North America

MarketLine Industry Profile
Specialty Chemicals
in North America
February 2015
Reference Code: 0205-2140
Publication Date: February 2015
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
North America - Specialty Chemicals 0205 - 2140 - 2014
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E X E C U T I V E S U M M A R Y
Market value
The North American specialty chemicals market grew by 3.1% in 2014 to reach a value of $224.9 billion.
Market value forecast

In 2019, the North American specialty chemicals market is forecast to have a value of $262.6 billion, an increase of
16.8% since 2014.
Category segmentation
Paints, coating & surface treatments is the largest segment of the specialty chemicals market in North America,
accounting for 29.1% of the market's total value.
Geography segmentation
The United States accounts for 92.7% of the North American specialty chemicals market value.
Market rivalry
The main players in this market are large multinational companies with the resources to compete for contracts; however,
they are quite diversified, in terms of product and geographical operations and therefore less reliant on this market alone.

TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market Segmentation ..................................................................................................................................................... 9
Category segmentation .............................................................................................................................................. 9
Geography segmentation ......................................................................................................................................... 10
Market Outlook ............................................................................................................................................................. 11
Market value forecast ............................................................................................................................................... 11
Five Forces Analysis .................................................................................................................................................... 12
Summary .................................................................................................................................................................. 12
Buyer power ............................................................................................................................................................. 13
Supplier power ......................................................................................................................................................... 14
New entrants ............................................................................................................................................................ 15
Threat of substitutes................................................................................................................................................. 16
Degree of rivalry ....................................................................................................................................................... 17
Leading Companies ..................................................................................................................................................... 18
Akzo Nobel N.V. ....................................................................................................................................................... 18
BASF SE .................................................................................................................................................................. 22
E. I. duPont de Nemours & Company ...................................................................................................................... 26
The Dow Chemical Company................................................................................................................................... 30
Methodology................................................................................................................................................................. 34
Industry associations ................................................................................................................................................ 35
Related MarketLine research ................................................................................................................................... 35
Appendix ...................................................................................................................................................................... 36

About MarketLine ..................................................................................................................................................... 36

LIST OF TABLES
Table 1: North America specialty chemicals market value: $ billion, 2010–14(e)........................................................... 8
Table 2: North America specialty chemicals market category segmentation: $ billion, 2014(e) ..................................... 9
Table 3: North America specialty chemicals market geography segmentation: $ billion, 2014(e) ................................ 10
Table 4: North America specialty chemicals market value forecast: $ billion, 2014–19 ............................................... 11
Table 5: Akzo Nobel N.V.: key facts ............................................................................................................................. 18
Table 6: Akzo Nobel N.V.: key financials ($) ................................................................................................................ 19
Table 7: Akzo Nobel N.V.: key financials (€) ................................................................................................................ 20
Table 8: Akzo Nobel N.V.: key financial ratios.............................................................................................................. 20
Table 9: BASF SE: key facts ........................................................................................................................................ 22
Table 10: BASF SE: key financials ($) ......................................................................................................................... 24
Table 11: BASF SE: key financials (€) ......................................................................................................................... 24
Table 12: BASF SE: key financial ratios ....................................................................................................................... 24
Table 13: E. I. duPont de Nemours & Company: key facts .......................................................................................... 26
Table 14: E. I. duPont de Nemours & Company: key financials ($).............................................................................. 27
Table 15: E. I. duPont de Nemours & Company: key financial ratios ........................................................................... 28
Table 16: The Dow Chemical Company: key facts....................................................................................................... 30
Table 17: The Dow Chemical Company: key financials ($) .......................................................................................... 31
Table 18: The Dow Chemical Company: key financial ratios ....................................................................................... 32

LIST OF FIGURES
Figure 1: North America specialty chemicals market value: $ billion, 2010–14(e) ......................................................... 8
Figure 2: North America specialty chemicals market category segmentation: % share, by value, 2014(e) .................... 9
Figure 3: North America specialty chemicals market geography segmentation: % share, by value, 2014(e) .............. 10
Figure 4: North America specialty chemicals market value forecast: $ billion, 2014–19 .............................................. 11
Figure 5: Forces driving competition in the specialty chemicals market in North America, 2014 ................................. 12
Figure 6: Drivers of buyer power in the specialty chemicals market in North America, 2014 ....................................... 13
Figure 7: Drivers of supplier power in the specialty chemicals market in North America, 2014 ................................... 14
Figure 8: Factors influencing the likelihood of new entrants in the specialty chemicals market in North America, 201415
Figure 9: Factors influencing the threat of substitutes in the specialty chemicals market in North America, 2014 ....... 16
Figure 10: Drivers of degree of rivalry in the specialty chemicals market in North America, 2014 ............................... 17
Figure 11: Akzo Nobel N.V.: revenues & profitability.................................................................................................... 20
Figure 12: Akzo Nobel N.V.: assets & liabilities............................................................................................................ 21
Figure 13: BASF SE: revenues & profitability ............................................................................................................... 25
Figure 14: BASF SE: assets & liabilities ....................................................................................................................... 25
Figure 15: E. I. duPont de Nemours & Company: revenues & profitability ................................................................... 28
Figure 16: E. I. duPont de Nemours & Company: assets & liabilities ........................................................................... 29
Figure 17: The Dow Chemical Company: revenues & profitability ............................................................................... 32
Figure 18: The Dow Chemical Company: assets & liabilities ....................................................................................... 33

M A R K E T O V E R V I E W
Market definition
The specialty chemical market covers the revenues generated from the sales of high value-added chemicals used in the
manufacture of a wide variety of products, including but not limited to fine chemicals, additives, advanced polymers,
adhesives, sealants, paints, pigments and coatings. The market value represents the revenues from the sales of such
products valued at producer selling price (PSP). Any currency conversions have been calculated using constant 2013
annual average exchange rates.
For the purposes of this report, the Americas consists of North America and South America.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.
Market analysis
The North American specialty chemicals market has experienced moderate growth in recent years. This trend is
expected to continue over the forecast period to 2019.
The US is the largest specialty chemicals market in the world and home to some of the largest specialty chemicals
manufacturers such as DuPont and Dow Chemical.
The North American specialty chemicals market is expected to generate total revenues of $224.9bn in 2014,
representing a compound annual growth rate (CAGR) of 3.1% between 2010 and 2014. In comparison, the Canadian
and Mexican markets will grow with CAGRs of 3.1% and 5.3% respectively, over the same period, to reach respective
values of $10.0bn and $6.5bn in 2014.
The paints, coating & surface treatments segment is expected to be the market's most lucrative in 2014, with total
revenues of $65.4bn, equivalent to 29.1% of the market's overall value. The advanced polymer, adhesives & sealants
segment will contribute revenues of $49.4bn in 2014, equating to 22% of the market's aggregate value.
The performance of the market is forecast to follow a similar pattern with an anticipated CAGR of 3.2% for the five-year
period 2014 - 2019, which is expected to drive the market to a value of $262.6bn by the end of 2019. Comparatively, the
Canadian and Mexican markets will grow with CAGRs of 2.4% and 4.2% respectively, over the same period, to reach
respective values of $11.3bn and $8.0bn in 2019.

M A R K E T D A T A
Market value
The North American specialty chemicals market grew by 3.1% in 2014 to reach a value of $224.9 billion.
The compound annual growth rate of the market in the period 2010–14 was 3.1%.
Table 1: North America specialty chemicals market value: $ billion, 2010–14(e)
Year $ billion € billion % Growth

2010 198.8 149.7
2011 202.8 152.7 2.0
2012 208.1 156.7 2.6
2013 218.1 164.2 4.8
2014(e) 224.9 169.3 3.1
CAGR: 2010–14 3.1%
SOURCE: MARKETLINE MARKETLINE
Figure 1: North America specialty chemicals market value: $ billion, 2010–14(e)

M A R K E T
S E G M E N T A T I O N
Category segmentation
Paints, coating & surface treatments is the largest segment of the specialty chemicals market in North America,
accounting for 29.1% of the market's total value.
The Advanced polymer, adhesives & sealants segment accounts for a further 22% of the market.
Table 2: North America specialty chemicals market category segmentation: $ billion, 2014(e)
Category 2014 %
Paints, coating & surface
65.4 29.1%
treatments
Advanced polymer, adhesives &
49.4 22.0%
sealants
Fine chemicals 37.4 16.6%
Pigments & inks 36.1 16.1%
Additives 22.1 9.8%
Other 14.4 6.4%
Total 224.8 100%
Figure 2: North America specialty chemicals market category segmentation: % share, by value,
2014(e)

Geography segmentation
The United States accounts for 92.7% of the North American specialty chemicals market value.
Canada accounts for a further 4.4% of the North American market.
Table 3: North America specialty chemicals market geography segmentation: $ billion, 2014(e)
Geography 2014 %
United States 208.4 92.7
Canada 10.0 4.4
Mexico 6.5 2.9
Total 224.9 100%
Figure 3: North America specialty chemicals market geography segmentation: % share, by value,
2014(e)

M A R K E T O U T L O O K
Market value forecast
In 2019, the North American specialty chemicals market is forecast to have a value of $262.6 billion, an increase of
16.8% since 2014.
The compound annual growth rate of the market in the period 2014–19 is predicted to be 3.2%.
Table 4: North America specialty chemicals market value forecast: $ billion, 2014–19
Year $ billion € billion % Growth

2014 224.9 169.3 3.1%
2015 232.2 174.8 3.3%
2016 239.7 180.5 3.2%
2017 247.3 186.2 3.2%
2018 255.0 192.0 3.1%
2019 262.6 197.7 3.0%
CAGR: 2014–19 3.2%
Figure 4: North America specialty chemicals market value forecast: $ billion, 2014–19

F I V E F O R C E S
A N A L Y S I S
The specialty chemicals market will be analyzed taking specialty chemicals manufacturers as players. The key buyers
will be taken as b2b end-users, and commodity chemicals producers as the key suppliers.
Summary
Figure 5: Forces driving competition in the specialty chemicals market in North America, 2014
The main players in this market are large multinational companies with the resources to compete for contracts; however,
they are quite diversified, in terms of product and geographical operations and therefore less reliant on this market alone.
The specialty chemicals market is characterized by relatively low product differentiation, although products are less
commoditized than base chemicals.
Barriers to market entry include capital requirements for establishing manufacturing facilities, and increasingly stringent
regulation which all serve to increase rivalry.
Customers generally have few alternatives to the specialty chemicals they buy, so that the market players face little in
the way of indirect competition.
Buyer power is assessed as moderate because specialty chemicals are valuable and no direct substitutes exist, so
buyers have little choice but to purchase them. However in similar fashion specialty chemicals manufacturers rely on the
producers of the crucial raw materials needed in the manufacturing of specialty chemicals, meaning supplier power is
moderate overall.
Despite the existence of small players in the market, those with economies of scale will be able to produce chemicals in
bulk and cheaply due to negotiation over raw materials, making the likelihood of new entrants to the market moderate.
The possibility for viable substitutes displacing players is classed as weak, because no direct replacements currently
exist.

Buyer power
Figure 6: Drivers of buyer power in the specialty chemicals market in North America, 2014
Specialty chemicals are sold on the basis of their performance in end-user applications rather than for their chemical
composition. Buyers comprise manufacturers of consumer products including cosmetics, automotive manufacturers, and
textile producers.
It would normally be difficult for a typical end-user to integrate backward into specialty chemicals – such a move would
require either the acquisition of a chemical company, or the development of suitable in-house manufacturing facilities:
both strategies would involve large capital investment.
Buyer power is weakened by the range of end-markets served, as market players have a wide variety of potential
customers.
Specialty chemicals are of great importance to buyers, usually being one of the key ingredients to many of their products,
weakening buyer power. Furthermore, they are often supplied through long-term contracts, implying increased switching
costs and reduced buyer power.
Overall, buyer power is assessed as moderate.

Supplier power
Figure 7: Drivers of supplier power in the specialty chemicals market in North America, 2014
Specialty chemicals manufacturers require raw materials (mainly commodity chemicals), as well as large capital outlays
to set up production plants as well as QA/QC equipment.
Supplier power is increased by the fact that commodity chemicals producers tend to be large, and their number is limited.
Often, market players will have relatively few alternatives to their usual inputs, a fact which strengthens suppliers.
Also, reliable supplies are vital to the players’ business, and long-term contracts are fairly common. This raises the costs
of switching suppliers, and boosts supplier power as a consequence.
Forward integration by suppliers can be fairly common. For example, multinational petroleum corporations, such as Total
and ExxonMobil, may have specialty chemicals among their downstream operations, increasing supplier power by
making these companies less dependent on sales of raw materials to other specialty chemicals manufacturers.
Fluctuating raw material prices can also mean that changing suppliers when prices are high could involve a greater than
normal element of risk.
Overall, supplier power is assessed as moderate.

New entrants
Figure 8: Factors influencing the likelihood of new entrants in the specialty chemicals market in
North America, 2014
Specialty chemicals tend to be produced in fairly large quantities, and scale economies are therefore important to
players. Some of the largest players in the North American market include: BASF, Akzo Nobel, DuPont and Dow
Chemical. New companies require significant capital in order to set up production plants and face stiff competition from
these players. These factors mean that small-scale market entry is unlikely to be successful. Nevertheless, given that
between July 2014 and December 2014, average global crude oil prices plummeted from around $105 per barrel to
around $60 per barrel, according to the World Bank, the reduced expenses incurred in this energy intensive industry may
attract new players.
Incumbents may have patented some of their products or techniques, and even when they do not have such formalized
intellectual property, it is likely that they will have honed their process efficiency and quality with expertise that new
entrants may find difficult to replicate quickly.
The three most important regulatory developments facing the chemical industry are the implementation of Globally
Harmonized System of Classification and Labeling of Chemicals (GHS), European Union Regulation on the Registration,
Evaluation, Authorization and Restriction of Chemicals (REACH), and Strategic Approach for International Chemicals
Management (SAICM). Compliance costs raise entrance barriers still further.
On the other hand, the threat of new entrants is intensified by the fact that certain specialty chemicals are not strongly
differentiated and branding is of negligible importance in this B2B market, making non-price competition lower than in
other industries. Buyers can therefore be attracted away from the incumbents fairly easily.
Overall, the threat of new entrants is assessed as moderate.

Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the specialty chemicals market in North
America, 2014
There are limited forms of indirect competition for products in this market.
Buyers of specialty chemicals often need specific substances or formulations, where there can be no substitute. Even
where a substitute chemical can be used, it may well be manufactured by the same company.
Overall the threat of substitutes is assessed as weak.

Degree of rivalry
Figure 10: Drivers of degree of rivalry in the specialty chemicals market in North America, 2014
A number of market players in the specialty chemical market are large, multinational companies. Such companies are
likely to benefit from scale economies, which allow them to compete more intensely on price for a given profit margin.
Furthermore, there are a fair number of chemical manufacturers in the market, increasing rivalry. Commodities being
sold by market players are in some cases poorly-differentiated, making it difficult to retain buyers, and therefore
intensifying price competition.
High fixed costs and high exit costs serve to further intensify rivalry between market players.
On the other hand, rivalry is alleviated by the fact that players operate in a diverse range of markets and geographies,
and variations in the performance of one of these are easier to cope with.
Overall, rivalry is moderate.

L E A D I N G C O M P A N I E S
Akzo Nobel N.V.
Table 5: Akzo Nobel N.V.: key facts
Head office: Strawinskylaan 2555, 1077 ZZ Amsterdam, NLD

Telephone: 31 20 502 7854
Fax: 31 20 502 7605
Website: www.akzonobel.com
Financial year-end: December
Ticker: AKZA
Stock exchange: Amsterdam
SOURCE: COMPANY WEBSITE MARKETLINE
Akzo Nobel (or 'the company') is a leading global manufacturer of decorative paints and performance coatings. The
company is also engaged in the supply of specialty chemicals worldwide. The company operates in over 80 countries
worldwide.
Akzo Nobel operates through three business segments: performance coatings; specialty chemicals; and decorative
paints.
The performance coatings segment operates in four businesses: automotive and aerospace coatings; marine and
protective coatings; powder coatings; and industrial coatings.
Akzo Nobel's automotive and aerospace coatings business supplies paints and services to the car repair, commercial
vehicles, and automotive plastics markets around the world. The business also provides coatings to the aerospace
industry. The business sells coatings for car body refinishing, or recoating, to customers including body-shops,
distributors, fleet owners, automotive suppliers, and major bus and truck producers. The business operates in
approximately 60 countries under the brands including Lesonal, Dynacoat, and Sikkens.
The marine and protective coatings business produces marine paints and antifouling coatings used in shipbuilding, ship
maintenance, and repair, and also by yacht and other pleasure craft owners. The business, which markets its products
through the International brand name, manufactures protective coatings for structures such as bridges, stadia, and
landmarks.
The powder coatings business manufactures powder coatings under the global brands Interpon and Resicoat. Powder
coatings manufactured by the company are used to protect and decorate things, such as stadiums, cars, window frames,
radiators, laptops, kitchen appliances, metal furniture, wood and plastic. These products also provide anti-corrosion
protection for pipeline, valves and fittings, and reinforcing steel (rebar), as well as electrical insulation for a range of
component industries.
The industrial coatings protect and enhance products made from steel, aluminum, and plastic. The industrial coatings
business also provides packaging coatings for the protection and decoration of beverage, food, aerosol and general line
cans, metal closures and collapsible tubes. These products are used to protect food and drinks cans, aerosols, and
metal closures. The business supplies coil and extrusion coatings for commercial and residential metal building products,
home appliances, and automotive components. The business also offers wood finishes and adhesives that provide
bonding solutions for laminated beams, wood flooring, furniture and other wood applications.
The specialty chemicals segment operates through five businesses: pulp and performance chemicals; industrial
chemicals; functional chemicals; and surface chemistry.

The pulp and performance chemicals business, which markets products under the Eka brand, among others, is a
supplier of bleaching chemicals for the forest products industry. The business produces bleaching chemicals such as
sodium chloride and hydrogen peroxide, as well as a range of process chemicals for paper production. In addition, this
business produces specialty chemicals used in the pharmaceutical, electronics and explosives sectors, as well as in
many other areas. The business is one of the leading players in technologies for colloidal silica and expandable
microspheres.
Through its industrial chemicals business, Akzo Nobel is engaged in the production of salt, chlor-alkali products, and
derivatives such as monochloracetic acid (MCA). The segment also supplies vacuum salt, chlorine, caustic lye, and
hydrochloric acid. These products are used in the chemical, detergent, construction, food, pulp and paper, and plastic
industries.
The functional chemicals business manufactures and sells a variety of chemical intermediates, performance chemicals,
and end-products worldwide. It supplies cellulosic specialties, chelates, ethylene amines, metal alkyls, micronutrients,
organic peroxides, polysulphides, redispersable powder polymers, salt specialties, and sulphur products. These
chemicals are used in manufacturing detergents, vinyl, automotive parts, agricultural products, pharmaceutical products,
food products, wallpaper adhesives, plastic bags, and cosmetics.
The functional chemicals business consists of the following seven strategic business units (SBUs): performance
additives; chelates and micronutrients; organic peroxides; organometallic specialties; ethylene amines; salt specialties;
and sulphur derivatives.
The surface chemistry business produces surface-active agents for a variety of applications ranging from asphalt and
agro chemicals to paint and personal care products. Its specialty surfactants and surfactant intermediates are used by
industrial and consumer product companies including cleaning goods, oil field applications, printing, paints, fabric
softeners, asphalt, mining, and electronics.
The decorative paints segment of Akzo Nobel is engaged in the production of paints, lacquers, varnishes, adhesives,
and floor leveling compounds. It offers brands like Sikkens, Dulux, and Hammerite. This segment also offers a range of
mixing machines, color concepts and training courses for the building and renovation industry.
Key Metrics
The company recorded revenues of $19,368m in the fiscal year ending December 2013, a decrease of 5.2% compared
to fiscal 2012. Its net income was $1,051m in fiscal 2013, compared to a net loss of $2,693m in the preceding year.
Table 6: Akzo Nobel N.V.: key financials ($)
$ million 2009 2010 2011 2012 2013

Revenues 18,442.4 19,434.0 19,386.2 20,429.6 19,367.6
Net income (loss) 471.2 1,111.1 633.2 (2,693.4) 1,051.3
Total assets 25,062.4 26,673.9 26,401.8 23,665.9 21,322.9
Total liabilities 14,117.5 14,051.1 13,468.4 15,398.5 13,330.3
Employees 61,300 55,590 52,020 50,610 49,560
SOURCE: COMPANY FILINGS MARKETLINE

Table 7: Akzo Nobel N.V.: key financials (€)
€ million 2009 2010 2011 2012 2013

Revenues 13,893.0 14,640.0 14,604.0 15,390.0 14,590.0
Net income (loss) 355.0 837.0 477.0 (2,029.0) 792.0
Total assets 18,880.0 20,094.0 19,889.0 17,828.0 16,063.0
Table 8: Akzo Nobel N.V.: key financial ratios
Ratio 2009 2010 2011 2012 2013

Profit margin 2.6% 5.7% 3.3% (13.2%) 5.4%
Revenue growth (9.9%) 5.4% (0.2%) 5.4% (5.2%)
Asset growth 0.8% 6.4% (1.0%) (10.4%) (9.9%)
Liabilities growth (5.6%) (0.5%) (4.1%) 14.3% (13.4%)
Debt/asset ratio 56.3% 52.7% 51.0% 65.1% 62.5%
Return on assets 1.9% 4.3% 2.4% (10.8%) 4.7%
Revenue per employee $300,854 $349,595 $372,668 $403,667 $390,791
Profit per employee $7,688 $19,987 $12,172 ($53,219) $21,214
Figure 11: Akzo Nobel N.V.: revenues & profitability

Figure 12: Akzo Nobel N.V.: assets & liabilities

BASF SE
Table 9: BASF SE: key facts
Head office: Carl-Bosch-Strasse 38, Ludwigshafen 67056, DEU

Telephone: 49 621 60 0
Fax: 49 621 60 425 25
Website: www.basf.com
Ticker: BAS
Stock exchange: Frankfurt
BASF (or 'the company') is the world's largest chemical company in terms of revenues. The company operates through
subsidiaries in more than 80 countries across the globe. Central to the company's operations is the Verbund structure.
Verbund is BASF's approach to vertical integration, which involves linking plants in a production Verbund to create
efficient value-adding chains from basic chemicals to higher value products. At Verbund sites, BASF uses by-products of
chemical reactions, which might otherwise have to be disposed of, as raw materials for other processes. The company
operates six Verbund sites worldwide, the largest of which is in Ludwigshafen, as well as 376 other production sites. The
company operates in Europe, the Americas, Asia Pacific, Africa and the Middle East countries.
BASF has five business segments: functional materials and solutions; chemicals; performance products; oil and gas; and
agricultural solutions. These five business segments contain 14 divisions that manage 66 global and regional business
units.
The functional materials and solutions segment is organized into four divisions: performance materials, construction
chemicals, coatings, and catalysts.
The performance materials division manufactures polyurethane systems and specialty elastomers; engineering and high-
performance plastics; bio-polymers; epoxy resins; insulation; and specialty foams.
The construction chemicals division manufactures concrete admixtures, cement additives, underground construction
solutions, flooring systems, sealants, solutions for the protection and repair of concrete, tile-laying systems, exterior
insulation and nishing systems, expansion joints, wood protection solutions and high-performance mortars and grouts.
The coatings division provides coatings solutions for automotive and industrial applications, and also manufactures
decorative paints.
The catalysts division develops automotive and process catalysts. It also provides battery materials, and precious and
base metal services.
The chemicals segment of BASF manufactures a range of products from basic petrochemicals and inorganic chemical to
higher-value intermediates. This segment is organized into three divisions: monomers, petrochemicals, and
intermediates.
The monomers division provides a range of basic products, including isocyanates, ammonia, caprolactam, adipic acid,
chlorine, urea, glues and impregnating resins, caustic soda, polyamides and standard alcoholates as well as sulphuric
and nitric acid. The division also manufactures specialties which are electronic chemicals and metal systems.
The petrochemicals division offers a range of basic chemicals, such as ethylene, propylene, butadiene, benzene,
alcohols, solvents, plasticizers, alkylene oxides, glycols and acrylic monomers. It also manufactures specialties (special
plasticizers) and special acrylates.

The intermediates division manufactures basic products including butanediol and derivatives; alkylamines and
alkanolamines; neopentylglycol, formic acid and propionic acid. The division also manufactures specialty amines (tert-
butylamine), gas treatment chemicals, vinyl monomers, acid chlorides, chloroformates, and chiral intermediates.
The performance products segment of BASF is organized into five divisions: dispersions and pigments; care chemicals;
nutrition and health; paper chemicals; and performance chemicals.
The dispersions and pigments division manufactures resins, polymer dispersions, pigments, high-performance additives
and formulation additives.
The care chemicals division manufactures ingredients for skin and hair cleansing and care products; and for detergents
and cleaners in household, institution or industry, such as surfactants, chelating agents, polymers and products for
optical effects. It also manufactures solvents for crop protection formulations and products for metal surface treatments;
and super-absorbents for the hygiene industry.
The nutrition and health division produces additives for the food and feed industries; flavors and fragrances; and active
ingredients and excipients for the pharmaceutical industry.
The paper chemicals division manufactures products such as dispersions for paper coating; functional and process
chemicals; and kaolin minerals.
The performance chemicals division manufactures antioxidants, light stabilizers, pigments and flame retardants for
plastic applications. This division manufactures fuel additives and polyisobutene; anti-freeze and brake fluids; lubricants;
lubricant additives and base oils. It also manufactures brake fluids and engine coolants, lubricant additives and
basestocks, and components for metalworking fluids and compounded lubricants. The division manufactures process
chemicals for the extraction of oil, gas, metals and minerals, chemicals for enhanced oil recovery, water treatment
chemicals and offers membrane technologies. It also supplies auxiliaries for the production and treatment of leather and
textiles.
The oil and gas segment operates through the Wintershall Group (Wintershall). Wintershall and its subsidiaries are
active in two business sectors: exploration and production of crude oil and natural gas; and natural gas trading. In the
exploration and production of crude oil and natural gas, Wintershall concentrates on selected oil and gas-rich regions in
Europe, North Africa, South America, Russia, and the Middle East. BASF's natural gas trading business is operated
along with its Russian partner, Gazprom, through which it is engaged in natural gas trading, transport and storage in
Europe. However, in December 2013, BASF and Gazprom signed the final agreement to swap assets of equivalent
value. Through the swap, the BASF subsidiary, Wintershall, will further expand its production of oil and gas and exit the
gas trading and storage business.
The agricultural solutions segment consists of the crop protection division. It provides agricultural products such as
fungicides, insecticides, herbicides, pest control and seed treatment products which are used in the farming industry. The
segment also consists of BASF Plant Science which conducts research in the field of plant biotechnology.
Besides its five business segments, BASF has other businesses including the sale of raw materials, engineering and
other services, rental income and leases.
Key Metrics
The company recorded revenues of $98,196m in the fiscal year ending December 2013, an increase of 2.6% compared
to fiscal 2012. Its net income was $6,428m in fiscal 2013, compared to a net income of $6,397m in the preceding year.

Table 10: BASF SE: key financials ($)
$ million 2009 2010 2011 2012 2013

Revenues 67,292.8 84,788.7 97,564.1 95,748.2 98,196.0
Net income (loss) 1,871.7 6,049.2 8,214.3 6,397.0 6,427.5
Total assets 28,232.4 78,841.7 81,207.2 83,266.1 85,464.3
Employees 104,779 109,140 111,141 110,782 112,206
Table 11: BASF SE: key financials (€)
€ million 2009 2010 2011 2012 2013

Revenues 50,693.0 63,873.0 73,497.0 72,129.0 73,973.0
Net income (loss) 1,410.0 4,557.0 6,188.0 4,819.0 4,842.0
Total assets 21,268.0 59,393.0 61,175.0 62,726.0 64,382.0
Table 12: BASF SE: key financial ratios
Ratio 2009 2010 2011 2012 2013

Profit margin 2.8% 7.1% 8.4% 6.7% 6.5%
Revenue growth (18.6%) 26.0% 15.1% (1.9%) 2.6%
Asset growth (58.2%) 179.3% 3.0% 2.5% 2.6%
Liabilities growth 1.7% 12.4% (2.6%) 3.7% (1.4%)
Debt/asset ratio 153.7% 61.9% 58.5% 59.2% 56.8%
Return on assets 3.9% 11.3% 10.3% 7.8% 7.6%
Profit per employee $17,863 $55,426 $73,909 $57,744 $57,283

Figure 13: BASF SE: revenues & profitability
Figure 14: BASF SE: assets & liabilities

E. I. duPont de Nemours & Company
Table 13: E. I. duPont de Nemours & Company: key facts
Head office: 1007 Market Street, Wilmington, Delaware 19898, USA

Telephone: 1 302 774 1000
Website: www.dupont.com
Ticker: DD
Stock exchange: New York
E.I. du Pont de Nemours and Company (DuPont or 'the company') operates across a diverse range of industries,
including agriculture and industrial biotechnology, chemistry, biology, materials science, and manufacturing. The
company operates in North America, Latin America, Asia Pacific, Europe, Middle East and Africa.
DuPont operates through eight business segments: agriculture; performance chemicals; performance materials; safety
and protection; nutrition and health; electronics and communications; industrial biosciences; and pharmaceuticals.
The agriculture segment offers products and services to improve crop yields and productivity. The segment operates
through the company's wholly-owned subsidiary, DuPont Pioneer (Pioneer) and DuPont Crop Protection. Pioneer has
seed production facilities throughout the world and produces corn hybrid, soybean varieties, canola, sunflower, wheat
and rice. DuPont Crop Protection serves the global production agriculture industry with crop protection products for field
crops such as wheat, corn, soybean and rice; specialty crops such as fruit, nut, vine and vegetables; and non-crop
segments, including forestry and land management. Principal crop protection products are weed control, disease control
and insect control products.
The performance chemicals segment provides customized solutions with a range of industrial and specialty chemical
products for markets including plastics and coatings, textiles, mining, pulp and paper, water treatment, and healthcare.
The segment conducts these businesses through DuPont Titanium Technologies and DuPont Chemicals and
Fluoroproducts.
DuPont Titanium Technologies manufactures titanium dioxide for the coatings, paper, plastics, specialties and minerals
markets. It provides a broad line of DuPont Ti-Pure titanium dioxide products.
DuPont Chemicals and Fluoroproducts manufacture industrial and specialty fluorochemicals, fluoropolymers, and
performance chemicals. The business' products include refrigerants, lubricants, propellants, solvents, fire extinguishants
and electronic gases.
The performance materials segment operates through performance polymers, and packaging and industrial polymers
businesses. Through these businesses, DuPont offers higher performance polymers, elastomers, films, parts, and
systems and solutions.
The performance polymers business delivers a range of polymer-based high performance materials in its product
portfolio, including elastomers and thermoplastic and thermoset engineering polymers and elastomers. These products
are used by customers to fabricate components for mechanical, chemical and electrical systems.
The packaging and industrial polymers business offers specialized resins and films used in packaging and industrial
polymer applications, sealants and adhesives, sporting goods, and inter-layers for laminated safety glass.

The safety and protection segment serves a number of markets, ranging from construction, transportation,
communications, industrial chemicals, oil and gas, electric utilities, automotive, manufacturing, defense, homeland
security, and safety consulting. It offers these services through its three businesses, namely, Protection Technologies,
Sustainable Solutions and Building Innovations. Protection Technologies is focused on finding solutions to protect people
and the environment. Sustainable Solutions helps organizations worldwide in reducing workplace injuries and fatalities.
Additionally, Sustainable Solutions helps organizations in reducing sulphur and other emissions, formulate cleaner fuels,
or dispose of liquid waste. Building Innovations helps organizations in increasing the performance and energy efficiency
of building systems.
DuPont's nutrition and health segment offers a range of sustainable, bio-based ingredients and advanced molecular
diagnostic solutions, providing solutions for specialty food ingredients, food nutrition, health and safety. The segment's
product solutions include a range of DuPont Danisco food ingredients such as cultures and notably Howaru probiotics,
emulsifiers, texturants, natural sweeteners such as Xivia and Supro soy-based food ingredients. The segment serves
various end markets within the food industry including meat, dairy, beverages and bakery segments.
The electronics and communications segment of DuPont is a supplier of differentiated materials and systems for
photovoltaics, consumer electronics, displays and advanced printing. The company is a leading supplier of metallization
pastes and backsheet materials for use in solar cells and modules. It is also a leading materials supplier for flexographic
printing systems. The segment is also developing new color-pigmented inks for network printing applications.
The industrial biosciences segment develops and manufactures a range of enzymes, which find their application in a
range of products and processes such as animal nutrition, detergents, food manufacturing, ethanol production and
industrial applications.
The industrial biosciences segment also includes DuPont Tate and Lyle Bio Products (a joint venture with Tate & Lyle),
which is engaged in producing BioPDO 1,3 propanediol using a proprietary fermentation and purification process.
BioPDO is the key building block for DuPont Sorona PTT polymer, which is used primarily in carpet and apparel fibers.
The pharmaceuticals segment of DuPont has interest in Cozaar (losartan potassium) and Hyzaar (losartan potassium
with hydrochlorothiazide), which are used in the treatment of hypertension. DuPont has exclusively licensed worldwide
marketing and manufacturing rights for Cozaar and Hyzaar to Merck & Co.
Besides its reportable business segments, DuPont has other businesses which includes certain embryonic businesses
(not included in the reportable segments), such as pre-commercial programs, and non-aligned businesses.
Key Metrics
The company recorded revenues of $36,144m in the fiscal year ending December 2013, an increase of 2.4% compared
to fiscal 2012. Its net income was $4,862m in fiscal 2013, compared to a net income of $2,870m in the preceding year.
Table 14: E. I. duPont de Nemours & Company: key financials ($)
$ million 2009 2010 2011 2012 2013

Revenues 27,218.0 32,347.0 34,423.0 35,310.0 36,144.0
Net income (loss) 1,755.0 3,031.0 3,599.0 2,870.0 4,862.0
Total assets 38,185.0 40,410.0 48,492.0 49,859.0 51,499.0
Employees 58,000 60,000 70,000 70,000 64,000

Table 15: E. I. duPont de Nemours & Company: key financial ratios
Ratio 2009 2010 2011 2012 2013

Profit margin 6.4% 9.4% 10.5% 8.1% 13.5%
Revenue growth (14.4%) 18.8% 6.4% 2.6% 2.4%
Asset growth 5.5% 5.8% 20.0% 2.8% 3.3%
Liabilities growth 6.5% 0.5% 28.2% (0.8%) (11.0%)
Debt/asset ratio 81.1% 77.0% 82.3% 79.3% 68.4%
Return on assets 4.7% 7.7% 8.1% 5.8% 9.6%
Figure 15: E. I. duPont de Nemours & Company: revenues & profitability

Figure 16: E. I. duPont de Nemours & Company: assets & liabilities

The Dow Chemical Company
Table 16: The Dow Chemical Company: key facts
Head office: 2030 Dow Center, Midland, Michigan 48674, USA

Telephone: 1 989 636 1000
Website: www.dow.com
Ticker: DOW
Stock exchange: New York
The Dow Chemical Company (Dow or 'the company') is a diversified, worldwide manufacturer and supplier of products
used primarily as raw materials in the manufacture of customer products and services. It services customers in
approximately 180 countries in sectors such as packaging, electronics, water, coatings and agriculture. The company
manufactures more than 6,000 products at 201 sites in 36 countries across the globe.
Dow operates through six business segments: performance plastics; performance materials; feed-stocks and energy;
agricultural sciences; coatings and infrastructure solutions; and electronic and functional materials.
The performance plastics segment consists of Dow Elastomers, Dow Electrical and Telecommunications, and Dow
Packaging and Specialty Plastics. The segment also includes the results of Univation Technologies as well as a portion
of the results of EQUATE Petrochemical, The Kuwait Olefins, The SCG-Dow Group, and Sadara Chemical Company, all
joint ventures of Dow. The segment offers elastomers, plastomers, ethylene propylene diene monomer elastomers
(EPDMs), wire and cable insulation products, semi-conductive and jacketing compound solutions, bio-based plasticizers,
acrylics, polyethylene, low-density polyethylene (LDPE), polyolefin emulsions, polyolefin plastomers, LDPE, linear low-
density polyethylene (LLDPE), and high-density polyethylene (HDPE).
The performance materials segment is comprised of the following businesses: amines; chlorinated organics; Dow
Automotive Systems; Dow Formulated Systems; Dow Oil, Gas & Mining; Dow Plastic Additives; epoxy; oxygenated
solvents; polyglycols, surfactants and fluids; polyurethanes; and propylene oxide/propylene glycol.
Dow's feed-stocks and energy segment consists of chlor-alkali/chlor-vinyl, energy, ethylene oxide/ethylene glycol, and
hydrocarbons businesses. The segment also includes the results of Dow's joint ventures: MEGlobal and a portion of the
results of EQUATE Petrochemical Company, The Kuwait Olefins Company, and the SCG-Dow Group.
Dow's agricultural sciences segment, through Dow AgroSciences, provides agricultural crop protection and plant
biotechnology products; urban pest management solutions (such as herbicides, insecticides, and fungicides); and
healthy oils.
The coatings and infrastructure solutions segment includes Dow Building and Construction, Dow Coating Materials, Dow
Water and Process Solutions, and performance monomers.
The Dow Building and Construction business manufactures acrylic thermosetting resins, latex powders, foam insulation
and sealants, insulating foam sealants and adhesives, acrylic polymer emulsions, brand insulation products, high
performance insulation products, and cellulose ethers. Dow Coating Materials is a supplier of rheology modifiers, acrylic
binders, pre-composite polymers, acrylic resins, and dispersants. Dow Water and Process Solutions is a water
purification and separation technology supplier, developing technologies for water purification, desalination and
separation solutions for specialty applications. The performance monomers business of the company is a producer of
acrylates, methacrylates and vinyl acetate monomers.

The coatings and infrastructure solutions segment also includes a portion of Dow's share of the results of Dow Corning, a
50-50 joint venture of the company with Corning. Dow Corning is a US-based company that manufactures silicone and
silicone products.
The electronic and functional materials segment comprises Dow Electronic Materials, and functional materials. Dow
Electronic Materials is further comprised of four businesses: Display Technologies, Growth Technologies, Interconnect
Technologies and Semiconductor Technologies.
The functional materials business is a portfolio of businesses that creates performance-enhancing solutions for its
customers in the global pharmaceutical, food, water, energy and home and personal care markets. This segment also
provides key materials for industrial uses around the world. Functional Materials includes Dow Consumer and Industrial
Solutions, Dow Microbial Control, and Dow Wolff Cellulosics.
The electronic and functional materials segment also includes a portion of the company's share of the results of Dow
Corning.
Besides its business segments, Dow also generates revenue through activities covered under the corporate business.
Dow's corporate business includes the results of Ventures, including new business incubation platforms focused on
identifying and pursuing new commercial opportunities; Venture Capital; non-business aligned technology licensing and
catalyst activities; environmental operations; enterprise level mega project activities; gains and losses on sales of
financial assets; stock-based compensation expense and severance costs; asbestos-related defense and resolution
costs; foreign exchange results; and certain corporate overhead costs and cost recovery variances not allocated to the
operating segments.
Key Metrics
The company recorded revenues of $57,080m in the fiscal year ending December 2013, an increase of .5% compared to
fiscal 2012. Its net income was $4,816m in fiscal 2013, compared to a net income of $1,100m in the preceding year.
Table 17: The Dow Chemical Company: key financials ($)
$ million 2009 2010 2011 2012 2013

Revenues 44,875.0 53,674.0 59,985.0 56,786.0 57,080.0
Net income (loss) 336.0 2,321.0 2,784.0 1,100.0 4,816.0
Total assets 65,937.0 69,588.0 69,224.0 69,605.0 69,501.0
Employees 52,200 49,500 51,700 54,353 52,731

Table 18: The Dow Chemical Company: key financial ratios
Ratio 2009 2010 2011 2012 2013

Profit margin 0.7% 4.3% 4.6% 1.9% 8.4%
Revenue growth (22.0%) 19.6% 11.8% (5.3%) 0.5%
Asset growth 45.0% 5.5% (0.5%) 0.6% (0.1%)
Liabilities growth 40.2% 6.4% (2.5%) 4.3% (12.9%)
Debt/asset ratio 66.9% 67.5% 66.1% 68.6% 59.8%
Return on assets 0.6% 3.4% 4.0% 1.6% 6.9%
Revenue per employee $859,674 $1,084,323 $1,160,251 $1,044,763 $1,082,475
Figure 17: The Dow Chemical Company: revenues & profitability

Figure 18: The Dow Chemical Company: assets & liabilities

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Industry associations
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Related MarketLine research

Industry Profile
Global Specialty Chemicals
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Specialty Chemicals in the United States
Specialty Chemicals in Canada
Specialty Chemicals in Europe

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MarketLine Industry Profile

Reference Code: 0205-2140

Publication Date: February 2015

North America - Specialty Chemicals 0205 - 2140 - 2014

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

North America - Specialty Chemicals 0205 - 2140 - 2014

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Market value forecast ................................................................................................................................................. 2

Category segmentation .............................................................................................................................................. 2

Geography segmentation ........................................................................................................................................... 2

Market Overview ............................................................................................................................................................ 7

Market definition ......................................................................................................................................................... 7

Market analysis .......................................................................................................................................................... 7

Market Data ................................................................................................................................................................... 8

Market Segmentation ..................................................................................................................................................... 9

Category segmentation .............................................................................................................................................. 9

Geography segmentation ......................................................................................................................................... 10

Market Outlook ............................................................................................................................................................. 11

Market value forecast ............................................................................................................................................... 11

Five Forces Analysis .................................................................................................................................................... 12

Buyer power ............................................................................................................................................................. 13

Supplier power ......................................................................................................................................................... 14

New entrants ............................................................................................................................................................ 15

Degree of rivalry ....................................................................................................................................................... 17

Leading Companies ..................................................................................................................................................... 18

Akzo Nobel N.V. ....................................................................................................................................................... 18

E. I. duPont de Nemours & Company ...................................................................................................................... 26

The Dow Chemical Company................................................................................................................................... 30

Industry associations ................................................................................................................................................ 35

Related MarketLine research ................................................................................................................................... 35

North America - Specialty Chemicals 0205 - 2140 - 2014

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North America - Specialty Chemicals 0205 - 2140 - 2014

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Table 5: Akzo Nobel N.V.: key facts ............................................................................................................................. 18

Table 6: Akzo Nobel N.V.: key financials ($) ................................................................................................................ 19

Table 7: Akzo Nobel N.V.: key financials (€) ................................................................................................................ 20

Table 8: Akzo Nobel N.V.: key financial ratios.............................................................................................................. 20

Table 9: BASF SE: key facts ........................................................................................................................................ 22

Table 10: BASF SE: key financials ($) ......................................................................................................................... 24

Table 11: BASF SE: key financials (€) ......................................................................................................................... 24

Table 12: BASF SE: key financial ratios ....................................................................................................................... 24

Table 13: E. I. duPont de Nemours & Company: key facts .......................................................................................... 26

Table 14: E. I. duPont de Nemours & Company: key financials ($).............................................................................. 27

Table 16: The Dow Chemical Company: key facts....................................................................................................... 30

North America - Specialty Chemicals 0205 - 2140 - 2014

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Figure 11: Akzo Nobel N.V.: revenues & profitability.................................................................................................... 20

Figure 12: Akzo Nobel N.V.: assets & liabilities............................................................................................................ 21

Figure 13: BASF SE: revenues & profitability ............................................................................................................... 25

Figure 14: BASF SE: assets & liabilities ....................................................................................................................... 25

North America - Specialty Chemicals 0205 - 2140 - 2014

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North America consists of Canada, Mexico, and the United States.

South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.

North America - Specialty Chemicals 0205 - 2140 - 2014

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Table 1: North America specialty chemicals market value: $ billion, 2010–14(e)

Year $ billion € billion % Growth

CAGR: 2010–14 3.1%

SOURCE: MARKETLINE MARKETLINE

Figure 1: North America specialty chemicals market value: $ billion, 2010–14(e)