Analyst Meeting : Knowledge Sharing Session August 13, 2014

Analyst Meeting : Knowledge Sharing Session
August 13, 2014
Private & Confidential
FROM THE GLOBAL MEGATREND TO POLYURETHANE
From the GLOBAL MEGATRENDS
Come with smart…
to the GROWTH Industry
High growth in…
2
to the OPPORTUNITIES
…Polyurethane
Construction
Industry
Construction
Automotive
Industry
Auto
E&E
Industry
E&E
Healthcare &
Wellness
Industry
Others
*CASE: Coating, Adhesive, Sealant, Elastomer
Source: Frost&Sullivan
Private & Confidential
WHAT IS POLYURETHANE?
3
Factory
•
•
•
•
•
Tire
Conveyer belt rolls
Pipe insulation
Office chair
Door Insulation
Floor coating
Bed liner
Bicycle:
• Seat
• Tire
• Break
• Handlebar
• Coating
Car:
• Seat
• Steering wheel
• Interior
• Sound insulation
• Tire
Medicine
•
•
Surgical drape
Wound dressing
Private & Confidential
4
Residence
•
•
•
•
•
•
•
•
Mattress
Furniture
Wall insulation
Window lining
Wire/Cable insulation
Home appliance
Roof insulation
Air Condition filter
Shoe sole
Refrigerator truck:
insulation
Spandex cloth
Silo
Coating
Loading platform:
noise insulation
Rigid foam
Isocyanate
Foam
Polyurethane
Flexible foam
Coating
Polyols
Non-foam
Adhesive &
Sealant
Elastomer
Source: http://www.polyurethanes.org
Private & Confidential
PU VALUE CHAIN OVERVIEW
Feedstock
5
Product
Intermediate
Toluene
Dinitrobenzene
TDA
TDI
Butadiene
Adiponitrile
HMDA
HDI
Benzene
Nitrobenzene
MDA
MDI
Isocyanate
System
House
PU
CO
Phosgene
Cl2
Polyols
Propylene
Propylene
Oxide
Polyols
(polyether
polyols)
TDI: Toluene diisocyanate
MDI: Methylene diphenyl diisocyanate
HDI: Hexamethylene diisocyanate
Private & Confidential
POLYURETHANES BEING AN ATTRACTIVE OPPORTUNITY
Formulation &
End-use
PU Building Blocks
6
Market
By Applications
Isocyanate
Foam (67%)
TDI
Other
15%
Transport
15%
Footwear
6%
Construction
25%
Furniture
30%
HDI
E&E
9%
System
House
MDI
By Region
CASE (33%)
APAC
43%
Propylene
Oxide
(PO)
Polyols
NAFTA
17%
LA
5%
EMEA
35%
-Polyether
Polyols
Year 2013: >13.5 Mil.Tons
Isocyanate is a key
building blocks.
Broad and diverse end-use
applications
Asia Pacific has the largest
demand.
PTTGC acquired stake in
to gain access in isocyanate technology,
production/ R&D, and strong market present.
Source: IHS, Internal estimate
Private & Confidential
Private & Confidential
VENCOREX AT A GLANCE
•
•
•
•
Owner of TDI, HDI technology
Strong footprint in Europe and US;
Sales offices & representatives in all major
markets
Annual turnover(2013): 438 mil.euros
8
2012
Creation of PTTGC & Perstorp
forming a JV
Vencorex
2008
Perstorp
Perstorp acquiring
Rhodia & Lyondell
isocyanates
1962-2001
Towards
Speciality
Chemicals
1950s
First Steps into
Petrochems
1978: Launching of HDI
1962: First TDI Unit
Reorientation towards
phosgene chemistry
Production of Propylene
based petrochemical
1916
Early
Stages
Production of Cl2
at Pont de Claix site
Private & Confidential
GLOBAL FOOTPRINTS
9
Pont-de- Claix site, France
Brazil
 TDI 125 KTA
 HDI monomer 24KTA
 HDI Derivatives 24 KTA
China
France
Germany
India
Italy
Korea
Netherlands
Poland
Russia
Spain
Taiwan
Thailand
Turkey
USA
Hemaraj site, Thailand
Freeport site, USA
 HDI Derivatives 12 KTA
 HDI Derivatives 11KTA
* HDI monomer & Derivatives
Headquarter
Production sites
Sales Offices / Representatives
R&D Lab
Private & Confidential
KEY BUSINESS FEATURES
10
Shared operation platform, technologies and resources with
complementary applications within key market applications.
HDI & Derivatives
TDI
 #2 world player with production capacities in Europe
& US
 Strong and long-term customer base in Southwest
Europe
 Performance driven market with 5.4% CAGR
 Excellent safety record
 Wide range of products addressing all segment needs
 Commercial position on TDI specialties
Raffinates: Scunarate TM TX, T100 )
 Delivers high and stable margin
(TDI
 Strategic actions being taken to tackle legacy issues
Major Applications
High
value
coating
Automotive
(OEM & refinish)
Mainly in high value coatings
with a market growth of ~15%
per year in China*
* Source: PU Daily
Major Applications
Adhesives
Plastic & wood
coatings
Leather
finishing
Flexible
Foam
Matresses, bedding,
furniture
Automotive seats
Flexible Foam
CASE
Building &
construction
Transportation,
aerospace, ACE
Coil & can
coatings
Paint
Coatings, adhesives
Elastomers
Private & Confidential
PRODUCT OVERVIEW: HDI & DERIVATIVES
TolonateTM / EasaquaTM Product Range
Waterborne PU
top coat, clear coat
End-Use Applications
Others
11%
Adhesives
5%
Leather & Textile
7%
2K PU coating for
plastics or wood
Biuret
Trimer
11
Coatings
77%
High performance
2K PU coating
Sales by Product Range
Bio
based
Low
Viscosity
Blocked
Low viscosity, and
solvent free
High performance
solvent-free
2K PU coating
1K PU coating for
glass, coil or primer
Waterborne
2%
OTHERS
7%
Biuret
29%
IPDI
6%
HDI
5%
Trimer
40%
Low Viscosity
11%
Source: Vencorex, Management estimates
Private & Confidential
PRODUCT OVERVIEW: TDI
ScuranateTM Product Range
TDI 2,4
End-Use Applications
Foam
90%
TDI 2,6
T80
Coating
10%
Foam and CASE
• 80% TDI 2.4
• 20% TDI 2.6
T65
Sales by Product Range
Foam and
industrial purpose
•65% TDI 2.4
•35% TDI 2.6
T100
TX
12
TX
3%
T65
7%
Elastomer, coating
and adhesives
• 99,5% TDI 2.4
• 0.5 % TDI 2.6
T80
87%
T100
3%
Specialties (TX, T100)
- Decrease the overall TDI sales volatility
•95% TDI 2.4
•5 % TDI 2.6
Coating and
adhesives
- Enjoy limited competition
- Open doors to many customers
Private & Confidential