PTT Global Chemical Public Company Limited (SET: PTTGC) aims to increase specialty chemicals’ contribution to EBITDA to 30% within four to five years, from 15–20% currently, as it rebalances its portfolio through Allnex Holding GmbH (allnex).
Chief Executive Officer Narongsak Jivakanun said the strategy builds on PTTGC’s petrochemical foundation while expanding its specialty chemicals business through allnex’s hubs in China, India and Southeast Asia.
PTTGC highlighted the Allnex China Hub in Jiaxing, which has the most diverse product offerings among allnex’s manufacturing sites worldwide. China is the world’s largest industrial coating resins market, and allnex has operated there for nearly 30 years.
Allnex currently operates six production bases in China. Sales volume increased from approximately 98,000 tons in 2019 to 144,000 tons in 2024, representing average annual growth of about 8%. More than 90% of those sales serve domestic customers.
Its customer industries span automotive, industrial metals, packaging and electronics, alongside electric vehicle batteries, solar panels and wind energy.
Narongsak described the China hub as more than a manufacturing base, connecting markets, technology, innovation and expertise to strengthen competitiveness. Its research and development capabilities, technical personnel and customer network support allnex’s focus on specialty chemicals and high-value applications.
Allnex’s first-half 2026 performance exceeded plans, supported by efficiency improvements, cost reductions, a portfolio shift toward advantageous technologies and products, and a focus on high-growth markets.
In Thailand, allnex has decided to expand production capacity for Sagging Control Agent (SCA), an anti-sagging paint technology, at Map Ta Phut in Rayong.
The investment will establish allnex’s first SCA production base outside Europe, supporting high-performance specialty chemical applications, particularly for automotive customers in China and the Asia-Pacific region.
Collaboration with allnex also enables PTTGC to transfer specialty chemicals management expertise to its Thai operations. This supports the company’s Map Ta Phut Transformation strategy, which aims to develop the site into an Asia-Pacific hub for high-value and low-carbon chemical businesses.
Operational performance is expected to remain strong in the second half, with production volumes maintained close to first-half levels. Limited new market supply, following postponed start-ups at some plants, is also expected to provide support.
Allnex’s revenue this year is expected to exceed last year’s THB 76 billion, supported by improved margins and higher volumes. First-half sales volume increased 5% year-on-year.
Meanwhile, PTTGC’s refinery is operating at 90% capacity, below its usual 100%, partly because government oil export bans have left storage tanks full. The company said downstream petrochemical operations have not been affected, as additional propane and LPG imports are being used as feedstock.
