bcb.gov.br/publicacoes/focus
54. Associação Brasileira da Indústria Química (ABIQUIM), February 2nd, 2022. Accessed at: https://abiquim.org.br/comunicacao/noticia/9985
55. https://www.jsr.co.jp/jsr_e/news/2022/20220105.html
56. https://www.mitsubishichem-hd.co.jp/english/ir/01168.html
24
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Global chemicals mergers and

acquisitions outlook 2022

Figure 1: Global chemical mergers and acquisitions activity (2011 to 2021)

Value (US$ billions)

Volume (# of transactions) Value (US$ billions)

Figure 2: Total activity (2011 to 2021)

Figure 3: Activity over US$1 billion (2011 to 2021)

Outcomes of the chemical

Organic growth Completing or optimizing recent / in-process capital projects

ESG—Deal driver or no big deal?

Private Equity—Still playing a

Value (US$ billions)

Volume (# of transactions) Value (US$ billions)

Figure 5: Global Chemical M&A - Private Equity Buyers

This speaks to the growing comfort of

The volume of assets being shed by

Merger and acquisition activity by

Commodity Specialty chemicals Fertilizers and agricultural

Merger and acquisitions activity

Figure 9: S&P 500 Chemical Index - EV / TTM EBITDA

UK: M&A activity rebounds

In Q4 2020, the UK saw an uptick in M&A

As in 2020, corporates made up the

Yet the most prevalent M&A theme in 2021

With the industry rebounding from a period

Summary outlook for 2022

Rajeev Chopra Andrew Botterill

Phil Hueber Joel Flottum

Joel Schlachtenhaufen Amy Chronis

Ubirata Bertelli Costa Venus Kennedy

Joerg Niemeyer Malte Stoever

Konstantin von Radowitz

Don van Neuren Justin Hamers

Dai Yamamoto Tetsuya Matsumoto

Lawrence Hunt Bart Cornelissen

47. IMF – World Economic Outlook Update https://www.imf.org/en/Publications/WEO/Issues/2022/01/25/world-economic-outlook-update-january-2022

48. Invest India https://www.investindia.gov.in/sector/chemicals

49. FDI India – Chemical industry https://www.fdi.finance/sectors/chemicals

50. Reserve Bank of India – Monetary policy https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52843

51. Invest India https://www.investindia.gov.in/sector/chemicals

This communication contains general information only, and none of Deloitte

No representations, warranties or undertakings (express or implied) are given

© 2022. For information, contact Deloitte Global.

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