What changed in Celanese Corp's 10-K — 2022 vs 2023

Item 1. Business . The primary raw material for POM is formaldehyde, which is manufactured from methanol. Raw materials are sourced from internal production and from third parties, generally through long-term contracts. Polyesters.

Our products include a series of thermoplastic polyesters including Celanex ® PBT, Crastin ® PBT, Melinex ® , Mylar ® and Thermx ® PCT (polycyclohexylene-dimethylene terephthalate), as well as Rynite ® PET, a polyester resin.

These products are used in a wide variety of automotive, electrical, medical, industrial and consumer applications, including ignition system parts, radiator grilles, electrical switches, medical devices, insulation, photovoltaic panels, critical energy components, appliance and sensor housings, light emitting diodes and technical fibers. UHMW-PE. Celanese is a global leader in UHMW-PE products, which are sold under the GUR ® trademark.

They are highly engineered thermoplastics designed for a variety of industrial, consumer and medical applications. Primary applications for the material include lead acid battery separators, heavy machine components, lithium ion separator membranes, and noise and vibration dampening tapes.

Several specialty grades are also produced for applications in high performance filtration equipment, ballistic fibers, thermoplastic and elastomeric additives, as well as medical implants. LFRT. Celstran ® and Factor ® , our LFRT products, impart extra strength and stiffness, making them more suitable for larger parts than conventional thermoplastics.

These products are used in automotive, transportation and industrial applications, such as instrument panels, consoles and front end modules. LFRTs meet a wide range of end-user requirements and are excellent candidates for metal replacement where they provide the required structural integrity with significant weight reduction, corrosion resistance and the potential to lower manufacturing costs. LCP.

Vectra ® and Zenite ® , our LCP brands, are primarily used in electrical and electronics applications for precision parts with thin walls and complex shapes and applications requiring heat dissipation. They are also used in high heat cookware applications. TPE.

Forprene ® , Sofprene ® T, Laprene ® and Hytrel ® , our TPE brands, are primarily used in automotive, construction, appliances and consumer applications due to their ability to combine the advantages of both flexible and plastic materials.

These materials are selected for their ability to stretch and return to their near original shape creating a longer life and better physical range than other materials. TPV. Santoprene TM , Dytron TM and Geolast TM , our TPV trademarks, are chemically cross-linked, high-performance materials which leverage a unique combination of engineering thermoplastic and elastomer properties.

These products are used in future mobility, infrastructure, medical and sustainability applications. Elastomers. Vamac ® EAE, our elastomer brand, is primarily used in variety of demanding automotive applications, including electric and hybrid vehicle components. These materials can be formulated to provide excellent resistance to extreme temperatures and fluids. Polypropylene.

Our polypropylene products include Polifor ® and Tecnoprene ® and are primarily used in automotive, appliances, electrical and consumer applications due to their high impact and fatigue resistance, exceptional rigidity at high temperatures and an ability to withstand chemical agents. VitalDose ® .

Our ethylene vinyl acetate ("EVA") copolymers, sold under the VitalDose ® trademark, are an enabling technology used for controlled-release drugs, medical implants and combination devices, including drug-eluting implants, reliable controlled-release performance in subcutaneous and surgical implants, intravitreal and extraocular devices. 7 Table of Contents • Customers Engineered Materials' principal customers are original equipment manufacturers and their suppliers serving the automotive, medical, industrial and consumer industries.

We utilize our customer options mapping process to collaborate with our customers to identify customized solutions that leverage our broad range of polymers and technical expertise. Our engineered materials business has long-standing relationships through multi-year and annual arrangements with many of its major customers and utilizes distribution partners to expand its customer base.

Because Engineered Materials is a project-based business focused on solutions, the pricing of products in this segment is primarily based on the value-in-use and is generally independent of changes in the cost of raw materials. Therefore, in general, margins may expand or contract in response to changes in raw material costs.

See Note 22 - Revenue Recognition in the accompanying consolidated financial statements for further information.

Acetyl Chain Products (1) Major End-Use Applications Principal Competitors Key Raw Materials • Acetic acid • Vinyl acetate monomer ("VAM") • Vinyl acetate ethylene ("VAE") emulsions • Conventional emulsions • Ethylene vinyl acetate ("EVA") resins and compounds • Low-density polyethylene resins ("LDPE") • Redispersible Powders ("RDP") • Acetic anhydride • Ethyl acetate • Formaldehyde • Butyl acetate • Acetate tow • Acetate flake • Paints • Coatings • Adhesives • Textiles • Paper finishing • Flexible packaging • Lamination products • Pharmaceuticals • Films • Inks • Plasticizers • Solvents • Automotive parts • External thermal insulation composite systems • Tiling • Plasters and renders • Lubricants • Filtration • Arkema • BASF SE • Cerdia • Chang Chun Petrochemical Co., Ltd. • Daicel • Dairen Chemical Corporation • Dow Inc. • Eastman Chemical Company • ExxonMobil Chemical • Huayi Chemical Co., Ltd. • INEOS • Jiangsu Sopo (Group) Co., Ltd. • Kuraray Co., Ltd. • LyondellBasell Industries N.V. • Nippon Gohsei • Showa Denko K.K. • Sipchem • Wacker Chemie AG • Methanol • Carbon monoxide • Ethylene • Acetic acid • VAM • VAE emulsions • Conventional emulsions • Acrylate esters • Styrene • Polyvinyl alcohol • Wood pulp • Acetic anhydride _____________________________ (1) Our globally-integrated value chain positions us to provide solutions with carbon capture content across all products in the Acetyl Chain as well as other methanol derived products like acetal copolymers, including POM. • Overview The Acetyl Chain segment, which includes the integrated chain of acetic acid, VAM, acetic anhydride, acetate esters, emulsion polymers, EVA polymers, redispersible powders, and acetate tow businesses, is active in every major global industrial sector and serves diverse consumer end-use applications.

The Acetyl Chain operates as an integrated business with the breadth and flexibility to sell solutions across the segment and across global geographies utilizing various feedstocks. These solutions include traditional vinyl-based end uses, such as paints and coatings and adhesives, as well as other unique, high-value end uses including flexible packaging, thermal laminations, wire and cable, and compounds.

We have focused in recent years on enhancing our ability to drive incremental value through our global production network and productivity initiatives as well as proactively managing the acetyl chain business in response to trade flows and prevailing industry trends.

Our Acetyl Chain segment has production sites in Belgium, Canada, China, Germany, Mexico, the Netherlands, Singapore, Sweden, Switzerland and the U.S. We are a global industry leader, with a broad acetyls product portfolio, leading technology, low cost production footprint and a global supply chain.

We believe our production technology is among the lowest cost in the industry and provides us with global growth opportunities through low cost expansions and a cost advantage over our competitors. With decades of experience, advanced proprietary process technology and favorable capital and production costs, we are a leading global producer of acetic acid, VAM and VAE.

AOPlus ® 3 technology extends our historical technology advantage in acetic acid and enables us to construct a world scale greenfield acetic acid facility at a lower capital cost than our competitors. Our VAntage ® 2 technology enables us to increase VAM capacity to meet growing customer demand globally with minimal investment.

VAM produced by the acetyl chain business is a primary raw material for our emulsion polymers and EVA polymers businesses.

Our emulsion polymers products are sold under globally and regionally recognized brands including EcoVAE ® , Mowilith ® , Vinamul ® , Celvolit ® , Dur-O-Set ® , TufCOR ® , Avicor ® , Flexbond ® and Resyn ® .

Our RDP business is a leading global producer of redispersible polymer powders, sold under the Elotex® brand. The business consumes polymer emulsions which are converted into powdered thermoplastic resin materials.

RDP products are used in a variety of applications in the mortar industry, including decorative mortar, exterior insulation and finish systems, gypsum-based materials, plaster and render, self-leveling floor systems, skim coat and tile adhesives. Our acetate tow business is a leading global producer and supplier of acetate tow and acetate flake, primarily used in filter products applications.

We hold an approximately 30% ownership interest in three separate ventures in China that produce acetate flake and acetate tow. China National Tobacco Corporation, a Chinese state-owned tobacco entity, has been our venture partner for over three decades. • Key Products Acetyl Products. Acetyl products include acetic acid, VAM, acetic anhydride and acetate esters.

Acetic acid is primarily used to manufacture VAM, purified terephthalic acid and other acetyl derivatives. VAM is used in a variety of adhesives, paints, films, coatings and textiles. Acetic anhydride is a raw material used in the production of cellulose acetate, detergents and pharmaceuticals. Acetate esters are used in solvents for ink formulations, surface coatings, adhesives and pharmaceutical industries.

We manufacture acetic acid, VAM and acetic anhydride for our own use in producing downstream, value-added products, as well as for sale to third parties. Acetic acid and VAM leverage global supply and demand fundamentals. The principal raw materials in these products are carbon monoxide, methanol and ethylene.

We generally purchase carbon monoxide under long-term contracts, and we also produce carbon monoxide in our Clear Lake facility. We generally purchase methanol and ethylene under both annual and multi-year contracts. Methanol and ethylene are commodity products and generally available from a wide variety of sources, while carbon monoxide is typically purpose-made in close proximity.

We have a joint venture, Fairway Methanol LLC ("Fairway"), with Mitsui, in which we own a 50% interest, for the production of methanol at our integrated chemical plant in Clear Lake, Texas. The methanol unit utilizes natural gas in the U.S. Gulf Coast region as a feedstock.

Almost all of our North American methanol needs are met from our share of the production, as well as the long-term contract we have with our joint venture partner, Mitsui. 9 Table of Contents In December 2023, we began carbon capture and utilization ("CCU") operations at our Clear Lake site as part of our Fairway joint venture.

The unit is expected to capture CO2 industrial emissions and produce low-carbon methanol which will help our global customers meet the growing demand for more sustainable and circular solutions. The products will be launched under the ECO-CC name and be supported through third-party mass balance tracking and life cycle assessment processes. Solvents and Derivatives.

We manufacture a variety of solvents, formaldehyde and other chemicals, which in turn are used in the manufacture of paints, coatings, adhesives and other products. Many solvents and derivatives products are derived from our production of acetic acid.

Primary products are: • Ethyl acetate, an acetate ester that is a solvent used in coatings, inks and adhesives; • Butyl acetate, an acetate ester that is a solvent used in inks, pharmaceuticals and perfume; and • Formaldehyde and paraformaldehyde, which are primarily used to produce adhesive resins for plywood, particle board, coatings, POM engineering resins and a compound used in making polyurethane.

Emulsion Polymers. Our emulsion polymers business produces conventional vinyl- and acrylate-based emulsions and VAE emulsions. VAE emulsions are a key component of water-based architectural coatings, adhesives, non-wovens, textiles, glass fiber and other applications. VAE emulsions are in high demand in Europe and Asia as they enable low volatile organic compound paints, specifically in interior paints. EVA Polymers.

Our EVA polymers business produces low-density polyethylene, EVA resins and compounds. Low-density polyethylene is produced in high-pressure reactors from ethylene, while EVA resins and compounds are produced in high-pressure reactors from ethylene and VAM. Redispersible Powders .

Our RDP business uses a number of emulsions in manufacturing redispersible powders to meet requirements for various applications and formulated to fit our customers' needs for optimal production. Acetate tow and acetate flake . Acetate tow is a fiber used primarily in cigarette filters.