BAKU, Azerbaijan, December 12. ExxonMobil’s product solutions business is set to increase its annual earnings potential by an additional $8 billion by 2030, with a compound annual growth rate (CAGR) of 10%, based on average margins from 2010 to 2019, Trend reports.
About half of this growth is expected to come from advantaged projects and high-value products designed to meet current and future societal needs.
The company is on track to launch six major projects in 2025, marking a significant acceleration in its development pipeline. These projects include a chemical complex in China, a hydrofiner in Fawley, U.K., the Singapore resid upgrade, a renewable diesel project in Strathcona, Canada, additional advanced plastics recycling units in Baytown, Texas, and an expansion of its Proxxima™ thermoset resin manufacturing facilities in East Texas.
Proxxima™ resins, with unique properties, are expected to replace traditional materials in existing markets while also expanding into new applications, such as structural composites and steel substitutes. To support this growth, ExxonMobil plans to ramp up Proxxima™ feedstock production, aiming for a capacity of nearly 200,000 metric tons per year by 2030.
Additionally, ExxonMobil is advancing its carbon materials business to capitalize on opportunities in the battery market. The company has developed an advanced coke product, resulting in differentiated graphite that boosts battery performance. This new product offers up to 30% higher capacity, 30% faster charging times, and longer battery life. ExxonMobil is working with automobile manufacturers to test this product, with plans to launch its first commercial-scale plant by 2028 to meet the growing demand for electric vehicle batteries and components.
These investments reflect ExxonMobil’s commitment to growing its Product Solutions business by focusing on high-value products that support both sustainability and innovation in industries such as transportation and energy.