TABLE OF CONTENTS
SECTION PAGE
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Environment 4
Consumer Income & Spending Trends 7
Demographic & Household Trends 9
Age Distribution Patterns 10
Other Demographic Trends 11
Manufacturing Outlook 11
Adhesives Industry Outlook 13
Emulsion Technology 15
Competitive Materials 17
Historical Trends 19
Pricing Trends 21
Regulatory Considerations 23
Foreign Trade 24
International Activity 25
III. MARKETS 27
General 27
Paint 29
Paint Industry Overview 30
Applications 32
Types 33
Paper & Paperboard 35
Paper & Paperboard Outlook 36
Paper Production 37
Paperboard Production 39
Paper & Paperboard Coatings 40
Paper 41
Paperboard 42
Types 43
Carpets & Rugs 45
Carpets & Rugs Industry Outlook 46
Types 47
Packaging 49
Packaging Industry Outlook 49
Types 51
Textiles 53
Textile Industry Overview 53
Applications 55
Types 57
Consumer 58
Applications 59
Types 60
Construction 61
Building Construction Outlook 61
Applications & Types 63
Other Markets 65
IV. TYPES 67
General 67
Styrene-Butadiene Latex 69
Paper & Paperboard Coatings 71
Carpets & Rugs 73
Other Applications 74
Key Suppliers 75
Acrylics 77
Coatings 79
Paint 80
Textile Coatings 81
Paper & Paperboard Coatings 82
Adhesives 83
Labels & Tapes 84
Caulks & Sealants 85
Other Adhesive Uses 85
Other Applications 85
Key Suppliers 87
Polyvinyl Acetate 88
Coatings 89
Adhesives 90
Other Applications 92
Key Suppliers 93
Vinyl-Acrylics 94
Coatings 95
Other Applications 96
Key Suppliers 97
Vinyl Acetate-Ethylene 98
Adhesives 98
Other Applications 99
Key Suppliers 100
Other Emulsion Polymers 101
V. APPLICATIONS 104
General 104
Coatings 106
Applications 107
Types 110
Adhesives 112
Other Functions 115
VI. INDUSTRY STRUCTURE 118
General 118
Market Share 119
Rohm and Haas 121
Dow Chemical 121
Air Products and Chemicals 122
Reichhold 122
OMNOVA 123
BASF 123
Merger & Acquisition Activity 124
Marketing & Distribution 126
Competitive Strategies 127
Research & Development 128
Cooperative Agreements 129
Company Profiles 131
ABCO Industries Incorporated, see Eastman Chemical
Air Products and Chemicals Incorporated 132
Air Products Polymers LP, see Air Products and Chemicals
Incorporated and Wacker-Chemie GmbH
American Emulsions Company Incorporated, see
RPM Incorporated
American Finish & Chemical Company, see Noveon
Ameripol Synpol Corporation, see Gantrade Corporation
Arch Chemicals Incorporated 134
Atofina Chemicals Incorporated, see Total Fina Elf SA
Avecia Group plc 135
Avery Dennison Corporation 136
BASF AG 137
Bayer AG 140
Borden Chemical Incorporated 142
Cognis GmbH 143
Cook Composites and Polymers, see Total Fina Elf SA
Cytec Industries Incorporated 144
Dainippon Ink and Chemicals Incorporated 146
DanChem Technologies Incorporated 148
Degussa AG 149
Dow Chemical Company 151
Dow Corning Corporation 154
Dow Reichhold Specialty Latex LLC, see Dainippon Ink
and Chemicals and Dow Chemical Company
Eastman Chemical Company 155
Engineered Polymer Solutions Incorporated, see
Valspar Corporation
Eni SpA 157
Gantrade Corporation 159
GE Silicones, see General Electric Company
General Electric Company 160
Goodrich (BF) Performance Materials, see Noveon
Goodrich Corporation 162
Henkel KGaA 163
Imperial Chemical Industries plc 164
Latexia SA, see Raisio Group
Lawter International Incorporated, see Eastman Chemical
Loctite Corporation, see Henkel KGaA
Mallard Creek Polymers Incorporated, see Gantrade
McWhorter Technologies Incorporated, see Eastman
Chemical Company
National Starch and Chemical Company, see Imperial
Chemical Industries plc
NeoResins, see Avecia Group plc
Noveon Incorporated 166
OMNOVA Solutions Incorporated 168
Polimeri Europa Srl, see Eni SpA
PolyOne Corporation 170
PPG Industries Incorporated 171
Raisio Group 172
Reichhold, see Dainippon Ink and Chemicals
Rhodia SA 173
Roehm America LLC, see Degussa AG
Rohm and Haas Company 174
RohmNova, see OMNOVA Solutions Incorporated and
Rohm and Haas Company
RPM Incorporated 176
Solutia Incorporated 177
Synthomer USA, see Yule Cato & Company plc
Total Fina Elf SA 179
UCAR Emulsion Systems North America Incorporated,
see Dow Chemical Company
UCB SA 181
Union Carbide Corporation, see Dow Chemical Company
Uniqema, see Imperial Chemical Industries plc
Valspar Corporation 182
Vinamul Polymers, see Imperial Chemical Industries plc
Wacker-Chemie GmbH 183
Yule Catto & Company plc 185
Other Companies Mentioned in Study 186
LIST OF TABLES
TABLE NUMBER PAGE
SECTION I
Summary Table 3
SECTION II
1 Macroeconomic Indicators 6
2 Personal Income & Spending 8
3 Demographic & Household Trends 10
4 Manufacturers Shipments 13
5 Adhesives Shipments 14
6 Emulsion Polymer Trends, 1992-2001 20
7 Emulsion Polymer Pricing Trends 23
SECTION III
1 Emulsion Polymer Demand by Market 28
2 Paint Shipments 32
3 Paint Markets for Emulsion Polymers by Application 33
4 Paint Markets for Emulsion Polymers by Type 35
5 Paper & Paperboard Production 37
6 Paper Production 39
7 Paperboard Production 40
8 Paper & Paperboard Markets for Emulsion Polymers
by Application 41
9 Paper Markets for Emulsion Polymers 42
10 Paperboard Markets for Emulsion Polymers 42
11 Paper & Paperboard Markets for Emulsion Polymers by Type 45
12 Carpet & Rug Supply & Demand 47
13 Carpet & Rug Markets for Emulsion Polymers 48
14 Packaging Shipments 51
15 Packaging Markets for Emulsion Polymers by Type 52
16 Textile Mill Product Shipments 55
17 Textile Markets for Emulsion Polymers by Application 56
18 Textile Markets for Emulsion Polymers by Type 58
19 Consumer Markets for Emulsion Polymers by Application 60
20 Consumer Markets for Emulsion Polymers by Type 61
21 Building Construction Expenditures 63
22 Construction Markets for Emulsion Polymers by Type 65
23 Other Markets for Emulsion Polymers 66
SECTION IV
1 Emulsion Polymer Demand by Type 68
2 Styrene-Butadiene Latex Demand by Market 70
3 Styrene-Butadiene Latex Demand in Paper & Paperboard Markets 72
4 Styrene-Butadiene Latex Demand in Carpets & Rugs 73
5 Styrene-Butadiene Latex Demand in Other Applications 74
6 Styrene-Butadiene Latex Capacity by Company, 2001 76
7 Acrylic Emulsion Demand by Market 79
8 Acrylic Emulsion Demand in Coatings by Application 80
9 Acrylic Emulsion Demand in Adhesives by Application 84
10 Acrylic Emulsion Demand in Other Applications 86
11 Polyvinyl Acetate Demand by Market 89
12 Polyvinyl Acetate Demand in Coatings 90
13 Polyvinyl Acetate Demand in Adhesives 92
14 Polyvinyl Acetate Demand in Other Applications 93
15 Vinyl-Acrylic Demand by Market 95
16 Vinyl-Acrylic Demand in Coatings 96
17 Vinyl-Acrylic Demand in Other Applications 97
18 Vinyl Acetate-Ethylene Demand by Market 98
19 Vinyl Acetate-Ethylene Demand in Adhesives 99
20 Vinyl Acetate-Ethylene Demand in Other Applications 100
21 Other Emulsion Polymer Demand 103
SECTION V
1 Emulsion Polymer Demand by Application 105
2 Coatings Demand for Emulsion Polymers by Application 109
3 Coatings Demand for Emulsion Polymers by Type 112
4 Adhesives Demand for Emulsion Polymers by Type 115
5 Other Functions for Emulsion Polymers by Type 117
SECTION VI
1 US Emulsion Polymer Sales by Company, 2001 120
2 Selected Acquisitions & Divestitures 125
3 Selected Cooperative Agreements 131
LIST OF CHARTS
CHART NUMBER PAGE
SECTION II
1 Emulsion Polymer Trends, 1992-2001 21
SECTION III
1 Emulsion Polymer Demand by Market, 2001 29
SECTION IV
1 Emulsion Polymer Demand by Type, 2001 68
2 Styrene-Butadiene Latex Demand by Market, 2001 71
3 Styrene-Butadiene Latex Capacity by Company, 2001 77
SECTION V
1 Emulsion Polymer Demand by Application, 2001 106
2 Coatings Demand for Emulsion Polymers by Application, 2001 110
SECTION VI
1 US Emulsion Polymer Manufacturers Market Share, 2001 119
