Chemicals

Industry
Surveys
Chemicals
FEBRUARY 2022
Richard Wolfe Wilson Ko, CFA

Equity Analyst Industry Analyst
CONTENTS Contacts
Sales Inquires & Client
Support
5 Industry Snapshot 800.220.0502
cservices@cfraresearch.com
6 Financial Metrics
Media Inquiries
7 Key Industry Drivers press@cfraresearch.com
CFRA
9 Industry Trends
977 Seminole Trail, PMB 230
Charlottesville, VA 22901
10 Porter’s Five Forces
17 How the Industry Operates

Contributors
26 How to Analyze a Company in this Industry Raymond Jarvis
Senior Editor
33 Glossary
Aaron Weingott,
35 Industry References Atifi Kuddus, Geraldine Tan
Associate Editors
37 Comparative Company Analysis
Marc Bastow
Contributing Editor
Copyright © 2022
CFRA
977 Seminole Trail, PMB 230
Charlottesville, VA 22901
All rights reserved.
CHARTS & FIGURES NEW THEMES
6 Industry Revenue Growth

Industry EBIT Margin
Industry Capital Expenditure Growth
7 Oil/Natural Gas Prices

Capacity Utilization
Chemical Shipments by Regions
What’s Changed: Despite its
8 Chemical Activity Barometer vs. Industrial fair share of supply chain and
Production labor challenges, the
Global and U.S. Auto Sales chemicals industry rebounded
Green Markets Index in 2021 on the back of global
economic recovery. This year,
9 Profit Share Map we expect supply chain
Share of Petrochemical Feedstocks issues to ease for chemical
Worldwide companies. Read more on
page 11.
11 Industry Growth Table
12 Petrochemical Price Increase by Region
13 Commodity Chemical EBITDA Margins

Brent Crude Oil to Henry Hub Natural Gas
Price Ratio What’s Changed: 2021 saw
several notable M&A deals for
14 Corn and Soybeans Prices the chemicals industry, and
we expect an even more
15 Fertilizer Selling Prices active M&A environment in
the near term. Check out our
16 Recent M&A Deals updated M&A list on page 16.
17 Chlorine and Caustic Soda End Uses
18 Hydrocarbon to Petrochemical Flow Chart
19 Ethane/Naphtha to Ethylene to Products

Flow Chart
EXECUTIVE SUMMARY
CFRA has a positive outlook on the chemicals industry, which is made up of the following sub-industries:
commodity chemicals, diversified chemicals, fertilizers & agricultural chemicals, industrial gases, and
specialty chemicals. Below are some key themes informing our outlook.
Chemicals: Continued Strength in 2022
In 2021, the chemicals industry rebounded as economies reopened from the Covid-19 pandemic and
global demand. The industry also benefitted from higher prices amid a tight supply environment, driven by
natural events, like Winter Storm Uri and Hurricane Ida, causing prolonged outages and exacerbating a
tight environment. The chemicals industry also has its fair share of challenges related to supply chain,
labor, and inflation. In 2022, we expect supply chain issues to ease, which should help not only the
companies in the industry, but the industry’s end markets impacted as well. We expect growth in these
end markets, including auto and building & construction, to drive volume growth in 2022.
Commodity Chemical Prices to Moderate in 2022 but Remain Elevated
In 2021, global commodity chemical prices increased significantly. CFRA believes a lot of this can be
attributed to Winter Storm Uri disrupting chemical production in U.S. Gulf Coast states, exacerbating an
already tight market. Diversified chemical companies, which manufacture commodity and specialty
chemicals, also benefitted significantly from price realization in their commodity segments, which include
products like acetic acid and titanium dioxide. We believe commodity chemical prices will moderate in
2022 as inventory levels start to normalize. As a result, we think 2021 will mark peak margins for most of
the U.S. petrochemical producers in CFRA’s coverage. However, we acknowledge that prices will likely
remain elevated compared to historical levels, which bodes well for these companies’ earnings potential
and cash flow generation.
Outlook for Agricultural Chemicals and Fertilizers Remains Positive for 2022
U.S. agriculture stocks, including fertilizers and agricultural chemicals, are positioned for attractive growth
in 2022, in CFRA’s view. As of January 2022, U.S. corn and soybean price estimates for the 2021/2022
(September/August) marketing year were $5.45 and $12.60 a bushel, respectively, a strong rebound from
the 2020/2021 season of $4.53 and $10.80 a bushel. We think the agriculture fundamentals will keep
prices elevated in the medium term, which bodes well for agriculture input producers in 2022. Additionally,
tight global supply and robust demand have provided upward pressure on fertilizer prices. We expect
conditions to remain tight through the planting season in 2022 as global energy prices keep capacity
offline and countries set export restrictions on fertilizers to ensure their domestic farmers are supplied.
Catalysts in 2022: Sustainability and Increased Infrastructure Spending
The secular shift toward environmental sustainability, including decarbonization, bans on plastic, and
consumer preferences, will eventually be an issue for underprepared companies within the chemicals
industry. Chemical companies will likely continue to invest in technologies that will position them to benefit
or take market share amid the shift to a greener market, in CFRA’s view. This includes investments in
recycling technologies and renewable feedstocks. Additionally, greener initiatives surrounding electric
mobility through battery power electric vehicles and hydrogen fuel cells bode well for lithium and industrial
gases companies, in our view. Lastly, we acknowledge increased federal infrastructure spending,
highlighted by the $1.2 trillion infrastructure deal signed into law in November 2021, will benefit the
chemicals industry at large, notably coatings and construction materials.
INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 4

CHEMICALS
Outlook: Positive
MARKET CAP BREAKDOWN* BY THE NUMBERS
RANK COMPANY MARKET
NO. NAME CAP
($ billion)
1 Linde 161.9 4.4% +20%
2 Sherwin-Williams 74.5 2022E global
change in ICIS
3 BASF SE 69.3 GDP growth
Air Products and 62.5 Petrochemical
4 versus 5.9% in
Chemicals Index
2021
5 Ecolab 54.3
6 Sika AG 49.4
7 Dow 43.8
8 Nutrien 39.8
9 DuPont 39.7
10 LG Chem 39.1
Source: CFRA, S&P Global Market Intelligence.
*Data as of January 31, 2022.
†Refer to the “Comparative Company Analysis”
section of this survey for the list of companies.
80% +10.6%
U.S. chemical 2022E global
capacity light vehicle
ETF FOCUS utilization as of production
Q4 2021 growth
XLB AUM ($M)
Expense
Materials Select Ratio
Sector SPDR 7,797.0 0.12
Fund
LIT Expense
AUM ($M)
Global X Lithium & 4,831.1
Ratio 1.4%
Battery Tech 0.75 2022E U.S. +80%
chemicals 2021 Y/Y
industry growth in the
Expense production Green Markets
IYM AUM ($M)
Ratio Index
iShares U.S. Basic volumes
Materials
702.4 0.43
20-YEAR INDEX PERFORMANCE*

450%
400%
350% S&P Composite 1500
300% S&P Composite 1500 Chemicals
250%
200% S&P Global 1200 Chemicals†
150%
100%
50%
0%
-50%
-100%
†Global Index launched in November 2003

*Data through January 31, 2022
Source: CFRA, S&P Global Market Intelligence
5 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

FINANCIAL METRICS
Revenue Growth
($, in billions) (percent change, Y/Y) ◆ We project revenue for the industry to increase
700 30%
25%
24% in 2021.
600
20%
500 15% ◆ Revenues will likely improve in all sub-industries
10%
400
5%
in 2021, with commodity chemicals (45%) and
300 0% fertilizers & agricultural chemicals (23%) leading
200 -5%
-10% the growth.
100
-15%
0 -20% ◆ The industry’s growth as a whole will likely
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
(e) (e) (e) normalize at around 7% in 2022, following 2021’s
Total Revenue (left scale) Total Revenue Growth (right scale) recovery.
EBIT Margin
(percent change, Y/Y) ◆ The median EBIT margin of the industry
16
averaged 10.6% in the past five years.
15
14 ◆ The median EBIT margin in 2020 was 9.0%,

13 lower than 10.4% in 2019. The drop in 2020 was
12 mainly attributable to a decline in economic
11 activity and manufacturing due to the pandemic,
10 which negatively impacted chemicals demand.
9
◆ The median EBIT margins are expected to
8
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
expand in 2021 and 2022 compared to 2020,
(e) (e) (e) with better economic conditions and pricing.
Capital Expenditure Growth

($, in million) (percent change, Y/Y) ◆ Over the past decade, commodity chemical and
45,000 25%
diversified chemical companies have invested in
40,000 20%
35,000 15%
new production facilities, significantly expanding
30,000 10% their capacity.
25,000 5%
20,000 0% ◆ In the first nine months of 2021, capex for the
15,000 -5% industry increased 19.4% as chemical
10,000 -10%
companies increased their capex on better
5,000 -15%
- -20%
market pricing and demand.
2012 2013 2014 2015 2016 2017 2018 2019 2020 9M
2021 ◆ We expect capital spending to stabilize in the
Total Capex Capex Growth
near term amid global economic recovery and
grow at modest levels in the medium to long
term.

KEY INDUSTRY DRIVERS
Oil/Natural Gas Prices

($ per barrel) ($ per million Btu) ◆ Oil prices recovered substantially from low levels
140 7
in April 2020. The U.S. chemicals companies are
120 6
now enjoying greater feedstock advantage (oil to
100 5
natural gas price ratio of 19x in 2021 vs. 11x in
80 4
April 2020).
60 3
40 2 ◆ In our view, the oil to natural gas price ratio will

20 1 likely stay elevated at current level with the
0 0
anticipation of high oil prices in 2022.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Brent Spot Price (left scale) ◆ As of January 11, 2022, the EIA forecasts an
Henry Hub Natural Gas Spot Price (right scale)
annual average oil price of $74.95 per barrel in
Source: U.S. Energy Information Administration. 2022.
Capacity Utilization
(percent) ◆ Capacity utilization captures the relationship
82
80
between actual output and potential output.
78
76
◆ Capacity utilization for the chemicals industry
74 rose to 80.0% as of the fourth quarter of 2021,
72
versus 73.9% in the same period of 2020.
70
68
66
64
62
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Federal Reserve Economic Data.
Chemical Shipments Value by Regions

($, in billion) ◆ Chemical shipments value is an important
400 indicator of chemical production volumes.
350
300 ◆ Chemical shipments value declined 4.6%
250 globally in 2020 (latest available) versus a
200 decline of 7.2% in 2019, while commodity
150 chemicals, specialty chemicals, agricultural
100
chemicals, and consumer products grew -4.5%,
50
-10.9%, -2.3%, and 0.5%, respectively, in 2019,
0
2016 2017 2018 2019 2020* following a growth of -11.3%, -4.4%, -3.5%, and
Commodity Chemicals
Agricultural Chemicals
Specialty Chemicals
Consumer Products
4.8% in 2018.
* Latest available
Source: Association of American Railroads. ◆ Key end markets for the chemicals industry faced
significant challenges in 2020. However,
manufacturing trends started improving in the
back half of the year. As a result, we think
shipments in 2021 will likely surpass 2019 levels.

Chemical Activity Barometer (CAB) vs. Industrial Production
(3-month moving average change, Y/Y) ◆ Industrial production is an important indicator of
25%
20%
economic activity, while CAB is a leading indicator
15% of industrial production and an important metric for
10% measuring economic activity.
5%
0% ◆ Both the industrial production and CAB rose
-5%
significantly in 2021, driven by recovery in
-10%
-15%
economic activities.
-20%
2015 2016 2017 2018 2019 2020 2021*
Chemical Activity Barometer Industry Production
*Data through August 2021
Source: American Chemistry Council, Federal Reserve Economic Data.
Global and U.S. Auto Sales

(units, in millions) ◆ Automobile manufacturing is a source of demand
120
for chemicals companies that make automotive
100
paints/coatings, epoxies, plastics, tire additives,
80 and other products that are used to manufacture
60 automobiles or automobile parts.
40
◆ According to Action Economics, U.S auto sales will
20
likely improve 3.5% in 2021, following a pandemic-
0
2014 2015 2016 2017 2018 2019 2020 2021*
driven decline in 2020.
APAC & ME Europe NAFTA Rest of World ◆ CFRA expects U.S. light vehicle sales to rebound
* Data through Q2 2021
Sources: International Organization of Motor Vehicle Manufacturers. by 3.8% to 15.0 million units in 2021 from the
2020 total of 14.45 million (-14.7% Y/Y).
Green Markets Index

(index) ◆ We forecast nitrogen fertilizer prices to continue to
230
210
increase in 2022 on elevated feedstock (natural
190 gas) prices.
170
150
◆ North American phosphate and potash fertilizer
130 prices will likely continue increasing as supply
110 conditions remain tight, exacerbated by export
90
restrictions and strong demand.
70
50 ◆ In addition, EU and U.S. sanctions imposed on
2016 2017 2018 2019 2020 2021*
Belarus, a top potash exporter, puts upward
*Data through December pressure on potash prices in 2022.
Source: World Bank.

INDUSTRY TRENDS
Industry Profit Share

The chemicals industry is the largest component within the Materials sector by market capitalization. The
CFRA Chemicals universe is comprised of five sub-industries and 62 companies. The profit map below
reflects sub-industry share by revenue and corresponding EBIT margins.
PROFIT SHARE MAP OF CHEMICALS SUB-INDUSTRIES (2016-2020 AVERAGE)
(Operating Margin EBIT, in percent)
25 Fertilizers and
Agricultural
Chemicals
20
Industrial
15 Gases
10
Specialty Chemicals Diversified

Commodity Chemicals Chemicals
5
0
(Share of Revenue)
Competitive Environment
Feedstock Advantages and Product/Geographic Exposure Shape the Competitive Landscape
Within the industry, technology requirements, distribution, and availability of feedstocks are among the
factors that determine the degree of competition within a given product line. Below we see that feedstock
share varies across certain regions. This dynamic has been favorable for North America.
SHARE OF PETROCHEMICAL FEEDSTOCKS WORLDWIDE AS OF 2017
100% 7%
11% 18% 16%
19%
80% 11% 0%
37%
60%
71% 66%
40% 78% 84%
56%
20%
11% 15%
0%
Europe North America Middle East China Other Asia
Naphtha Ethane Propane and Butane
Sources: Statista (latest available).

Porter’s Five Forces Analysis
Degree of Chemical products in general feature less product differentiation (except for
Rivalry/ specialty chemicals). As a result, competition for these products is based primarily
Competition on price. The ability of companies to maintain their margins therefore depends
(High) largely on their ability to control costs.
Specialty chemicals have a higher level of product differentiation. Brand identity

and product specialization are important for the specialty products, which take
competition away from pure price competition. Consequently, degree of rivalry is
lower than common chemical products.
Bargaining For general chemical products, because products are generally similar with
Power of minimum product differentiation, customers have relatively strong bargaining power
Customers (High) given the ability of customers to switch to competitor products to achieve similar
results.
On the other hand, for products with high specialization (such as specialty
chemicals) where customers find it difficult to get easy alternatives to product, their
bargaining power tends to be lower.
Bargaining Bargaining power for suppliers is lower for commodity-like chemical products as
Power of the raw materials used are widely produced and used. In contrast, the bargaining
Suppliers (Low) power of suppliers is relatively higher for specialty chemical products because
inputs are less commonly used and there are fewer suppliers available.
Threat of Threat of substitutes is generally low for the chemicals industry as it features highly
Substitutes (Low) capital-intensive differentiation (except for specialty chemicals and industrial gases).
The cost of adding new facilities for high-volume commodity chemicals could
amount to hundreds of millions of dollars.
The specialty chemicals sub-industry, however, is less capital intensive. In addition,

there is always a threat of new substitute products being introduced by competitor
companies through product innovation.
Threat of New Threat of new entrants is low for commodity chemicals, diversified chemicals, and
Entrants fertilizers & agricultural chemicals sub-industries due to their high capital-intensive
(Low/Medium) nature. The cost of adding new facilities, coupled with the energy requirements to
produce high-volume commodity chemicals, creates a barrier to entry, in our view.
However, the specialty chemicals and industrial gases sub-industries are less
capital intensive than the other sub-industries, where there are many small
companies competing with larger companies for individual product lines. Threats
of new entrants are higher as a result.

Operating Environment
Chemicals: Continued Strength in 2022
In 2021, the chemicals industry rebounded as economies reopened from the Covid-19 pandemic and
global demand. The industry also benefitted from higher prices amid a tight supply environment, driven by
natural events, like Winter Storm Uri and Hurricane Ida, causing prolonged outages. The chemicals
industry also has its fair share of challenges related to supply chain, labor, and inflation. For example,
Sherwin-Williams, a leading paint and coatings manufacturer, continues to face pressure from raw
material availability, including resins and additives, which has negatively impacted earnings. In 2022, we
expect supply chain issues to ease, which should help not only the companies in the industry, but the end
markets impacted as well. We expect growth in these end markets, highlighted in the next section, to
drive volume growth in 2022. The American Chemistry Council forecasts total chemical production
volumes to grow 4.3% in 2022, following a modest growth of 1.4% in 2021.
Industry Segment 2020 2021 2022 2023
Total Chemicals
-3.5% 1.4% 4.3% 2.1%
(ex-Pharma)
Basic Chemicals 0.5% 1.8% 5.1% 2.6%
Specialty Chemicals -15.0% 2.6% 4.1% 1.6%
Plastic Resins 5.6% 0.4% 6.0% 3.0%
Source: American Chemistry Council.
Key End Market Outlook

The chemicals industry’s diverse and global exposure makes it sensitive to GDP growth. As of January
2022, Action Economics projects global GDP to grow 5.5% in 2021 and 4.6% in 2022, outpacing the five-
year average of 3.4% between 2015 and 2019. The increase will be driven by continued growth in both
emerging markets (GDP projected up 4.9% in 2022) and developed markets (up 4.3%). Additionally, the
2021 rebound reflects strong manufacturing trends, as industrial production is expected to grow 4.9% in
the U.S. this year. Below, we highlight our outlooks across key chemical end markets.
The automotive market is a major consumer of various chemicals. In 2021, global auto production was
muted by semiconductor chip shortages. According to the International Organization of Motor Vehicle
Manufacturers, global production from January to September 2021 was down 15% compared to the same
time period in 2019 (pre-pandemic). While supply chain challenges are expected to remain a headwind in
2022, global auto production is expected to improve. IHS Markit projects 2022 production to rise above 82
million vehicles in 2022, an 8% growth from the projected 2021 level, followed by several years of growth
through 2025. Another underlying trend in the auto market is the accelerated adoption of electric vehicles,
which we think adds more opportunities for chemicals through increased electronic applications and
increased demand for high-temperature resistant material. Additionally, Action Economics projects
vehicle sales in the U.S. to grow modestly in 2022 before jumping 22% in 2023. This supports our positive
medium-term outlook for the auto industry and bodes well for chemicals involved in vehicle production,
including nylon, polypropylene, polyethylene, and coatings.

Building & construction is another industry tied to chemicals demand. CFRA thinks Covid-19 is the
catalyst for a secular shift in housing from expensive, urban living to less expensive suburbs. Housing
starts and permits, which are more forward-looking measures of housing completions, were heavily
impacted by Covid-19 but have since surpassed pre-Covid-19 levels. After bottoming out in April 2020 at
938,000 units (seasonally adjusted annual rate), U.S. housing starts are projected to finish 2021 at 1.6
million units and grow to almost 1.7 million units in 2022, according to Action Economics. These are
levels that have not been achieved since 2006. We believe the supply and demand imbalance in the
housing market, coupled with below-average mortgage rates, will continue to support robust
homebuilding trends in the near term. Additionally, we think nonresidential construction spending will
improve in 2022 after facing two years of negative growth (Action Economics projects 5.1% private
nonresidential construction growth). As a result, CFRA thinks companies with exposure to insulation and
building materials, including polyurethane and polyvinyl chloride (PVC), will benefit from robust
construction activity in 2022.
Commodity Chemical Prices to Moderate in 2022 but Remain Elevated
In 2021, global commodity chemical prices increased significantly. CFRA believes a lot of this can be
attributed to Winter Storm Uri disrupting chemical production in U.S. Gulf Coast states, exacerbating an
already tight market. Diversified chemical companies, which manufacture commodity and specialty
chemicals, also benefitted significantly from price realization in their commodity segments, which include
products like acetic acid and titanium dioxide. We believe commodity chemical prices will moderate in
2022 as inventory levels start to normalize. In fact, we have seen some prices already start to correct at
the end of last year. In December 2021, the ICIS global petrochemical index (global IPEX), which tracks
price movement for most of the major petrochemical and plastic commodities, reflected a 6% decrease
from November 2021. All three regions – NE Asia, NW Europe, and the U.S. Gulf – faced pressure.
YEAR-TO-DATE (MAY) PETROCHEMICAL PRICE INCREASE BY REGION

60%
50%
40%
30%
20%
10%
0%
-10%
NE Asia NW Europe US Gulf
Polyethylene Polypropylene PVC

Source: CFRA, ICIS.
Commodity companies’ earnings are highly sensitive to commodity chemical prices. In 2021, EBITDA
margins for companies like DOW, LYB, and WLK expanded significantly on higher prices. Additionally,
diversified chemical companies saw margins improve on strong commodity pricing. That said, given our
view that commodity prices will continue to moderate in 2022, it is no surprise that EBITDA margins for
the commodity chemical group are expected to decline in 2022 and 2023. However, we acknowledge that
prices will likely remain elevated compared to historical levels, which bodes well for these companies’
earnings potential and cash flow.

COMMODITY CHEMICAL EBITDA MARGINS
30%
25%
20%
15%
10%
5%
0%
2018 2019 2020 2021E 2022E 2023E
Source: S&P Global Market Intelligence.
North America’s Petrochemical Feedstock Advantage Expands as Oil Extends its Gains
As a rule of thumb, when the oil-to-natural gas price ratio is above 7, U.S. petrochemical producers are
relatively advantaged. By this definition, the U.S. has had the advantage for over a decade, and we do
not expect a reversal in the medium term. In the chart below, we highlight the previous three years. In
April 2020, we saw the ratio come down to 11 from more than 30 at the beginning of the year, which
resulted in downward pressure on petrochemical prices and margins for petrochemical companies. The
Energy Information Administration’s (EIA) 2022 estimates assume a ratio of 19x, which is higher than the
average of 17 in 2021.
As of January 2022, Brent crude prices surpassed $80 per barrel. Brent is the international benchmark
price and WTI is the U.S. benchmark price. We use Brent when we want to compare the U.S. cost
advantage relative to foreign competitors. Brent prices are forecast to average roughly $75 per barrel in
2022 versus $71 in 2021, according to the EIA. However, for natural gas, the EIA expects the average
Henry Hub spot price to increase to $3.94/MMBtu in 2022, a decline from $4.06 in 2021; however, this
remains elevated compared to 2020 ($2.11).
CFRA sees companies with the most feedstock flexibility (the ability to use natural gas liquids, liquefied
petroleum gas, and naphtha) to produce petrochemicals and diverse regional exposure being the least
impacted by volatility in feedstock prices.
BRENT CRUDE OIL TO HENRY HUB NATURAL GAS PRICE RATIO

(times)
35
30
25
20
15
10
5
0
2017 2018 2019 2020 2021
*Data through December.

Source: CFRA, U.S. Energy Information Administration.

Outlook for Agricultural Chemicals and Fertilizers Remains Positive for 2022
Crop Prices to Remain Elevated in 2022

As of January 2022, U.S. corn and soybean price estimates for the 2021/2022 (September/August)
marketing year were $5.45 and $12.60 a bushel, respectively, a drop from the June 2021 estimates of
$5.70 and $13.85 a bushel but still elevated compared to 2020/2021 levels. These prices have not been
seen in the U.S. since 2012/2013. As indicated in the charts below, end stock to use levels are still lower
than they have been in recent years. We believe this supports a prolonged agriculture cycle, in which
inventories need to be replenished. We acknowledge potential catalysts going into 2022, including
reduced production on drier weather or a pullback on global planting due to higher input costs and
challenged fertilizer availability, as well as from upward adjustments to global imports for next season. All
in all, we think the agriculture fundamentals will keep prices elevated in the medium term, which bodes
well for agriculture input producers in 2022.
CORN SOYBEANS
$8 18% $16 25%
$7 16% $14
14% 20%
$6 $12
$5 12%
$10 15%
10%
$4 $8
8%
$3 $6 10%
6%
$2 4% $4
5%
$1 2% $2
$0 0% $- 0%
Avg Farm Price ($/Bu) End Stock/Use (%) Avg Farm Price ($/Bu) End Stock/Use (%)
Source: CFRA, USDA.
Fertilizers Continue to Face Tight Conditions

In 2021, nitrogen fertilizer prices more than doubled since December 2020 on tight global supply
(curtailed production) and robust demand amid a strong agriculture year. In 2022, CFRA expects nitrogen
fertilizer prices to stay elevated on higher natural gas costs and production curtailments. Natural gas is a
key feedstock for nitrogen fertilizers and prices increased remarkably in 2021. This is especially true in
Europe, where natural gas is priced at a significant premium to U.S. natural gas. Following the spikes in
European natural gas prices, many nitrogen fertilizer producers announced they were curtailing their
ammonia capacities. This has further tightened the market and has pushed fertilizer prices higher. We
see further upside if European natural gas prices remain high enough to keep capacity offline. We expect
North American nitrogen fertilizer producers, such as CF Industries and Nutrien, to benefit from the higher
prices.
Additionally, potash and phosphate fertilizers have seen significant price increases since bottoming out
during the pandemic. Phosphate fertilizer prices have increased on robust demand, tight supply, and
increased feedstock prices. For potash, spot prices improved in 2021 on multiple headlines that imply
further tightening, including Mosaic closing two mine shafts earlier than expected and sanctions imposed
on Belarus. We expect prices for both phosphate and potash to remain elevated relative to historical
levels, which bodes well for North American producers, Mosaic and Nutrien.

Export Restrictions to Further Tighten Fertilizer Markets
Some countries are combatting the impact of fertilizer shortages by restricting exports and ensuring their
own farmers are supplied in 2022. One example is China, the largest exporter of nitrogen and phosphate
fertilizers, which implemented export restrictions to secure fertilizer availability for domestic use. Russia,
another large exporter of nitrogen fertilizers, implemented restrictions on nitrogen fertilizer exports to
prevent domestic shortage. Given these countries’ global share of fertilizer exports, we expect these
restrictions to tighten global fertilizer availability and push prices higher as demand ramps up amid the
growing season. Other considerations that could impact certain export markets include the countervailing
duty and anti-dumping investigations on urea ammonia nitrate (UAN) imports from Russia and Trinidad
and Tobago as well as European Union and U.S. sanctions on the potash sector of the Belarus economy.
NITROGEN FERTILIZER PRICES PHOSPHATE AND POTASH

($/TON) FERTILIZER PRICES ($/TON)
$1,400 $900
$1,200 $800 +75% in
+180% in 2021
$1,000 $700
2021
$600
$800
$500
$600 $400 +110% in
$400 +140% in $300 2021
$200 2021 $200
Dec-2019
Jun-2020
Aug-2020
Feb-2020
Apr-2020
Oct-2020
Dec-2020
Jun-2021
Aug-2021
Feb-2021
Apr-2021
Oct-2021
Dec-2021
Dec-2019
Jun-2020
Jun-2021
Apr-2020
Oct-2020
Dec-2020
Aug-2020
Apr-2021
Aug-2021
Oct-2021
Dec-2021
Feb-2020
Feb-2021
Urea Ammonia DAP Potash
Source: CFRA, data collected from DTN, LLC at dtnpf.com.
Catalysts in 2022: Sustainability and Increased Infrastructure Spending
Opportunities in Addressing the Circular Economy and the Decarbonization Movement

CFRA expects to see continued investments in mechanical (collecting waste plastic, remelting, and using
to make other products) and molecular recycling (decomposition into component molecules) technologies
as the war on plastic builds momentum. There are seven different types of plastics produced, and
mechanical recycling is only suited for certain resins. Investments include R&D and capacity additions for
plants that can convert consumer waste into plastic resins. CFRA thinks Eastman Chemical Company is
leading the way with various investments in its recycling technology. In January 2022, Eastman
announced that it plans to invest up to $1 billion in a molecular recycling facility in France, which would
use the company’s polyester renewal technology.
One of the key trends in the decarbonization movement is the accelerated adoption of electric vehicles
(EVs), which primarily use lithium-ion batteries. The global EV stock has expanded significantly over the last
decade and we think EV sales will continue to gain a meaningful share of total vehicle sales over the next
10 years. As a result, the demand for lithium compounds, including lithium carbonate and lithium hydroxide,
has outpaced supply, driving lithium prices higher in 2021. We believe contracts will improve in 2022 relative
to 2021 as contracts will be settled in a higher price environment. This will result in higher earnings for
lithium companies, including Albemarle and Livent.
CFRA also forecasts opportunities in investments in Green/Blue Hydrogen. For Blue Hydrogen, this may
include carbon capture retrofits to hydrogen plants (for industrial gas companies). Green Hydrogen would
include investments in electrolyzers (a system used to break water into hydrogen and oxygen). As
renewable sources scale and electrolyzer costs fall, we expect Green Hydrogen to play a more significant
role in global decarbonization. We also note that increased adoption of Green Hydrogen bodes well for
companies that manufacture materials used in fuel cells and electrolyzers.
Environmental Protection Agency Taking Action to Address PFAS

On October 18, 2021, the Environmental Protection Agency (EPA) announced its strategic roadmap to
address per- and polyfluoroalkyl substance (PFAS), broadly used chemicals that break down very slowly
over time. The roadmap consists of actions the EPA plans to take from 2021 to 2024 to address PFAS.
This includes the investment in researching PFAS exposures and toxicities, preventing PFAS from
entering air, land, and water at levels that have adverse impacts on human health, and accelerating
cleanup of PFAS contamination. CFRA believes a more regulated chemicals environment will translate to
potential liabilities.
Increased Federal Infrastructure Spending Bodes Well for Chemicals

In November 2021, the bipartisan infrastructure bill consisting of $1.2 trillion in investments across a
variety of industries was signed into law. Spending provisions span from traditional projects, like roads,
bridges, and waterways, to more progressive projects, including clean energy and EV infrastructure.
CFRA expects the infrastructure bill to spur growth in building retrofits, automotive and transportation, 5G
infrastructure, and more. The chemicals industry, given its depth and breadth of exposure across various
supply chains and end markets, will be a direct beneficiary of an infrastructure program, in our view.
M&A Environment
The ability to generate strong free cash flow in 2021 was supported by strong demand trends and
elevated prices. Several companies took initiative to pay down debt, return cash to shareholders, and
pursue mergers and acquisitions (M&A). Some of the prominent 2021 M&A examples within CFRA’s
coverage include Celanese’s acquisition of Exxon’s Santoprene business for $1.15 billion and Westlake’s
acquisition of Boral Limited’s North American building products business for $2.15 billion. In November,
DuPont announced that it was acquiring Rogers Corporation for $.2 billion (expected to close second
quarter of 2022). We highlight more examples in the chart below. Given continued cash generation in
2022 following a period of deleveraging, CFRA expects a more active M&A environment in the near term.
RECENT M&A DEALS OF CHEMICAL INDUSTRY
(DEALS OF AT LEAST $1 BILLION, AS OF JANUARY 23 2022)
ANNOUNCED CLOSED BUYERS TARGET TRANSACTION VALUE TRANSACTION

DATE DATE ($ MILLION) STATUS
12/22/2021 - Cargill, Incorporated Croda International Plc 1,038.8 Announced
12/20/2021 - American Securities LLC Hexion Inc. 3,618.6 Announced
12/17/2021 - The Carlyle Group Inc. Esmalglass, S.A.U. 2,142.3 Announced
12/06/2021 - Compagnie de Saint-Gobain S.A. GCP Applied Technologies Inc 2,782.7 Announced
11/24/2021 - Westlake Olefins Hexion Inc. 1,200.0 Announced
10/28/2021 12/01/2021 Ecolab Inc. Bro-Tech Corporation 3,700.0 Closed
10/20/2021 - Duluxgroup (Investments) Pty Ltd Cromology SAS
1,321.7 Announced
09/28/2021 - Saudi Industrial Investment Group National Petrochemical 4,635.4 Announced
09/27/2021 - DL Chemical Co., Ltd. Kraton Corporation 2,626.1 Announced
08/31/2021 - Arkema S.A. Ashland LLC 1,650.0 Announced
08/23/2021 - LANXESS Aktiengesellschaft International Flavors & Fragrances Inc. 1,300.0 Announced
08/20/2021 11/30/2021 SK Inc. SK Materials Co., Ltd. 2,400.5 Closed
07/06/2021 11/09/2021 Sigura Water Solenis International LLC 5,250.0 Closed
07/01/2021 - MKS Instruments, Inc. Atotech Limited 6,715.9 Announced
Source: CFRA, S&P Global Market Intelligence

HOW THE INDUSTRY OPERATES
The chemicals industry is large and comprises a wide array of companies that produce different chemical
substances that range from commodity raw materials used in other industries, to finished consumer
products such as medicines and soap. In this survey, we cover commodity chemicals, fertilizers and
agricultural chemicals, specialty chemicals, and industrial gases.
CATEGORIZING CHEMICALS
COMMODITY CHEMICALS
Commodity chemicals, or basic chemicals, generally serve in the production of other chemicals and
chemical products as well as manufactured goods. Most commodity chemicals are produced in large
quantities and are homogenous in nature. Due to the lack of product differentiation, customers tend to
base their purchasing decisions on price, which is directly correlated with feedstock costs and capacity
utilization. Production is capital and energy intensive, resulting in low profit margins.
In this section, we will cover the commodity chemicals that are most important to CFRA’s coverage,
including inorganic chemicals, organic chemicals (petrochemicals), and plastic resins.
INORGANIC CHEMICALS
Inorganic chemicals—substances or chemical compounds that lack carbon—include metals, minerals,
and organometallic compounds. This survey will cover chlor-alkalis, which comprise the bulk of basic
chemicals produced. This segment supplies building-block inorganic chemicals, catalysts, and reagents
used in other products.
Chlor-Alkalis
Chlor-alkalis include chlorine and caustic soda (sodium hydroxide) and other alkalis such as soda ash.
◆ Chlorine and caustic soda. Chlorine and caustic soda are produced as co-products of salt brine
electrolysis. Chlorine and caustic soda are produced in a fixed ratio of 1 to 1.1. Because chlorine gas is a
dangerous product that is expensive to store, demand for chlorine drives the supply and demand balance
for both chlorine and caustic soda. Pricing is based on the electrochemical unit (ECU)—a ton of chlorine
with the commensurate amount of caustic soda. Chlorine and caustic soda have a variety of end-uses as
highlighted in the graphic below:

Chemical companies with exposure to chlor-alkali within CFRA’s coverage include Dow Inc., Olin
Corporation, and Westlake Corporation.
ORGANIC CHEMICALS
Organic chemicals are substances that contain carbon. Their main sources are crude oil and natural gas.
Organics include olefins, aromatics, and methanol, which can be further processed into intermediates and
solvents. End products include plastics as well as synthetic rubbers and fibers, detergents,
pharmaceuticals, adhesives, inks, dyes, and explosives. The distinctions among these classifications are
often blurred, with certain basic and intermediate chemicals frequently sold as end products.
Olefins
Olefins are straight-chain hydrocarbons. Ethane, propane, and butane from natural gas are treated using
the “steam-crack” process (the cracking of feedstocks done in the presence of steam) to yield varying
percentages of ethylene, propylene, and butadiene. These three substances are the most important
olefins, as they are the building blocks for most organic chemicals and synthetic materials.
◆ Ethylene. This is the largest-volume organic chemical produced in the U.S. Demand for plastics
(polyethylene [or PE], polyvinyl chloride [or PVC], and polystyrene) accounts for about three quarters of
final ethylene demand. Other important uses are for the manufacture of antifreeze, synthetic fibers and
rubber, solvents, and detergents.
◆ Propylene. Propylene is the second-largest organic chemical in terms of volume. The chemical’s
largest market, at about 50%, is for the manufacture of polypropylene resin. It is also used to make
derivative chemicals such as acrylonitrile, propylene oxide, cumene, and isopropanol.
Aromatics
Aromatics include benzene, toluene, and xylenes. A large percentage of aromatics are produced through
petroleum refining, so the economies of aromatics production are linked to those of gasoline production.
Aromatics’ prices are thus closely tied to the demand for and the price of crude oil and gasoline.
Important chemical end uses of aromatics are for the manufacture of plastic resins, fibers, and rubber.
Methanol
Methanol is an alcohol that is synthesized by a catalytic reaction of carbon monoxide with hydrogen gas.
It is used as a raw material in various intermediate chemicals, including acetic acid and formaldehyde,
which are used to make adhesives, plastics, fibers, and plywood.

POLYMERS (PLASTICS)
Plastics are produced directly or indirectly from such organic chemicals as ethylene, propylene, butadiene,
and benzene. Plastics output may be formed into pellets, flakes, granules, powders, liquid resins, sheeting,
or film. Much of the demand for plastics comes from the packaging and consumer markets, two segments
that tend to be fairly recession resistant. Major producers in the U.S. are ExxonMobil Chemical, Dow,
LyondellBasell, Chevron Phillips Chemical, Westlake Chemical, and Huntsman (Polyurethane).
There are two kinds of plastics: thermoplastics, which can be re-softened to their original condition by
heat, and thermosets, which cannot be re-softened. Thermoplastics have accounted for about 85% of
total plastics production in recent years, given the ability of thermoplastic to be recycled as well as lower
production costs.
Thermoplastics
The five largest-volume thermoplastics are polyethylene, polyvinyl chloride, polypropylene, polystyrene,
and polyester plastics.
◆ Polyethylene. The thermoplastic polyethylene (PE)—including high-, low-, and linear low-density
polyethylene (LLDPE)—is one of the largest, if not the largest-volume plastic on a combine basis.
Packaging is the largest market for PE, followed by consumer and institutional products, and exports.
◆ Polypropylene. Polypropylene (PP) is one of the largest plastic resins by volume. Much of the growth
is propelled by broadening applications in the automotive, durable goods, and textile markets. The major
end markets for PP are packaging, consumer and institutional products, furniture/furnishings,
transportation, and exports, according to the ACC.
◆ Polyvinyl chloride. Polyvinyl chloride (PVC) is also one of the largest plastics in terms of volume.
Demand is highly dependent on housing and construction-related markets, which account for about 70%
of U.S. consumption. Construction uses include pipes, siding, window and doorframes, fencing, and
decking.
Thermosets
This category includes phenolics, polyester resins, epoxies, urea, and melamine, which are considered
relatively mature products. Demand for these low-volume products is closely tied to the highly cyclical
building and construction markets, which generally account for about two-thirds of demand.

FERTILIZERS AND AGRICULTURAL CHEMICALS
Fertilizers are substances or mixtures that contain one or more of the major plant nutrients and
sometimes secondary and/or trace nutrients. They are added to soil to replace essential nutrients
depleted by crops. The main nutrients are phosphorus (in the form of ammonium phosphates and
superphosphates derived from phosphate rock), nitrogen (supplied as anhydrous ammonia and urea),
and potassium (supplied as potash). Secondary and trace nutrients include calcium, magnesium, sulfur,
iron, copper, and zinc.
FERTILIZERS
Fertilizer markets are both seasonal and volatile. Demand is a function of grain prices, government farm
programs, the acreage and mix of crops planted, weather patterns, farming practices, and the value of the
U.S. dollar. Population growth and dietary trends play important roles as well. The cultivation of corn is
the largest single use of fertilizer in the U.S., followed by wheat, soybeans, cotton, and other crops.
Fertilizer pricing is largely driven by raw material costs and farm incomes. Popular fertilizer companies
include CF Industries, the Mosaic Company, Nutrien Ltd., and Yara.
Nitrogen Fertilizer
Nitrogen is the largest-volume nutrient used for higher crop growth and yield. It must be reapplied via
fertilizer each year because it is absorbed by crops or escapes from the soil through leaching,
volatilization, or erosion and runoff. As a result, nitrogen-based fertilizer typically sees more stable
demand, on a per-acre-planted basis, than does either phosphate or potash. Common nitrogen fertilizers
include urea and anhydrous ammonia.
Phosphate Fertilizer
The U.S. is the world’s largest consumer and importer of phosphate rock and the largest processor and
exporter of phosphate chemicals converted from phosphate rock. The USGS estimates that fertilizer and
animal feed supplements account for more than 95% of annual U.S. demand of phosphate rock, which
totaled 24 million metric tons in 2020. Industrial and consumer applications accounted for the balance of
demand; there is now no exporting of phosphate rock. A small amount of rock is imported (accounting for
about 8.0% of demand), virtually all from Peru and Morocco; the bulk is used by three phosphoric acid
producers.
Phosphate rock is combined with sulfuric acid to yield phosphoric acid, which is then further processed into
fertilizers such as diammonium phosphate. All phosphate rock mining companies are vertically integrated
with one or more fertilizer plants, usually located near the mine.
Potash Fertilizer
Potash fertilizer is used to improve quality of the crop. Potash is mined primarily from deposits of
potassium salts. Canada is by far the world’s largest producer, followed by Russia, Belarus, China, and
Germany. Common potash fertilizers include Muriate of Potash (MOP) and Sulfate of Potash (SOP).
AGRICULTURAL CHEMICALS
Crop Protection
Crop protection products consist of pesticides and seed treatment. Companies involved in the crop
protection market include Bayer, FMC Corporation, and Corteva, Inc.
◆ Pesticides. Pesticides consist of agrochemicals that are used to ensure safety of crops during the
planting process and are used to increase crop yields by fighting off multiple pests. Pesticides can be
categorized into herbicides, insecticides, and fungicides. One of the key drivers for pesticides is the
increasing demand for food security in emerging countries with large populations.

SPECIALTY CHEMICALS
Specialty chemicals (or “specialties”) are generally made from basic chemicals, and, because they are
designed for specific applications and/or customers, they may be produced in small volumes. Specialties
are sold largely based on their performance attributes and are often critical components of the end
products in which they are used. They require higher R&D spending and incur a greater amount of
marketing and customer service costs than do commodity chemicals. Products include paints and
coatings, adhesives and sealants, catalysts, additives (cosmetics, plastic, paper, etc.),
PAINTS AND COATINGS

Used to create a protective and/or decorative layer, paints and coatings are among the industry’s major
product categories. The substances used to make them include resins, solvents, additives, pigments,
and, in some products, a diluent. Popular Paints and Coatings companies in CFRA’s coverage include
Sherwin Williams, PPG Industries, and RPM International.
Paints and coatings are used in various end-markets, including architectural, automotive, and specialty
applications. According to IHS Markit, 55% of coatings produced worldwide are used to decorate and
protect new construction and maintain existing structures, while 35% are used to decorate and protect
industrial products. The remaining 10% are used for special purposes. Pricing for paints and coatings is
largely driven by raw materials, including pigments & fillers, solvents, and resins.
ADDITIVES
Plastics are combined with additives and other ingredients—stabilizers, colorants, flame retardants, and
reinforcing agents—and then shaped or molded into a solid state under heat and pressure. These
characteristics generally narrow the scope of the plastics’ use to a specific market or product.
Other additives include those used in food & beverage and cosmetics. Food additives are used to
preserve the shelf life of a certain product or add certain qualities, like color and flavor, to a food.
Cosmetic additives are used in various products, including hair cleaning and conditioning products,
fragrances, and powders and pigments.
LITHIUM
Lithium, the main raw material of lithium-ion batteries for electric cars and mobile devices, has seen
surging demand in recent years. The global end-use of lithium for batteries increased to 71% in 2020,
from 35% in 2015, according to the USGS. Commercial lithium arises from two major sources:
underground brine deposits and mineral ore deposits.
Through brine deposits, lithium carbonate is produced, which involves pumping up lithium rich brine from
below the ground into shallow pans for evaporation, series of chemical treatment, and filtration.
The process of recovering lithium from ore in general involves removing the mineral material from the
earth, and then heating and pulverizing it.
Lithium carbonate is a colorless crystalline compound that can be used in ceramic and porcelain glazes,
pharmaceuticals, and luminescent paints, and can be converted to lithium hydroxide to produce lithium-
ion batteries. Lithium carbonate also has various medical uses.
Lithium hydroxide is an inorganic compound that is mainly used in the production of lithium-ion
batteries, ceramics glass, and grease.

(index)
60,050
50,050
40,050
30,050
20,050
10,050
50
Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec
2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021
Lithium Carbonate - CIF Asia ($/tonne) Lithium Carbonate - CIF Europe ($/tonne)
Lithium Carbonate - CIF N. America ($/tonne) Lithium Carbonate - EXW China Battery ($/tonne)
Lithium Carbonate - EXW China Technical ($/tonne) Lithium Carbonate - FOB S. America ($/tonne)
Lithium Carbonate - Global Avg ($/tonne) Lithium Hydroxide - CIF Asia ($/tonne)
Lithium Hydroxide - CIF Europe ($/tonne) Lithium Hydroxide - EXW China ($/tonne)
Lithium Hydroxide - FOB North America ($/tonne)
*Data through January 2022.
Source: S&P CapIQ Pro.
INDUSTRIAL GASES
Industrial gases are produced primarily by air separation; that is, they are extracted from the atmosphere.
Examples of gases produced in this manner are nitrogen, oxygen, argon, and the rare gases. Some
gases, including hydrogen, acetylene, and carbon dioxide, are co-products or byproducts of other
processes. Air separation plants are sometimes built on the customer’s property, which leads to low
customer switching in those locations. There are two other basic distribution methods for industrial gases:
bulk supply (high volume) and cylinders (low volume). Industrial gases companies in CFRA’s coverage
include Linde and Air Products & Chemicals.
In the dominant cryogenic air separation process, air is cooled and pressurized until it becomes a liquid, with
the various gases extracted through fractional distillation. However, non-cryogenic production technologies
are a growing source of nitrogen and oxygen. The two key non-cryogenic systems are membrane
separation and pressure swing adsorption. Facilities based on either of these systems tend to be
significantly smaller than cryogenic plants, and thus can be located directly on a customer’s site. Due to their
lower capital and energy requirements, these two methods produce gases at a much lower cost—
sometimes 50% less than the traditional cryogenic method.
These lower costs have spurred the development of new applications for industrial gases, opening up
new gas markets in which cryogenic gases would be uneconomical. Non-cryogenic methods also are
taking some existing small-volume business away from cryogenically produced gases, freeing up much-
needed cryogenic production capacity.
Chemicals Industry Characteristics

Production
The business of chemistry is large and complex, reaching practically every end-market across the globe.
However, chemical production is relatively concentrated in the U.S. Gulf Coast region as natural gas
feedstocks are more readily available than in other regions across the U.S. According to the ACC, 70% of
primary petrochemicals are produced in Texas and Louisiana. We can see below that the U.S. chemicals
industry has a wide breadth of customers, including the industry itself.

U.S. BUSINESS OF CHEMISTRY FLOW CHART 2020 ($ in billions)
Other Industries 37.3
Electrical 2.3
Oil and Gas 4.9
Machinery 5.0
Food and Beverage 6.6
Construction 10.1
Fabricated Metals 10.1
Transportation Equipment 10.2
Textiles and Apparel 10.6
Computers and Electronics 14.0
Agriculture 16.8
Paper and Printing 16.9
Pharmaceuticals 35.4
Health Care 39.0
Other Manufacturing 55.0
Rubber and Plastic 60.2
0 20 40 60 80
Sources: American Chemistry Council.
Cyclicality
The manufacturing, automobile, agriculture, and housing segments are the largest customers of the
chemicals industry. As such, the chemicals industry is cyclical in nature and generally correlates with the
health of economy or commercial viability of its end products. However, some businesses within the
industry are not as cyclical as others. The paint and coating segment, for instance, can be negatively
affected by an economic downturn as housing markets and car sales dwindle.
Such imbalances, however, generally do not apply to specialty chemicals as they are manufactured in
lower volumes than basic chemicals and are largely used in final products for specific applications. These
specialized products are less susceptible to cyclical demand, thus reducing pricing volatility. The value of
specialty chemicals to the customer also raises the “switching cost”, offsetting the bargaining power of
customers. Capacity additions for specialty chemicals are commonly small or designed for unique
products, and thus can be done relatively quickly to closely match demand growth.
Capital Intensity
The cost of adding new facilities for high-volume commodity chemicals could amount to hundreds of
millions of dollars. These large plants are required to achieve economies of scale that enable efficient
manufacturing of chemicals products. Other factors include the complex nature of technology used in
plants and equipment; ancillary investments in utilities, storage, and distribution systems; and the high
levels of expensive, sophisticated safety and environmental protection equipment required for today’s
chemical facilities.
The specialty chemicals sub-industry is less capital intensive than the commodity chemicals sub-industry.
Manufacturing plants for specialty chemicals are usually small to medium in size and cost from a few
million to several tens of millions of dollars. However, specialty chemicals companies may need many
manufacturing or distribution sites for the large number of unique, low-volume products that their
customers require.

Both commodity and specialty chemicals firms must maintain capital budgets for the continual upgrading
and replacement of existing plants. Facilities periodically undergo extensive modernization programs,
often resulting in the expansion of rated capacity potential. Long lead times are normal for the
construction of new facilities—especially for commodity products—because larger plants are needed.
Local authorities must be notified, to obtain zoning and environmental approvals, and plants must be
designed, constructed, and put into operation. Thus, it is difficult for a chemical company to make short-
term changes in capital spending and for capacity to match major changes in demand.
Energy Intensity
The chemicals industry is highly energy intensive. Take the U.S. chemicals industry as an example. The
bulk chemicals industry is responsible for almost half of the growth in industrial natural gas demand,
according to the EIA’s “Annual Energy Outlook 2021” report.
SHARE OF TOTAL ENERGY CONSUMPTION BY SEGMENT IN 2020
5%
7%
9%
49%
30%
Petrochemicals & Other Basic Chemicals

Plastics, Synthetic Rubber & Manufactured Fibers
Inorganic Chemicals
Fertilizers
Other
Sources: American Chemistry Council.
The U.S. chemicals industry’s energy costs for fuel and power needs accounted for around 85% of
production costs, according to the ACC’s “2021 Guide to the Business of Chemistry”. Companies purchase
much of their energy needs under long-term contracts, which help reduce sensitivity to fluctuations in spot
oil and natural gas prices. For manufacturers of some products, such as petrochemicals, energy
consumption for both fuel and raw materials accounts for most of the total cost of production.
Distribution Methods Vary

Chemicals is the largest exporting sector in the U.S. Chemicals are transported over the road, by rail, by
water, and by air. The U.S. chemicals industry shipped nearly 946 million tons of chemicals and products
(including consumer products and drugs) within the U.S. in 2020 (latest available), according to the ACC.
The ACC estimates that the total cost of transportation for the chemicals industry was nearly $55.4 billion
in 2020.
Over 57% of all chemical and product tonnage in 2020 (latest data available) was shipped by truck,
according to the Association of American Railroads (AAR). Trucking is most widely used for small-volume
packaged products, as well as for industrial gases and consumer products, such as pharmaceuticals and
detergents. Railroads accounted for 19% of tonnage in 2020, while waterborne transport moved 20% of
chemical tonnage, mainly for shipping of large-volume commodity chemicals.

Other modes of transportation include pipelines, rail/truck intermodal, and air cargo. Pipelines accounted
for 5% of volume in 2020, mainly for short-distance transportation of industrial gases and petrochemicals
such as ethylene. In some regions, suppliers commonly connect directly to their customers’ plants by
pipeline.

HOW TO ANALYZE A COMPANY IN THIS INDUSTRY
When analyzing a company in the chemicals industry, one should take into account such factors as
economic and end-market conditions, the nature of the company’s product lines (such as commodity or
specialty) and any issues that may be unique to the company.
The level of demand for a company’s products is determined in large part by economic conditions. These
include growth in GDP and/or industrial production, as well as conditions in important end markets.
Product Line Fundamentals

Various questions about a company’s product lines need to be considered. What kinds of chemicals does
the company produce? Is the company’s product mix commodity or specialty in nature? How sensitive are
those products to the business cycle? What is the outlook for industry capacity additions or reductions in
those product lines? How great is the company’s ability to pass on raw material cost increases to
customers? To what extent is the company forced to pass any manufacturing or raw material cost savings
on to customers? Is the company changing or improving its product mix?
Scrutinizing Supply
Changes in industry capacity in a company’s product line should be assessed. Industry capacity changes
can greatly influence a product’s selling prices and profit margins. Generally, changes in industry capacity
play a greater role for commodities than for specialties.
To take advantage of economies of scale, commodity chemicals are usually produced in larger facilities
than are specialties. Commodity producers have sizable fixed costs, which must be spread over many
units of production for the firm to make a profit. Thus, capacity additions or reductions can significantly
affect a commodity chemical’s balance of supply and demand, influencing capacity utilization rates, prices
and profit margins.
In the case of new supply, a producer of commodity chemicals that has brought the new capacity on-stream
will attempt to sell its new supply. In addition, other producers will try to maintain their existing volumes in
the face of the new competition. Consequently, all producers may be forced to reduce selling prices to win
or maintain customers. It is common, however, for suppliers to obtain long-term supply agreements from
customers, which help to stabilize production volumes. In addition, given the large capital requirements for
new production facilities, suppliers often line up customers for some or all the output of a new facility before
beginning construction.
When falling demand leads to excess supply, chemical producers may reduce selling prices to maintain
volumes. The lower prices and/or volumes can cause certain facilities to operate at a loss, in which case
their owners may reduce capacity to cut their losses. The product’s supply/demand situation should then
move closer to equilibrium; depending on the situation, its supply may even be permanently reduced.
As economic growth or new applications increase demand for a product, excess capacity is used up.
Eventually, a product’s supply and demand come into balance. Producers can then stabilize or even
increase selling prices. If rising demand leads to tight capacity and significantly higher prices, producers
are encouraged to add new capacity. Thus, the business cycle repeats itself.
In the analysis of specialty chemicals companies, industry capacity changes generally play a small role.
Again, because specialty chemicals are largely sold based on their performance attributes, and because
their demand is relatively stable, industry supply/demand balances exert less influence over selling prices
and profit margins than is the case with commodities. Capacity additions for specialties are commonly
small or are designed for unique products; either way, they can be completed relatively quickly. Thus,
specialty chemicals companies can readily make short-term changes in capital spending and capacity in
response to significant changes in demand.
Company Characteristics
When analyzing a company, consider its specific characteristics, such as geographic reach, acquisition
strategy, and new products.
Geographic Reach
The extent of a company’s geographic reach is important in that it can diversify risk. A broad international
mix of customers helps to reduce a company’s exposure to an economic downturn in any one country,
and thus to smooth its sales and earnings trends.
Geographic expansion may provide growth opportunities. The countries of the Asia-Pacific region, Latin
America, and Eastern Europe have higher potential economic growth rates than do U.S. and Western
European economies, which are more mature. However, the cost of such expansions—in terms of capital
spending, acquisitions, product development or marketing—may hurt near-term financial results.
Changes in currency exchange rates also will affect results.
Acquisition Strategy
A company’s acquisition strategy must be considered. Companies that perceive limited growth
opportunities in existing markets or products may see acquisitions as the main avenue to growth. When
assessing such a company, the investor needs to ask several questions.
How does the company’s management allocate capital to internal growth and acquisition-based external
growth? What are its acquisition criteria? How does management address the conflict between
investments that serve to reduce cyclical exposure and those that sharpen the company’s focus on
current markets and customers? Are the company’s acquisitions closely related to its existing businesses,
or is the company diversifying its product mix? Is the company’s diversification strategy consistent with its
core competencies?
New Products
All companies in the chemicals industry introduce new products, but producers of specialty chemicals
must do so continually. Questions to ask include the following: At what rate is the company releasing new
products? Are customers accepting those products? Is the company improving its product mix by
introducing higher-margin goods? Is the company’s response to customer demand being driven by
changes in final consumer preferences, government regulations, or technology? Is it maintaining or
increasing its market share? This latter question is often hard to answer in the specialty chemicals sub-
industry since information on individual products is often lacking and most segments have few public
competitors.
Looking at the Income Statement

When looking at the income statement, six key items to review are sales, operating margins, special
items, interest expense, net income, and earnings per share (EPS).
Sales
A natural place to begin a financial analysis of a chemicals company is with its sales figures. Changes in
sales are largely due to fluctuations in sales volume, selling prices, product mix, and currency exchange
rates. Acquisitions and divestitures also play a part.
When evaluating any period of less than one year (such as one quarter, six months, or nine months),
compare it with the same period in prior years. This neutralizes such variations as holidays, normally

scheduled plant shutdowns or seasonal cycles in end markets such as agriculture. If possible, look at
sales for ongoing businesses or product lines to eliminate the impact of acquisitions and divestitures.
For an indication of emerging business trends, look at sequential changes in sales. Sequential trends can
reveal early signs of changes in selling prices or demand. For example, if industry conditions worsen
throughout the year and selling prices remain low compared with the preceding year, it could lead to a
negative analysis for the near term. However, if sequential trends reveal that prices have begun to turn
up, they will support a more positive outlook.
Compare changes in sales with the company’s historical growth rates and the rates of its competitors. Are
the company’s sales growing or declining, and why? Are its core markets or product lines growing faster
or slower than in the past? Is it becoming more efficient in its use of resources to generate sales? Is it
adding new capacity or introducing new products, gaining or losing market share? [Note: market share in
the chemicals industry is often hard to determine because of a lack of information for many individual
products.]
Watch Out! Chemical companies provide certain cash sales incentives and allow returns from
customers. Therefore, management must make a variety of estimates in calculating provisions for
appropriate allowances at the time of sale. Revenues are presented net of these provisions, while
accounts receivable are presented net of the related allowances. Consequently, the amount of the
provision can be manipulated to manage revenues and earnings up or down in any given period.
Operating Margins
Operating margins are calculated by taking a company’s sales and subtracting costs of labor, raw
materials, energy and utilities, plant operations, and depreciation of plant and equipment. Also subtracted
are expenses for selling, marketing, administration, and R&D. The resulting operating profit is divided by
the sales figure to derive the operating margin.
In general, costs for raw materials, manufacturing, and depreciation account for a larger percentage of
total costs for a commodity chemicals company than they do for a specialty company. Operating margins
over a business cycle are generally more volatile for commodities than for specialties, due to more rapid
changes in selling prices, raw material costs, and production levels. Even relatively small changes in
selling prices and production levels can dramatically alter margins for commodity chemicals. Changes in
raw material costs also can widen or narrow margins. Operating margins for specialty chemicals are
usually relatively stable over a business cycle, due to the low volatility in production levels and selling
prices. Therefore, margins normally do not vary significantly from one year to the next.
Changes in the cost of various commodity chemicals and other raw materials can materially affect
margins for specialty chemicals, as their selling prices may not change or may lag changes in costs.
Therefore, during periods of robust demand for commodity chemicals, higher raw material costs can
result in a margin squeeze for specialty products. In times of weak demand, margins can widen. In either
case, the impact will vary by specialty product and company.
Other factors that may change margins for a company in the chemicals industry are the costs associated
with businesses recently acquired or divested, major new plant construction or maintenance programs,
environmental cleanup projects, and an unusual number of new product introductions. Technology
improvements for manufacturing processes initially incur some costs but may reduce costs and improve
profit margins in the long term.

Watch Out! Some chemical companies incur substantial costs related to R&D. Under U.S. GAAP,
R&D costs must be expensed as incurred. A sharp decline in R&D costs relative to sales raises
concern that a company may be delaying or cutting back on R&D costs in the current period to boost
earnings. This practice may benefit current period earnings at the expense of future earnings as the
company suffers due to inadequate investment in new products resulting from lower R&D.
Special Items
Companies may report special or nonrecurring charges or gains for various reasons. Nonrecurring items
may include gains or losses from the sale of assets, costs associated with a major acquisition, or charges
for the expected costs of restructuring a business line or the overall company.
Restructuring charges taken by a company can relate to downturns in a certain chemicals market or the
overall industry, or to conditions specific to the company. Such restructuring costs may include employee
severance, plant closings, or the write-down of assets such as plants and equipment, inventories, and
goodwill for a previously acquired product or business. Normally, these actions lead to lower future
expenses in areas such as personnel and depreciation.
Watch Out! Special charges for unusual or infrequent items, e.g., restructuring charges, are often
excluded from non-GAAP earnings and therefore provide the potential for a dishonest management
to enhance analysts’ perception of its profitability through aggressive use of these special charges.
The company may also position itself to boost reported earnings in future periods by either (a)
recording excess reserves on the liability side of the balance sheet or (b) by reducing the carrying
value of assets that will be used in subsequent periods.
Interest Expense
Despite the industry’s capital intensity, interest expense is normally less important in an analysis of a
chemicals company than are the factors discussed earlier. The industry is generally profitable, with a
positive cash flow.
Acquisitions and divestitures, as well as changes in capital spending and the pace of stock repurchases,
can result in a company seeing higher or lower debt and interest expense than in prior years. The change in
interest expense could be temporary, as a company might plan to return to prior debt levels. Alternatively,
it could be a permanent change, if the company intends to leverage its balance sheet more or less than in
the past.
Net Income
Net income is the bottom line: the profit or loss remaining after all expenses and income taxes are paid.
To get the best idea of a company’s true earnings, look at net income for a company’s ongoing
businesses before special items. For example, while a company’s net income may be growing because of
acquisitions, its other businesses could have earnings problems. Changes in accounting methods—such
as for inventory valuations, depreciation schedules, and assumption of pension costs—can also affect net
income comparisons.
A company’s net profit margin (net income divided by sales) should be compared with historical levels
and with other companies’ net margins. Changes in net margins indicate whether a company is using its
resources more or less efficiently than in past years and relative to other companies. Other factors, such
as rapid changes in selling prices and/or raw material costs, also can affect net margins. Again, for
reasons discussed earlier in this section, earnings and margins are more volatile for commodity
companies than for specialty companies.

Watch Out! Companies in the chemicals industry are fixed asset intensive, making depreciation a
significant expense for most of these companies. Since depreciation is based on estimates of asset
lives, management can manipulate these estimates to manage earnings. Specifically, extending the
depreciable life of an asset will boost a company’s earnings while shortening depreciable lives will
decrease earnings.
Watch Out! Companies can use the environmental and legal liability accounts to help manipulate
earnings. Many companies in this industry have environmental liabilities and book reserves related to
them. In addition, these companies may be subject to litigation for a variety of reasons, including
product liability and patent infringement.
Earnings per Share

Earnings per share (EPS) should be adjusted for nonrecurring items to obtain accurate comparisons with
prior years. Investors naturally like to see a company’s EPS growth accelerate from year to year.
However, changes in the number of shares used in calculating EPS—if the company issues new shares
or buys back outstanding shares—can result in EPS growth that is slower or faster than net income.
The potential impact on a company’s EPS from the conversion of any outstanding stock options should
also be considered. If converted into new stock, such options can have a significant impact on EPS.
Balance Sheet Data

Investors should look at a company’s balance sheet to determine its financial strength or potential
problems. Changes in the working capital ratio—the ratio of current assets to current liabilities—will show
whether the company is using more or less cash than usual for normal operations and whether the
business has a potential liquidity problem. A buildup in accounts receivable as a percentage of sales may
indicate problems with customers’ bill payments, while growth in the inventory-to-sales ratio can foretell a
slowdown in production levels or asset write-offs.
The capital structure of the balance sheet should be examined. Specialty chemicals companies tend to
have lower debt-to-capital ratios than do commodity companies, reflecting lower capital requirements.
The chemicals industry’s debt-to-total capitalization ratio in 2015-2019 was about 40%. A debt analysis
should also include the earnings-to-fixed-charges coverage ratio, which is the number of times interest
expense is earned by operating profits.
Return on equity (ROE)—net income divided by equity—indicates the company’s earnings power.
Increases in a company’s ROE may indicate improved utilization of financial resources or debt leverage,
or a reduction in its equity level.
It Is Not Easy Being Green

For most companies in the chemicals industry, one major potential liability that may not be fully recorded
on the balance sheet is the future cost for environmental remediation of existing plants or hazardous
waste sites. When a company can reasonably determine its probable liability for the partial or full cleanup
of a particular site, it makes a reserve against earnings in that amount. Total reserves for environmental
remediation costs may be found in the company’s notes to financial statements, although the extent of
disclosure varies by company.
If changing environmental regulations result in additional potential costs—or if new liability is determined
for additional sites—the company may need to set aside new reserves, reducing reported earnings. The
notes to a company’s financial statements may also indicate its annual expenses for operating and
maintaining environmental facilities, as well as capital outlays for environmental equipment.

Cash Flow
Given that the commodity chemicals sub-industry is quite capital intensive, any company analysis should
include an examination of cash flow. Cash flow analysis reveals how a company’s cash is generated and
how much of it is available from normal operations to fund capital expenditures, make acquisitions,
distribute as dividends, or repay debt.
In its simplest definition, cash flow from operating activities (CFO) is net income plus depreciation and
amortization (D&A) expenses. D&A are non-cash charges—that is, companies deduct them as expenses,
but they require no cash outlays. A broader definition of CFO includes changes in working capital (current
assets minus current liabilities) because these changes can consume—or free up—cash.
Cash flow as a percentage of revenues and cash flow as a percentage of assets are ratios that indicate
how much cash flow is generated by each dollar of a company’s revenue or assets. Cash flow analysis
will show whether a company can fund unusual expenses or capital projects from internally generated
sources or if it will need to borrow to pay for them. New chemicals facilities can cost several hundred
million dollars. A careful analysis will also indicate whether the dividend can be raised or is under
pressure for cutting or elimination to help conserve cash. The availability of cash flow above normal
needs would let the company repay debt or repurchase common stock.
The cyclical nature of the commodity chemicals sub-industry means that a company’s cash flow changes
during a business cycle. During the down portion of the cycle, a company will trim expenses and capital
outlays to conserve cash. A reduced need for working capital that results from lower sales and/or
inventories will also free up cash. A severe downturn may force a company to cut or eliminate its dividend,
both of which are unusual occurrences in the chemicals industry.
As cash flow rises in a business upturn, a company should be able to increase capital spending if additional
capacity is needed, and to boost dividends to shareholders. At such times, a company is likely to use cash to
raise its level of working capital. Major capacity expansions may also require external funds, but completion of
such projects could result in the company generating free cash flow.
Watch Out! Some companies engage in supplier financing arrangements (aka reverse factoring).
Basically, a company arranges for a financial institution to pay its suppliers and the company repays
the financial institution later. This effectively lengthens the supplier payment terms and can result in
overstated cash flows and understated leverage ratios.
Valuation Methods
Stocks in the chemicals industry generally tend to be volatile, partly reflecting the underlying cyclicality of
the industry. As discussed earlier in this section, prospects for future profit growth are paramount in
determining a company’s worth.
Common valuation measurements include multiples of EPS and cash flow. Keep in mind that valuations
depend on various factors, including overall investor sentiment, industry and economic conditions, the level
of interest rates, and the extent to which future earnings seem predictable. As is the case with other
measures, valuations of a particular company should be compared with those of similar companies in the
same industry. An investor should also examine a company or industry’s historical valuations relative to a
benchmark price-to-earnings ratio.
For the chemicals industry, especially for commodity companies, wide swings in the valuation ratios can occur
over the business cycle, as the industry’s earnings are affected by changing economic conditions, as well as by

the industry going into and out of favor with investors. At the extremes of the business and earnings cycles, the
valuation measures can produce results that border on the meaningless.
Caution must be exercised in the interpretation of these metrics. A company that appears cheap relative
to its peers, for example, may be at certain competitive disadvantages, such as a relative lack of new
product innovations, higher debt levels, or lower profit margins, to name a few reasons. As a result, other
investors may place a lower valuation on the shares of such a company.
It is also important to take into account how management is performing and how well it is using the
company’s capital, such as by examining the profitability on various assets, as discussed earlier in this
section. A change in management can lead to an increase in the value of a company’s stock if investors
perceive that steps will be taken to produce higher returns.
◆ P/E ratio. The most common means of valuing equities, the price-to-earnings (P/E) ratio is calculated
as the share price divided by EPS, for either the past 12 months or the projected EPS for a specified
future period.
◆ EV/EBITDA. As an alternative to the standard P/E ratio, to eliminate distortions caused by differing tax
rates and leverage, and to better evaluate a company’s operating performance, investors compare the
company’s enterprise value (EV), which is a combination of net debt (total debt less cash) and stock
market value, to its earnings before interest, taxes, depreciation, and amortization (EBITDA)—
EV/EBITDA.

GLOSSARY
Blue hydrogen—This is produced when natural gas is split into hydrogen and CO2, but the CO2 is captured and
then stored.
Benzene—Benzene is the simplest aromatic compound, in terms of chemical composition, and the most widely used.
Major end uses include styrenic plastics (polystyrene and ABS), phenolic resins, polycarbonate and epoxy resins,
polyurethanes, nylon, synthetic rubber, and detergents.
Cracker—Any device that splits the molecules in a gas or liquid, usually by electrolysis, into atoms. The thermal
cracking of natural gas proceeds at very high temperature resulting in olefins (Mostly ethylene/propylene).
Diammonium Phosphate (DAP)—The world’s most widely used phosphorus fertilizer. It is made from two common
constituents in the fertilizer industry, and its relatively high nutrient content and excellent physical properties make it a
popular choice in farming and other industries.
Electrochemical Unit (ECU)—The chlor-alkali process produces chlorine and caustic soda in set ratios of 1 unit of
chlorine and 1.1 units of caustic soda. The combination of 1 unit of chlorine and 1.1 units of caustic soda is an ECU.
Electrolysis—Process by which electric current is passed through a substance to effect a chemical change. The
chemical change is one in which the substance loses or gains an electron (oxidation or reduction). Electrolysis is
commonly used in chlor alkali production.
Feedstock—A chemical used to support a large-scale chemical reaction. The term usually refers to an organic
substance. Also known as a raw material or unprocessed material.
Fungicides—Agrochemicals used to protect plants from fungi and mold. A fungicide can be classified based on its
mobility in the plant, its chemical group, or how it targets fungi. Fungus thrives in damp climates, so fungicides are
generally in demand during wet seasons.
Green ammonia—Produced using CO2 free energy sources. About 90% of ammonia produced is used in fertilizer.
Green hydrogen—Produced by splitting water by electrolysis. This produces only hydrogen and oxygen. Hydrogen
is used and oxygen is vent to the atmosphere with no negative impact.
Herbicides—Agrochemicals used for the control of weeds. Herbicides can be categorized based on timing of
application, varying between pre-emergent and post emergent (before or after the crop emerges through the soil).
High-density polyethylene (HDPE)—The largest-volume polyethylene. Its primary uses include blow moldings
(mainly for bottles and containers), films and sheets for packaging and bags, injection moldings (pails, crates, and
tubs and containers), pipes and conduits, and extruded products.
Insecticides—Agrochemicals used to control insect pests. Insecticides can be classified based on how insects are
exposed to them (digested or contact).
Linear low-density polyethylene (LLDPE)—The fastest-growing polyethylene for many years and the second-
largest volume polyethylene plastic. Major uses include film products (bags and liners, along with packaging and
stretch/shrink-wrap films), extruded products (including sheet and pipe and conduit), injection molding, and roto-
molding resins.
Low-density polyethylene (LDPE)—The smallest volume polyethylene plastic. Major end uses include films and
sheets (mainly for packaging, bags, and liners), extrusion coatings, extruded products (including wire and cable), and
injection moldings.
Naphtha—Used in the petrochemicals industry as feedstock to steam reformers and steam crackers for the
production of hydrogen (which may be and is converted into ammonia for fertilizers), ethylene, and other olefins.
Natural Gas Liquids (NGLs)—Used in petrochemical feedstock and turned into various chemical-based products.

Sulfate of Potash (SOP)—Provides both potassium and sulphur in soluble forms. SOP contains no chloride and
hence has a much lower salt index than MOP. Where soils are saline or sodic and where irrigation water may have
high chloride levels, SOP is the preferred form of potassium to use.
Urea—The most common and cheapest nitrogen fertilizer in the world. It is made when carbon dioxide is reacted with
anhydrous ammonia. It is processed in the form of granules and can be applied directly to the soil.
Volatilization—The conversion of a liquid chemical into a vapor.

INDUSTRY REFERENCES
PERIODICALS TRADE ASSOCIATIONS
Chemical & Engineering News (C&EN) Association of American Railroads (AAR)

cen.acs.org aar.org
Covers the chemicals profession and the chemicals An industry trade group representing primarily the
processing industries; presents industrial, major freight railroads of North America.
commercial, educational, and government viewpoints.
American Chemistry Council (ACC)
The Fertilizer Record americanchemistry.com
tfi.org/our-industry/market-intelligence Trade association representing the U.S. chemicals
Reports on production and shipments of fertilizer industry on public policy issues; coordinates research
products. and testing programs, and administers the industry’s
environmental, health, and safety programs. Member
Fertilizers and Related Chemicals companies account for more than 90% of U.S.
Inorganic Chemicals industrial chemicals capacity.
Paint, Varnish, and Lacquer
census.gov/manufacturing/cir/index.html American Coatings Association (ACA)
U.S. government publications providing data on paint.org
production and shipments of selected products, Represents paint and chemical coatings
including nitrogen fertilizer materials, phosphoric and manufacturers, and their raw materials and equipment
sulfuric acid, major inorganic chemicals, and paint suppliers.
and coatings.
American Fuel & Petrochemical
Fertilizer Use and Price Manufacturers (AFPM)
ers.usda.gov/data-products/fertilizer-use-and- (formerly National Petrochemical & Refiners
price.aspx Association)
Reports data on fertilizer consumption by selected afpm.org
major crops. Gathers and disseminates historical and scientific
information, and statistics pertaining to the petroleum
ICIS Chemical Business refining and petrochemical manufacturing industries.
icis.com/chemicals
News and prices on industrial and specialty chemicals, The Chlorine Institute (CI)
allied products, drugs, flavors, perfumes, and plastics. chlorineinstitute.org
Trade association for companies involved or
IHS Chemical Week interested in the production, distribution, and use of
chemweek.com/cw chlorine and related alkali chemicals.
Interprets news for business and technical managers
in the chemicals processing industries. CropLife America (CLA)
croplifeamerica.org
Monthly Statistical Reports—Resins Promotes the environmentally sound use of crop
americanchemistry.com protection products; members include producers of
Provides production and sales data for the largest- agricultural pesticides.
volume plastic resins.
Plastics Industry Association (PLASTICS)
Oil & Gas Journal plasticsindustry.org
ogj.com Trade association with members that include resin
A weekly petroleum industry publication with suppliers, processors, distributors, and machinery
worldwide coverage. builders.
PlasticsToday World Resources Institute (WRI)

plasticstoday.com wri.org
Covers developments in resin technology, machinery, A global research organization that spans more than
processing techniques, and additives. 60 countries, with work focusing on seven critical
issues at the intersection of environment and
U.S. Chlorine & Caustic Production Statistics development: climate, energy, food, forests, water,
Report cities, and the ocean.
chlorineinstitute.org
Reports on chlor-alkali industry production and
operating rates.

GOVERNMENT AGENCIES
The United Nations Environment Programme

(UNEP)
unenvironment.org
The leading global environmental authority that sets
the global environmental agenda, promotes the
coherent implementation of the environmental
dimension of sustainable development within the
United Nations system, and serves as an authoritative
advocate for the global environment.
U.S. Census Bureau

census.gov
Agency within the U.S. Department of Commerce;
collects and provides data about the U.S. population
and the economy.
U.S. Department of Agriculture (USDA)

usda.gov
Federal agency that, among many other things, tracks
crop acreage and fertilizer usage.
U.S. Department of Labor (DOL)

dol.gov
Federal agency that, among other things, tracks
changes in employment, prices, and other national
economic measurements.
U.S. Environmental Protection Agency (EPA)

epa.gov
Federal agency charged with protecting public health
and the natural environment; enforces government
regulations affecting air, water, and land resources.
U.S. Geological Survey (USGS)

usgs.gov
Agency within the U.S. Department of the Interior;
provides the nation with information helping to
describe and understand the Earth.
CONSULTING FIRMS
McKinsey & Company

mckinsey.com
A market research and business consulting firm.
Merchant Research & Consulting

mcgroup.co.uk
A worldwide management consulting firm that advises
on strategic management to corporations,
governments, and other organizations.
Young & Partners LLC

youngandpartners.com
International investment banking firm focused on the
chemicals and life science industries.

COMPARATIVE COMPANY ANALYSIS
Operating Revenues
Million $ CAGR (% ) Index Basis (2012=100)
Company Yr. End 2020 2019 2018 2017 2016 2015 2014 10-Yr. 5-Yr. 1-Yr. 2020 2019 2018 2017 2016 2015
COMMODITY CHEMICALS
ADVANSIX INC. DEC 1,157.9 1,297.4 1,515.0 1,475.2 1,191.5 1,329.4 1,790.4 NA -2.7 -10.8 65 72 85 82 67 74
CABOT CORPORATION SEP 2,614.0 3,337.0 3,242.0 2,717.0 2,411.0 2,871.0 3,647.0 -0.4 -1.9 -21.7 72 91 89 74 66 79
DOW INC. DEC 38,542.0 42,951.0 49,604.0 43,730.0 36,099.0 37,101.0 37,101.0 NA 0.8 -10.3 104 116 134 118 97 100
HAWKINS, INC. # MAR 596.9 540.2 556.3 504.2 483.6 414.0 364.0 7.7 8.2 -2.9 164 148 153 138 133 114
KOPPERS HOLDINGS INC. DEC 1,669.1 1,637.0 1,562.7 1,475.5 1,416.2 1,626.9 1,555.0 3.4 0.5 2.0 107 105 100 95 91 105
LG CHEM, LTD. DEC 27,637.0 23,692.8 25,316.0 24,056.0 17,160.5 17,171.5 20,685.1 4.4 8.3 10.0 134 115 122 116 83 83
LYONDELLBASELL INDUSTRIES N.V. DEC 27,753.0 34,727.0 39,004.0 34,484.0 29,183.0 32,735.0 45,608.0 -3.3 -3.2 -20.1 61 76 86 76 64 72
OLIN CORPORATION DEC 5,758.0 6,110.0 6,946.1 6,268.4 5,550.6 2,854.4 2,241.2 13.8 15.1 -5.8 257 273 310 280 248 127
PETRONAS CHEMICALS GROUP BERHAD DEC 14,362.0 16,370.0 19,576.0 17,407.0 13,860.0 13,536.0 14,597.0 1.6 1.2 -12.3 98 112 134 119 95 93
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 11,442.8 14,411.5 15,668.7 14,141.4 11,218.5 12,445.7 16,475.8 -0.4 -1.6 -25.6 69 87 95 86 68 76
TREDEGAR CORPORATION DEC 755.3 826.3 851.8 961.3 828.3 896.2 951.8 0.2 -3.4 -8.6 79 87 89 101 87 94
TRINSEO S.A. DEC 3,035.5 3,775.8 4,622.8 4,448.1 3,716.6 3,971.9 5,128.0 -4.8 -5.2 -19.6 59 74 90 87 72 77
VALVOLINE INC. SEP 2,353.0 2,390.0 2,285.0 2,084.0 1,929.0 1,967.0 2,041.0 NA 3.6 -1.5 115 117 112 102 95 96
WESTLAKE CHEMICAL CORPORATION DEC 7,504.0 8,118.0 8,635.0 8,041.0 5,076.0 4,463.0 4,415.4 9.0 11.0 -7.6 170 184 196 182 115 101
DIVERSIFIED CHEMICALS
BASF SE DEC 72,353.5 66,564.9 68,948.9 73,514.6 60,751.6 76,512.6 89,966.7 -0.8 -3.4 -0.3 80 74 77 82 68 85
EASTMAN CHEMICAL COMPANY DEC 8,473.0 9,273.0 10,151.0 9,549.0 9,008.0 9,648.0 9,527.0 3.8 -2.6 -8.6 89 97 107 100 95 101
HUNTSMAN CORPORATION DEC 6,018.0 6,797.0 7,604.0 6,845.0 7,518.0 8,139.0 11,578.0 -4.2 -5.9 -11.5 52 59 66 59 65 70
LANXESS AKTIENGESELLSCHAFT DEC 7,466.7 7,633.3 7,813.1 7,841.0 8,127.3 8,582.1 9,690.7 -1.5 -5.0 -10.3 77 79 81 81 84 89
SOLVAY SA DEC 11,882.6 12,599.0 12,936.8 13,189.2 10,602.8 10,950.9 12,865.7 5.0 -0.7 -13.5 92 98 101 103 82 85
THE CHEMOURS COMPANY DEC 4,969.0 5,526.0 6,638.0 6,183.0 5,400.0 5,717.0 6,432.0 NA -2.8 -10.1 77 86 103 96 84 89

AMERICAN VANGUARD CORPORATION DEC 458.7 468.2 454.3 355.0 312.1 289.4 298.6 7.3 9.7 -2.0 154 157 152 119 105 97
CF INDUSTRIES HOLDINGS, INC. DEC 4,124.0 4,590.0 4,429.0 4,130.0 3,685.0 4,308.0 4,743.0 0.4 -0.9 -10.2 87 97 93 87 78 91
CORTEVA, INC. DEC 14,217.0 13,846.0 14,287.0 10,684.0 14,041.0 14,041.0 0.0 NA NA 2.7 NA NA NA NA NA NA
FMC CORPORATION DEC 4,642.1 4,609.8 4,285.3 2,531.2 2,538.9 2,491.0 3,258.7 4.1 13.3 0.7 142 141 132 78 78 76
K+S AKTIENGESELLSCHAFT DEC 2,975.0 2,861.3 4,624.6 4,355.2 3,648.9 4,534.9 4,625.9 -6.2 -10.2 -4.6 64 62 100 94 79 98
NUTRIEN LTD. DEC 20,053.0 19,316.0 18,772.0 4,010.0 3,921.0 5,791.0 6,506.0 12.7 28.2 3.8 308 297 289 62 60 89
THE MOSAIC COMPANY DEC 8,681.7 8,906.3 9,587.3 7,409.4 7,162.8 8,895.3 9,055.8 2.5 -0.5 -2.5 96 98 106 82 79 98
THE SCOTTS MIRACLE-GRO COMPANY SEP 4,131.6 3,156.0 2,663.4 2,642.1 2,506.2 2,371.1 2,578.3 3.7 11.7 30.9 160 122 103 102 97 92
INDUSTRIAL GASES
AIR PRODUCTS AND CHEMICALS, INC. SEP 8,856.3 8,918.9 8,930.2 8,187.6 7,503.7 7,824.3 10,439.0 0.3 2.5 -0.7 85 85 86 78 72 75
LINDE PLC DEC 27,243.0 28,228.0 14,836.0 11,358.0 10,534.0 10,776.0 12,273.0 10.4 20.4 -3.5 222 230 121 93 86 88

Operating Revenues
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 8,530.0 9,276.0 9,256.0 9,612.0 9,434.0 14,859.0 14,296.0 -5.3 -10.5 -8.0 60 65 65 67 66 104
ALBEMARLE CORPORATION DEC 3,128.9 3,589.4 3,375.0 3,072.0 2,677.2 2,826.4 2,445.5 2.8 2.1 -12.8 128 147 138 126 109 116
ASHLAND GLOBAL HOLDINGS INC. SEP 2,326.0 2,493.0 2,589.0 2,309.0 3,019.0 3,420.0 6,121.0 -8.6 -7.4 -6.7 38 41 42 38 49 56
BALCHEM CORPORATION DEC 703.6 643.7 643.7 594.8 553.2 552.5 541.4 10.7 5.0 9.3 130 119 119 110 102 102
CELANESE CORPORATION DEC 5,655.0 6,297.0 7,155.0 6,140.0 5,389.0 5,674.0 6,802.0 -0.5 -0.1 -10.2 83 93 105 90 79 83
DUPONT DE NEMOURS, INC. DEC 20,397.0 21,512.0 22,594.0 11,672.0 48,158.0 48,778.0 58,167.0 -9.2 -16.0 -5.2 35 37 39 20 83 84
ECOLAB INC. DEC 11,790.2 12,562.0 12,222.1 13,835.9 13,151.8 13,545.1 14,280.5 6.8 -2.7 -6.1 83 88 86 97 92 95
FERRO CORPORATION DEC 959.0 1,014.5 1,074.7 996.4 1,145.3 1,075.3 1,111.6 -7.5 -2.3 -5.5 86 91 97 90 103 97
FUTUREFUEL CORP. DEC 204.5 205.2 291.0 275.0 253.2 299.6 341.8 -0.7 -7.4 -0.4 60 60 85 80 74 88
GCP APPLIED TECHNOLOGIES INC. DEC 903.2 1,013.5 1,125.4 1,084.4 1,046.5 1,092.4 1,480.4 NA -3.7 -10.9 61 68 76 73 71 74
GIVAUDAN SA DEC 7,145.5 6,404.8 5,617.1 5,182.9 4,590.6 4,390.7 4,433.4 4.1 7.5 1.9 161 144 127 117 104 99
H.B. FULLER COMPANY NOV 2,790.3 2,897.0 3,041.0 2,306.0 2,094.6 2,083.7 2,104.5 8.3 6.0 -3.7 133 138 145 110 100 99
INGEVITY CORPORATION DEC 1,216.1 1,292.9 1,133.6 972.4 908.3 958.3 1,035.5 NA 4.9 -5.9 117 125 109 94 88 93
INNOSPEC INC. DEC 1,193.1 1,513.3 1,476.9 1,306.8 883.4 1,012.3 960.9 5.7 3.3 -21.2 124 157 154 136 92 105
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 5,084.2 5,140.1 3,977.5 3,398.7 3,116.4 3,023.2 3,088.5 6.8 11.0 -1.1 165 166 129 110 101 98
JOHNSON MATTHEY PLC # MAR 21,591.7 18,148.4 13,992.9 14,420.7 15,066.2 15,431.2 14,945.1 6.4 7.7 35.7 144 121 94 96 101 103
KONINKLIJKE DSM N.V. DEC 9,915.6 8,975.4 10,610.3 10,365.0 8,360.6 8,386.6 8,534.8 -0.1 1.0 1.4 116 105 124 121 98 98
KRATON CORPORATION DEC 1,563.2 1,804.4 2,011.7 1,960.4 1,744.1 1,034.6 1,230.4 2.4 8.6 -13.4 127 147 163 159 142 84
LIVENT CORPORATION DEC 288.2 388.4 442.5 347.4 264.1 264.1 0.0 NA NA -25.8 NA NA NA NA NA NA
MINERALS TECHNOLOGIES INC. DEC 1,594.8 1,791.0 1,807.6 1,675.7 1,638.0 1,797.6 1,725.0 4.8 -2.4 -11.0 92 104 105 97 95 104
NEWMARKET CORPORATION DEC 2,010.9 2,190.3 2,289.7 2,198.4 2,049.5 2,140.8 2,335.4 1.1 -1.2 -8.2 86 94 98 94 88 92
NOVOZYMES A/S DEC 2,302.8 2,158.7 2,207.1 2,343.5 2,008.0 2,037.7 2,025.0 3.7 0.0 -2.5 114 107 109 116 99 101
AVIENT CORPORATION DEC 3,242.1 2,862.7 2,881.0 2,590.3 2,938.6 2,928.8 3,835.5 2.1 2.1 13.3 85 75 75 68 77 76
PPG INDUSTRIES, INC. DEC 13,834.0 15,146.0 15,374.0 14,748.0 14,270.0 14,241.0 14,791.0 0.3 -0.6 -8.7 94 102 104 100 96 96
QUAKER CHEMICAL CORPORATION DEC 1,417.7 1,133.5 867.5 820.1 746.7 737.6 765.9 10.1 14.0 25.1 185 148 113 107 97 96
RAYONIER ADVANCED MATERIALS INC. DEC 1,738.9 1,775.4 1,957.0 940.4 868.7 941.4 957.7 7.0 13.1 -2.1 182 185 204 98 91 98
RPM INTERNATIONAL INC. # MAY 0.0 5,507.0 5,564.6 5,321.6 4,958.2 4,813.6 4,594.6 4.9 3.7 -1.0 0 120 121 116 108 105
SENSIENT TECHNOLOGIES CORPORATION DEC 1,332.0 1,322.9 1,386.8 1,362.3 1,383.2 1,376.0 1,447.8 0.0 -0.6 0.7 92 91 96 94 96 95
SIKA AG DEC 8,903.6 8,373.0 7,200.9 6,411.4 5,658.4 5,482.6 5,608.5 6.0 7.5 -2.9 159 149 128 114 101 98
STEPAN COMPANY DEC 1,869.8 1,858.7 1,993.9 1,925.0 1,766.2 1,776.2 1,927.2 2.7 1.0 0.6 97 96 103 100 92 92
THE SHERWIN-WILLIAMS COMPANY DEC 18,361.7 17,900.8 17,534.5 14,983.8 11,855.6 11,339.3 11,129.5 9.0 10.1 2.6 165 161 158 135 107 102
UMICORE SA DEC 25,341.0 19,632.0 15,715.3 14,357.5 11,024.5 10,532.4 9,835.2 7.9 16.4 18.4 258 200 160 146 112 107
Note: Data as originally reported. CAGR-Compound annual growth rate.

Souce: S&P Capital IQ.
Company
INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 38 SPECIALTY CHEMICAL
ALBEMARLE CORPORA
ASHLAND GLOBAL HOL
BALCHEM CORPORATIO
CELANESE CORPORAT
DUPONT DE NEMOURS,
Net Income
COMMODITY CHEMICALS
ADVANSIX INC. DEC 46.1 41.3 66.2 146.7 34.1 63.8 83.9 NA -6.3 11.4 55 49 79 175 41 76
CABOT CORPORATION SEP -238.0 157.0 -113.0 248.0 147.0 -334.0 199.0 NA -6.6 NM -120 79 -57 125 74 -168
DOW INC. DEC 1,225.0 -1,359.0 4,641.0 465.0 1,432.0 6,427.0 6,427.0 NA -28.2 NM 19 -21 72 7 22 100
HAWKINS, INC. # MAR NA 28.4 24.4 -9.2 22.6 18.1 19.2 1.8 8.1 16.1 NA 148 127 -48 117 94
KOPPERS HOLDINGS INC. DEC 122.0 66.6 23.4 29.1 29.3 -72.0 -32.4 10.7 NM 83.2 -377 -206 -72 -90 -90 222
LG CHEM, LTD. DEC 471.1 271.4 1,322.8 1,821.0 1,064.2 979.8 795.2 -13.4 -15.0 63.6 59 34 166 229 134 123
LYONDELLBASELL INDUSTRIES N.V. DEC 1,420.0 3,390.0 4,688.0 4,879.0 3,836.0 4,476.0 4,174.0 -17.9 -20.5 -58.1 34 81 112 117 92 107
OLIN CORPORATION DEC -969.9 -11.3 327.9 549.5 -3.9 -1.4 105.7 NA 269.9 8,483.2 -918 -11 310 520 -4 -1
PETRONAS CHEMICALS GROUP BERHAD DEC 405.1 686.4 1,157.8 1,027.2 653.8 647.5 705.0 -3.0 -10.2 -42.1 57 97 164 146 93 92
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 96.2 317.9 767.3 943.9 857.7 499.9 -115.5 -13.6 -28.0 -71.6 -83 -275 -664 -817 -743 -433
TREDEGAR CORPORATION DEC -75.4 48.3 24.8 38.3 24.5 -32.1 36.9 NA 18.6 NM -205 131 67 104 66 -87
TRINSEO PLC DEC 7.9 92.0 292.5 328.3 318.3 133.6 -67.3 -17.9 -43.2 -91.4 -12 -137 -434 -488 -473 -198
VALVOLINE INC. SEP 317.0 208.0 166.0 304.0 273.0 196.0 173.0 NA 10.1 52.4 183 120 96 176 158 113
WESTLAKE CHEMICAL CORPORATION DEC 330.0 421.0 996.0 1,304.0 399.0 646.0 678.5 4.1 -12.6 -21.6 49 62 147 192 59 95
BASF SE DEC -1,296.6 9,450.1 5,389.3 7,298.3 4,281.6 4,330.2 6,239.8 NA NM NM -21 151 86 117 69 69
EASTMAN CHEMICAL COMPANY DEC 478.0 759.0 1,080.0 1,384.0 854.0 848.0 751.0 1.2 -10.8 -37.0 64 101 144 184 114 113
HUNTSMAN CORPORATION DEC 1,034.0 562.0 337.0 636.0 326.0 93.0 323.0 44.0 61.9 84.0 320 174 104 197 101 29
LANXESS AKTIENGESELLSCHAFT DEC 1,082.6 230.1 493.5 104.5 202.7 179.2 56.9 8.9 39.9 331.7 1903 404 867 184 356 315
SOLVAY SA DEC -1,176.8 132.4 1,004.1 1,274.0 655.5 440.9 96.8 NA NM NM NM 137 1037 1316 677 455
THE CHEMOURS COMPANY DEC 219.0 -52.0 995.0 746.0 7.0 -90.0 400.0 NA NM NM 55 -13 249 187 2 -23
FERTILIZERS AND AGRICULTURAL CHEMICALS NA NA NA NA NA NA NA NA NA

AMERICAN VANGUARD CORPORATION DEC 15.2 13.6 24.2 20.3 12.8 6.6 4.8 3.3 18.3 12.1 315 281 500 419 264 136
CF INDUSTRIES HOLDINGS, INC. DEC 317.0 493.0 290.0 358.0 -277.0 700.0 1,390.0 -1.0 -14.7 -35.7 23 35 21 26 -20 50
CORTEVA, INC. DEC 681.0 -959.0 -5,065.0 2,916.0 503.0 503.0 0.0 NA NA NM NA NA NA NA NA NA
FMC CORPORATION DEC 551.5 477.4 502.1 535.8 209.1 489.0 307.5 12.3 2.4 15.5 179 155 163 174 68 159
K+S AKTIENGESELLSCHAFT DEC -1,714.8 88.9 42.1 184.6 174.1 495.2 380.5 NA NM NM -451 23 11 49 46 130
NUTRIEN LTD. DEC 459.0 992.0 3,573.0 327.0 323.0 1,270.0 1,536.0 -12.7 -18.4 -53.7 30 65 233 21 21 83
THE MOSAIC COMPANY DEC 666.1 -1,067.4 470.0 -107.2 297.8 1,000.4 1,028.6 -2.1 -7.8 NM 65 -104 46 -10 29 97
THE SCOTTS MIRACLE-GRO COMPANY SEP 387.4 460.7 63.7 218.3 315.3 159.8 166.5 6.6 19.4 -15.9 233 277 38 131 189 96
INDUSTRIAL GASES NA NA NA NA NA NA NA NA NA
AIR PRODUCTS AND CHEMICALS, INC. SEP 1,886.7 1,760.0 1,497.8 3,000.4 631.1 1,277.9 991.7 6.2 8.1 7.2 190 177 151 303 64 129
LINDE PLC DEC 2,501.0 2,285.0 4,381.0 1,247.0 1,500.0 1,547.0 1,694.0 7.7 10.1 9.5 148 135 259 74 89 91

Net Income
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 630.0 539.0 6,674.0 832.0 970.0 979.0 546.0 -1.8 -8.4 16.9 115 99 1222 152 178 179
ALBEMARLE CORPORATION DEC 375.8 533.2 693.6 54.9 643.7 334.9 133.3 1.8 2.3 -29.5 282 400 520 41 483 251
ASHLAND GLOBAL HOLDINGS INC. SEP -508.0 505.0 114.0 1.0 -29.0 309.0 233.0 NA NM NM -218 217 49 0 -12 133
BALCHEM CORPORATION DEC 84.6 79.7 78.6 90.1 56.0 59.7 52.8 9.8 7.2 6.2 160 151 149 171 106 113
CELANESE CORPORATION DEC 1,985.0 852.0 1,207.0 843.0 900.0 304.0 624.0 18.1 45.5 133.0 318 137 193 135 144 49
DUPONT DE NEMOURS, INC. DEC -2,951.0 498.0 3,845.0 1,159.0 4,318.0 7,685.0 3,772.0 NA NM NM -78 13 102 31 114 204
ECOLAB INC. DEC -1,205.1 1,558.9 1,429.1 1,504.6 1,229.0 1,002.1 1,202.8 NA NM NM -100 130 119 125 102 83
FERRO CORPORATION DEC 42.8 6.0 80.1 57.1 -20.8 64.1 86.1 12.0 -7.8 608.8 50 7 93 66 -24 74
FUTUREFUEL CORP. DEC 46.6 88.2 53.2 23.5 56.3 46.4 53.2 7.3 0.1 -47.2 88 166 100 44 106 87
GCP APPLIED TECHNOLOGIES INC. DEC 100.2 46.5 14.9 553.4 72.8 40.1 134.3 NA 20.1 115.5 75 35 11 412 54 30
GIVAUDAN SA DEC 743.0 702.0 663.0 720.0 644.0 625.0 563.0 8.1 3.5 5.8 132 125 118 128 114 111
H.B. FULLER COMPANY NOV 123.7 130.8 171.2 59.4 121.7 86.7 49.8 5.7 7.4 -5.4 249 263 344 119 244 174
INGEVITY CORPORATION DEC 181.4 183.7 169.1 126.5 35.2 79.7 129.0 NA 17.9 -1.3 141 142 131 98 27 62
INNOSPEC INC. DEC 28.7 112.2 85.0 61.8 81.3 119.5 84.1 -9.0 -24.8 -74.4 34 133 101 73 97 142
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 363.2 455.9 337.3 295.7 405.0 419.2 414.5 3.3 -2.8 -20.3 88 110 81 71 98 101
JOHNSON MATTHEY PLC MAR 205.0 255.0 413.0 298.0 386.0 333.1 428.7 4.5 -9.9 -38.3 48 59 96 70 90 78
KONINKLIJKE DSM N.V. DEC 619.0 850.6 1,233.1 2,124.2 655.5 95.6 175.5 0.0 41.9 -33.2 353 485 703 1210 374 54
KRATON CORPORATION DEC -225.6 51.3 67.0 97.5 107.3 -10.5 2.4 NA 84.6 NM NM 2121 2770 4033 4436 -436
LIVENT CORPORATION DEC -18.9 50.2 126.6 41.5 47.1 47.1 0.0 NA NA NM NA NA NA NA NA NA
MINERALS TECHNOLOGIES INC. DEC 112.4 132.7 169.0 195.1 133.4 107.9 92.4 5.3 0.8 -15.3 122 144 183 211 144 117
NEWMARKET CORPORATION DEC 270.6 254.3 234.7 190.5 243.4 238.6 233.3 4.3 2.5 6.4 116 109 101 82 104 102
NOVOZYMES A/S DEC 2,825.0 3,154.0 3,226.0 3,119.0 3,050.0 2,823.0 2,526.0 5.8 0.0 -10.4 112 125 128 123 121 112
AVIENT CORPORATION DEC 131.6 588.6 159.8 -57.7 165.2 144.6 79.2 -2.1 -1.9 -77.6 166 743 202 -73 209 183
PPG INDUSTRIES, INC. DEC 1,059.0 1,243.0 1,341.0 1,594.0 873.0 1,406.0 2,102.0 3.3 -5.5 -14.8 50 59 64 76 42 67
QUAKER CHEMICAL CORPORATION DEC 39.7 31.6 59.5 20.3 61.4 51.2 56.5 2.1 -5.0 25.4 70 56 105 36 109 91
RAYONIER ADVANCED MATERIALS INC. DEC 0.6 -22.5 128.4 325.0 73.3 55.3 31.7 -43.2 -60.2 NM 2 -71 406 1027 232 175
RPM INTERNATIONAL INC. MAY 0.0 304.4 266.6 337.8 181.8 354.7 239.5 5.4 4.9 14.2 0 127 111 141 76 148
SENSIENT TECHNOLOGIES CORPORATION DEC 109.5 82.0 157.4 89.6 126.3 106.8 73.6 0.2 0.5 33.4 149 111 214 122 171 145
SIKA AG DEC 931.9 776.4 694.0 660.3 554.4 459.7 441.9 10.3 12.4 9.7 211 176 157 149 125 104
STEPAN COMPANY DEC 126.8 103.1 111.1 100.8 86.2 76.0 57.1 6.8 10.8 22.9 222 181 195 176 151 133
THE SHERWIN-WILLIAMS COMPANY DEC 2,030.4 1,541.3 1,108.7 1,727.9 1,132.7 1,053.8 865.9 15.9 14.0 31.7 234 178 128 200 131 122
UMICORE SA DEC 159.7 323.0 362.9 254.5 138.0 183.8 206.5 -6.2 -5.1 -54.6 77 156 176 123 67 89


Return on Revenues (%) Return on Assets (%) Return on Equity (%)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
COMMODITY CHEMICALS
ADVANSIX INC. DEC 4.0 3.2 4.4 9.9 2.9 4.8 3.6 3.3 6.4 14.0 3.8 7.6 10.9 10.1 16.6 49.6 9.8 14.2
CABOT CORPORATION SEP NM 4.7 NM 9.1 6.1 NM NM 5.2 NM 7.4 4.8 NM NM 15.4 NM 18.2 11.9 NM
DOW INC. DEC 3.2 NM 9.4 1.1 4.0 17.3 2.0 NM 5.5 NA NA NA 9.6 NM 0.0 0.0 0.0 0.0
HAWKINS, INC. MAR 6.9 5.3 4.4 NM 4.7 4.4 8.7 7.3 6.3 NM 5.4 4.2 16.4 12.6 11.6 NM 10.8 9.2
KOPPERS HOLDINGS INC. DEC 7.3 4.1 1.5 2.0 2.1 NM 7.6 4.3 1.6 2.4 2.7 NM 35.3 56.4 6.4 44.6 244.1 NM
LG CHEM, LTD. DEC 1.7 1.1 5.2 7.6 6.2 5.7 1.2 0.9 5.1 7.8 6.3 6.2 3.2 2.3 9.0 0.0 9.4 9.1
LYONDELLBASELL INDUSTRIES N.V. DEC 5.1 9.8 12.0 14.1 13.1 13.7 4.0 11.1 16.6 18.6 16.4 19.7 17.5 36.6 48.5 65.2 60.8 60.0
OLIN CORPORATION DEC NM NM 4.7 8.8 NM NM NM NM 3.6 6.0 NM NM NM NM 11.7 21.9 NM NM
PETRONAS CHEMICALS GROUP BERHAD DEC 11.3 17.2 24.5 24.0 21.2 20.6 4.1 7.2 12.8 12.6 9.2 9.0 5.2 9.2 16.5 15.4 11.7 12.1
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 0.8 2.2 4.9 6.7 7.6 4.0 1.4 4.9 11.8 15.5 17.5 11.6 2.2 7.4 17.9 23.0 26.4 17.8
TREDEGAR CORPORATION DEC NM 5.8 2.9 4.0 3.0 NM NM 6.8 3.5 5.1 3.8 NM NM 16.0 17.6 11.7 8.4 NM
TRINSEO S.A. DEC 0.3 2.4 6.3 7.4 8.6 3.4 0.3 3.3 10.7 11.8 13.1 5.9 1.3 12.8 40.5 58.5 76.1 37.6
VALVOLINE INC. SEP 13.5 8.7 7.3 14.6 14.2 10.0 10.4 10.1 9.0 15.9 15.0 20.0 NM NM NM NM 190.2 29.2
WESTLAKE CHEMICAL CORPORATION DEC 4.4 5.2 11.5 16.2 7.9 14.5 2.4 3.2 8.6 10.8 3.7 11.6 5.7 7.4 18.1 28.9 11.3 19.7
BASF SE DEC NM 14.2 7.8 9.9 7.0 5.7 NM 9.7 5.4 7.7 5.3 5.6 NM 6.5 11.6 16.6 13.3 14.4
EASTMAN CHEMICAL COMPANY DEC 5.6 8.2 10.6 14.5 9.5 8.8 3.0 4.7 6.8 8.7 5.5 5.4 8.1 12.8 19.1 27.5 19.9 22.4
HUNTSMAN CORPORATION DEC 17.2 8.3 4.4 9.3 4.3 1.1 11.9 6.8 4.2 6.2 3.5 0.9 9.0 15.4 22.5 21.1 23.6 23.9
LANXESS AKTIENGESELLSCHAFT DEC 14.5 3.0 6.3 1.3 2.5 2.1 10.0 2.4 5.0 0.8 1.9 2.3 32.2 8.9 9.1 1.7 6.4 7.4
SOLVAY SA DEC NM 1.1 7.8 9.7 6.2 4.0 NM 0.6 4.0 4.9 2.6 1.6 NM NM 7.0 8.9 6.0 4.9
THE CHEMOURS COMPANY DEC 4.4 NM 15.0 12.1 0.1 NM 3.1 NM 13.5 10.2 0.1 NM 29.0 NM 105.7 154.2 6.0 NM

AMERICAN VANGUARD CORPORATION DEC 3.3 2.9 5.3 5.7 4.1 2.3 2.2 2.0 4.1 3.8 3.0 1.5 4.3 4.0 7.6 6.9 4.7 2.4
CF INDUSTRIES HOLDINGS, INC. DEC 7.7 10.7 6.5 8.7 NM 16.2 2.6 4.1 2.3 2.7 NM 5.5 7.7 11.4 6.9 6.8 NM 16.4
CORTEVA, INC. DEC 4.8 NM NM 27.3 3.6 0.0 1.6 NM NM NA NA NA 3.0 NM 0.0 0.0 0.0 0.0
FMC CORPORATION DEC 11.9 10.4 11.7 21.2 8.2 19.6 5.4 4.8 5.0 5.8 3.4 7.7 20.9 18.8 18.2 NM 6.7 NM
K+S AKTIENGESELLSCHAFT DEC NM 3.5 1.0 5.1 5.0 11.9 NM 0.8 0.4 1.9 1.8 6.0 NM 0.6 1.0 4.2 3.9 12.0
NUTRIEN LTD. DEC 2.3 5.1 19.0 8.2 8.2 21.9 1.0 2.1 7.9 1.9 1.9 7.3 2.0 4.2 NM 1.9 2.4 13.0
THE MOSAIC COMPANY DEC 7.7 NM 4.9 NM 4.2 11.2 3.4 NM 2.3 NM 1.8 5.8 7.0 NM 4.6 NM 3.1 9.9
THE SCOTTS MIRACLE-GRO COMPANY SEP 9.4 14.6 2.4 8.3 12.6 6.7 11.5 15.2 2.1 7.9 11.4 6.3 54.3 80.7 25.0 28.4 36.0 21.4
INDUSTRIAL GASES
AIR PRODUCTS AND CHEMICALS, INC. SEP 21.3 19.7 16.8 36.6 8.4 16.3 7.5 9.3 7.8 16.2 3.5 7.4 16.3 16.0 14.0 13.3 15.4 12.7
LINDE PLC DEC 9.2 8.1 29.5 11.0 14.2 14.4 2.8 2.6 4.7 6.1 7.8 8.4 5.2 4.2 13.5 21.8 29.7 28.7

Return on Revenues (%) Return on Assets (%) Return on Equity (%)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 7.4 5.8 72.1 8.7 10.3 6.6 4.8 4.2 35.5 5.1 6.0 6.1 10.8 6.0 5.0 7.7 8.8 16.0
ALBEMARLE CORPORATION DEC 12.0 14.9 20.6 1.8 24.0 11.8 3.6 5.4 9.1 0.7 7.9 3.5 10.4 15.4 19.5 2.6 13.0 13.4
ASHLAND GLOBAL HOLDINGS INC. SEP NM 20.3 4.4 0.0 NM 9.0 NM 7.0 1.4 0.0 NM 3.1 NM 0.7 0.6 NM NM NM
BALCHEM CORPORATION DEC 12.0 12.4 12.2 15.1 10.1 10.8 7.3 6.9 8.0 9.3 5.9 6.8 10.8 11.1 12.0 15.8 11.4 14.0
CELANESE CORPORATION DEC 35.1 13.5 16.9 13.7 16.7 5.4 18.2 9.0 13.0 8.8 10.8 3.5 59.0 27.5 36.5 27.3 31.0 9.7
DUPONT DE NEMOURS, INC. DEC NM 2.3 17.0 9.9 9.0 15.8 NM 0.7 2.0 0.6 5.4 11.3 NM NM 0.4 0.4 16.5 31.3
ECOLAB INC. DEC NM 12.4 11.7 10.9 9.3 7.4 NM 7.5 7.1 7.5 6.7 5.4 13.2 17.2 16.1 20.8 17.9 14.2
FERRO CORPORATION DEC 4.5 0.6 7.5 5.7 NM 6.0 2.2 0.3 4.3 3.4 NM 5.2 7.4 9.2 15.1 12.1 15.4 30.3
FUTUREFUEL CORP. DEC 22.8 43.0 18.3 8.5 22.3 15.5 10.6 15.0 11.3 5.5 10.6 9.5 11.1 20.6 14.4 6.9 15.5 12.3
GCP APPLIED TECHNOLOGIES INC. DEC 11.1 4.6 1.3 51.0 7.0 3.7 7.1 3.6 1.2 32.5 6.7 4.8 16.9 8.1 NM NM 17.1 0.1
GIVAUDAN SA DEC 11.8 11.3 12.0 14.3 13.8 14.2 7.0 6.8 7.1 9.9 9.9 9.9 20.7 19.0 18.2 21.1 19.2 18.3
H.B. FULLER COMPANY NOV 4.4 4.5 5.6 2.6 5.8 4.2 3.1 3.3 4.1 1.4 5.9 4.2 9.5 11.0 15.5 6.0 13.4 10.0
INGEVITY CORPORATION DEC 14.9 14.2 14.9 13.0 3.9 8.3 7.8 8.6 12.9 13.6 4.2 10.2 30.9 42.3 59.0 70.4 13.6 18.0
INNOSPEC INC. DEC 2.4 7.4 5.8 4.7 9.2 11.8 2.1 7.6 5.8 4.4 6.9 11.6 3.1 12.9 10.5 8.5 12.9 21.3
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 7.1 8.9 8.5 8.7 13.0 13.9 2.7 3.4 2.6 6.4 10.1 11.3 5.8 7.4 8.7 17.8 25.1 26.9
JOHNSON MATTHEY PLC MAR 1.3 1.7 3.8 2.9 3.2 3.1 2.6 3.5 6.9 5.9 8.3 8.2 7.4 9.4 16.6 13.0 19.0 17.9
KONINKLIJKE DSM N.V. DEC 6.2 9.5 11.6 20.5 7.8 1.1 3.5 5.6 7.9 13.8 4.8 0.7 6.0 8.8 14.5 26.9 11.1 3.1
KRATON CORPORATION DEC NM 2.8 3.3 5.0 6.2 NM NM 1.8 2.3 3.3 3.7 NM NM 7.3 10.0 16.0 23.7 NM
LIVENT CORPORATION DEC NM 12.9 28.6 11.9 17.8 0.0 NM 5.8 19.1 8.4 12.7 NA NM 9.7 28.9 11.9 0.0 0.0
MINERALS TECHNOLOGIES INC. DEC 7.0 7.4 9.3 11.6 8.1 6.0 3.5 4.3 5.5 6.6 4.7 3.6 7.9 9.7 13.0 17.2 13.9 12.2
NEWMARKET CORPORATION DEC 13.5 11.6 10.3 8.7 11.9 11.1 14.0 13.5 13.8 11.1 17.2 18.6 37.5 43.4 43.0 35.1 55.9 59.0
NOVOZYMES A/S DEC 20.2 21.9 22.4 21.5 21.6 20.2 13.8 15.4 16.4 17.0 16.3 15.9 24.9 27.5 28.4 27.1 26.1 24.7
AVIENT CORPORATION DEC 4.1 20.6 5.5 NM 5.6 4.9 2.7 18.0 5.9 NM 6.0 5.6 9.7 9.5 15.3 16.8 23.2 20.0
PPG INDUSTRIES, INC. DEC 7.7 8.2 8.7 10.8 6.1 9.9 5.4 7.0 8.4 9.6 5.5 8.2 19.1 25.0 25.8 26.3 11.3 25.8
QUAKER CHEMICAL CORPORATION DEC 2.8 2.8 6.9 2.5 8.2 6.9 1.4 1.1 8.4 2.8 8.9 7.5 3.1 3.8 14.1 5.4 15.9 14.1
RAYONIER ADVANCED MATERIALS INC. DEC 0.0 NM 6.6 34.6 8.4 5.9 0.0 NM 4.8 12.3 5.2 4.3 NM NM 14.2 71.4 75.3 NM
RPM INTERNATIONAL INC. MAY 0.0 5.5 4.8 6.3 3.7 7.4 NA 5.4 4.9 6.4 3.6 7.4 0.0 22.8 17.6 22.1 13.1 26.8
SENSIENT TECHNOLOGIES CORPORATION DEC 8.2 6.2 11.3 6.6 9.1 7.8 6.3 4.7 8.6 5.2 7.6 6.3 12.1 9.4 18.4 10.6 14.6 11.3
SIKA AG DEC 10.5 9.3 9.6 10.3 9.8 8.4 8.4 7.5 10.7 11.1 11.0 9.3 25.6 31.4 27.0 20.4 20.6 18.8
STEPAN COMPANY DEC 6.8 5.5 5.6 5.2 4.9 4.3 7.2 6.5 7.3 6.9 6.4 6.1 13.6 12.1 14.3 14.6 14.4 13.9
THE SHERWIN-WILLIAMS COMPANY DEC 11.1 8.6 6.3 11.5 9.6 9.3 10.0 7.5 5.8 8.7 16.8 18.2 52.5 39.2 30.1 64.0 82.5 113.1
UMICORE SA DEC 0.6 1.6 2.3 1.8 1.3 1.7 1.6 4.1 5.2 4.1 3.2 4.2 5.1 11.2 14.5 12.4 10.6 9.1


Current Ratio Debt/Capital Ratio (%) Debt as a % of Net Working Capital
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
COMMODITY CHEMICALS
ADVANSIX INC. DEC 1.2 1.0 1.1 1.3 1.0 1.2 38.2 42.6 32.2 39.8 55.2 0.0 591.8 NM 759.3 273.0 3,093.9 0.0
CABOT CORPORATION SEP 1.8 2.0 1.5 1.8 2.6 2.4 57.4 48.8 48.2 30.0 41.0 43.6 240.5 171.5 220.5 124.8 145.7 167.9
DOW INC. DEC 1.7 1.6 2.5 0.0 0.0 0.0 56.0 54.7 36.6 NA NA NA 205.4 265.9 80.8 NA NA NA
HAWKINS, INC. MAR 2.3 2.1 2.5 2.2 2.2 2.3 25.1 17.6 25.5 31.0 30.3 38.1 96.0 72.3 88.9 122.0 145.0 159.5
KOPPERS HOLDINGS INC. DEC 1.9 1.8 1.8 1.8 1.5 1.6 68.9 84.9 93.6 86.3 94.7 101.9 281.1 399.0 405.1 295.2 427.4 416.6
LG CHEM, LTD. DEC 1.3 1.3 1.7 1.7 1.7 1.8 34.4 31.4 23.5 14.1 15.5 17.0 254.0 259.8 102.6 55.3 60.5 60.1
LYONDELLBASELL INDUSTRIES N.V. DEC 2.1 1.8 1.9 2.5 2.1 2.3 68.1 60.2 49.4 49.0 61.5 56.2 263.4 277.2 185.2 123.7 176.1 147.1
OLIN CORPORATION DEC 1.4 1.6 1.5 1.8 1.7 1.7 72.6 58.0 52.5 56.9 61.0 60.1 740.0 527.9 532.0 488.1 571.2 462.3
PETRONAS CHEMICALS GROUP BERHAD DEC 5.1 4.9 3.2 3.2 4.7 4.1 6.2 5.8 6.9 0.0 0.1 0.1 15.4 14.9 17.9 0.0 0.3 0.3
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 1.1 1.4 1.8 1.8 1.7 1.1 15.6 5.2 1.6 2.1 2.2 10.3 220.3 22.7 4.4 6.8 9.2 495.6
TREDEGAR CORPORATION DEC 1.3 1.5 1.7 1.9 1.7 1.8 55.1 10.0 22.2 30.7 23.4 27.6 281.0 52.1 89.0 114.3 107.7 111.6
TRINSEO S.A. DEC 2.8 2.8 3.0 2.6 2.6 2.9 67.4 63.4 60.2 63.9 72.2 75.2 124.3 120.2 106.4 117.0 130.3 140.2
VALVOLINE INC. SEP 3.2 1.9 1.8 1.7 1.8 1.6 104.0 124.1 138.3 120.9 179.9 0.0 197.4 354.8 411.5 355.4 225.2 0.0
WESTLAKE CHEMICAL CORPORATION DEC 2.6 2.2 2.4 1.8 2.0 4.2 35.2 35.0 30.5 36.8 50.6 17.7 168.2 229.5 160.8 209.0 312.5 46.2
BASF SE DEC 1.8 1.9 1.9 2.1 1.7 1.7 34.1 27.7 34.9 31.3 30.5 30.5 126.2 110.7 90.3 97.3 130.4 126.8
EASTMAN CHEMICAL COMPANY DEC 1.7 1.9 1.8 1.6 1.6 1.4 47.0 49.7 52.3 53.8 57.8 62.2 357.3 377.4 407.4 538.4 589.3 803.8
HUNTSMAN CORPORATION DEC 1.8 1.9 1.8 1.8 2.0 2.0 29.4 44.3 45.7 40.1 73.8 74.0 96.2 126.9 168.8 83.2 232.0 241.3
LANXESS AKTIENGESELLSCHAFT DEC 2.2 2.4 2.6 1.6 3.3 1.6 42.1 50.3 49.1 39.1 41.8 34.0 97.5 124.6 112.3 146.1 71.8 110.9
SOLVAY SA DEC 1.6 1.5 1.7 1.5 1.3 1.5 28.4 23.8 22.8 24.3 28.9 36.6 169.4 138.2 117.7 162.7 252.9 244.4
THE CHEMOURS COMPANY DEC 1.8 1.8 1.9 2.1 1.4 1.6 82.9 87.6 79.5 82.6 97.1 96.8 330.6 330.7 249.8 221.9 451.3 468.9

AMERICAN VANGUARD CORPORATION DEC 1.9 2.4 2.1 2.0 2.3 2.6 22.9 30.2 22.7 20.2 12.7 20.3 67.0 75.3 58.7 60.2 31.5 48.9
CF INDUSTRIES HOLDINGS, INC. DEC 1.5 1.5 1.8 2.5 3.9 0.9 39.8 41.2 45.0 41.2 47.1 55.8 805.2 1,280.6 825.7 530.2 293.4 NM
CORTEVA, INC. DEC 1.7 1.6 1.7 0.0 0.0 0.0 4.2 0.5 9.4 NA NA NA 17.7 2.1 78.5 NA NA NA
FMC CORPORATION DEC 1.5 1.5 1.3 1.7 2.0 2.0 53.7 56.8 43.1 54.1 49.9 54.4 205.2 235.1 222.5 213.7 134.0 141.4
K+S AKTIENGESELLSCHAFT DEC 1.4 1.5 1.6 1.4 1.6 2.0 51.4 44.9 42.4 37.1 32.7 26.1 186.0 437.2 404.9 452.7 319.7 155.5
NUTRIEN LTD. DEC 1.4 1.2 1.4 2.1 0.8 0.9 31.5 30.3 25.6 37.0 34.4 35.0 341.3 620.4 246.7 258.0 NM NM
THE MOSAIC COMPANY DEC 1.1 1.4 1.7 2.3 2.1 2.0 27.9 31.4 28.4 32.1 28.2 28.5 1,008.6 378.5 239.6 176.3 239.1 181.0
THE SCOTTS MIRACLE-GRO COMPANY SEP 1.3 1.7 1.4 1.6 1.5 1.8 68.0 71.0 87.4 69.7 66.3 69.3 546.2 375.6 717.7 396.9 359.9 230.1
INDUSTRIAL GASES
AIR PRODUCTS AND CHEMICALS, INC. SEP 3.6 2.5 2.2 2.4 1.3 0.8 37.4 22.4 23.5 26.2 43.6 48.0 118.5 117.1 124.2 105.3 469.8 NM
LINDE PLC DEC 0.8 0.9 1.3 1.0 1.2 1.4 25.0 19.8 19.8 56.1 65.1 66.5 NM NM 317.2 NM 2,326.1 1,258.5

Current Ratio Debt/Capital Ratio (%) Debt as a % of Net Working Capital
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 1.6 1.6 3.2 1.4 1.4 1.2 30.2 22.2 13.4 28.4 27.3 23.9 129.9 106.5 23.3 89.4 159.7 200.7
ALBEMARLE CORPORATION DEC 1.2 1.6 1.7 2.1 2.9 1.1 37.8 40.7 27.0 27.0 35.0 48.0 670.2 343.6 170.9 110.9 97.9 1,466.1
ASHLAND GLOBAL HOLDINGS INC. SEP 1.9 1.9 1.6 2.0 2.3 2.1 40.2 32.9 44.5 47.1 45.4 57.5 252.5 246.6 397.6 301.5 151.2 222.5
BALCHEM CORPORATION DEC 2.8 2.8 2.8 1.8 1.9 2.4 16.9 25.2 18.4 23.0 32.0 36.0 97.7 153.9 108.1 202.3 280.8 222.7
CELANESE CORPORATION DEC 1.9 1.6 1.6 1.8 2.3 1.8 45.0 60.8 48.9 54.1 50.4 55.2 175.1 373.2 278.4 290.2 213.7 236.5
DUPONT DE NEMOURS, INC. DEC 2.3 1.2 1.7 1.9 1.9 2.2 35.8 28.0 11.6 24.1 43.5 39.3 352.9 934.3 23.6 133.5 187.5 130.0
ECOLAB INC. DEC 1.7 1.3 1.3 1.3 1.4 0.9 51.9 41.2 46.3 47.0 47.1 43.6 305.6 505.1 669.0 605.2 490.1 NM
FERRO CORPORATION DEC 2.4 2.3 2.3 2.3 2.4 2.5 64.6 68.6 67.7 68.6 70.0 59.3 142.3 161.1 162.3 157.9 169.2 139.9
FUTUREFUEL CORP. DEC 10.4 5.8 9.2 8.8 2.8 7.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GCP APPLIED TECHNOLOGIES INC. DEC 3.5 3.1 2.5 2.3 1.8 1.5 34.6 39.0 41.7 51.4 121.6 0.0 61.0 79.2 84.9 82.5 323.2 0.0
GIVAUDAN SA DEC 1.8 1.8 2.3 1.9 2.4 2.2 52.5 48.2 46.7 27.0 27.7 21.8 258.0 240.7 184.6 98.3 90.9 75.1
H.B. FULLER COMPANY NOV 1.9 1.9 2.0 2.3 2.1 2.3 57.0 61.5 65.4 70.4 40.8 45.3 369.1 393.3 396.5 372.4 148.6 155.1
INGEVITY CORPORATION DEC 2.8 2.1 2.3 2.4 2.2 3.0 64.8 68.5 66.1 56.7 74.9 1.8 291.8 465.2 276.2 168.9 253.5 4.8
INNOSPEC INC. DEC 2.2 2.1 2.2 2.1 2.4 2.2 0.0 6.0 18.4 20.3 28.3 17.9 0.0 17.9 50.7 67.5 100.2 52.1
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 1.6 1.9 2.6 2.5 1.8 2.0 37.1 38.7 42.4 49.1 39.5 37.0 326.9 287.5 248.4 144.7 150.1 131.4
JOHNSON MATTHEY PLC MAR 1.4 1.3 1.6 1.7 1.9 1.7 32.7 26.8 30.7 30.7 32.3 32.1 100.9 97.1 85.8 91.3 96.7 107.7
KONINKLIJKE DSM N.V. DEC 2.4 2.4 2.5 2.4 1.6 1.6 31.2 23.9 23.1 27.4 30.7 35.7 106.5 78.9 62.3 82.2 142.2 194.9
KRATON CORPORATION DEC 1.5 1.8 2.2 2.1 2.2 2.9 57.1 62.4 66.5 70.2 77.6 51.4 405.4 462.4 356.8 414.9 414.5 131.2
LIVENT CORPORATION DEC 3.0 2.2 2.5 2.4 3.2 0.0 29.5 22.1 6.5 0.0 0.0 NA 141.3 103.4 18.6 0.0 0.0 NA
MINERALS TECHNOLOGIES INC. DEC 3.5 2.3 2.3 2.7 2.5 2.5 38.6 41.0 44.2 43.2 51.2 57.5 127.5 177.7 204.9 178.2 236.2 260.2
NEWMARKET CORPORATION DEC 2.9 2.8 3.0 2.6 2.8 2.9 44.1 48.5 61.0 49.8 51.0 56.8 102.3 112.7 141.3 115.5 92.7 101.1
NOVOZYMES A/S DEC 1.7 1.5 1.2 1.3 1.8 1.9 22.4 19.1 11.4 10.4 12.7 9.4 118.0 116.9 112.1 83.6 60.5 42.2
AVIENT CORPORATION DEC 2.0 2.2 1.8 1.9 1.9 1.9 52.1 53.6 71.2 67.7 63.1 61.5 232.3 150.0 303.2 253.8 281.9 243.8
PPG INDUSTRIES, INC. DEC 1.4 1.4 1.4 1.7 1.5 1.4 50.7 45.7 48.0 42.2 44.7 44.6 282.9 253.0 274.6 160.4 167.4 200.9
QUAKER CHEMICAL CORPORATION DEC 2.1 2.0 2.8 2.6 3.0 2.9 39.2 41.5 7.6 13.0 13.7 17.6 208.3 248.0 13.5 24.2 26.4 34.9
RAYONIER ADVANCED MATERIALS INC. DEC 2.2 2.0 1.9 2.1 4.1 2.5 60.5 60.8 62.3 64.0 78.5 102.1 312.6 368.4 338.5 363.5 197.1 433.0
RPM INTERNATIONAL INC. MAY 0.0 2.2 1.6 2.5 1.9 2.1 NA 66.1 58.4 57.1 56.1 54.3 NA 185.2 201.6 148.4 158.0 144.3
SENSIENT TECHNOLOGIES CORPORATION DEC 3.4 3.9 3.8 3.4 3.4 3.4 35.7 41.8 45.8 42.9 42.5 43.5 98.6 105.5 116.7 120.7 119.9 122.9
SIKA AG DEC 2.0 1.9 2.3 2.3 3.0 2.4 52.3 54.7 62.5 14.0 19.2 21.5 199.3 230.7 157.9 32.0 36.2 43.2
STEPAN COMPANY DEC 2.2 2.4 2.5 2.5 2.3 2.5 14.0 18.2 22.8 26.6 31.2 35.9 32.9 41.4 48.3 57.3 74.4 83.1
THE SHERWIN-WILLIAMS COMPANY DEC 1.0 1.0 1.0 1.1 1.3 1.2 69.6 67.8 72.6 77.7 40.5 70.1 NM 7,518.6 19,308.8 2,505.8 156.9 377.8
UMICORE SA DEC 1.6 1.6 1.7 1.5 1.3 1.4 55.0 44.2 34.0 38.6 22.7 22.1 112.6 108.3 71.7 91.0 69.5 62.0


Price/Earnings Ratio (High-Low) Dividend Payout Ratio (%) Dividend Yield (High-Low, %)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
COMMODITY CHEMICALS
ADVANSIX INC. DEC 13 - 5 23 - 13 20 - 10 10 - 4 21 - 13 NA - NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
CABOT CORPORATION SEP NM - NM 24 - 14 NM - NM 15 - 12 22 - 13 NM - NM NM 51.0 NM 31.0 44.2 NM 4.0 - 2.2 6.6 - 2.8 3.7 - 2.0 2.4 - 1.8 2.5 - 2.0 2.8 - 1.8
DOW INC. DEC 35 - 13 NM - NM NA - NA NA - NA 169.1 NM 80.0 695.7 0.0 0.0 5.4 - 3.9 12.7 - 4.9 6.9 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
HAWKINS, INC. MAR 17 - 10 19 - 14 NM - NM 26 - 16 25 - 18 24 - 18 24.5 34.6 49.0 NM 38.5 45.5 3.3 - 1.5 2.7 - 2.0 2.8 - 2.1 2.7 - 1.6 2.5 - 1.5 2.6 - 1.8
KOPPERS HOLDINGS INC. DEC 7 - 1 14 - 5 45 - 14 37 - 24 30 - 10 NM - NM 0.0 0.0 0.0 0.0 0.0 NM 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
LG CHEM, LTD. DEC 127 - 34 96 - 71 23 - 16 17 - 10 20 - 13 22 - 10 30.0 146.8 31.2 18.9 27.0 26.8 1.3 - 0.2 2.0 - 0.2 2.1 - 1.5 2.0 - 1.1 2.0 - 1.2 2.1 - 1.2
LYONDELLBASELL INDUSTRIES N.V. DEC 22 - 8 10 - 7 10 - 7 9 - 6 10 - 8 11 - 8 98.9 43.1 33.1 29.0 36.4 31.5 4.9 - 3.6 12.0 - 4.4 6.1 - 4.2 4.6 - 3.0 4.6 - 3.4 4.8 - 3.2
OLIN CORPORATION DEC NM - NM NM - NM 20 - 9 11 - 8 NM - NM NM - NM NM NM 40.7 24.2 NM NM 3.7 - 1.6 8.6 - 3.4 5.2 - 2.9 4.1 - 2.1 3.2 - 2.2 6.3 - 3.0
PETRONAS CHEMICALS GROUP BERHAD DEC 39 - 20 27 - 19 16 - 13 15 - 13 21 - 17 21 - 14 59.0 82.5 48.5 46.0 46.4 46.0 1.6 - 1.3 5.2 - 1.4 4.7 - 3.1 3.8 - 2.9 3.4 - 2.3 3.3 - 2.1
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 42 - 23 20 - 10 12 - 7 9 - 7 8 - 5 18 - 7 217.3 125.1 62.7 44.2 18.7 6.5 9.0 - 5.8 16.5 - 6.2 13.4 - 8.5 ## - 5.3 6.9 - 2.2 3.5 - 0.0
TREDEGAR CORPORATION DEC NM - NM 16 - 11 35 - 20 22 - 13 34 - 16 NM - NM NM 31.8 58.7 38.0 59.1 NM 3.8 - 2.1 4.2 - 2.1 3.0 - 2.1 2.8 - 1.7 3.0 - 1.7 3.8 - 1.9
TRINSEO S.A. DEC 247 - 71 23 - 12 12 - 6 10 - 8 9 - 3 12 - 5 782.3 71.4 22.6 17.7 8.6 0.0 4.1 - 0.4 10.9 - 3.9 5.8 - 3.1 3.6 - 1.7 2.5 - 1.7 3.0 - 2.0
VALVOLINE INC. SEP 14 - 5 21 - 16 30 - 24 17 - 13 15 - 14 NA - NA 26.5 38.5 34.9 13.2 0.0 0.0 2.4 - 1.5 4.9 - 1.8 2.5 - 1.3 1.5 - 0.8 1.0 - 0.8 0.0 - 0.0
WESTLAKE CHEMICAL CORPORATION DEC 33 - 12 25 - 17 16 - 8 11 - 6 19 - 13 16 - 10 41.5 31.4 12.0 7.9 24.3 14.2 1.4 - 1.0 3.5 - 1.4 1.9 - 1.2 1.5 - 0.7 1.4 - 0.9 1.8 - 1.2
BASF SE DEC NM - NM 8 - 6 19 - 11 15 - 12 20 - 13 22 - 15 NM 34.9 60.5 45.3 65.7 64.5 5.4 - 4.5 8.5 - 4.6 5.7 - 4.3 4.8 - 3.1 3.8 - 3.1 4.9 - 3.6
EASTMAN CHEMICAL COMPANY DEC 30 - 11 15 - 11 14 - 9 10 - 8 13 - 10 15 - 11 74.9 45.2 29.4 21.4 31.9 28.1 2.8 - 2.1 6.9 - 2.6 4.0 - 2.8 3.0 - 2.0 2.6 - 2.2 3.1 - 2.2
HUNTSMAN CORPORATION DEC 6 - 3 10 - 7 25 - 13 13 - 7 15 - 6 64 - 24 13.9 26.7 46.3 18.9 36.8 130.1 3.0 - 2.2 5.1 - 2.5 3.7 - 2.6 3.3 - 1.4 2.6 - 1.5 6.3 - 2.6
LANXESS AKTIENGESELLSCHAFT DEC 6 - 3 28 - 17 16 - 8 74 - 64 30 - 16 31 - 19 9.3 38.5 17.2 73.6 28.6 27.9 1.8 - 1.4 3.3 - 1.5 2.0 - 1.4 1.7 - 0.9 1.2 - 0.9 1.6 - 1.0
SOLVAY SA DEC NM - NM 97 - 74 14 - 10 13 - 10 19 - 12 29 - 18 NM 458.5 59.5 47.8 75.7 93.6 4.0 - 3.3 6.6 - 3.6 4.5 - 3.4 3.9 - 2.9 3.1 - 2.6 4.7 - 3.1
THE CHEMOURS COMPANY DEC 21 - 5 NM - NM 10 - 5 14 - 5 700 - 81 NM - NM 74.9 NM 14.9 2.9 314.3 NM 4.2 - 2.6 13.8 - 3.9 8.4 - 2.5 3.5 - 0.2 0.6 - 0.2 3.8 - 0.5

AMERICAN VANGUARD CORPORATION DEC 38 - 22 42 - 27 29 - 17 34 - 22 44 - 23 69 - 43 7.7 17.1 9.1 7.9 4.5 17.3 0.5 - 0.0 0.7 - 0.0 0.6 - 0.4 0.5 - 0.3 0.4 - 0.2 0.3 - 0.0
CF INDUSTRIES HOLDINGS, INC. DEC 32 - 14 24 - 17 45 - 29 28 - 17 NM - NM 23 - 13 81.4 53.8 96.6 78.2 NM 40.3 3.3 - 2.2 5.7 - 2.5 3.1 - 2.3 3.3 - 2.1 4.7 - 3.1 5.6 - 2.6
CORTEVA, INC. DEC 44 - 23 NM - NM NA - NA NA - NA NA - NA 57.0 NM 0.0 33.9 0.0 0.0 1.4 - 1.0 2.5 - 1.3 2.1 - 1.6 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
FMC CORPORATION DEC 29 - 14 28 - 19 26 - 19 24 - 14 38 - 22 18 - 9 41.4 44.1 17.8 16.6 42.4 17.7 1.9 - 1.5 2.9 - 1.5 2.3 - 1.6 0.9 - 0.7 1.2 - 0.7 2.0 - 1.2
K+S AKTIENGESELLSCHAFT DEC NM - NM 40 - 22 117 - 68 26 - 20 26 - 18 15 - 9 NM 53.9 159.1 31.1 126.4 34.8 0.5 - 0.0 4.8 - 0.5 2.4 - 1.4 2.3 - 1.3 5.8 - 1.2 7.2 - 3.5
NUTRIEN LTD. DEC 80 - 45 43 - 36 13 - 10 NA - NA NA - NA NA - NA 224.4 103.0 26.6 100.9 250.5 94.8 3.9 - 2.8 7.2 - 3.6 3.9 - 3.1 3.6 - 0.0 0.0 - 0.0 0.0 - 0.0
THE MOSAIC COMPANY DEC 13 - 4 NM - NM 30 - 19 NM - NM 37 - 26 19 - 10 11.4 NM 8.2 NM 129.3 38.5 1.0 - 0.6 2.9 - 0.9 1.1 - 0.3 0.4 - 0.3 4.8 - 0.4 5.0 - 3.4
THE SCOTTS MIRACLE-GRO COMPANY SEP 25 - 11 14 - 7 97 - 65 26 - 22 16 - 11 26 - 21 32.1 27.0 188.4 55.1 37.0 69.6 1.6 - 1.0 3.0 - 1.3 3.7 - 2.0 3.0 - 1.9 2.5 - 2.1 3.2 - 2.4
INDUSTRIAL GASES
AIR PRODUCTS AND CHEMICALS, INC. SEP 36 - 21 29 - 19 25 - 22 11 - 10 54 - 40 27 - 20 58.5 56.5 59.9 26.3 114.3 53.0 2.4 - 1.7 3.0 - 1.8 3.0 - 2.0 2.9 - 2.2 2.8 - 2.2 2.8 - 2.2
LINDE PLC DEC 55 - 32 50 - 36 13 - 11 36 - 27 24 - 18 25 - 18 81.1 82.8 26.6 72.3 57.1 52.9 1.7 - 1.4 2.6 - 1.5 2.2 - 1.7 2.3 - 0.0 2.7 - 2.0 3.1 - 2.4

Price/Earnings Ratio (High-Low) Dividend Payout Ratio (%) Dividend Yield (High-Low, %)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 28 - 15 36 - 29 3 - 3 25 - 18 17 - 13 19 - 14 58.1 82.7 9.5 22.1 34.6 28.7 2.3 - 1.8 3.9 - 2.1 3.8 - 2.6 3.5 - 2.0 2.7 - 2.0 2.9 - 2.2
ALBEMARLE CORPORATION DEC 42 - 14 18 - 12 21 - 11 292 - ### 16 - 8 21 - 14 43.1 28.5 20.8 256.3 21.0 35.6 1.2 - 0.8 3.0 - 1.1 2.5 - 1.4 1.5 - 0.9 1.4 - 0.9 2.4 - 1.4
ASHLAND GLOBAL HOLDINGS INC. SEP NM - NM 10 - 8 48 - 36 ### - ### NM - NM 29 - 21 NM 12.7 52.6 #### NM 31.7 1.6 - 1.2 2.8 - 1.4 1.6 - 1.2 1.5 - 1.2 2.5 - 1.2 1.7 - 1.3
BALCHEM CORPORATION DEC 43 - 31 42 - 31 48 - 29 32 - 26 49 - 30 36 - 27 19.7 19.0 17.1 13.4 19.2 15.5 0.5 - 0.4 0.6 - 0.5 0.6 - 0.4 0.6 - 0.4 0.5 - 0.4 0.6 - 0.4
CELANESE CORPORATION DEC 8 - 4 19 - 13 13 - 9 18 - 13 13 - 9 37 - 27 14.8 35.2 23.2 28.6 22.3 57.2 2.2 - 1.6 4.2 - 1.8 2.6 - 1.9 2.3 - 1.6 2.2 - 1.6 2.4 - 1.7
DUPONT DE NEMOURS, INC. DEC NM - NM 267 - 93 46 - 30 101 - 79 17 - 12 9 -6 NM 323.5 90.8 292.8 57.0 29.3 1.9 - 1.4 4.2 - 1.8 4.2 - 1.5 2.9 - 0.0 3.3 - 0.0 4.5 - 3.2
ECOLAB INC. DEC NM - NM 39 - 26 32 - 26 26 - 23 30 - 24 36 - 29 NM 35.5 34.6 29.8 34.8 40.0 0.9 - 0.8 1.5 - 0.8 1.3 - 0.9 1.3 - 1.0 1.3 - 1.1 1.4 - 1.1
FERRO CORPORATION DEC 29 - 15 285 - 134 26 - 16 37 - 20 NM - NM 23 - 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
FUTUREFUEL CORP. DEC 13 - 8 10 - 5 15 - 9 30 - 24 13 - 8 15 - 9 22.5 11.9 19.7 44.7 18.6 22.6 31.0 - 1.9 2.7 - 1.7 2.3 - 1.3 2.1 - 1.3 1.9 - 1.5 2.4 - 1.6
GCP APPLIED TECHNOLOGIES INC. DEC 20 - 11 48 - 26 166 - 110 4 - 3 29 - 15 NA - NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
GIVAUDAN SA DEC 51 - 33 40 - 29 34 - 29 29 - 22 30 - 25 28 - 23 76.9 78.6 80.5 71.5 76.9 73.8 1.8 - 1.5 2.3 - 1.5 2.6 - 2.0 2.8 - 2.3 3.3 - 2.4 3.1 - 2.6
H.B. FULLER COMPANY NOV 23 - 11 20 - 15 17 - 12 50 - 39 20 - 13 27 - 19 27.0 24.7 18.2 49.8 22.6 29.6 1.4 - 1.0 2.5 - 1.2 1.6 - 1.2 1.5 - 1.0 1.3 - 1.0 1.6 - 1.1
INGEVITY CORPORATION DEC 20 - 6 27 - 17 26 - 17 27 - 17 66 - 30 NA - NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
INNOSPEC INC. DEC 92 - 53 23 - 13 24 - 17 29 - 21 21 - 13 12 - 8 89.2 22.3 25.5 30.1 19.6 12.5 1.3 - 1.0 1.7 - 1.0 1.6 - 1.0 1.4 - 1.0 1.4 - 0.9 1.5 - 1.0
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 44 - 29 38 - 26 41 - 32 42 - 31 28 - 20 24 - 19 88.8 68.8 68.3 69.7 45.7 37.9 2.9 - 2.1 3.2 - 2.1 2.8 - 1.9 2.3 - 1.8 2.2 - 1.8 2.2 - 1.7
JOHNSON MATTHEY PLC MAR 26 - 13 18 - 12 23 - 18 18 - 13 23 - 13 17 - 13 48.3 65.5 37.8 49.0 36.0 42.1 5.1 - 1.7 3.4 - 2.3 3.1 - 2.0 2.8 - 2.1 2.9 - 2.1 3.2 - 1.8
KONINKLIJKE DSM N.V. DEC 51 - 30 28 - 16 15 - 11 8 - 6 18 - 12 123 - 89 57.1 38.4 20.9 11.3 30.6 197.7 1.8 - 1.5 2.6 - 1.6 2.7 - 1.8 2.5 - 2.0 3.0 - 2.2 4.0 - 2.6
KRATON CORPORATION DEC NM - NM 23 - 13 25 - 9 16 - 8 11 - 4 NM - NM 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
LIVENT CORPORATION DEC NM - NM 42 - 16 19 - 12 NA - NA NA - NA 0.0 0.0 288.9 0.0 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
MINERALS TECHNOLOGIES INC. DEC 20 - 9 17 - 12 16 - 10 15 - 11 22 - 10 24 - 15 6.0 5.3 4.2 3.6 5.2 6.5 0.3 - 0.2 0.7 - 0.3 0.4 - 0.3 0.4 - 0.3 0.3 - 0.2 0.5 - 0.2
NEWMARKET CORPORATION DEC 20 - 13 22 - 17 21 - 18 30 - 24 22 - 16 25 - 18 30.8 32.1 34.3 43.5 31.1 29.7 2.5 - 1.8 2.3 - 1.6 1.8 - 1.5 1.9 - 1.6 1.8 - 1.4 2.0 - 1.4
NOVOZYMES A/S DEC 41 - 27 30 - 24 32 - 26 34 - 23 33 - 22 39 - 27 52.5 45.6 40.8 38.2 34.8 32.8 1.6 - 1.1 1.9 - 1.3 1.9 - 1.4 1.5 - 1.1 1.6 - 1.1 1.5 - 0.9
AVIENT CORPORATION DEC 28 - 7 5 - 3 23 - 13 NM - NM 19 - 12 25 - 18 54.2 10.2 35.1 NM 24.3 24.7 2.3 - 1.6 8.0 - 2.2 3.1 - 2.2 2.5 - 1.5 1.7 - 1.3 2.0 - 1.3
PPG INDUSTRIES, INC. DEC 33 - 16 25 - 19 22 - 17 19 - 15 35 - 27 23 - 16 46.8 37.7 33.8 27.2 47.4 27.2 1.6 - 1.2 2.8 - 1.4 2.0 - 1.6 2.0 - 1.5 1.8 - 1.4 1.8 - 1.2
QUAKER CHEMICAL CORPORATION DEC 116 - 50 107 - 69 47 - 32 108 - 82 29 - 15 24 - 20 69.5 69.0 32.5 91.8 28.7 32.3 0.7 - 0.5 1.4 - 0.6 1.1 - 0.7 1.0 - 0.7 1.1 - 0.9 1.8 - 1.1
RAYONIER ADVANCED MATERIALS INC. DEC 946 - 111 NM - NM 10 - 4 3 - 2 10 - 4 18 - 5 0.0 NM 22.5 8.2 21.1 21.4 0.0 - 0.0 0.0 - 0.0 11.1 - 0.0 2.3 - 1.3 2.3 - 1.5 4.7 - 1.8
RPM INTERNATIONAL INC. MAY 33 - 20 34 - 24 22 - 18 41 - 34 19 - 14 29 - 22 0.0 60.8 68.1 49.6 86.2 40.7 2.2 - 1.6 3.1 - 1.9 2.7 - 1.9 2.7 - 2.1 2.6 - 2.0 2.9 - 2.0
SENSIENT TECHNOLOGIES CORPORATION DEC 29 - 15 39 - 28 21 - 14 41 - 35 29 - 19 30 - 25 60.3 75.8 36.5 60.3 39.3 45.1 2.2 - 1.7 4.0 - 2.1 2.7 - 1.9 2.3 - 1.7 1.8 - 1.4 2.0 - 1.4
SIKA AG DEC 42 - 23 35 - 23 31 - 24 NA - NA NA - NA NA - NA 39.5 38.6 41.3 37.9 35.2 39.7 1.0 - 0.8 1.7 - 0.9 1.5 - 1.2 1.6 - 1.3 0.0 - 0.0 0.0 - 0.0
STEPAN COMPANY DEC 23 - 13 22 - 16 19 - 14 21 - 16 23 - 11 17 - 11 20.0 22.4 18.8 18.8 20.1 21.5 1.1 - 0.9 1.5 - 0.9 1.4 - 1.0 1.3 - 1.0 1.2 - 0.9 1.8 - 1.0
THE SHERWIN-WILLIAMS COMPANY DEC 33 - 18 35 - 23 40 - 31 22 - 14 25 - 19 26 - 19 24.0 27.3 29.1 18.5 27.6 23.7 0.8 - 0.7 1.4 - 0.7 1.1 - 0.8 0.9 - 0.7 1.3 - 0.9 1.4 - 1.0
UMICORE SA DEC 88 - 55 37 - 21 40 - 26 41 - 25 49 - 27 29 - 20 46.1 64.8 55.3 71.1 105.8 64.2 2.4 - 1.0 2.6 - 0.0 3.0 - 1.7 2.0 - 1.3 2.7 - 1.7 4.2 - 2.2


Earnings per Share ($) Tangible Book Value per Share ($) Share Price (High-Low, $)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
COMMODITY CHEMICALS
ADVANSIX INC. DEC 1.6 1.4 2.1 4.7 1.1 2.1 15.3 13.8 13.8 11.9 6.6 15.2 21.3 - 8.1 34.9 - 19.0 44.4 - 22.6 46.5 - 20.9 23.4 - 12.0 0.0 - 0.0
CABOT CORPORATION SEP -4.2 2.6 -1.9 3.9 2.3 -5.3 8.0 14.2 16.0 19.6 15.8 14.8 48.2 - 20.0 50.6 - 37.1 68.6 - 39.6 64.7 - 50.2 54.2 - 36.1 48.0 - 30.7
DOW INC. DEC 1.6 -1.8 6.2 0.6 0.0 0.0 0.2 1.3 24.6 0.0 0.0 0.0 58.2 - 22.0 60.5 - 40.4 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
HAWKINS, INC. # MAR 1.9 1.3 1.1 -0.4 1.1 0.9 5.6 5.4 4.4 3.4 2.1 1.0 29.9 - 13.4 24.0 - 16.4 22.0 - 15.3 27.4 - 17.1 27.3 - 15.3 22.0 - 17.0
KOPPERS HOLDINGS INC. DEC 5.7 3.2 1.1 1.3 1.4 -3.5 -5.0 -15.2 -20.8 -10.5 -14.4 -17.6 38.9 - 8.3 44.8 - 16.5 51.3 - 15.0 51.8 - 33.9 42.7 - 13.6 27.4 - 15.8
LG CHEM, LTD. DEC 6.1 3.4 17.1 23.8 14.5 13.3 186.8 168.0 179.4 177.6 149.2 145.0 793.0 - 211.3 346.5 - 248.2 402.0 - 271.3 398.8 - 231.7 286.2 - 179.0 291.9 - 138.5
LYONDELLBASELL INDUSTRIES N.V. DEC 4.2 9.6 12.0 12.2 9.1 9.6 15.8 15.8 19.9 19.8 12.3 12.2 95.5 - 33.7 98.9 - 68.6 122.0 - 77.5 111.6 - 78.0 93.8 - 69.1 107.3 - 71.7
OLIN CORPORATION DEC -6.1 -0.1 2.0 3.3 0.0 0.0 -9.4 -8.0 -5.4 -6.5 -6.3 -5.1 26.4 - 8.8 27.3 - 15.4 38.8 - 17.9 37.5 - 25.4 26.9 - 12.3 34.3 - 15.7
PETRONAS CHEMICALS GROUP BERHAD DEC 0.1 0.1 0.1 0.1 0.1 0.1 0.9 0.9 0.9 0.9 0.8 0.7 2.0 - 1.0 2.3 - 1.6 2.5 - 1.8 1.9 - 1.7 1.7 - 1.3 1.7 - 1.1
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED DEC 0.1 0.2 0.5 0.6 0.6 0.3 2.7 2.7 2.8 2.6 2.3 1.8 2.5 - 1.3 4.2 - 2.1 5.8 - 3.3 5.1 - 3.9 4.4 - 2.8 5.4 - 2.2
TREDEGAR CORPORATION DEC -2.3 1.5 0.8 1.2 0.7 -1.0 0.7 8.2 7.2 5.3 4.9 3.7 23.7 - 11.3 23.5 - 14.9 26.5 - 14.9 25.2 - 14.7 25.6 - 11.4 24.1 - 12.4
TRINSEO S.A. DEC 0.2 2.3 6.7 7.3 6.7 2.7 8.7 10.5 12.2 9.1 5.2 4.1 52.7 - 14.2 52.3 - 27.4 85.4 - 42.1 75.2 - 57.7 62.3 - 21.9 33.7 - 14.1
VALVOLINE INC. SEP 1.7 1.1 0.8 1.5 1.6 1.2 -3.3 -4.1 -4.3 -2.2 -2.9 2.2 23.8 - 9.1 23.9 - 16.9 25.6 - 17.5 25.3 - 21.0 24.5 - 18.3 0.0 - 0.0
WESTLAKE CHEMICAL CORPORATION DEC 2.6 3.3 7.6 10.0 3.1 4.9 34.0 31.7 30.6 23.8 13.9 23.4 84.9 - 29.0 81.0 - 55.8 124.3 - 59.8 107.5 - 56.4 61.5 - 39.5 79.3 - 49.3
BASF SE DEC -1.4 10.3 5.9 7.9 4.7 4.7 27.4 33.0 23.1 26.5 19.1 21.7 83.8 - 45.7 83.7 - 62.4 113.1 - 65.7 117.6 - 94.8 93.2 - 59.1 105.6 - 68.4
EASTMAN CHEMICAL COMPANY DEC 3.5 5.5 7.6 9.5 5.8 5.7 -1.7 -3.6 -6.1 -10.5 -16.4 -21.8 104.8 - 34.4 86.2 - 61.2 112.5 - 67.4 95.0 - 74.8 78.8 - 56.0 83.9 - 62.8
HUNTSMAN CORPORATION DEC 4.7 2.4 1.4 2.6 1.4 0.4 11.5 9.9 8.7 10.1 4.8 5.2 26.6 - 12.2 25.7 - 17.3 36.1 - 17.6 33.8 - 18.9 20.5 - 7.5 24.6 - 9.3
LANXESS AKTIENGESELLSCHAFT DEC 12.5 2.6 5.4 1.1 2.2 2.0 21.0 12.8 13.6 7.2 24.2 24.3 79.3 - 31.4 72.5 - 44.3 85.6 - 45.4 84.9 - 71.9 67.1 - 34.7 61.4 - 36.4
SOLVAY SA DEC -11.4 1.3 9.7 12.3 6.3 5.2 24.7 29.3 30.4 21.7 6.5 -1.5 128.7 - 64.6 125.1 - 92.3 138.1 - 97.8 158.5 - 127.6 118.5 - 74.4 153.2 - 95.6
THE CHEMOURS COMPANY DEC 1.3 -0.3 5.5 3.9 0.0 -0.5 3.9 3.1 4.9 3.8 -0.4 -0.3 27.9 - 7.0 41.6 - 11.7 54.6 - 25.2 58.1 - 20.8 27.3 - 3.1 21.8 - 4.6

AMERICAN VANGUARD CORPORATION DEC 0.5 0.5 0.8 0.7 0.4 0.2 3.6 3.3 3.9 3.4 5.5 4.8 19.6 - 11.4 21.2 - 12.7 24.0 - 14.0 24.0 - 14.7 20.0 - 9.6 16.1 - 9.7
CF INDUSTRIES HOLDINGS, INC. DEC 1.5 2.2 1.2 1.5 -1.2 3.0 2.1 2.0 2.2 4.6 3.8 6.4 48.2 - 19.7 55.2 - 38.9 56.5 - 35.7 43.4 - 25.0 41.0 - 20.8 70.3 - 39.6
CORTEVA, INC. DEC 0.9 -1.3 -6.8 3.5 0.7 0.0 5.1 3.5 69.9 0.0 0.0 0.0 40.2 - 20.4 32.8 - 24.1 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
FMC CORPORATION DEC 4.2 3.6 3.7 4.0 1.6 3.7 -10.0 -13.0 -8.4 -8.8 5.3 1.6 122.3 - 56.8 102.0 - 70.6 98.7 - 69.4 96.0 - 56.4 60.0 - 32.2 64.7 - 32.6
K+S AKTIENGESELLSCHAFT DEC -11.0 0.5 0.3 1.2 1.0 2.8 13.7 20.5 18.9 20.1 19.1 18.3 14.0 - 5.5 20.9 - 10.9 29.6 - 16.7 30.0 - 22.7 24.6 - 16.7 43.8 - 24.0
NUTRIEN LTD. DEC 0.8 1.7 5.7 0.4 0.4 1.5 13.7 14.8 17.7 9.7 9.5 9.8 51.0 - 27.3 56.8 - 46.7 55.8 - 40.5 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
THE MOSAIC COMPANY DEC 1.8 -2.8 1.2 -0.3 0.8 2.8 22.2 21.2 22.5 22.6 22.7 22.5 23.7 - 6.5 33.9 - 17.4 37.4 - 22.9 34.4 - 19.2 31.5 - 22.0 53.8 - 27.0
THE SCOTTS MIRACLE-GRO COMPANY SEP 6.8 8.2 1.1 3.6 5.1 2.6 -9.4 -9.5 -18.9 -9.3 -5.7 -5.2 202.6 - 76.5 114.6 - 59.5 110.1 - 58.0 108.0 - 81.5 98.8 - 62.2 72.3 - 58.1
INDUSTRIAL GASES
AIR PRODUCTS AND CHEMICALS, INC. SEP 8.5 7.9 6.8 13.6 2.9 5.9 48.7 44.6 43.9 41.2 26.9 26.0 327.9 - 167.4 241.9 - 153.6 175.2 - 148.4 164.8 - 133.6 157.8 - 114.6 158.2 - 123.7
LINDE PLC DEC 4.7 4.2 13.1 4.3 5.2 5.4 5.6 11.1 15.5 7.0 4.6 2.9 269.8 - 146.7 214.3 - 151.9 169.8 - 140.0 156.4 - 115.0 125.0 - 95.6 130.4 - 98.6

Earnings per Share ($) Tangible Book Value per Share ($) Share Price (High-Low, $)
Company Yr. End 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015 2020 2019 2018 2017 2016 2015
SPECIALTY CHEMICALS
AKZO NOBEL N.V. DEC 4.0 2.8 33.6 4.4 4.6 4.8 14.1 15.3 42.1 13.1 10.1 11.4 113.9 - 55.9 103.4 - 82.1 107.6 - 87.6 112.2 - 79.6 77.3 - 59.3 92.2 - 66.1
ALBEMARLE CORPORATION DEC 3.5 5.0 6.3 0.5 5.7 3.0 21.1 18.8 15.5 14.9 16.9 12.6 153.5 - 48.9 93.1 - 58.6 138.7 - 71.9 145.0 - 87.0 92.2 - 45.8 65.0 - 41.4
ASHLAND GLOBAL HOLDINGS INC. SEP -8.4 8.1 1.8 0.0 -0.5 4.5 4.2 3.7 -1.5 -6.4 2.0 -9.1 83.3 - 38.9 81.2 - 69.2 86.6 - 64.8 128.2 - 59.8 125.0 - 88.3 132.4 - 97.6
BALCHEM CORPORATION DEC 2.6 2.5 2.4 2.8 1.8 1.9 5.5 2.4 4.2 1.5 -2.1 -1.7 115.7 - 78.3 106.6 - 76.2 117.8 - 70.2 89.5 - 72.0 88.8 - 53.1 70.9 - 50.8
CELANESE CORPORATION DEC 16.7 6.8 8.9 6.1 6.2 2.0 17.9 9.4 12.6 11.7 11.4 10.5 138.3 - 52.7 128.9 - 87.2 119.3 - 82.9 109.7 - 78.4 85.0 - 55.1 74.2 - 52.6
DUPONT DE NEMOURS, INC. DEC -4.0 0.7 5.0 2.2 10.6 18.4 -3.9 -7.8 59.7 9.7 11.6 15.0 71.6 - 28.3 180.2 - 61.6 231.2 - 146.7 221.6 - 169.6 178.0 - 120.8 171.3 - 105.3
ECOLAB INC. DEC -4.2 5.3 4.9 5.1 4.1 3.3 -9.9 0.7 -10.0 -12.4 -11.3 -12.5 231.4 - 124.6 209.9 - 141.3 162.9 - 125.7 138.0 - 117.3 124.6 - 98.6 122.5 - 97.8
FERRO CORPORATION DEC 0.5 0.1 0.9 0.7 -0.2 0.7 1.6 0.7 0.7 -0.5 -0.5 0.8 15.7 - 7.5 21.3 - 9.7 25.1 - 14.6 25.5 - 13.6 16.2 - 8.5 17.1 - 10.1
FUTUREFUEL CORP. DEC 1.1 2.0 1.2 0.5 1.3 1.1 8.5 10.6 8.9 8.0 7.6 9.0 14.9 - 8.8 19.3 - 10.2 19.0 - 11.3 16.4 - 12.7 16.6 - 9.8 16.1 - 9.1
GCP APPLIED TECHNOLOGIES INC. DEC 1.4 0.6 0.2 7.7 1.0 0.6 5.0 3.4 2.5 2.8 -4.4 4.7 27.6 - 14.2 31.7 - 16.5 34.8 - 22.5 34.2 - 25.3 30.1 - 14.5 0.0 - 0.0
GIVAUDAN SA DEC 90.4 78.0 72.5 79.6 68.3 67.0 -129.1 -72.4 -32.8 117.7 105.1 132.3 4632.9 - 2831.3 3161.6 - 2300.5 2538.7 - 2042.8 2357.0 - 1754.6 2083.1 - 1680.5 1945.6 - 1519.2
H.B. FULLER COMPANY NOV 2.4 2.5 3.3 1.2 2.4 1.7 -13.2 -16.8 -20.9 -25.5 7.3 6.1 55.3 - 23.7 52.4 - 39.2 59.6 - 39.6 58.7 - 46.9 50.9 - 32.5 45.6 - 30.7
INGEVITY CORPORATION DEC 4.4 4.4 4.0 3.0 0.8 1.9 -5.0 -7.8 1.5 5.4 2.3 11.4 88.0 - 24.9 120.4 - 72.6 106.6 - 66.6 80.2 - 51.0 55.4 - 24.5 0.0 - 0.0
INNOSPEC INC. DEC 1.2 4.5 3.5 2.5 3.3 4.9 20.2 18.0 13.3 11.0 5.6 7.0 107.8 - 56.7 107.1 - 56.9 83.2 - 53.1 74.8 - 54.1 73.4 - 41.6 59.5 - 38.4
INTERNATIONAL FLAVORS & FRAGRANCES INC. DEC 3.2 4.0 3.8 3.7 5.1 5.2 -18.8 -20.0 -22.4 1.4 3.3 4.3 143.9 - 92.1 153.0 - 104.9 157.4 - 122.1 156.6 - 113.2 143.6 - 97.2 123.1 - 97.6
JOHNSON MATTHEY PLC MAR 1.1 1.3 2.1 1.6 2.0 1.7 13.3 12.5 12.0 11.5 9.1 8.3 41.7 - 22.0 46.0 - 35.1 49.4 - 32.8 47.5 - 36.2 44.1 - 27.3 56.1 - 34.6
KONINKLIJKE DSM N.V. DEC 3.5 4.8 6.9 12.1 3.7 0.5 20.9 27.4 30.6 26.8 17.4 14.4 185.3 - 100.6 132.6 - 77.4 106.5 - 77.9 98.5 - 68.0 68.0 - 43.2 60.1 - 42.0
KRATON CORPORATION DEC -7.1 1.6 2.1 3.1 3.4 -0.3 -2.1 -10.9 -13.2 -17.2 -24.3 10.4 31.4 - 4.5 40.8 - 20.1 54.0 - 19.1 51.2 - 25.1 37.5 - 13.4 25.2 - 16.5
LIVENT CORPORATION DEC -0.1 0.3 1.0 0.3 0.4 0.0 3.9 3.7 3.3 3.1 0.0 0.0 20.1 - 4.0 14.8 - 5.5 19.9 - 12.1 0.0 - 0.0 0.0 - 0.0 0.0 - 0.0
MINERALS TECHNOLOGIES INC. DEC Earnings
3.3 3.8 per4.8
Share5.5($) 3.8 3.1 Tangible
13.5 11.4Book
9.3Value
7.8per Share ($)
0.7 -2.4 66.2 - 27.3 63.8 - 45.3 80.8 Share
- 47.1 Price83.9
(High-Low,
- 62.6 $) 83.2 - 35.9 74.9 - 44.9
Ticker Company Yr. End 2016 2015 2014 2013 2012 2016 2015 2014 2013 2012 2016 2015 2014 2013 2012
NEWMARKET
DEPARTMENTCORPORATION
STORES DEC 24.6 22.7 20.3 16.1 20.5 19.5 57.7 49.3 31.6 38.8 39.9 31.5 488.8 - 304.7 505.2 - 382.9 437.6 - 352.9 483.9 - 377.3 448.0 - 322.5 483.3 - 348.4
DDS † DILLARDS
NOVOZYMES A/S INC -CL A # JAN DEC4.93 1.6 6.911.7 7.79
1.7 7.10
1.7 1.46.98 1.3 53.415.1 49.98
5.1 5.0 49.024.9 45.33
4.3 4.341.24 68.7 - 88.58 -
41.8 54.37
50.3 - 144.21 - 55.7
39.7 65.14- 39.9 126.8358.2
- 82.75
- 38.4 97.87
47.5- - 75.33
31.3 89.98
52.9 - - 42.54
36.5
KSS [] KOHL'S CORP # JAN 3.12 3.48 4.28 4.08 4.19 29.75 29.52 29.81 28.33 27.24 59.67 - 33.87 79.60 - 41.85 63.54 - 48.68 59.00 - 41.35 55.25 - 42.04
AVIENT
M
CORPORATION
[] MACY'S INC # JAN
DEC2.01 1.5 3.267.6 2.0
4.30
-0.7
3.93
1.93.29 1.6 -6.8 -1.3
(0.24) (0.52)
-6.7 3.34-5.1 -1.8
5.42
-2.8 4.51 41.0 - 8.7
45.50 -
37.3
29.94
- 24.573.61 - 47.5
34.05
- 26.2 66.5946.8
-
- 31.7
50.05
38.4
54.07 -
- 36.35
22.4 41.2 -
42.17 -
29.0
32.28
PPG
JWNINDUSTRIES, INC. INC
[] NORDSTROM # JAN DEC2.05 4.5 3.225.2 5.5
3.79 6.2
3.77 3.33.62 5.1 -7.5 -5.6
3.72 2.51 -6.0 10.55-1.7 -2.8
9.96 -3.2 8.82 149.9 - 69.8
62.82 - 134.4
35.01 - 96.883.16 -122.1
49.34- 94.4 80.54
119.9
- - 94.6
54.90 117.0-
63.72 - 52.16
88.4 119.0
58.44 - - 82.9
46.27
QUAKER
JCP † PENNEY CORPORATION
CHEMICAL (J C) CO # JAN DEC- 2.2 (1.68)2.1 4.5
(2.53) 1.5
(5.57) 4.6
(4.49) 3.8 -22.0 -27.5
2.64 2.64 21.6 4.64
18.8 18.7
8.38 16.611.78 272.3 - 108.1
11.99 - 224.3
6.00 - 141.8
10.09 -217.26.19
- 138.0 11.30
165.9
- -4.90
124.9 139.9-
23.10 - 68.2
6.24 95.7 - -
43.18 75.0
15.69
GENERAL MERCHANDISE STORES

RAYONIER
BIG † ADVANCED MATERIALS INC.
BIG LOTS INC # JAN DEC3.37 0.0 2.83-0.6 2.0
2.49 5.8
2.17 1.62.96 1.3 10.4
14.70 10.1
14.67 13.3 14.92
12.3 4.9
15.66 -0.413.00 9 - 156.54 - 16
33.78 - 3 51.11 - 23 -9
37.41 51.75 -21 - 12
25.50 39.2216-- 27.42
6 24 - -
47.22 6 26.69
RPM
DG INTERNATIONAL INC.
[] DOLLAR GENERAL CORP # JAN MAY4.45 0.0 3.962.3 2.0
3.50 2.5
3.17 1.42.87 2.6 0.0
(0.48) -4.4
(0.56) -3.4 0.56-1.1 -2.1
(0.45) -3.2(1.75) 98.4 - 42.9
96.88 - 76.8
66.50 - 52.081.42 - 68.1 - 46.4
59.75 71.7856.5
- - 47.9
53.00 55.9-
61.95 - 39.73
36.8 51.4 - -
56.04 40.1
39.83
DLTR
SENSIENT[] TECHNOLOGIES
DOLLAR TREE INC
CORPORATION # JAN DEC3.80 2.6 1.271.9 2.91
3.7 2.74
2.0 2.82.70 2.3 (13.58)
11.8 (18.26)
10.9 10.1 7.87
10.1 4.81
10.0 9.7 6.65 75.3 - 99.93 -
38.2 72.52
75.2 - 54.884.22 - 78.4
60.31
- 51.9 71.5385.0
- 49.59
- 71.2 60.19
83.4-- 37.70
52.7 56.81
70.5 - - 37.12
56.7
FRED § FREDS INC # JAN NA (0.20) (0.80) 0.71 0.81 NA 7.13 9.09 10.79 10.62 21.77 - 7.89 20.05 - 11.27 21.05 - 13.07 18.93 - 12.30 15.98 - 12.70
SIKA
OLLI
AG § OLLIE'S BARGAIN OUTLET HLDGS # JAN
DEC0.99 5.9 0.625.0 4.7
0.47
4.3
0.34
3.6NA 3.0 -7.1
(0.44)
-8.9
(1.98)
-0.3 (5.43)
16.0 14.1
(4.88)
11.2 NA 281.0 - 141.4
32.75 -
190.9
16.13
- 123.5
22.99 -
151.4 - 114.5
14.88 NA -
0.0 - 0.0
NA
0.0
NA -
- 0.0NA 0.0
NA -
-
0.0 NA
STEPAN COMPANY DEC 5.5 4.4 4.8 4.3 3.7 3.3 41.6 37.8 34.2 30.9 26.2 23.7 129.6 - 69.3 103.0 - 72.1 91.0 - 68.1 93.0 - 68.5 87.0 - 41.4 55.7 - 37.2
TGT [] TARGET CORP # JAN 4.62 5.29 3.86 3.10 4.57 19.23 21.06 21.39 25.08 25.31 84.14 - 65.50 85.81 - 68.15 76.64 - 54.66 73.50 - 58.01 65.80 - 47.25
TUES § TUESDAY MORNING CORP JUN 0.08 0.24 (0.24) (1.33) 0.09 5.10 5.00 4.66 4.85 6.24 9.23 - 4.40 22.88 - 4.86 22.82 - 11.82 16.44 - 6.26 6.86 - 3.12
THE SHERWIN-WILLIAMS COMPANY DEC 7.4 5.5 3.9 6.1 4.0 3.7 -29.3 -27.7 -30.3 -32.7 1.8 -1.9 252.7 - 108.5 199.0 - 123.7 159.9 - 118.4 138.6 - 90.1 104.2 - 78.3 98.1 - 72.8
UMICORE SA
OTHER COMPANIES DEC 0.7
WITH SIGNIFICANT MULTILINE RETAIL OPERATIONS 1.3 1.5 1.1 0.6 0.8 11.4 10.6 11.0 8.3 7.4 7.6 60.3 - 33.2 49.2 - 28.2 61.8 - 38.4 48.3 - 28.7 31.1 - 16.9 25.2 - 17.1
SHLD SEARS HOLDINGS CORP # JAN (20.78) (10.59) (15.82) (12.87) (8.78) (52.47) (38.81) (31.00) (14.06) (4.76) 20.48 - 8.00 46.23 - 18.03 51.06 - 24.10 67.50 - 38.88 85.90 - 28.89
WMT [] WAL-MART STORES INC # JAN 4.40 4.58 5.01 4.87 5.04 19.93 20.19 19.61 17.55 16.85 75.19 - 60.20 90.97 - 56.30 88.09 - 72.27 81.37 - 67.72 77.60 - 57.18
Note: Data as originally reported. []Company included in the S&P 500. †Company included in the S&P MidCap 400. §Company included in the S&P SmallCap 600. #Of the following calendar year.
J-This amount includes intangibles that cannot be identified.
The accuracy and completeness of information obtained from third-party sources, and the opinions based on such information, are not guaranteed.

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Industry

Richard Wolfe Wilson Ko, CFA

17 How the Industry Operates

6 Industry Revenue Growth

7 Oil/Natural Gas Prices

12 Petrochemical Price Increase by Region

13 Commodity Chemical EBITDA Margins

18 Hydrocarbon to Petrochemical Flow Chart

19 Ethane/Naphtha to Ethylene to Products

Chemicals: Continued Strength in 2022

Commodity Chemical Prices to Moderate in 2022 but Remain Elevated

Catalysts in 2022: Sustainability and Increased Infrastructure Spending

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 4

20-YEAR INDEX PERFORMANCE*

†Global Index launched in November 2003

5 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

14 ◆ The median EBIT margin in 2020 was 9.0%,

Capital Expenditure Growth

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 6

Oil/Natural Gas Prices

40 2 ◆ In our view, the oil to natural gas price ratio will

Source: Federal Reserve Economic Data.

Chemical Shipments Value by Regions

7 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

Global and U.S. Auto Sales

Green Markets Index

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 8

Industry Profit Share

Specialty Chemicals Diversified

Source: CFRA, S&P Global Market Intelligence.

SHARE OF PETROCHEMICAL FEEDSTOCKS WORLDWIDE AS OF 2017

Naphtha Ethane Propane and Butane

Sources: Statista (latest available).

9 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

Specialty chemicals have a higher level of product differentiation. Brand identity

The specialty chemicals sub-industry, however, is less capital intensive. In addition,

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 10

Industry Segment 2020 2021 2022 2023

Basic Chemicals 0.5% 1.8% 5.1% 2.6%

Specialty Chemicals -15.0% 2.6% 4.1% 1.6%

Plastic Resins 5.6% 0.4% 6.0% 3.0%

Source: American Chemistry Council.

Key End Market Outlook

11 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

Commodity Chemical Prices to Moderate in 2022 but Remain Elevated

YEAR-TO-DATE (MAY) PETROCHEMICAL PRICE INCREASE BY REGION

Polyethylene Polypropylene PVC

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 12

Source: S&P Global Market Intelligence.

BRENT CRUDE OIL TO HENRY HUB NATURAL GAS PRICE RATIO

*Data through December.

13 CHEMICALS / FEBRUARY 2022 INDUSTRY SURVEYS

Crop Prices to Remain Elevated in 2022

Source: CFRA, USDA.

Fertilizers Continue to Face Tight Conditions

INDUSTRY SURVEYS CHEMICALS / FEBRUARY 2022 14

NITROGEN FERTILIZER PRICES PHOSPHATE AND POTASH

Urea Ammonia DAP Potash

Source: CFRA, data collected from DTN, LLC at dtnpf.com.

Catalysts in 2022: Sustainability and Increased Infrastructure Spending

Opportunities in Addressing the Circular Economy and the Decarbonization Movement

Environmental Protection Agency Taking Action to Address PFAS

Increased Federal Infrastructure Spending Bodes Well for Chemicals