Here are 1-3 brief analogies for Eastman Chemical (EMN):

• Eastman Chemical is like a specialty-focused DuPont, providing a wide range of advanced materials and chemicals for diverse industries.

• Eastman Chemical is akin to 3M, but specifically providing the foundational chemical components and advanced materials that go into thousands of different products.

• Specialty Plastics: High-performance polymers like Tritan™ copolyester, used in durable goods, medical devices, and packaging for their clarity, toughness, and chemical resistance.
• Fibers: Cellulosic fibers such as Estron™ acetate tow for cigarette filters and Naia™ for sustainable textiles and apparel.
• Adhesives & Coatings Raw Materials: Resins and additives critical for manufacturing paints, coatings, adhesives, and inks across various industries.
• Advanced Materials: Performance films (e.g., window tinting, paint protection) and interlayers for laminated glass, enhancing safety and performance in automotive and architectural applications.
• Chemical Intermediates: Essential building block chemicals, including oxo chemicals and amines, used in a vast array of industrial and consumer products.

Eastman Chemical (EMN) Major Customers

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that primarily operates on a business-to-business (B2B) model. It sells its advanced materials, chemicals, and fibers as components and ingredients to other manufacturing companies rather than directly to individual consumers.

According to Eastman Chemical's latest Form 10-K filing with the U.S. Securities and Exchange Commission, the company explicitly states that no single customer accounted for more than 10% of its consolidated net sales in 2023, 2022, or 2021.

This indicates that Eastman Chemical has a highly diversified customer base, consisting of thousands of companies across various industries globally. Consequently, there are no publicly identifiable "major customers" that represent a significant concentration of revenue and would be required to be disclosed by name.

While specific customer names are not disclosed due to the diversified nature of their sales and competitive considerations, Eastman Chemical's products are integral to a wide range of manufacturing processes. Their customer companies operate in, but are not limited to, the following key sectors:

• Automotive: Supplying materials for interior components, coatings, and structural parts to vehicle manufacturers and their suppliers.
• Building & Construction: Providing materials for architectural coatings, adhesives, sealants, and components for infrastructure.
• Packaging: Offering specialized plastics and films for food packaging, personal care products, and other consumer goods.
• Consumables: Contributing ingredients and materials for household cleaners, personal care products, and other everyday items.
• Health & Wellness: Supplying materials for medical devices, pharmaceutical packaging, and nutritional products.
• Durables: Providing materials for appliances, electronics, furniture, and other long-lasting goods.
• Textiles: Offering fibers and chemical solutions for apparel, home furnishings, and nonwoven applications.

Given the highly diversified customer base and the absence of any customer representing more than 10% of sales, it is not possible to list specific major customer companies by name and symbol.

Mark J. Costa, Chairman and Chief Executive Officer

Mark J. Costa joined Eastman Chemical in 2006, ascending to Chief Executive Officer in January 2014 and Chairman of the Board in July 2014. Throughout his tenure at Eastman, he has held various executive roles, including Chief Marketing Officer and President. Before joining Eastman, Costa was a senior partner at Monitor Group, a global management consulting firm, where he was instrumental in developing techniques for corporate transformations and portfolio management. He has also held executive responsibilities for various Eastman entities and groups, such as Eastman Chemical, Asia Pacific Pte Ltd, Polymers Group, Inc., and Specialty Polymers Products, Inc.

William T. McLain, Jr., Executive Vice President and Chief Financial Officer

William T. McLain, Jr. has served as Executive Vice President and Chief Financial Officer of Eastman Chemical since 2020, having joined the company in 2000. His previous positions at Eastman include Vice President, Finance; Corporate Controller; Treasurer; and Director of Finance for Asia Pacific. Prior to his career at Eastman, he worked for PricewaterhouseCoopers.

Julie A. McAlindon, Senior Vice President, Regions and Chief Supply Chain Officer

Julie A. McAlindon joined Eastman Chemical in 2016. Before her time at Eastman, she held leadership roles at Avient Corporation (formerly PolyOne), serving as Senior Vice President, Designed Structures and Solutions, and previously as Vice President of Marketing. She also brings over two decades of experience from Dow Inc., where she held a variety of commercial and business leadership positions.

Stephen G. Crawford, Executive Vice President, Chief Technology Officer and Chief Sustainability Officer

Stephen G. Crawford rejoined Eastman Chemical in November 2025 as Executive Vice President - Technology Projects, with a transition to Executive Vice President, Chief Technology Officer and Chief Sustainability Officer effective January 1, 2026. He originally joined Eastman in 1987 and has held numerous leadership roles in both manufacturing operations and technology, including previous stints as Chief Technology and Sustainability Officer, Vice President of Research and Development for the Advanced Materials segment, and Vice President of Research and Development for the Additives & Functional Products business. He also served as Executive Vice President, Chief Manufacturing and Engineering Officer.

Brad A. Lich, Executive Vice President and Chief Commercial Officer

Brad A. Lich has been the Executive Vice President and Chief Commercial Officer at Eastman Chemical since March 2016, and an Executive Vice President since January 2014. He is responsible for the company's Advanced Materials and Fibers segments, as well as overseeing marketing, sales, procurement, and regional operations. Lich joined Eastman in 2001. Before joining Eastman, he co-founded and served as CEO of CoatingsMart, Inc. His career also includes various leadership and commercial roles with E-Chemicals, Inc., The Valspar Corporation, and The Dow Chemical Company. Additionally, he served as President of Solutia Inc.

The key risks to Eastman Chemical (EMN) include:

1. Weak Demand and Challenging Macroeconomic Conditions: Eastman Chemical faces significant challenges from weak demand in various end markets, such as building and construction, consumer durables, and electronics, as well as cautious customer behavior in medical applications. This weak demand, coupled with a challenging global macroeconomic environment and uncertain U.S. trade policy, has led to inventory reductions and is expected to adversely impact the company's financial performance.
2. Volatility in Raw Material and Energy Prices: Significant fluctuations in the costs of raw materials and energy pose a continuous risk to Eastman Chemical's profitability. The company is exposed to commodity price changes, which can directly affect its cost of goods sold.
3. Operating Risks Common to Chemical Manufacturing: As a global specialty chemicals manufacturing company, Eastman's business is inherently subject to various operating risks. These include potential disruptions to manufacturing operations or related infrastructure due to explosions, fires, inclement weather, natural disasters, mechanical failures, unscheduled downtime, chemical spills, transportation interruptions, and cybersecurity risks. Such disruptions can adversely affect sales revenue, costs, and overall financial condition.

The accelerating development and commercialization of alternative sustainable materials, specifically advanced chemical recycling technologies and bio-based polymers from competing companies, threatening to displace Eastman's traditional fossil-fuel derived products and market share.

Eastman Chemical Company (EMN) operates in four main segments: Additives & Functional Products, Advanced Materials, Chemical Intermediates, and Fibers. The addressable markets for their main products and services are detailed below:

Additives & Functional Products

• Methyl Acetate: The global methyl acetate market, which includes applications in paints and coatings, adhesives, pharmaceuticals, inks, and personal care, is projected to reach approximately USD 388.5 million by 2030, growing from USD 228.0 million in 2025.

Advanced Materials

• High-Performance Films: The global high-performance films market was valued at USD 38.19 billion in 2024 and is anticipated to grow to USD 51.86 billion by 2032, with a compound annual growth rate (CAGR) of 3.9%. Another estimate places the global market at approximately USD 53.22 billion in 2023, with a projection to reach around USD 92.28 billion by 2033 at a CAGR of about 5.66%. North America held the largest share of the global high-performance films market in 2024, accounting for 37%. The Asia Pacific region is also a significant market, with the largest market share in high-performance films.
• Architecture Window Film: The global architecture window film market size was USD 5.39 billion in 2025 and is expected to reach approximately USD 7.74 billion by 2034, with a CAGR of 4.10%. The Asia Pacific architecture window film market alone is estimated at USD 2.16 billion in 2025 and is projected to reach around USD 3.13 billion by 2034.

Chemical Intermediates

• Chemical Intermediates (Overall Market): The global chemical intermediate market size was valued at USD 118.19 billion in 2024, grew to USD 127.18 billion in 2025, and is predicted to reach approximately USD 246.1 billion by 2034, exhibiting a CAGR of 7.61% between 2025 and 2034.

Fibers

• Synthetic Fiber Manufacturing: Eastman Chemical holds an estimated 4.2% of the total industry revenue in the U.S. Synthetic Fiber Manufacturing market.

Eastman Chemical Company (EMN) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Expansion of Circular Economy Platforms, especially Molecular Recycling: Eastman is heavily investing in its circular economy initiatives, particularly molecular recycling technologies like methanolysis. The Kingsport methanolysis facility is expected to deliver strong earnings growth in 2025 and beyond, with plans for a second facility in Longview, Texas. This technology allows Eastman to produce high-quality recycled PET, which commands a premium and creates growth opportunities in markets such as consumer durables, textiles, and packaging. A significant partnership with Pepsi to drive volume in recycled PET (rPET) is also expected to commence.
2. Innovation-Driven Growth in Specialty Products and New Applications: The company consistently emphasizes its innovation-driven growth strategy, aiming to grow above underlying market trends in its specialty product lines. This includes ongoing innovation programs in areas like semiconductors and coatings within the Additives & Functional Products segment, contributing to new business revenues.
3. Recovery in Discretionary End Markets: Eastman expects a rebound in demand from key discretionary end markets, including automotive, housing, and consumer durables. These markets, which currently represent a smaller portion of revenue than usual, are anticipated to return to more normal demand levels, potentially supported by factors like lower interest rates and reduced inflation, thereby contributing to modest revenue growth.
4. Increased Sales Volume/Mix and Commercial Excellence: The company has reported strong year-over-year sales volume/mix growth across all operating segments, driven by the end of customer inventory destocking in most key end markets and its commercial excellence initiatives. This trend of improved sales volumes and mix is expected to continue contributing to revenue growth.

Share Repurchases

• In December 2021, Eastman's Board of Directors authorized an additional $2.5 billion for share repurchases and the company entered into a $500 million accelerated share repurchase (ASR) agreement, targeting $1 billion in repurchases for the year.
• The company entered into another $500 million accelerated share repurchase agreement in May 2022, contributing to a goal of repurchasing over $1 billion in shares for 2022.
• Eastman repurchased 3 million shares of common stock for $300 million in 2024 and returned $679 million to stockholders through a combination of dividends and share repurchases during the same year.

Share Issuance

• Eastman Chemical has not reported significant share issuances in the last 3-5 years; the number of outstanding shares has generally declined.

Outbound Investments

• In June 2021, Eastman divested its Adhesive Resins business for $1.0 billion.
• The company completed the divestiture of its Texas City Operations for $490 million in 2023.
• Eastman made several bolt-on acquisitions, including three in 2021 (3F Technology, Matrix Films, PremiumShield) and three in 2023 (Ai-Red Technology and Willson Band Instruments).

Capital Expenditures

• Capital expenditures for Eastman Chemical ranged from $313.5 million in 2020 to a peak of $750 million in 2023.
• Eastman invested $599 million in capital expenditures in 2024, primarily focusing on growth initiatives and site modernization projects.
• Expected capital expenditures for 2025 were initially projected between $700 million and $800 million, later revised to approximately $550 million, with a focus on innovation-driven growth, sustainability, and circular economy projects like the Kingsport methanolysis facility.