Bioplastics: Technologies and Global Markets

REPORT HIGHLIGHTS

Bioplastics will grow at a significant pace over the next 5 years. The total worldwide use of bioplastics is valued at 571,712 metric tons in 2010. This usage is expected to grow at a 41.4% compound annual growth rate (CAGR) from 2010 through 2015, to reach 3,230,660 metric tons in 2015.
By 2010, ready access to crops such as soybeans, corn, and sugarcane moved the United States strongly into bioplastics. North American usage is estimated at 258,180 metric tons in 2010 and is expected to increase at a 41.4% compound annual growth rate (CAGR) to reach 1,459,040 metric tons in 2015.
Use of bioplastics got off to a faster start in Europe than in the United States. European usage is now reported at 175,320 metric tons in 2010 and is expected to increase at a 33.9% compound annual growth rate (CAGR) to reach 753,760 metric tons in 2015.

Market forces, especially increasing focus on environmental threats such as global warming and disposal of products containing toxic materials, have strongly driven development and early use of bioplastics.

Bioplastics are plastics that are made from renewable resources, such as food crops or biomass. The terms “bioplastics” and “biodegradable plastics” have been used interchangeably, but there is a difference between the two types of polymers.

BCC Research defines a fully biodegradable polymer as a polymer that is completely converted by microorganisms to carbon dioxide, water, and humus. In the case of anaerobic biodegradation, carbon dioxide, methane, and humus are the degradation products. Some, but not all, bioplastics are also biodegradable.

STUDY GOALS AND OBJECTIVES

Goals and objectives of this study include:

* Identifying trends that will affect use of bioplastics and their major end-use application markets
* Reviewing, analyzing, and forecasting specific end markets for bioplastics by material types, with sections devoted to each type of renewable-sourced plastic
* Analyzing and forecasting market developments from the viewpoint of major applications for bioplastics, that is, packaging, automotive, electrical/electronic, medical, building, and construction and others
* Profiling many of the most important suppliers of bioplastics, including resin roducers and compounders

REASONS FOR DOING THE STUDY

The rapid emergence of bioplastics is one of the major materials stories of the period starting in 2010. Once billed as biodegradable plastics, the theme for renewably sourced plastics has shifted dramatically in recent years to sustainability. In order to maximize market impact, there is now a growing trend to compound bio-based plastics with oil-based plastics to extend their reach into markets for durable products used in cars, cell phones, and elsewhere. The focus has shifted to total carbon footprint, and away from contribution to the solid waste stream.

INTENDED AUDIENCE

Due to the growing concern about climate change and negative health impacts of many existing materials, this report will be of interest to anyone who sells, designs, or manufactures products that are, or could be, made from polymeric materials. This report will also be of value to individuals who are helping to establish public policy about issues ranging from limits on use of plastics packaging to potential limits on use of vinyl compounds in medical applications.

This report will be of value to technical and business personnel in the following areas, among others:

* Personnel in end-user companies in a wide range of industries from retail bags to solar cell manufacturing
* Marketing and management personnel in companies that produce, market, and sell any type of plastics
* Companies involved in the design and construction of process plants that manufacture resins and products made from the resins
* Companies that supply, or want to supply, equipment and services to plastics companies
* Financial institutions that supply money for such facilities and systems, including banks, merchant bankers, venture capitalists, and others
* Investors in both equity and fixed-income markets; the fate of the plastics very much weighs on the values of the publicly traded stocks of companies such as Eastman, Bayer, DSM, and DuPont
* Personnel in government at many levels, ranging from federal to state and local authorities, many of whom are involved in trying to ensure public health and safety; the report also will be of interest to military scientists studying new packaging and equipment.

SCOPE OF REPORT

The focus of this report is plastics that are made from renewable resources such as biomass or food crops. There is even some potential development of bioplastics from animal resources. Plastics that may be potentially made from waste carbon dioxide are reviewed because of their potential impact on bioplastics, but their data is not included in the forecasts presented here. Bioplastics are further defined here as polymer materials that are produced by synthesizing, either chemically or biologically, materials which contain renewable organic materials. Natural organic materials that are not chemically modified, such as wood composites, are excluded. The report includes use of renewable resources to create monomers that replace petroleum-based monomers, such as polyester and polyethylene that use feedstocks made from sugarcane. Ethanol, a major product in Brazil, is one small chemical step from ethylene.

The focal point is on the following resin chemistries, including:

* Polylactic acid
* Thermoplastic starch
* Bio-polyamides (nylons)
* Polyhydroxyalkanoates (PHA)
* Bio-polyols
* Cellulosics
* Bio- polytrimethylene terephthalate (PTT)
* Bio-polyethylene
* Bio-bottle-grade polyethylene terephthalate (PET)

Biodegradable and photodegradable polymers made from petrochemical feedstocks are not included.

Other renewable resin chemistries are also covered but in less detail because their roles are not as well developed. They include collagen and chitosan.

METHODOLOGY AND INFORMATION SOURCES

Both primary and secondary research methodologies were used in preparing this report. Extensive searches were made of the literature and the Internet, including many of the leading trade publications, as well as technical compendia, government publications, and information from trade and other associations. Many background sources were used to develop chemical and property descriptions, but all forecasts are solely attributable to BCC Research.

Global Plastic Industry

CHAPTER ONE: INTRODUCTION 1
STUDY GOALS AND OBJECTIVES 1
REASONS FOR DOING THE STUDY 1
INTENDED AUDIENCE 2
SCOPE OF REPORT 2
METHODOLOGY AND INFORMATION SOURCES 3
AUTHOR’S CREDENTIALS 3
RELATED BCC REPORTS 4
BCC ONLINE SERVICES 4
DISCLAIMER 4
CHAPTER TWO: SUMMARY 5
SUMMARY TABLE USE OF BIOPLASTICS BY GLOBAL REGION,
THROUGH 2015 (METRIC TONS) 5
SUMMARY FIGURE USE OF BIOPLASTICS BY GLOBAL REGION,
2008-2015 (METRIC TONS) 6
SUMMARY (CONTINUED) 7
CHAPTER THREE: THE BIOPLASTICS INDUSTRY 8
SUMMARY 8
HISTORY OF BIOPLASTICS 9
HISTORY OF BIOPLASTICS (CONTINUED) 10
CHAPTER FOUR: PROS AND CONS OF BIOPLASTICS 11
THE CASE FOR BIOPLASTICS 11
THE CASE FOR BIOPLASTICS (CONTINUED) 12
THE CASE FOR BIOPLASTICS (CONTINUED) 13
THE CASE AGAINST BIOPLASTICS 14
THE CASE AGAINST BIOPLASTICS (CONTINUED) 15
THE CASE AGAINST BIOPLASTICS (CONTINUED) 16
CHAPTER FIVE: BIOPLASTICS BY RESIN TYPE 17
POLYLACTIC ACID POLYMERS (PLA) 17
CHEMISTRY 17
PRODUCERS 17
TABLE 1 GLOBAL PLA SUPPLIERS 18
TABLE 1 (CONTINUED) 19
PRODUCTION 19
TABLE 2 USE OF PLA BY GLOBAL REGION, THROUGH 2015
(METRIC TONS) 20
FIGURE 1 USE OF PLA BY GLOBAL REGION, 2008-2015 (METRIC
TONS) 20
PROPERTIES 21
Properties (Continued) 22
PROCESSING 23
Modifications 23
APPLICATIONS 24
TABLE 3 GLOBAL DEMAND FOR POLYLACTIC ACID BY
APPLICATION, THROUGH 2015 (METRIC TONS) 24
FIGURE 2 GLOBAL DEMAND FOR POLYLACTIC ACID BY
APPLICATION, 2008-2015 (METRIC TONS) 25
Food Packaging 25
Thermoformed Packaging 26
Electronics 26
Bottles 27
Automotive 27
Automotive (Continued) 28
Other Potential Applications 29
COMPOUNDING 29
Blends 29
Additives 30
Other Compounds 31
Other Compounds (Continued) 32
Other Compounds (Continued) 33
ENVIRONMENTAL ISSUES 34
Biodegradability 34
Recycling 34
Recycling (Continued) 35
SELLING PRICES 36
NEW DEVELOPMENTS 36
STARCH-BASED PLASTICS 37
CHEMISTRY 38
PRODUCERS 38
TABLE 4 GLOBAL STARCH POLYMER PRODUCERS 39
PRODUCTION 40
TABLE 5 USE OF STARCH-BASED PLASTICS BY GLOBAL REGION,
THROUGH 2015 (METRIC TONS) 40
FIGURE 3 USE OF STARCH-BASED PLASTICS BY GLOBAL REGION,
2008-2015 (METRIC TONS) 41
ENVIRONMENTAL ISSUES 42
Biodegradability 42
Recyclability 42
APPLICATIONS 42
TABLE 6 GLOBAL DEMAND FOR THERMOPLASTIC STARCH BY
APPLICATION, THROUGH 2015 (METRIC TONS) 43
FIGURE 4 GLOBAL DEMAND FOR THERMOPLASTIC STARCH BY
APPLICATION, 2008-2015 (METRIC TONS) 43
PACKAGING 44
Food Serviceware 45
Furniture 45
TABLE 7 TYPES OF PRODUCTS MADE FROM STARCH POLYMERS 45
Agriculture 45
COMPOUNDING 46
Blends 46
Polyvinyl Alcohol–Starch Blends 47
Applications of Thermoplastic Starch (TPS)/PVOH
Blends 47
NEW DEVELOPMENTS 47
New Developments (Continued) 48
POLYHYDROXYALKANOATES (PHA) 49
CHEMISTRY 49
PRODUCERS 49
TABLE 8 GLOBAL PHB SUPPLIERS 50
TABLE 8 (CONTINUED) 51
PRODUCTION 52
TABLE 9 USE OF PHA BY GLOBAL REGION, THROUGH 2015
(METRIC TONS) 53
FIGURE 5 USE OF PHA BY GLOBAL REGION, 2008-2015 (METRIC
TONS) 53
PROPERTIES 54
PROCESSING 54
ENVIRONMENTAL ISSUES 55
Biodegradabaility 55
Recycling 55
APPLICATIONS 55
TABLE 10 GLOBAL DEMAND FOR PHA BY APPLICATION,
THROUGH 2015 (METRIC TONS) 56
FIGURE 6 GLOBAL DEMAND FOR PHAS BY APPLICATION,
THROUGH 2015 (METRIC TONS) 57
Food Packaging 57
Bath Products 57
Other Potential Applications 58
SUBSTITUTION POTENTIAL 58
COMPOUNDING 58
Use of Blends 58
Additives for PHA 59
SELLING PRICES 59
PBS-TYPE POLYESTERS 59
CHEMISTRY 59
PRODUCERS 59
TABLE 11 GLOBAL SUPPLIERS OF BIO PBS 60
Producers (Continued) 61
PRODUCTION 62
TABLE 12 USE OF PBS BY GLOBAL REGION, THROUGH 2015
(METRIC TONS) 62
FIGURE 7 USE OF PBS BY GLOBAL REGION, 2008 2015 (METRIC
TONS) 63
PROPERTIES 63
PROCESSING 63
APPLICATIONS 63
TABLE 13 GLOBAL DEMAND FOR PBS BY APPLICATION, THROUGH
2015 (METRIC TONS) 64
FIGURE 8 GLOBAL DEMAND FOR PBS BY APPLICATION,
THROUGH 2015 (METRIC TONS) 65
Packaging 65
Automotive 65
Furniture 66
NEW DEVELOPMENTS 66
BIO-BASED POLYAMIDES 66
CHEMISTRY 67
PRODUCERS 67
TABLE 14 GLOBAL BIO-POLYAMIDE SUPPLIERS 67
PRODUCTION 68
TABLE 15 USE OF BIO-POLYAMIDES BY GLOBAL REGION,
THROUGH 2015 (METRIC TONS) 68
FIGURE 9 USE OF BIO-POLYAMIDES BY GLOBAL REGION,
THROUGH 2015 (METRIC TONS) 69
PROPERTIES 70
PROCESSING 70
APPLICATIONS 71
TABLE 16 GLOBAL DEMAND FOR BIO-POLYAMIDES BY
APPLICATION, THROUGH 2015 (METRIC TONS) 71
FIGURE 10 GLOBAL DEMAND FOR BIO-POLYAMIDES BY
APPLICATION, 2008-2015 (METRIC TONS) 71
Automotive 72
Electrical/Electronic 72
Sporting Goods 73
Oil Country Goods 73
Other Potential Applications 73
ENVIRONMENTAL ASPECTS 73
NEW DEVELOPMENTS 74
PTT-TYPE POLYESTERS 74
CHEMISTRY 75
PRODUCERS 75
TABLE 17 GLOBAL SUPPLIERS 75
PRODUCTION 75
TABLE 18 USE OF BIO-PTT BY GLOBAL REGION, THROUGH 2015
(METRIC TONS) 76
FIGURE 11 USE OF BIO-PTT BY GLOBAL REGION, 2008-2015
(METRIC TONS) 76
PROPERTIES 77
APPLICATIONS 77
TABLE 19 GLOBAL DEMAND FOR BIO-PTT BY APPLICATION,
THROUGH 2015 (METRIC TONS) 78
FIGURE 12 GLOBAL DEMAND FOR BIO-PTT BY APPLICATION, 2008-
2015 (METRIC TONS) 78
ENVIRONMENTAL ISSUES 79
BIO-BASED POLYURETHANE 79
CHEMISTRY 80
PRODUCERS 80
Producers (Continued) 81
TABLE 20 GLOBAL BIO-POLYOL SUPPLIERS 82
PRODUCTION 83
TABLE 21 USE OF BIO-POLYOLS BY GLOBAL REGION, THROUGH
2015 (METRIC TONS) 83
TABLE 21 (CONTINUED) 84
FIGURE 13 USE OF BIO-POLYOLS BY GLOBAL REGION, 2008-2015
(METRIC TONS) 84
PROPERTIES 85
APPLICATIONS 85
TABLE 22 GLOBAL DEMAND FOR BIO-POLYOLS BY APPLICATION,
THROUGH 2015 (METRIC TONS) 86
FIGURE 14 GLOBAL DEMAND FOR BIO-POLYOLS BY APPLICATION,
THROUGH 2015 (METRIC TONS) 86
Applications (Continued) 87
ENVIRONMENTAL ISSUES 88
NEW DEVELOPMENTS 89
CELLULOSICS 89
CHEMISTRY 89
PRODUCERS 90
TABLE 23 GLOBAL SUPPLIERS OF CELLULOSE PLASTIC 90
PRODUCTION 91
TABLE 24 USE OF CELLULOSIC PLASTICS BY GLOBAL REGION,
THROUGH 2015 (METRIC TONS) 91
FIGURE 15 USE OF CELLULOSIC PLASTICS BY GLOBAL REGION,
2008-2015 (METRIC TONS) 92
PROPERTIES 92
APPLICATIONS 93
TABLE 25 GLOBAL DEMAND FOR CELLULOSIC PLASTICS BY
APPLICATION, THROUGH 2015 (METRIC TONS) 94
FIGURE 16 GLOBAL DEMAND FOR CELLULOSIC PLASTICS BY
APPLICATION, 2008-2015 (METRIC TONS) 94
ENVIRONMENTAL ISSUES 95
NEW DEVELOPMENTS 96
OTHER TYPES OF BIOPLASTICS 96
BIO-BASED POLYESTER 96
TABLE 26 GLOBAL DEMAND FOR OTHER BIOPLASTICS BY
APPLICATION, THROUGH 2015 (METRIC TONS) 97
FIGURE 17 GLOBAL DEMAND FOR OTHER BIOPLASTICS BY
APPLICATION, 2008-2015 (METRIC TONS) 98
BIO-BASED POLYETHYLENE 99
TABLE 27 GLOBAL DEMAND FOR OTHER BIOPLASTICS BY
APPLICATION, THROUGH 2015 (METRIC TONS) 100
FIGURE 18 GLOBAL DEMAND FOR OTHER BIOPLASTIC BY
APPLICATION, 2008-2015 (METRIC TONS) 100
ELASTOMERS 101
ALIPHATIC POLYETHYLENE CARBONATE (APEC) 101
GLOBAL DEMAND 102
TABLE 28 GLOBAL DEMAND FOR OTHER BIOPLASTICS BY
REGION, THROUGH 2015 (METRIC TONS) 102
FIGURE 19 GLOBAL DEMAND FOR OTHER BIOPLASTICS BY
REGION, 2008-2015 (METRIC TONS) 102
ANIMAL-BASED FEEDSTOCKS 103
Collagen 103
Chitosan 104
CARDANOL-CELLULOSE 105
KERATIN 106
CHAPTER SIX: BIOPLASTIC PROCESSING TECHNOLOGIES 107
EXTRUSION 107
COMPOUNDING 107
STARCH POLYMERS 108
PLA AND PHA 108
BLENDS WITH OIL-BASED PLASTICS 108
TABLE 29 EXAMPLES OF BIOPLASTIC EQUIPMENT SPECIALISTS 108
PELLETIZING 109
FOAMING 109
STORAGE AND DRYING 110
USE OF REGRIND 111
CAST FILM 112
THERMOFORMING 112
INJECTION MOLDING 113
INJECTION MOLDING (CONTINUED) 114
CHAPTER SEVEN: MARKET ESTIMATES AND FORECASTS 115
TABLE 30 GLOBAL BIOPLASTICS DEMAND, THROUGH 2015
(METRIC TONS) 115
FIGURE 20 GLOBAL BIOPLASTIC MARKET BY RESIN TYPE, 2008-
2015 (METRIC TONS) 116
TABLE 31 GLOBAL USE OF BIOPLASTICS BY REGION, THROUGH
2015 (METRIC TONS) 117
FIGURE 21 GLOBAL USE OF BIOPLASTICS BY REGION, 2008-2015
(METRIC TONS) 117
TABLE 32 GLOBAL BIOPLASTIC MARKET BY APPLICATION,
THROUGH 2015 (METRIC TONS) 118
FIGURE 22 GLOBAL BIOPLASTIC MARKET BY APPLICATION,
THROUGH 2015 (METRIC TONS) 119
CHAPTER EIGHT: APPLICATIONS 120
OVERVIEW 120
PACKAGING 120
MARKET FORECAST 120
TABLE 33 GLOBAL USE OF BIOPLASTICS IN PACKAGING
APPLICATIONS, THROUGH 2015 (METRIC TONS) 120
FIGURE 23 GLOBAL USE OF BIOPLASTICS IN PACKAGING
APPLICATIONS, 2008-2015 (METRIC TONS) 121
SNACK FOOD 121
BOTTLES 122
THERMOFORMED TRAYS 122
LOOSE-FILL PACKAGING 123
CUPS AND UTENSILS 123
FOAM PACKAGING 124
Foam Packaging (Continued) 125
RIGID PACKAGING 126
NEW DEVELOPMENTS 126
AUTOMOTIVE 126
TABLE 34 GLOBAL USE OF BIOPLASTICS IN
AUTO/TRANSPORTATION APPLICATIONS, THROUGH 2015
(METRIC TONS) 127
FIGURE 24 USE OF BIOPLASTICS IN AUTOMTOIVE
APPLICATIONS, 2008-2015 (METRIC TONS) 128
INTERIOR 128
Foams 128
Components 129
Components (Continued) 130
Fuel Components 131
EXTERIOR 132
NEW DEVELOPMENTS 133
AGRICULTURE 133
MEDICAL 134
MARKET FORECAST 134
TABLE 35 GLOBAL OUTLOOK FOR BIOPLASTICS IN MEDICAL
APPLCIATIONS, THROUGH 2015 (METRIC TONS) 134
ORTHOPEDIC FIXATION DEVICES 135
DRUG DELIVERY 135
HYDROGELS 136
MICROSPHERES 137
TISSUE ENGINEERING 137
Tissue Engineering (Continued) 138
Tissue Engineering (Continued) 139
STENTS 140
HYGENIC PRODUCTS 141
MEDICAL PACKAGING 142
Medical Packaging (Continued) 143
Medical Packaging (Continued) 144
AIRCRAFT 145
ELECTRICAL/ELECTRONICS 145
ELECTRICAL/ELECTRONICS (CONTINUED) 146
LIQUID CRYSTAL DISPLAYS 147
CONDUCTIVE PLASTICS 148
SPORTING GOODS 148
PHOTOVOLTAICS 148
Photovoltaics (Continued) 149
CHAPTER NINE: ISSUES FACING BIOPLASTICS 150
ENVIRONMENTAL ISSUES 150
COMPOSTING 150
RECYCLABILITY 151
FOOD SUPPLY ISSUE 152
CARBON FOOTPRINT 152
GOVERNMENT INVOLVEMENT 153
Direct Actions 153
United States 153
Ohio 153
San Francisco 153
Europe 154
Germany 154
Italy 154
Indirect Actions 154
Canada 154
Japan 154
Japan (Continued) 155
CHAPTER TEN: STANDARDS AND CERTFICATIONS 156
BIO-BASED 156
ASTM D6866 156
PD CEN/TR 15932:2010 156
BIODEGRADABILITY 157
EN 13432, ASTM D6400, ISO 17088 157
CHAPTER ELEVEN: PATENTS 158
TABLE 36 US BIOPLASTIC PATENTS BY COUNTRY (PERIOD
RANGES FROM JANUARY 1, 2008 TO MARCH 31, 2010) 158
TABLE 37 US BIOPLASTIC PATENTS BY MARKET (PERIOD
RANGES FROM JAN 1, 2008 TO MARCH 31, 2010) 159
TABLE 38 US BIOPLASTIC PATENTS BY POLYMER TYPE (PERIOD
RANGES FROM JAN 1, 2008 T0 MARCH 31, 2010) 159
US PATENT 7,576,173 159
US PATENT 7,553,923 160
US PATENT 7,504,556 160
U S PATENT 7,439,352 160
U S PATENT 7,435,168 160
U S PATENT 7,582,777 160
U S PATENT 7,491,820 161
US PATENT 7,588,632 161
U S PATENT 7,566,753 161
U S PATENT 7,670,545 161
U S PATENT 7,608,649 162
U S PATENT 7,602,108 162
US PATENT 7,687,125 162
US PATENT 7,452,592 163
US PATENT 7,582,456 163
US PATENT 7,645,839 163
US PATENT 7,563,830 163
US PATENT 7,495,044 164
US PATENT 7,666,261 164
US PATENT 7,638,560 164
US PATENT 7,556,757 165
US PATENT 7,378,266 165
US PATENT 7,654,465 165
US PATENT 7,368,160 166
US PATENT 7,582,456 166
CHAPTER TWELVE: COMPANY PROFILES 167
ARKEMA 167
AVANTIUM 167
BIOLOG BIOTECHNOLOGIE UND LOGISTIK GMBH 168
BIOAMBER 168
BIOBASED CHEM CO LTD 169
BIOMATERA 169
BIOMER 169
BIOTEC BIOLOGISCHE NATURVERPACKUNGEN GMBH 170
BRASKEM 170
CARGILL 171
CEREPLAST 171
DANIMER SCIENTIFIC/MEREDIAN 171
DNP GREEN TECHNOLOGY 172
DOW PLASTICS 172
DUPONT 173
ROYAL DSM NV 173
DURECT CORP 174
EASTMAN CHEMICAL 174
FABRI-KAL 174
FKUR PLASTICS CORP 175
FUTERRO 175
INNOVIA FILMS 175
METABOLIX 176
MICROMIDAS 176
MYRIANT TECHNOLOGIES LLC 176
NATUREWORKS 177
NOVAMONT 177
PLANTIC TECHNOLOGIES, LIMITED 178
PLASTICS ENGINEERING ASSOCIATES 178
PLAXICA 178
POLYONE 179
PYRAMID BIOPLASTICS GUBEN FORSTER STRASSE 58 179
RODENBURG BIOPOLYMERS BV 179
RTP CO 180
SYNBRA TECHNOLOGY 180
TATE & LYLE 181
TEKNOR-APEX 181
TEIJIN 181
TELLES 182
TIANAN BIOLOGIC MATERIAL CO 182
TIANJIN GREEN BIO-SCIENCE CO, LTD 183
TORAY 183
URETHANE SOY SYSTEMS CO 183
ZHEJIANG HISUN BIOMATERIALS CO 184
APPENDIX A: LEADING BIOPLASTICS TRADE GROUPS 185
JAPAN BIOPLASTICS ASSOCIATION (JBPA) 185
EUROPEAN BIOPLASTICS 185
SPI BIOPLASTICS COUNCIL (USA) 185
SPI BIOPLASTICS COUNCIL (USA) (CONTINUED) 186
APPENDIX B: IMPORTANT ACRONYMS RELATED TO BIOPLASTICS 187
IMPORTANT ACRONYMS RELATED TO BIOPLASTICS 187
IMPORTANT ACRONYMS … (CONTINUED) 188
APPENDIX C: SELECTED GLOSSARY OF TERMS 189
SELECTED GLOSSARY OF TERMS 189
SELECTED GLOSSARY OF TERMS (CONTINUED) 190
SELECTED GLOSSARY OF TERMS (CONTINUED) 191