POLYACETALS MCP-1638
A GLOBAL STRATEGIC BUSINESS REPORT
CONTENTS
I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Quantitative Techniques & Analytics I-3
Product Definitions and Scope of Study I-3
II. EXECUTIVE SUMMARY
1. Industry Overview II-1
Polyacetal: A Curtain Raiser II-1
Use II-1
Evolution II-1
Homopolymer & Copolymer Based Polyacetals II-2
Market Participants II-2
Table 1: World Market for Polyacetals (2004): Production
Capacity Breakdown of Leading Manufacturers - Ticona,
DuPont, Polyplastics (Daicel/Ticona), Korean Engineering
Plastics, Mitsubishi Engineering Plastics, Asahi Kasei,
BASF, and Others (In Thousand Tons Per Annum) (includes
corresponding Graph/Chart) II-2
Growing End-use Applications Keep Polyacetal Market Aflame II-2
Replacement of Conventional Metals Kindles Growth II-3
Advantages of Engineering Plastics (Including POM) II-3
Notes From Across the Globe II-3
China: The Dragon Breathes Fire II-3
Polyacetals Sitting Pretty II-4
Year 2002-03 Witness A Flurry of Capacity Expansions II-4
Table 2: Market for Polyacetals in China: New Construction
& Expansion Projects Approved & Completed in the Recent
Past (includes corresponding Graph/Chart) II-5
Dragonland Emerges Into the World’s 3rd Largest Automaker II-5
Europe Receives Impetus from Automotives, the Largest End-Use
Segment II-5
Vibrant Passenger Car Production Fans the Demand for
Polyacetals II-5
Use of Polyacetals in Automotive Exteriors in Europe II-6
Statistical Findings II-6
Table 3: European Consumption of Polyacetals in Automotive
Exterior Applications: Breakdown by Volume Shipments and
Revenues for the Years 1997, 2000, 2004, and 2007 (includes
corresponding Graph/Chart) II-6
Table 4: European Consumption of Polyacetals in Automotive
Interior Applications: Breakdown by Volume Shipments and
Revenues for the Years 1997, 2000, 2004, and 2007 (includes
corresponding Graph/Chart) II-7
Table 5: European Consumption of Polyacetals in
Under-the-Bonnet Applications: Breakdown by Volume
Shipments and Revenues for the Years 1997, 2000, 2004, and
2007 (includes corresponding Graph/Chart) II-7
Present Scenario in Korea: A Review II-7
India: A Land Of Opportunities II-8
Electrical and Electronic Industry Drive Growth in the US II-8
Table 6: Market for Polyacetals in the US Automotive
Electrical Switches Industry: Breakdown of Volume Shipments
and Revenue for the years 2001, 2005, 2008, and 2010
(includes corresponding Graph/Chart) II-9
2. Engineering Plastics: An Overview of the Principal Industry II-10
A Primer II-10
Types of Engineering Plastics & Their Use II-10
Market Overview II-10
Table 7: Global Market for Engineered Plastics (2005-2010):
Countries Ranked By Growth - Asia (excluding Japan),
Africa/Middle East, Latin America, North America, Europe and
Japan (includes corresponding Graph/Chart) II-11
Focus On Select Countries II-11
The United States II-11
Market Dissection By Resin Type II-11
Table 8: US Market for Engineering Plastics (1998, 2003, &
2008): Breakdown of Volume Demand by Resin Type - ABS,
Polycarbonate, Nylon, Thermoplastic Polyester,
Polyphenylene Oxide, Polyacetals and Other Resins. (In
Million Pounds) (includes corresponding Graph/Chart) II-12
Malaysia II-12
Table 9: Statistical Findings On the Malaysian Plastic
Resins Market for the Years 2001, 2002, and 2003: A Review
(In US$ Million) (includes corresponding Graph/Chart) II-13
China II-13
Table 10: Statistical Findings On the Chinese Market for
Engineering Plastics for the Years 2002, 2003, 2004, 2005
and 2010 (In 10,000 Tons) (includes corresponding
Graph/Chart) II-15
Table 11: Chinese Market for Engineering Plastics (2003):
Import Breakdown of Major Engineering Resins by Volume,
Value, and C.I.F. Price (includes corresponding
Graph/Chart) II-15
Table 12: Chinese Market for Engineering Plastics (2003):
Export Breakdown of Major Engineering Resins by Volume,
Value, and C.I.F. Price (includes corresponding
Graph/Chart) II-16
Table 13: Chinese Market for Engineering Plastics (2003,
2005, & 2010): Volume Consumption Breakdown by Select
Engineering Plastics - Polyamide, Polycarbonate,
Polyethylene Terephthalate (PET) & Polybutylene
Terephthalate (PBT), and Modified Polyphenylene Oxide
(MPPO) (In `000 tons) (includes corresponding Graph/Chart) II-16
3. Product Overview II-17
Polyacetals: A Definition II-17
Chemical Formula II-17
Applications II-17
Advantages II-18
Disadvantages II-18
How Are They Synthesized? II-18
Synthesis of Polyoxymethylene Copolymer: II-18
Types Of Polyacetals II-19
Homoploymer Polyacetal II-19
Properties II-19
Applications II-19
Consumer Goods: II-19
Automotive Applications: II-19
Industrial Applications: II-20
Plumbing Applications: II-20
Copolymer Polyacetal II-20
Properties II-20
Applications II-21
Plumbing Products: II-21
Industrial & Automotive Applications: II-21
Mechanical Components: Acetal copolymer II-21
Acetal Copolymer Vis-à-Vis Metals, Thermoplastics, & Acetal
Homopolymers II-21
Random Musings II-22
The Impact of Exposure of Engineering Plastics to UV-Radiations II-22
What’s the Antidote to the Problem? II-22
Ciba Specialty Chemicals: A Leading Developer of UV-Stabilizers II-22
Polyacetal Brands In the Marketplace II-23
Manufacturer: Ticona GmbH II-23
Trade Mark: Hostaform® II-23
Trade Mark: Celcon® POM II-24
Trade Mark: Celcon® UV140LG II-24
Trade Mark: Celcon® MT™ II-24
Manufacturer: Asahi Kasei America, Inc. II-24
Trade Mark: Tenac™ - polyacetal homopolymer, Tenac-C™ -
polyacetal copolymer II-24
Manufacturer: BASF II-24
Trade Mark: Ultraform®. II-25
Trade Mark: Ultraform S 1320X-003 II-25
Manufacturer: Polyplastics II-25
Trade Mark: Duracon® II-25
4. Recent Industry Activity II-26
BASF AG Changes Name to BASF SE II-26
Caldic España and Solvadis Ibérica Merge to Form Caldic
Ibérica S.L II-26
SKF Acquires Economos Austria GMBH II-26
Yunnan Yuntianhua Group Initiates POM (Polyformaldehyde)
Production Line II-26
Ticona on a Production Expansion Spree in Asia II-26
CNOOC Starts Polyoxymethylene (POM) Plant II-27
Lanhua Group Ties Up With Foreign Firms II-27
DuPont Supplies POM II-27
Ticona To Increase Polymers Price II-27
Ticona Constructs POM Plant II-27
MGC Starts Polyacetal Production II-28
New Polyoxymethylene (POM) Plant In China II-28
ADZ Commercialize POM Products II-28
Ticona Increases Production Capacity II-28
Aker Kvaerner Group Constructs Polyacetal Unit II-28
MEP Builds Second Manufacturing Unit In Thailand II-28
Polyacetal Ventures of Mitsubishi II-29
POM Plant In China II-29
PTM To Build Polyacetal Unit II-29
DuPont Ties Up With Asahi Kasei Corp. II-29
Bayer To Invest US$290 million II-30
Thai Polyacetal Increases Production Capacity II-30
Capacity Expansion Plans Of Mitsubishi II-30
Asahi Delays POM Project II-31
KEP Receives Suitors For Equity Purchase II-31
Polyacetal Plant In Malaysia II-31
BASF Buys Out 50% Equity Stake II-32
KTP Industries Establish POM Plant II-32
Shijingguo To Increase Production Capacity II-32
5. Product Launches/Innovations II-33
Ticona Demonstrates Next-Generation Hostaform Acetal Copolymer II-33
Polyplastics Pioneers Innovative Technologies to Assess POM
Durability in Biofuels II-33
BASF Unveils New POM Grade for Hollow Objects II-33
Polyacetal Resins From South Korean Researchers II-33
Clamcleats Launches Keeper Cleat II-34
High Water Affinity Polymer From Japanese Scientists II-34
Premix Thermoplastics Unveils Innovative POM Compounds II-34
LG Chem Unveils Novel Production Process II-34
Nylacast Rolls Out Extruded Polymers II-35
DuPont Unveils Novel Technology II-35
Siegenia-Aubi Unveils New Safety Fittings II-35
Lafuma Group Rolls Out New Backpack II-35
6. Focus on Select Global Players II-36
Asahi Kasei Chemicals Corporation (Japan) II-36
Asahi-DuPont POM (Zhangjiagang) Co., Ltd (China) II-36
BASF SE (Germany) II-36
Caldic Ibérica S.L. (SPAIN) II-37
Celanese Corporation (USA) II-37
Ticona (USA) II-37
China National Blue Star Group Corporation (China) II-38
Bluestar New Chemical Materials Co. Ltd (China) II-38
Shanghai Bluestar New Chemical Materials Co. Ltd (China) II-38
E. I. du Pont de Nemours and Company (USA) II-38
SKF Economos Austria GMBH (Austria) II-39
Korean Engineering Plastics Co., Ltd. (South Korea) II-39
Mitsubishi Engineering-Plastics Corporation (Japan) II-39
PTM Engineering Plastics (Nantong) CO., LTD. (China) II-40
Polyplastics Co., Ltd. (Japan) II-40
Yuntianhua Group Co. Ltd (China) II-40
7. Global Market Perspective II-41
Table 14: World Recent Past, Current and Future Analysis for
Polyacetals by Geographic Region/Country - USA, Japan, China,
Europe, Asia-Pacific (excluding China & Japan), and Rest of
World Markets Independently Analyzed with Annual Consumption
Figures in Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) II-41
Table 15: World Long-term Projections for Polyacetals by
Geographic Region/Country - USA, Japan, China, Europe,
Asia-Pacific (excluding China & Japan), and Rest of World
Markets Independently Analyzed with Annual Consumption Figures
in Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-42
Table 16: World 10-Year Perspective for Polyacetals by
Geographic Region/Country - Percentage Breakdown of Volume
Consumption for USA, Japan, China, Europe, Asia-Pacific
(excluding Japan & China), and Rest of world Markets for Years
2003, 2008 & 2012 (includes corresponding Graph/Chart) II-43
Analytics by End-Use II-44
Table 17: World Recent Past, Current and Future Analysis for
Polyacetals in Automotive Applications by Geographic
Region/Country- USA, Japan, China, Europe, Asia-Pacific
(Excluding China & Japan) and Rest of World Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) II-44
Table 18: World Long-term Projections for Polyacetals in
Automotive Applications by Geographic Region/Country - USA,
Japan, China, Europe, Asia-Pacific (excluding China & Japan),
and Rest of World Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) II-45
Table 19: World 10-Year Perspective for Polyacetals in
Automotive Applications by Geographic Region/Country -
Percentage Breakdown of Volume Consumption for USA, Japan,
China, Europe, Asia-Pacific (excluding Japan & China) and Rest
of world Markets for Years 2003, 2008 & 2012 (includes
corresponding Graph/Chart) II-46
Table 20: World Recent Past, Current and Future Analysis for
Polyacetals in Electrical Engineering and Electronics
Applications by Geographic Region/Country - USA, Japan, China,
Europe, Asia-Pacific (Excluding China & Japan) and Rest of
World Markets Independently Analyzed with Annual Consumption
Figures in Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) (includes corresponding
Graph/Chart) II-47
Table 21: World Long-term Projections for Polyacetals in
Electrical Engineering and Electronics by Geographic
Region/Country - USA, Japan, China, Europe, Asia-Pacific
(excluding China & Japan), and Rest of World Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-48
Table 22: World 10-Year Perspective for Polyacetals in
Electrical Engineering and Electronics Applications by
Geographic Region/Country - Percentage Breakdown of Volume
Consumption for USA, Japan, China, Europe, Asia-Pacific
(excluding Japan & China) and Rest of world Markets for Years
2003, 2008 & 2012 (includes corresponding Graph/Chart) II-49
Table 23: World Recent Past, Current and Future Analysis for
Polyacetals in Industrial Applications by Geographic
Region/Country- USA, Japan, China, Europe, Asia-Pacific
(Excluding China & Japan) and Rest of World Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) II-50
Table 24: World Long-term Projections for Polyacetals in
Industrial Applications by Geographic Region/Country - USA,
Japan, China, Europe, Asia-Pacific (excluding China & Japan),
and Rest of World Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) II-51
Table 25: World 10-Year Perspective for Polyacetals in
Industrial Applications by Geographic Region/Country -
Percentage Breakdown of Volume Consumption for USA, Japan,
China, Europe, Asia-Pacific (excluding Japan & China) and Rest
of world Markets for Years 2003, 2008 & 2012 (includes
corresponding Graph/Chart) II-52
Table 26: World Recent Past, Current and Future Analysis for
Polyacetals in Consumer Goods Applications by Geographic
Region/Country- US, Japan, China, Europe, Asia-Pacific
(Excluding China & Japan) and Rest of World Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) II-53
Table 27: World Long-term Projections for Polyacetals in
Consumer Goods Applications by Geographic Region/ Country -
USA, Japan, China, Europe, Asia-Pacific (excluding China &
Japan), and Rest of World Markets Independently Analyzed with
Annual Consumption Figures in Thousand Tons for Years 2011
through 2015 (includes corresponding Graph/Chart) II-54
Table 28: World 10-Year Perspective for Polyacetals in
Consumer Goods Applications by Geographic Region/Country -
Percentage Breakdown of Volume Consumption for US, Japan,
China, Europe, Asia-Pacific (excluding Japan & China) and Rest
of World Markets for Years 2003, 2008 & 2012 (includes
corresponding Graph/Chart) II-55
Table 29: World Recent Past, Current and Future Analysis for
Polyacetals in Plumbing/Irrigation Applications by Geographic
Region/Country- USA, Japan, China, Europe, Asia-Pacific
(Excluding China & Japan) and Rest of World Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2000 through 2010 (includes
corresponding Graph/Chart) II-56
Table 30: World Long-term Projections for Polyacetals in
Plumbing/Irrigation Applications by Geographic Region/Country
- USA, Japan, China, Europe, Asia-Pacific (excluding China &
Japan), and Rest of World Markets Independently Analyzed with
Annual Consumption Figures in Thousand Tons for Years 2011
through 2015 (includes corresponding Graph/Chart) II-57
Table 31: World 10-Year Perspective for Polyacetals in
Plumbing/Irrigation Applications by Geographic Region/ Country
- Percentage Breakdown of Volume Consumption for USA, Japan,
China, Europe, Asia-Pacific (excluding Japan & China) and Rest
of World Markets for Years 2003, 2008 & 2012 (includes
corresponding Graph/Chart) II-58
Table 32: World Recent Past, Current and Future Analysis for
Polyacetals in Other Applications by Geographic Region/Country
- USA, Japan, China, Europe, Asia-Pacific (Excluding China &
Japan) and Rest of World Markets Independently Analyzed with
Annual Consumption Figures in Thousand Tons for Years 2000
through 2010 (includes corresponding Graph/Chart) II-59
Table 33: World Long-term Projections for Polyacetals in Other
Applications by Geographic Region/Country - USA, Japan, China,
Europe, Asia-Pacific (excluding China & Japan), and Rest of
World Markets Independently Analyzed with Annual Consumption
Figures in Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-60
Table 34: World 10-Year Perspective for Polyacetals in Other
Applications by Geographic Region - Percentage Breakdown of
Volume Consumption for USA, Japan, China, Europe, Asia-Pacific
(excluding Japan & China) and Rest of world Markets for Years
2003, 2008 & 2012 (includes corresponding Graph/Chart) II-61
III. MARKET
1. The United States III-1
A.Market Analysis III-1
Current and Future Analysis III-1
Strategic Corporate Developments III-1
Product Launches III-1
Key Players III-2
B.Market Analytics III-4
Table 35: US Recent Past, Current and Future Analysis for
Polyacetals by End Use Applications-Automotive, Electrical
Engineering and Electronics, Industrial Applications,
Consumer Goods, Plumbing /Irrigation, Other Application
Markets Independently Analyzed with Annual Consumption
Figures in Thousand Tons for Years 2000 through 2010
(includes corresponding Graph/Chart) III-4
Table 36: US Long-term Projections for Polyacetals by End
Use Applications-Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, Other Application Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-5
Table 37: US 10-Year Perspective for Polyacetals by End Use
Applications - Percentage Breakdown of Volume Consumption
for Automotive, Electrical Engineering and Electronics,
Industrial Applications, Consumer Goods, Plumbing/
Irrigation, and Other Applications for Years 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-5
2. Japan III-6
A.Market Analysis III-6
Current and Future Analysis III-6
Product Launches III-6
Key Players III-6
B.Market Analytics III-8
Table 38: Japanese Recent Past, Current and Future Analysis
for Polyacetals by End Use Applications-Automotive,
Electrical Engineering and Electronics, Industrial
Applications, Consumer Goods, Plumbing /Irrigation, Other
Application Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2000 through
2010 (includes corresponding Graph/Chart) III-8
Table 39: Japanese Long-term Projections for Polyacetals by
End Use Applications-Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, Other Application Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-9
Table 40: Japanese 10-Year Perspective for Polyacetals by
End Use Applications - Percentage Breakdown of Volume
Consumption for Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, and Other Applications for Years 2003,
2008 & 2012 (includes corresponding Graph/Chart) III-9
3. China III-10
A.Market Analysis III-10
Current and Future Analysis III-10
Strategic Corporate Developments III-10
Key Players III-12
B.Market Analytics III-14
Table 41: Chinese Recent Past, Current and Future Analysis
for Polyacetals by End Use Applications-Automotive,
Electrical Engineering and Electronics, Industrial
Applications, Consumer Goods, Plumbing /Irrigation, Other
Application Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2000 through
2010 (includes corresponding Graph/Chart) III-14
Table 42: Chinese Long-term Projections for Polyacetals by
End Use Applications-Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, Other Application Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-15
Table 43: Chinese 10-Year Perspective for Polyacetals by End
Use Applications - Percentage Breakdown of Volume
Consumption for Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing / Irrigation, and Other Applications for Years
2003, 2008 & 2012 (includes corresponding Graph/Chart) III-15
4. Europe III-16
A.Market Analysis III-16
Current and Future Analysis III-16
Strategic Corporate Developments III-16
Product Launches III-17
Key Players III-18
B.Market Analytics III-19
Table 44: European Recent Past, Current and Future Analysis
for Polyacetals by End Use Applications-Automotive,
Electrical Engineering and Electronics, Industrial
Applications, Consumer Goods, Plumbing / Irrigation, Other
Application Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2000 through
2010 (includes corresponding Graph/Chart) III-19
Table 45: European Long-term Projections for Polyacetals by
End Use Applications-Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, Other Application Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-20
Table 46: European 10-Year Perspective for Polyacetal by End
Use Applications - Percentage Breakdown of Volume
Consumption for Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, and Other Applications for Years 2003,
2008 & 2012 (includes corresponding Graph/Chart) III-20
5. Asia-Pacific III-21
A.Market Analysis III-21
Current and Future Analysis III-21
Strategic Corporate Developments III-21
Product Launches III-24
Key Player III-25
B.Market Analytics III-25
Table 47: Asia-Pacific Recent Past, Current andS Future
Analysis for Polyacetals by End Use Applications-Automotive,
Electrical Engineering and Electronics, Industrial
Applications, Consumer Goods, Plumbing/ Irrigation, Other
Application Markets Independently Analyzed with Annual
Consumption Figures in Thousand Tons for Years 2000 through
2010 (includes corresponding Graph/Chart) III-25
Table 48: Asia-Pacific Long-term Projections for Polyacetals
by End Use Applications-Automotive, Electrical Engineering
and Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, Other Application Markets
Independently Analyzed with Annual Consumption Figures in
Thousand Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-26
Table 49: Asia-Pacific 10-Year Perspective for Polyacetals
by End Use Applications - Percentage Breakdown of Volume
Consumption for Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, and Other Applications for Years 2003,
2008 & 2012 (includes corresponding Graph/Chart) III-26
6. Rest of World III-27
A.Market Analysis III-27
Current and Future Analysis III-27
B.Market Analytics III-27
Table 50: Rest of World Recent Past, Current and Future
Analysis for Polyacetals by End Use Applications -
Automotive, Electrical Engineering and Electronics,
Industrial Applications, Consumer Goods, Plumbing/
Irrigation, Other Application Markets Independently Analyzed
with Annual Consumption Figures in Tons for Years 2000
through 2010 (includes corresponding Graph/Chart) III-27
Table 51: Rest of World Long-term Projections for
Polyacetals by End Use Applications-Automotive, Electrical
Engineering and Electronics, Industrial Applications,
Consumer Goods, Plumbing /Irrigation, Other Application
Markets Independently Analyzed with Annual Consumption
Figures in Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-28
Table 52: Rest of World 10-Year Perspective for Polyacetals
by End Use Applications - Percentage Breakdown of Volume
Consumption for Automotive, Electrical Engineering and
Electronics, Industrial Applications, Consumer Goods,
Plumbing /Irrigation, and Other Applications for Years 2003,
2008 & 2012 (includes corresponding Graph/Chart) III-28
IV. COMPETITIVE LANDSCAPE
