Beyond the molecule
Peter R. Huntsman, President and CEO, Huntsman Corporation, explores the remarkable journey of one of the world’s leading chemical companies, and explains why “human chemistry” is at the heart of doing business
Firstly, can you begin by telling us about the origin of Huntsman? Your story is quite extraordinary (from selling clam shell containers to supplying airplanes with innovative materials). How was your company founded and how has it evolved over the years?
My father started in the early 1960’s selling eggs in Southern California. He helped start a company with Dow to make styrofoam egg cartons to reduce the number of destroyed eggs. This evolved into Huntsman Packaging, that produced everything from plates and bowls to Big Mac containers. This transformed further into polymers such as polystyrene, polypropylene, aromatics, to MDI, epoxies and formulated products.
You’ve spoken about transformation being a necessity. How do partnerships play a role in enabling transformation, especially when it comes to innovation and regulatory adaptation across different regions?
If I am looking to expand in China, the USA or the Middle East, a strong partnership may greatly facilitate such plans. Given the high costs, regulatory hurdles and time to build, our industry needs to do better looking at how best to share sites and production. Imagine if every airline insisted on their own airport?
You’ve been vocal about the need for “smart carbon utilization” and continually innovating for a smarter, more sustainable future. How does this philosophy shape your innovation approach to developing next-generation materials that support everyday life and progress, while meeting sustainability goals?
Certain segments and customers will reward lower carbon products. Society will increase its demand for light-weighting, energy conservation, etc. However, doing this through government-imposed mandates will largely continue to be a failure. Look at the industrial disaster in Europe. Five years ago we heard that “green” chemicals, hydrogen, cement, steel, etc. would be in huge demand with all the “free” renewable energy. It has been a massive failure.
What in your view will be the key enablers to realizing a circular plastics economy and addressing the plastic waste challenge. Equally, what are some of the biggest barriers we’re facing currently?
By and large, most recycling produces an inferior product, with higher costs and a higher carbon footprint. However, even bringing this up with policy makers brands you a heretic. Plastic waste is not nearly as big of a problem as garbage management. The best and most affordable use of plastic waste will be to use it as energy or a fuel.
In line with this year’s forum theme, as the GCC region continues to advance its vision for industrial diversification and sustainable growth, how do you see deeper partnerships between Huntsman and regional players contributing to shared prosperity and long-term competitiveness?
The best chemistry of business is human chemistry. Our family and company have been involved in the GCC region for three generations and over 40 years. The establishment of mutual trust, friendship and respect will always supersede our chemical strategy. I value our relationship with the Zamil family as much as I do any of our assets.
Is there anything else that you would like to add?
As we look out over the next 20 years, the GCC region, together with China and the United States, will lead the world’s economic growth through advanced chemistry, data centers and AI, competitive raw materials, and a focus on advancing society. I hope that Huntsman is involved in this region for years to come.