TABLE OF CONTENTS
SECTION PAGE
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Overview 5
Demographic Trends 7
Consumer Spending Activity 9
Manufacturing Outlook 11
Historical Trends 12
Pricing Considerations 15
Regulatory, Environmental & Health Considerations 16
Foreign Trade 20
International Activity 22
III. SIZES & THICKENERS MARKETS 24
General 24
Food & Beverages 26
Food & Beverages Industry Overview 26
Sizes & Thickeners Demand 29
Paper & Paperboard 32
Paper & Paperboard Industry Overview 32
Sizes & Thickeners Demand 34
Cosmetics & Toiletries 37
Cosmetics & Toiletries Industry Overview 37
Sizes & Thickeners Demand 39
Paints & Coatings 41
Paints & Coatings Industry Overview 42
Sizes & Thickeners Demand 44
Pharmaceuticals 46
Pharmaceuticals Industry Overview 47
Sizes & Thickeners Demand 48
Textiles & Fibers 50
Textile Industry Overview 50
Sizes & Thickeners Demand 51
Drilling Fluids 53
Oil & Gas Industry Overview 53
Sizes & Thickeners Demand 55
Other Markets 58
IV. SIZING AGENTS 61
General 61
Natural Sizing Agents 62
Starches 63
Modified Starches 65
Unmodified Starches 67
Rosin & Other Natural Sizes 69
Rosin 70
Other 71
Synthetic Sizing Agents 72
Synthetic Copolymers 73
Polyvinyl Alcohol 74
Styrene & Other Copolymers 76
Cellulose Reactive Sizes 77
Alkenyl Succinic Anhydride 79
Alkyl Ketene Dimer 80
Other Cellulose Reactive Sizes 82
Other Synthetic Sizes 83
V. THICKENING AGENTS 84
General 84
Demand by Type 85
Demand by Market 88
Mineral Thickeners 91
Clays 92
Silicas 95
Hydrocolloids 97
Starches 100
Cellulosic Thickeners 104
Sodium Carboxymethyl Cellulose 106
Methyl Cellulose 107
Hydroxyethyl Cellulose 108
Microcrystalline Cellulose 110
Other Cellulosic Thickeners 110
Gums 111
Guar Gum 113
Xanthan 114
Gum Arabic 116
Other Gums 118
Gelatin 119
Alginates 121
Carrageenan 123
Pectin 126
Other Hydrocolloid Thickeners 128
Synthetic Polymeric Thickeners 132
Other Thickeners 134
VI. INDUSTRY STRUCTURE 136
General 136
Market Share 140
Industry Restructuring 143
Cooperative Agreements 147
Marketing & Distribution 150
Research & Development 151
Competitive Strategies 151
Company Profiles 153
Air Products and Chemicals Incorporated 154
Akzo-PC Silica, see PQ
Akzo Nobel NV 156
Albemarle Corporation 160
Alco Chemical, see Imperial Chemical Industries
Aqualon, see Hercules Incorporated
Archer-Daniels-Midland Company 161
Arizona Chemical, see International Paper Company
Ashland Incorporated 163
Atlantic Gelatin, see Kraft Foods
Atofina Chemicals Incorporated, see Total Fina Elf
AVEBE BA 165
Bayer AG 167
Cabot Corporation 169
Cargill Incorporated 170
Celanese AG 172
Cerestar SA, see Cargill
Ciba Specialty Chemicals Incorporated 173
Clariant International Limited 176
Cognis GmbH 179
Cook Composites and Polymers, see Total Fina Elf
Croda International plc 183
Cytec Industries Incorporated 184
Danisco A/S 186
Degussa AG 189
DGF Stoess Group of Companies 195
Dow Chemical Company 197
DuPont (EI) de Nemours 200
Dynagel Incorporated, see DGF Stoess
Eastman Chemical Company 202
Eka Chemicals North America, see Akzo Nobel NV
FMC Corporation 204
Gelita Group, see DGF Stoess Group of Companies
Georgia-Pacific Corporation 207
Germantown International Limited, see Danisco
Glucona America, see AVEBE
Goldschmidt AG, see Degussa
Goodman Fielder Limited 209
Goodrich (BF) Performance Materials, see Noveon
Grace (WR) & Company 211
Grain Processing Corporation 212
Harima Chemicals Incorporated 214
Henkel KGaA 215
Hercules Incorporated 216
Hopton Technologies Incorporated, see Akzo Nobel
Huber (JM) Corporation 221
Imperial Chemical Industries plc 222
International Paper Company 228
International Specialty Products Incorporated 229
ITAL SA, see Degussa
Jungbunzlauer AG 231
Kelco (CP) ApS 232
Kind & Knox Gelatine Incorporated, see DGF Stoess
Kraft Foods Incorporated 234
Laporte plc, see Degussa
Leiner Davis Gelatin USA, see Goodman Fielder
Monsanto Company, see Pharmacia
Montedison SpA 235
National Starch and Chemical, see Imperial Chemical
Norsk Hydro ASA 236
Noveon Incorporated 237
Noviant Oy, see Huber
ONDEO Nalco Company, see Suez
Penford Corporation 239
Penn Carbose Incorporated 241
Pharmacia Corporation 242
Plasmine Technology, see Harima Chemicals
PPG Industries Incorporated 243
PQ Corporation 244
Quest International NV, see Imperial Chemical
Raisio Group 245
Rhodia SA 247
Rohm and Haas Company 250
Sartomer, see Total Fina Elf
SKW Trostberg AG, see Degussa
Solavista GmbH, see AVEBE
Staley (AE) Manufacturing Company, see Tate & Lyle
Starch Australasia Limited, see Penford
Suez SA 253
Surfactants America, see Akzo Nobel NV
Tate & Lyle plc 255
Tego Chemie Service GmbH, see Degussa
TIC Gums Incorporated 257
Total Fina Elf SA 259
Union Carbide Corporation, see Dow Chemical
Uniqema, see Imperial Chemical Industries plc
Vinamul Polymers, see Imperial Chemical Industries
Wolff Walsrode, see Bayer AG
Additional Companies Mentioned in Study 261
LIST OF TABLES
TABLE NUMBER PAGE
SECTION I
Summary Table 3
SECTION II
1 Macroeconomic Indicators 7
2 Demographic Indicators 8
3 Personal Consumption Expenditures 10
4 Manufacturers' Shipments 12
5 Sizes & Thickeners Historical Trends, 1992-2001 14
6 Sizes & Thickeners Pricing 16
SECTION III
1 Sizes & Thickeners Markets 25
2 Food & Beverage Industry Shipments 29
3 Food & Beverage Markets for Sizes & Thickeners 31
4 Paper & Paperboard Production 34
5 Paper & Paperboard Markets for Sizes & Thickeners
by Type & Product 36
6 Cosmetics & Toiletries Shipments 39
7 Cosmetics & Toiletries Markets for Sizes & Thickeners 41
8 Paints & Coatings Shipments 44
9 Paints & Coatings Markets for Sizes & Thickeners 46
10 Pharmaceutical Shipments 48
11 Pharmaceuticals Markets for Sizes & Thickeners 49
12 Textile Industry Shipments 51
13 Textile & Fiber Markets for Sizes & Thickeners 52
14 Oil & Gas Industry Indicators 55
15 Drilling Fluid Markets for Sizes & Thickeners 58
16 Other Markets for Sizes & Thickeners 60
SECTION IV
1 Sizing Agents Demand 62
2 Natural Sizing Agents Demand 63
3 Starch Sizing Agents Demand 65
4 Modified Starches Demand 67
5 Unmodified Starches Demand 68
6 Rosin & Other Natural Sizes Demand 69
7 Rosin Sizes Demand 71
8 Other Natural Sizes Demand 72
9 Synthetic Sizing Agents Demand 73
10 Synthetic Copolymer Sizes Demand 74
11 Polyvinyl Alcohol Sizes Demand 75
12 Styrene & Other Synthetic Copolymer Sizes Demand 77
13 Cellulose Reactive Sizes Demand 79
14 Alkenyl Succinic Anhydride Sizes Demand 80
15 Alkyl Ketene Dimer Sizes Demand 81
16 Other Cellulose Reactive Sizes Demand 82
17 Other Synthetic Sizes Demand 83
SECTION V
1 Thickeners Demand by Product 86
2 Thickeners Demand by Market 89
3 Mineral Thickeners Demand 92
4 Clay Thickeners Demand 94
5 Silica Thickeners Demand 97
6 Hydrocolloid Thickeners Demand 99
7 Starch Thickeners Demand 103
8 Cellulosic Thickeners Demand 105
9 Gum Thickeners Demand 112
10 Gelatin Thickeners Demand 121
11 Alginate Thickeners Demand 123
12 Carrageenan Thickeners Demand 126
13 Pectin Thickeners Demand 128
14 Other Hydrocolloid Thickeners Demand 131
15 Synthetic Polymeric Thickeners Demand 133
16 Other Thickeners Demand 135
SECTION VI
1 US Sizes & Thickeners Sales by Company, 2001 138
2 Selected Acquisitions & Divestitures 145
3 Selected Cooperative Agreements 149
LIST OF CHARTS
CHART NUMBER PAGE
SECTION II
1 Sizes & Thickeners Historical Trends, 1992-2001 14
SECTION III
1 Sizes & Thickeners Demand by Market, 2001 26
SECTION V
1 Thickeners Demand by Type, 2001 87
2 Thickeners Demand by Market, 2001 90
3 Hydrocolloid Thickeners Demand, 2001 100
SECTION VI
1 Sizes & Thickeners Market Share by Company, 2001 143