Chemical industry M&A is entering a new phase after a period of significant deals reshaping competitive dynamics. Adnoc acquired Covestro for EUR 14.7 billion — the largest chemical acquisition in recent years. BAE Systems acquired Ball Aerospace for $5.5 billion. Ineos acquired LyondellBasell's Bayport assets and Eastman's Texas City acetic acid site. DuPont sold its Aramids business including Kevlar and Nomex brands for $1.8 billion. Only 243 M&A deals were completed in the first half of 2025 — the lowest since pre-COVID — as thin margins and overcapacity suppressed deal activity. But portfolio reevaluations across leading companies are expected to drive a wave of consolidation after 2026 as the cycle turns. Leading areas of M&A interest include battery materials, circular economy technologies, specialty chemicals, and emerging market platforms.
This report provides significant competitor information, analysis, and insight critical to the development and implementation of effective marketing and R&D programs.
Topics Covered
• M&A Activity Overview 2023-2026 — Deal Volume, Value, and Trends
• Major Transactions — Detailed Analysis of Deals Over $500 Million
• Strategic Rationale Categories — Technology Access, Market Entry, Vertical Integration, and Portfolio Rationalization
• Acquirer Profiles — Most Active Buyers and Their Strategic Agendas
• Divestiture Activity — Portfolio Rationalization and Non-Core Asset Sales
• Valuation Analysis — EV/EBITDA Multiples by Segment and Deal Type
• Cross-Border M&A — Emerging Market Buyers Acquiring Western Assets
• M&A Pipeline — Most Likely Transactions 2026-2027 Based on Portfolio Analysis
• Competitive Implications — How Recent M&A Has Reshaped Market Positions
• Investment and Partnership Opportunities — Acquisition Target Assessment
Table of Contents
1. Executive Summary
2. Market Overview
3. M&A Activity Overview 2023-2026
4. Major Transactions
5. Strategic Rationale Categories
6. Acquirer Profiles
7. Divestiture Activity
8. Valuation Analysis
9. Cross-Border M&A
10. M&A Pipeline
11. Competitive Implications
12. Competitive Landscape
13. Regional Market Analysis
14. Strategic Conclusions and Recommendations
15. Appendix
List of Tables
Table 1. Chemical Industry M&A Activity 2023-2026 — Market Size and Forecast 2025-2030
Table 2. Chemical Industry M&A Activity 2023-2026 — Market Size by Segment 2025
Table 3. Chemical Industry M&A Activity 2023-2026 — Market Size by Region 2025-2030
Table 4. Chemical Industry M&A Activity 2023-2026 — Key Demand Drivers and Impact Assessment 2025-2030
Table 5. Chemical Industry M&A Activity 2023-2026 — Technology and Product Segment Growth Comparison 2025-2030
Table 6. Chemical Industry M&A Activity 2023-2026 — Competitive Landscape — Market Share by Leading Supplier 2025
Table 7. Chemical Industry M&A Activity 2023-2026 — Recent M&A and Partnership Activity 2023-2025
Table 8. Chemical Industry M&A Activity 2023-2026 — North America Market Size and Forecast 2025-2030
Table 9. Chemical Industry M&A Activity 2023-2026 — Europe Market Size and Forecast 2025-2030
Table 10. Chemical Industry M&A Activity 2023-2026 — Asia-Pacific Market Size and Forecast 2025-2030
Table 11. Chemical Industry M&A Activity 2023-2026 — Investment Opportunity Assessment by Segment
Table 12. Chemical Industry M&A Activity 2023-2026 — Key Risks and Mitigation Strategies
Companies Profiled
Airbus
BAE Systems
Boeing
L3Harris
Leonardo
Lockheed Martin
Northrop Grumman
RTX
Safran
TransDigm
