Huntsman Corp - Company Profile
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Business Description
Huntsman Corp (Huntsman) is a global manufacturer of diversified organic chemical products. Its products include a variety of chemicals and chemical formulations marketed globally to industrial and building product manufacturers. These products are used in applications such as adhesives, aerospace, automotive, coatings, construction, electronics, insulation, and power generation.
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R&D Overview
Huntsman has undertaken R&D initiatives focused on optimizing pilot plant operations to enhance production capabilities for MIRALON carbon nanomaterials and clean hydrogen. The company is committed to research and development, technical services, and process engineering improvement to support its business operations. The R&D units of Huntsman are located in The Woodlands, Texas; Tienen, Belgium; Basel, Switzerland; Merrimack, New Hampshire; and Shanghai, China. These units are responsible for managing the company's research and development activities, focusing on innovation and process improvement. In FY2024, it spent US$121 million on R&D, which as a percentage of revenue, stood at 2% and grew 5.2% YoY. As of December 2023, it had approximately 2,225 patents and 965 pending patent applications. Huntsman has five R&D centers.
Business Segments
Overview
Manufactures and markets basic liquid and solid epoxy resins; cross-linking, matting and curing agents; specialty resin compounds; and epoxy, acrylic and polyurethane-based formulations. Major end user markets include aerospace, automotive, liquid natural gas transport, coatings and construction, consumer and industrial appliances, printed circuit boards, electrical power transmission and distribution, wind power generation, recreational sports equipment, medical appliances and food and beverage packaging. Major customers include 3M, Henkel, Westlake and Xiongrun, Evonik, Kaneka, Sumitomo and Westlake. In FY2024, the segment’s capital expenditure stood at US$17 million, which decreased 32% YoY.
Performance
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Overview
Produces and sells amines and maleic anhydride. It also offers technology licenses. Major end user markets include oil exploration and production, agrochemicals, and fuel and lubricant additives markets among others. Major customers include BASF, Delamine, Dow, Evonik, Nouryon and Tosoh, AOC, Bartek, Ineos, Lanxess and Polynt-Reichhold. In FY2024, the segment’s capital expenditure stood at US$85 million, which decreased 15% YoY.
Performance
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Overview
Manufactures and markets methyl diphenyl diisocyanate (MDI), polyols, thermoplastic polyurethane (TPU), aniline and nitrobenzene Major end user markets include commercial and residential insulation, automotive, appliance, furniture and coatings, footwear, adhesives, sealants and elastomers industries. Major customers are BASF, Carlisle Construction Materials, Coim, Covestro, Dow, Lubrizol and Wanhua Chemical Group. In FY2024, the segment’s capital expenditure stood at US$78 million, which declined 20.4% YoY.
Performance
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Geographical Segments
Performance
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Performance
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Performance
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Performance
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