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Stahl CEO Maarten Heijbroek: “The more demanding the requirements, the more room we have to innovate”
Stahl has undergone a notable strategic transformation in recent years. I spoke with CEO Maarten Heijbroek about the motivations behind this shift, the future of coatings, and what lies ahead for the company. By Damir Gagro.
What was the motivation for divesting the wet-end leather business and repositioning with a stronger focus on coatings activities?
Maarten Heijbroek: We have our roots in leather coatings, having started almost a century ago by developing finishes to protect and enhance leather. Over time, we became a major player in the leather chemicals market. However, the leather industry has matured significantly, and we realised that the growth potential was limited. In 2021, we undertook a strategic assessment to identify where our strengths truly lie. It became clear that our formulation expertise in coatings—specifically for flexible materials—was a core competency that could be applied beyond leather.
This insight led us to reposition the company. We decided to focus on coatings for flexible substrates and gradually exit the leather chemicals business, which is also more capital- and carbon-intensive. It was no longer aligned with our long-term direction, so divestment made sense both strategically and operationally.
How do you envision the future of coatings?
Heijbroek: We now serve a much broader range of markets—fashion, luxury goods, automotive interiors, and paper-based packaging. These are all consumer-facing industries where the coating is often the first thing people touch. The coating is not just decorative; it plays a protective and performance role. And increasingly, it must also meet expectations around sustainability.
As product lifespans are expected to increase, so must coating durability, too. Whether it’s a luxury handbag or a car interior, the coating has to withstand years of use while maintaining performance. This presents both technical and design challenges. We see coatings evolving to meet these demands, particularly in how they interact with the senses—touch, appearance, even sound—and in how they contribute to overall product longevity.
Where do you see the challenges and opportunities in the coatings industry?
Heijbroek: The performance requirements for coatings are becoming more demanding, and that’s a key area of opportunity. We see it in the need for coatings that resist wear, UV exposure, chemicals like hand sanitiser, or even challenges like colour stability over time. These demands push us to innovate.
Another major area is sustainability. Our customers—and their customers—are increasingly focused on reducing environmental impact. That means reformulating products to eliminate substances of concern, moving toward water-based systems, and improving the carbon footprint of our materials. Today, around 90 % of our portfolio is already water-based. But sustainability also means making products last longer, which in turn reduces waste.
The challenge lies in achieving these improvements without significant cost increases. That’s where close collaboration with customers and a deep understanding of materials becomes essential.
What are the next steps for Stahl in the coatings industry?
Heijbroek: We’re focused on continued growth within the flexible materials segment. That includes further developing our existing technologies and broadening our presence in this space—both organically and through acquisitions. We’ve made some strategic acquisitions in the past two years and are currently finalising the separation of our coatings and chemical businesses, which should give further clarity and focus.
Geographically, we expect the strongest growth to come from Asia, driven by both population and rising disposable income. While our presence today is balanced across Asia, Europe, and the Americas, we are investing significantly in Asia to prepare for future demand—new production in Singapore, a lab in Japan, expanded capacity in China, and a new site in India.
Looking ahead, we aim to deepen our capabilities in existing markets and potentially enter adjacent niches within flexible coatings that we’re not yet active in. The goal is to stay close to our core while continuing to adapt to evolving customer and market needs.
