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Here are 1-3 brief analogies for Huntsman:

• Corning for specialized chemicals.
• A B2B version of 3M, focusing on advanced materials and solutions.
• A more specialized chemical manufacturer, akin to divisions within giants like Dow or BASF.

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• Polyurethanes: MDI (methylene diphenyl diisocyanate) and specialty polyols, which are key building blocks for a wide range of products including insulation, automotive parts, footwear, and coatings.
• Performance Products: A diverse portfolio of specialty chemicals such as amines, surfactants, and maleic anhydride, used in various industries including personal care, energy, coatings, and adhesives.
• Advanced Materials: High-performance composite resins, adhesives, and coatings, including epoxy and acrylic-based formulations, serving aerospace, automotive, electrical, and industrial applications.

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Huntsman Corporation (Symbol: HUN) - Major Customers

Huntsman Corporation (HUN) is a global manufacturer and marketer of differentiated chemicals, operating predominantly in a business-to-business (B2B) model. They supply specialty chemicals, polyurethanes, advanced materials, and textile effects to other companies for use as raw materials or intermediate products in their manufacturing processes.

According to Huntsman's latest SEC filings (10-K), no single customer accounted for more than 10% of their consolidated revenues in 2023, 2022, or 2021. This indicates that Huntsman has a highly diversified customer base, and specific "major customers" by name are not publicly disclosed due to this diversification.

However, Huntsman's products are critical components for various industries, meaning their customer companies typically operate within the following sectors:

• Automotive Industry: Companies manufacturing automotive components, interior parts, and structural materials, including those producing seating foam, dashboards, and lightweight composite parts for vehicles.
• Construction & Insulation Industry: Manufacturers of building materials, rigid insulation panels, protective coatings, and high-performance adhesives used in construction applications.
• Aerospace & Defense Industry: Manufacturers and suppliers of aircraft components, advanced composites, and high-performance materials for aerospace and defense applications.
• Footwear & Apparel Industry: Manufacturers producing components for athletic and casual footwear (e.g., soles and midsoles), and textile mills utilizing dyes and finishing chemicals for fabrics.
• Adhesives, Coatings, Sealants & Elastomers (ACSE) Manufacturers: Companies that formulate and produce specialized adhesives, industrial coatings, sealants, and elastomers for diverse industrial and consumer applications.
• Formulators of Consumer & Industrial Products: Companies that incorporate Huntsman's specialty chemicals into a wide range of end products, including detergents, personal care items, lubricants, and various other industrial formulations.

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Peter R. Huntsman, Chairman of the Board, President, Chief Executive Officer

Peter R. Huntsman has served as CEO of Huntsman Corporation since July 2000 and was appointed Chairman of the Board in 2018. He has been involved with Huntsman Corporation in various capacities since 1983, including serving as President and Chief Operating Officer from 1994 to 2000. Before his CEO role, Mr. Huntsman was Vice President of Huntsman Polypropylene Corporation starting in 1987, and later served as Senior Vice President and General Manager. He also held positions as President of Olympus Oil, Senior Vice President of Huntsman Chemical Corporation, and Senior Vice President of Huntsman Packaging Corporation, a former subsidiary. His father, Jon Huntsman Sr., founded Huntsman Corporation. Mr. Huntsman currently serves as Chairman of the board of directors of Venator Materials, a publicly traded subsidiary. He is also the Chairman and CEO of the Huntsman Cancer Foundation and CEO of the Huntsman Foundation.

Philip M. Lister, Executive Vice President and Chief Financial Officer

Philip M. Lister was appointed Executive Vice President and Chief Financial Officer in July 2021. He has spent his entire career at Huntsman or its predecessors, beginning in the polyurethanes division of Imperial Chemical Industries, which Huntsman acquired in 1999. Prior to his CFO appointment, Mr. Lister served as Vice President of Corporate Development from May 2019 to June 2021, and as Vice President Global Finance and Strategic Planning for the Polyurethanes division from April 2011 to May 2019. In his role as VP of Corporate Development, he was instrumental in executing the company's portfolio management strategy, successfully completing seven transactions valued at over $3.5 billion in three years, which led to a significant transformation of Huntsman's portfolio, focusing on specialty businesses, reducing debt, and strengthening the balance sheet.

David Stryker, Executive Vice President, General Counsel and Secretary

David Stryker joined Huntsman in June 2013 as Executive Vice President, General Counsel, and Secretary. Before joining Huntsman, he served for nine years as Senior Vice President, General Counsel, Secretary, and Chief Compliance Officer of BASF Corporation. His previous experience also includes serving as Associate General Counsel and Chief Compliance Officer at Siemens Corporation, and as a partner at the law firm Kirkland & Ellis.

Jan Buberl, Division President, Performance Products

Jan Buberl serves as the Division President, Performance Products at Huntsman Corporation.

Steen Weien Hansen, Division President, Polyurethanes

Steen Weien Hansen was appointed Division President, Polyurethanes in June 2025. Prior to this role, he served as Senior Vice President, Global Automotive and Global Elastomers for the Polyurethanes Division starting in January 2022. His experience also includes serving as Vice President, EAMEI for the Polyurethanes Division and Vice President, Asia Pacific for the Advanced Materials Division.

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Huntsman Corporation (HUN) faces several key business risks, primarily driven by the cyclical nature of its industry and broader economic factors:

1. Cyclicality and Volatility of Global Economic Conditions and End Markets: The demand for Huntsman's products, which serve industries such as construction, automotive, and aerospace, is highly sensitive to global economic conditions, including inflation, interest rates, and overall economic downturns. Prolonged weakness in these key end markets can lead to reduced demand, lower selling prices, and negatively impact the company's revenue and profitability.
2. Volatility of Raw Material Costs and High Energy Costs: Huntsman's operational profitability is significantly exposed to fluctuations in the cost of raw materials and energy, particularly in Europe. Unfavorable changes in these costs can compress profit margins and negatively affect financial results.
3. Intense Competition: The chemical industry in which Huntsman operates is highly competitive, with numerous players, some possessing greater financial resources. This competitive pressure can lead to pricing wars, margin erosion, and necessitate continuous innovation and cost management to maintain market position and profitability.

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The accelerated global push towards sustainable, circular, and bio-based materials and processes presents a clear emerging threat. This trend is driven by escalating regulatory pressures (e.g., stricter environmental standards, plastic reduction directives, carbon pricing mechanisms), increasing consumer and investor demand for environmentally friendly products, and corporate commitments to net-zero emissions. As a result, there is a strong market pull away from traditional fossil-fuel-derived specialty chemicals. If Huntsman does not sufficiently accelerate its innovation and portfolio transition towards these sustainable alternatives, its core product lines, many of which are petroleum-based (e.g., polyurethanes, certain performance products), could face declining demand or be outcompeted by newer, greener solutions from agile competitors or startups focused on bio-based, recycled, or less impactful chemistries. This shift necessitates substantial R&D investment, supply chain reconfiguration, and potential changes in core business models to remain competitive.

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Huntsman Corporation (NYSE: HUN) operates in three main business segments: Polyurethanes, Advanced Materials, and Performance Products. The addressable market sizes for these segments are as follows:

Polyurethanes

The global polyurethane market size was estimated at approximately USD 73.35 billion in 2024 and is projected to reach USD 101.72 billion by 2033, growing at a compound annual growth rate (CAGR) of 3.7% from 2025 to 2033. Other estimates place the global market at USD 93.7 billion in 2024, forecasted to expand at a CAGR of 7% to reach US$184.4 billion by the end of 2034. In 2023, the Asia Pacific region dominated the polyurethane market, holding a market share of 45.89% and a market size of USD 39.97 billion. The U.S. polyurethane market is projected to reach an estimated value of USD 26.07 billion by 2032.

Advanced Materials

The global advanced materials market size was valued at approximately USD 69.29 billion in 2024 and is projected to surpass around USD 127.28 billion by 2034, growing at a CAGR of 6.27% from 2025 to 2034. Another source estimates the market size at USD 87.15 billion in 2024, expected to grow to USD 123.52 billion in 2029 at a CAGR of 7.9%. Asia Pacific is anticipated to exhibit the fastest growth in the advanced materials market during the forecast period. North America is also predicted to dominate this market from 2025 to 2034.

Performance Products

The global performance chemicals market, which encompasses products similar to Huntsman's Performance Products segment (including amines, maleic anhydride, and carbonates), was valued at USD 275.8 billion in 2022. It is projected to reach USD 453.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. The Asia-Pacific region held more than 46% of the performance chemicals market share in 2022. Alternatively, the global performance additives market, a related category, was estimated at USD 124.06 billion in 2024 and is predicted to increase to approximately USD 269.58 billion by 2034, expanding at a CAGR of 8.07% from 2025 to 2034. Asia-Pacific dominated the performance additives market with a 35% share in 2024.

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1. Volume Improvements in MDI and Performance Products: Huntsman anticipates a modest recovery in 2026, fueled by potential volume improvements in its MDI (methylene diphenyl diisocyanate) and performance products segments. The company forecasts long-term MDI growth at 1.5 times the GDP rate. Notably, North America has already shown a 6% year-over-year growth in MDI volumes, indicating a strategic recovery in market share.
2. Strategic Acquisitions and Partnerships: Huntsman possesses a strong balance sheet, affording it the financial flexibility to pursue strategic acquisitions and partnerships. These initiatives are expected to enhance the company's product offerings, technological capabilities, and overall market reach, thereby driving long-term revenue growth. The Advanced Materials segment is particularly targeted for future bolt-on acquisitions to expand its portfolio, foster innovative sales growth, and improve returns.
3. Expansion into Emerging and Key End-Markets: The company sees opportunities for further expansion into emerging markets where the demand for chemical products is increasing due to industrialization and economic development. Furthermore, Huntsman has observed growth in specific end-markets, such as its insulation, adhesives, and coatings businesses in Asia, and power markets within its Advanced Materials division.
4. New Product Development and Innovation: Huntsman is committed to advancing organic projects and investing in research and development. A notable example is the ongoing investment in its MIRALON® technology, which is expected to drive growth in both composite and adhesive product lines and lead to new revenue streams.

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Share Repurchases

• On October 26, 2021, Huntsman's Board of Directors authorized a $1 billion share repurchase program, which was subsequently increased to $2 billion on March 25, 2022.
• In 2022, the company intended to repurchase approximately $1 billion of its stock under the expanded program.
• As of the end of 2023, approximately $500 million remained authorized under the $2 billion share repurchase program, and in 2025, the company repurchased $353 million of its common stock, with $547 million remaining under the current authorization.

Share Issuance

• On April 30, 2025, Huntsman's stockholders approved a new 2025 Stock Incentive Plan, which reserved 4.65 million shares for future issuance.

Outbound Investments

• In December 2020, Huntsman announced the acquisition of Gabriel Performance Products for $250 million, an all-cash transaction that closed in the first quarter of 2021. This acquisition broadened Huntsman's specialty additives and epoxy curing agents portfolio.
• Huntsman made an investment in the expansion of its Hungary facility, which focuses on amine catalysts.
• The company also formed a joint venture with KPX Chemical in South Korea, creating KPX Huntsman - Polyurethanes Co., Ltd. (KHPUA), aimed at leveraging the growing demand for lightweight and sustainable electric vehicles in Asian markets.

Capital Expenditures

• Huntsman's capital expenditures were $230 million for the full year 2023.
• For 2024, capital expenditures were guided to be approximately $200 million, a reduction from 2022 and 2023 levels, with a focus on completing semiconductor and insulation catalyst projects and investments in Advanced Materials.
• Expected capital expenditures for 2025 are projected to be between $170 million and $180 million, and for 2026, approximately $150 million, primarily allocated to critical maintenance, cybersecurity risk mitigation, and mandatory safety and environmental spending.