PTTGC Pushes allnex to Lift Specialty Chemicals Share to 30% Within 4-5 Years

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Narongsak Jivakanun, Chief Executive Officer of PTT Global Chemical Public Company Limited, or PTTGC, disclosed that the company is pressing ahead with rebalancing its business portfolio from a petrochemical base toward specialty chemicals, through allnex, a global leader in coating resins and additives. The goal is to raise the share of the specialty chemicals business from roughly 20% today to 30% within the next 4-5 years, from a portfolio that still consists of about 80% basic chemical products, with China, India and Southeast Asia serving as the engines of growth. This year, allnex accounts for roughly 15-20% of PTTGC group EBITDA, and its operating results have improved from a year earlier in both sales volume and cost management. allnex has operated in China for nearly 30 years, with six production bases, and its sales volume in China rose from about 98,000 tons in 2019 to 144,000 tons in 2024, an average growth rate of roughly 8% per year, with more than 90% of that sold to customers within China, covering the automotive, metals, packaging, electronics, EV battery, solar panel and wind power industries. At present, PTTGC and allnex have about 7-8 joint pilot projects, with PTTGC contributing its operational excellence expertise to help improve production efficiency and cost management, while gaining knowledge in specialty chemicals as well as green and bio-sustainability technology from allnex. This cooperation supports the MTP Transformation plan, which aims to upgrade the Map Ta Phut area in Rayong province into the region's hub for high-value, low-carbon chemical businesses in Asia-Pacific. In addition, allnex Thailand plans to invest in expanding production capacity for Sagging Control Agent, or SCA, at Map Ta Phut, which will be allnex's first SCA production base outside Europe, to serve demand for high-performance coatings in the automotive industry. Narongsak assesses that global energy trends over the next 6-12 months will remain volatile and prices may hold at high levels due to geopolitical factors. The company is therefore focusing on flexible management of both costs and the supply chain, while diversifying raw material sources to reduce risk. For the second half of 2026, the emphasis will be on running plants continuously and using production capacity at full efficiency. At the same time, the company will continue toward its Net Zero target by 2050, preparing for decarbonization and working with the PTT group to invest in carbon capture and storage and CCUS infrastructure.

Impact on stocks 2

Materials▲ · 1 stocks
PTT Global Chemical Public Company Limited
PTTGC
▲ PositiveCapitalrelevance

PTTGC is rebalancing its portfolio toward specialty chemicals, targeting 30% share via allnex, with allnex contributing 15-20% of group EBITDA and improving results.

Energy Transition & Power Demand▲ · 1 stocks

Theme Impact 1

Off-coverage companies 1

AllnexPrivate▲ Positive
Demandrelevance

allnex's China sales volume grew from ~98,000 tons in 2019 to 144,000 tons in 2024, with over 90% sold to domestic customers across automotive, EV battery, solar and wind industries.

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