The Performance Products division of Huntsman Corporation (NYSE: HUN) today announced that it is going ahead with the engineering design for a 40,000-ton capacity expansion program at its world-scale polyetheramine facility in Singapore.
Huntsman plans to invest more than $70 million at its Jurong Island plant in a move that will more than double the site's manufacturing capabilities, help satisfy increasing global demand for polyetheramines and strengthen the company's leadership position in this technology. In the last five years, Huntsman – the world's leading polyetheramine producer – has seen interest in its JEFFAMINE® amines accelerate dramatically.
Polyetheramines are typically employed in epoxy coatings or in additives that enhance the performance of fuels, concrete and pesticides. With new amine applications emerging all the time, Huntsman is forecasting significant mid-term growth in the sector.
Stu Monteith President of Huntsman's Performance Products division said: "When our Jurong site first opened in 2007 it was designed to produce 16,000 tons of polyetheramines per annum. However, in the last few years demand has begun to outstrip production capabilities across our three main production sites in Singapore; Conroe, Texas; and Llanelli in Wales. Adding this extra 40,000 tons of capacity in Asia is in line with our regional growth projections for the next decade and will optimize our global manufacturing footprint for specialty amines, enabling us to flex and respond more quickly to customer requirements."
Although Huntsman already has a significant position in the market, it expects demand for its JEFFAMINE® amines range to intensify across all regions over the next decade, particularly in Asia-Pacific – where volume is set to grow by at least 10% per year.