Specialty Chemicals - Distribution - Logistics 50

Economy - Petrochemicals - Specialty Chemicals - Distribution - Logistics 50. Food and Personal Care Overview BACK TO BASICS Industry The Giant of South America 52. Interview with ITW Chemicals MARCELO PUPO NOGUEIRA, GENERAL DIRECTOR Interviews 8. An Introduction to Brazil 54. Interview with Dow Corning Exclusive interviews with major chemical A BRIEF OVERVIEW OF THE COUNTRY AND ANGELO BIANCHINI, REGIONAL PRESIDENT LATIN manufacturers such as Petrom, Oxiteno, ECONOMY AMERICA AND MARCO JORDÃO, COMMERCIAL 10. Interview with the Ministry of Development, DIRECTOR BASF, Dow Corning, Evonik and Linde 56. Interview with Evonik South America Gases reveal the true opportunities and Industry and Foreign Trade DR. FERNANDO PIMENTEL, MINISTER OF WEBER PORTO, PRESIDENT challenges of Brazil. 58. Interview with Taminco DEVELOPMENT, INDUSTRY AND FOREIGN TRADE 11. Chemicals in Brazil JEAN-MICHEL DENIS, REGIONAL VICE PRESIDENT LATIN AMERICA; PEDRO MAURO PITA, SALES AND A BUMP IN THE ROAD TO GROWTH 13. Interview with Associação Brasileira da MARKETING DIRECTOR SOUTH AMERICA; AND Indústria Química (ABIQUIM) WERNER GURTNER, SALES AND MARKETING MANAGER SOUTH AMERICA FERNANDO FIGUEIREDO, EXECUTIVE PRESIDENT 18, 26, 41, 54, 56, 63 59. Pulp and Paper ORGANIC GROWTH 60. Interview with Peroxidos do Brasil Analysis Processing BRUNO JESTIN 61. Industrial Gases Viewpoints from the GBR on-the- Hydrocarbons SAFETY IN NUMBER OF MARKETS SERVED ground team on the subjects of mining Petrochemicals and Biofuels 63. Interview with Linde Gases opportunities in Mexico and security MAGNUS KARLSON, GENERAL MANAGER concerns affecting operations in the in Brazil 64. Interview with Air Liquide MARCELO FIORANELLI, GENERAL DIRECTOR country, taken from our weekly newsletter 65. Interview with Air Products the GBRoundup. 16. Brazilian Petrochemicals IN THE SHADOW OF THE US SHALE GAS BOOM RENATO MONTAGNINI, MANAGER 18. Interview with Petrom PEDRO ROQUETE, COMMERCIAL DIRECTOR 21. Baerlocher Brazil Reaching Demand JUAREZ S. COSTA, PRESIDENT AND HELBER SOLITÃO, FINANCIAL DIRECTOR Distribution and Logistics in 22. Interview with Elekeiroz 32, 76 MARCOS DE MARCHI, CEO Brazil’s Chemical Industry 24. Environmental Initiative TURNING HYDROCARBONS GREEN 68. Chemical Distribution Expert 26. Interview with Oxiteno REACHING THE END USER JOÃO PAROLIN, CEO 70. Interview with Bandeirante Brazmo Opinions 27. Ethanol 2G and Biochemicals JOAO MIGUEL CHAMMA, CEO Brazil’s industry leaders give their ORGANIC SOLUTIONS 72. Interview with D’Altomare Quimica thoughts on the increasing importance 29. Interview with Amyris ENDVAR ROSSI, DIRECTOR LIFE SCIENCES AND of environmental sustainability in their ADILSON LIEBSCH, COMMERCIAL MANAGER ALINE ZOPETTI, MARKETING DIRECTOR LIFE products and operations and the 30. Interview with GranBio SCIENCES 73. Interview with Univar Brasil infrastructure challenges facing Brazil. ALAN HILTNER, EXECUTIVE VICE-PRESIDENT 32. Analysis MARCO ANTONIO QUIRINO, PRESIDENT BIOTECHNOLOGICAL INNOVATION IN BRAZIL 74. Interview with Quimica Anastacio JAN FELIX KRUEDER, GENERAL MANAGER Toiletry and Cosmetics: Exports by Type 76. Analysis Source: ABIHPEC CHEMICAL DISTRIBUTION IN BRAZIL Favorable Demographics: Projected GDP per Capita Source: PwC Innovation for 78. Interview with M. Cassab

% CHANGE PER ANNUM 25, 828 FERNANDO ABRANTES, DIRETOR Growing Needs SUPERINTENDENTE 6 Specialty Chemicals in Brazil 79. Interview with Gafor Distribution Quantitative SILVIO FAGUNDES, DIRECTOR GENERAL 25.6% 4 80. Interview with Makeni Chemicals Hair Care Products 20.7% 36. Paints and Coatings Oral Hygiene 19.3% REINALDO MEDRANO, DIRECTOR COMMERCIAL Data Soap 8.9% THE COLOR OF SUCCESS 2 Deodorants 8.7% 81. Transportation and Storage Italy Japan 16.8% 38. Interview with Associação Brasileira dos UK Germany Spain Korea Disposable US The most relevant quantitative data France Canada s Russia Poland Other TRANSFORMINING INFRASTRUCTURE Brazil Australia Turkey Argentina Fabricantes de Tintas (ABRAFATI) Mexico China GDP growth (PPP) India h presented in the most easily accessible Malaysia South Africa Indonesia Saudi Arabia Nigeria Vietnam Average population growt UNDERDEVELOPMENT INTO OPPORTUNITY Agrochemicals: Land Use in 2011 DILSON FERREIRA, EXECUTIVE PRESIDENT Average growth in GDP per capita format, allowing you to view economic Source: World Bank 84. Interview with Mammoet Agricultural 40. Interview with AkzoNobel Land and market statistics, identify trends and Agrochemicals: Cereal Yield MICHEL BOODEN, GENERAL MANAGER k JAAP DE JONG, REGIONAL DIRECTOR LATIN Source: World Ban 32.5% 86. Interview with Vopak Brazil visualize infrastructure. E AMERICA AND EULER NEDER, COMMERCIAL KG/HECTAR Arable Land 5000 MANAGER FUNCTIONAL CHEMICALS SOUTH DANIEL LISAK, MANAGING DIRECTOR 4500 8.5 % AMERICA t 4000 Permanen Cropland 41. Interview with BASF 3500 2012-2013 2011-2012 % 2010-2011 0.8 ALFRED HACKENBERGER, PRESIDENT SOUTH 2009-2010 Appendix 3000 2008-2009 2007-2008 2006-2007 America 9, 39, 53, 83 2005-2006 AMERICA 2004-2005 Brazil World BIHPEC) l, Perfumaria e Cosméticos (A 42. Interview with Arkema Quimica & Arkema Into the Future Toiletry andeira Cosmetics: da Indústria de Higiene PessoaSector Growth Source: Associação Brasil Coatex Toiletry and Cosmetics: Trade Balance ofIHPEC Personal) 30 Hygiene, Perfumery and Cosmeticsl, Perfumaria e Cosméticos (AB ERIC SCHMITT, PRESIDENT, ARKEMA QUIMICA AND 90. Final Thoughts eira da Indústria de Higiene Pessoa Source: Associação Brasil 25

D MILLION US PEDRO MEDEIROS, GENERAL MANAGER SALES AND 92. Travel Guide 1000 20 Final MARKETING FOR CENTRAL AND SOUTH AMERICA, 800 15 93. Interview with HB Hotels ARKEMA COATEX Thoughts 600 10 HERMES BEZNOZ, DIRECTOR 2011 2010 2009 400 5 2008 2007 43. The Automotive Industry 2006 2005 2004 94. Hotel Guide 2003 2002 2001 2000 1999 1998 Thoughts on the future potential of 200 1997 1996 A DRIVER FOR GROWTH US$ Billion n 96. Index & Company Guide 2011 R$ Billio 2010 0 2009 2008 the Brazilian chemical industry, the 2007 45. Interview with Birla Carbon 2006 2005 2004 Balance -200 2003 98. Credits 2002 Export challenges it faces, the path it must take Import RONALDO SILVA DUARTE, PRESIDENT FOR AMERICA to overcome these, and the opportunities 46. Interview with DSM Engineering Plastics ROELOF WESTERBEEK, PRESIDENT present, from leading businessmen and 47. Interview with LORD Corporation industry figures. SANDRO LEONHARDT, REGIONAL MANAGER SOUTH AMERICA 48. Interview with Eastman Brazil This research has been conducted by Clotilde Gandolfi, PEDRO LUIZ FORTES, OPERATIONS DIRECTOR Razvan Isac, Ana-Maria Miclea and Nathan Allen Edited by Barnaby Fletcher 49. Interview with Henkel Source: Shutterstock Graphic Design by Gonazalo Da Cunha 90, 91 ANTONIO DO VALE, VICE PRESIDENT ADHESIVE A Global Business Reports Publication TECHNOLOGIES LATIN AMERICA For more information, contact [email protected], follow us on Twitter @GBReports or check out our blog at gbroundup.com 50. Food and Personal Care Overview BACK TO BASICS Industry The Giant of South America 52. Interview with ITW Chemicals MARCELO PUPO NOGUEIRA, GENERAL DIRECTOR Interviews 8. An Introduction to Brazil 54. Interview with Dow Corning Exclusive interviews with major chemical A BRIEF OVERVIEW OF THE COUNTRY AND ANGELO BIANCHINI, REGIONAL PRESIDENT LATIN manufacturers such as Petrom, Oxiteno, ECONOMY AMERICA AND MARCO JORDÃO, COMMERCIAL 10. Interview with the Ministry of Development, DIRECTOR BASF, Dow Corning, Evonik and Linde 56. Interview with Evonik South America Gases reveal the true opportunities and Industry and Foreign Trade DR. FERNANDO PIMENTEL, MINISTER OF WEBER PORTO, PRESIDENT challenges of Brazil. 58. Interview with Taminco DEVELOPMENT, INDUSTRY AND FOREIGN TRADE 11. Chemicals in Brazil JEAN-MICHEL DENIS, REGIONAL VICE PRESIDENT LATIN AMERICA; PEDRO MAURO PITA, SALES AND A BUMP IN THE ROAD TO GROWTH 13. Interview with Associação Brasileira da MARKETING DIRECTOR SOUTH AMERICA; AND Indústria Química (ABIQUIM) WERNER GURTNER, SALES AND MARKETING MANAGER SOUTH AMERICA FERNANDO FIGUEIREDO, EXECUTIVE PRESIDENT 18, 26, 41, 54, 56, 63 59. Pulp and Paper ORGANIC GROWTH 60. Interview with Peroxidos do Brasil Analysis Processing BRUNO JESTIN 61. Industrial Gases Viewpoints from the GBR on-the- Hydrocarbons SAFETY IN NUMBER OF MARKETS SERVED ground team on the subjects of mining Petrochemicals and Biofuels 63. Interview with Linde Gases opportunities in Mexico and security MAGNUS KARLSON, GENERAL MANAGER concerns affecting operations in the in Brazil 64. Interview with Air Liquide MARCELO FIORANELLI, GENERAL DIRECTOR country, taken from our weekly newsletter 65. Interview with Air Products the GBRoundup. 16. Brazilian Petrochemicals IN THE SHADOW OF THE US SHALE GAS BOOM RENATO MONTAGNINI, MANAGER 18. Interview with Petrom PEDRO ROQUETE, COMMERCIAL DIRECTOR 21. Baerlocher Brazil Reaching Demand JUAREZ S. COSTA, PRESIDENT AND HELBER SOLITÃO, FINANCIAL DIRECTOR Distribution and Logistics in 22. Interview with Elekeiroz 32, 76 MARCOS DE MARCHI, CEO Brazil’s Chemical Industry 24. Environmental Initiative TURNING HYDROCARBONS GREEN 68. Chemical Distribution Expert 26. Interview with Oxiteno REACHING THE END USER JOÃO PAROLIN, CEO 70. Interview with Bandeirante Brazmo Opinions 27. Ethanol 2G and Biochemicals JOAO MIGUEL CHAMMA, CEO Brazil’s industry leaders give their ORGANIC SOLUTIONS 72. Interview with D’Altomare Quimica thoughts on the increasing importance 29. Interview with Amyris ENDVAR ROSSI, DIRECTOR LIFE SCIENCES AND of environmental sustainability in their ADILSON LIEBSCH, COMMERCIAL MANAGER ALINE ZOPETTI, MARKETING DIRECTOR LIFE products and operations and the 30. Interview with GranBio SCIENCES 73. Interview with Univar Brasil infrastructure challenges facing Brazil. ALAN HILTNER, EXECUTIVE VICE-PRESIDENT 32. Analysis MARCO ANTONIO QUIRINO, PRESIDENT BIOTECHNOLOGICAL INNOVATION IN BRAZIL 74. Interview with Quimica Anastacio JAN FELIX KRUEDER, GENERAL MANAGER Toiletry and Cosmetics: Exports by Type 76. Analysis Source: ABIHPEC CHEMICAL DISTRIBUTION IN BRAZIL Favorable Demographics: Projected GDP per Capita Source: PwC Innovation for 78. Interview with M. Cassab

% CHANGE PER ANNUM 25, 828 FERNANDO ABRANTES, DIRETOR Growing Needs SUPERINTENDENTE 6 Specialty Chemicals in Brazil 79. Interview with Gafor Distribution Quantitative SILVIO FAGUNDES, DIRECTOR GENERAL 25.6% 4 80. Interview with Makeni Chemicals Hair Care Products 20.7% 36. Paints and Coatings Oral Hygiene 19.3% REINALDO MEDRANO, DIRECTOR COMMERCIAL Data Soap 8.9% THE COLOR OF SUCCESS 2 Deodorants 8.7% 81. Transportation and Storage Italy Japan 16.8% 38. Interview with Associação Brasileira dos UK Germany Spain Korea Disposable US The most relevant quantitative data France Canada s Russia Poland Other TRANSFORMINING INFRASTRUCTURE Brazil Australia Turkey Argentina Fabricantes de Tintas (ABRAFATI) Mexico China GDP growth (PPP) India h presented in the most easily accessible Malaysia South Africa Indonesia Saudi Arabia Nigeria Vietnam Average population growt UNDERDEVELOPMENT INTO OPPORTUNITY Agrochemicals: Land Use in 2011 DILSON FERREIRA, EXECUTIVE PRESIDENT Average growth in GDP per capita format, allowing you to view economic Source: World Bank 84. Interview with Mammoet Agricultural 40. Interview with AkzoNobel Land MICHEL BOODEN, GENERAL MANAGER and market statistics, identify trends and Agrochemicals: Cereal Yield JAAP DE JONG, REGIONAL DIRECTOR LATIN Source: World Bank 32.5% 86. Interview with Vopak Brazil visualize infrastructure. E AMERICA AND EULER NEDER, COMMERCIAL KG/HECTAR Arable Land 5000 MANAGER FUNCTIONAL CHEMICALS SOUTH DANIEL LISAK, MANAGING DIRECTOR 4500 8.5 % AMERICA t 4000 Permanen Cropland 41. Interview with BASF 3500 2012-2013 2011-2012 % 2010-2011 0.8 ALFRED HACKENBERGER, PRESIDENT SOUTH 2009-2010 Appendix 3000 2008-2009 2007-2008 2006-2007 America 9, 39, 53, 83 2005-2006 AMERICA 2004-2005 Brazil World BIHPEC) l, Perfumaria e Cosméticos (A 42. Interview with Arkema Quimica & Arkema Into the Future Toiletry andeira Cosmetics: da Indústria de Higiene PessoaSector Growth Source: Associação Brasil Coatex Toiletry and Cosmetics: Trade Balance ofIHPEC Personal) 30 Hygiene, Perfumery and Cosmeticsl, Perfumaria e Cosméticos (AB ERIC SCHMITT, PRESIDENT, ARKEMA QUIMICA AND 90. Final Thoughts eira da Indústria de Higiene Pessoa Source: Associação Brasil 25

Population: 201,009,622 (July 2013 estimate) Capital: Brasilia Head of Government: President Dilma Rousseff Currency: Real (BRL) GDP: $2.396 trillion (2012 estimate) An Introduction Growth Rate: 0.9% (2012 estimate) GDP per Capita: $12,100 (2012 estimate) Economic sector breakdown: agriculture: 5.2%, industry: 21.5%, services: 68.5% (2012 estimate) to Brazil Exports: $242.6 billion (2012): transport equipment, iron ore, soybeans, footwear, coffee, autos Imports: $223.2 billion (2012): machinery, A brief overview of the country and economy electrical and transport equipment, chemical products, oil, automotive parts, electronics Major Trade Partners: China, US, Argentina, Germany Extreme Poverty Rate Unemployment Rate Poverty Rate Labor Force 4.2% (2011) 5.5% (2012) 21.4% (2009) 106.3 million (2012)

Caracas On the 6th of June 2013, several hundred Brazil- mountable. Brazil’s status as the dominant coun- these direct consequences, we are confident that

ians gathered on Paulista Avenue in Sao Paulo to try on the continent – in terms of GDP, popu- these events will help promote a more systemic VENEZUELA Georgetown protest a BRL 20 cent raise in bus ticket fares. lation and landmass – means that it should be change in consumer behavior. Brazil has always Paramaribo This solitary event served as the spark for the leading the pack, rather than sitting among its been a country that demonstrated huge potential GUYANA Cayenne massive flames of protest that engulfed Brazil peers. and its significant internal demand will bring Bogota SURINAME French in the summer of 2013. These protests were a The acute shortage of skilled labor remains several new exciting opportunities for us,” said Guiana Boa Vista (FRANCE) manifestation of the growing disappointment problematic and infrastructure coverage in many Angelo Bianchini, regional president of Latin COLOMBIA

in Brazil’s economic performance and as such, areas is sorely lacking, particularly in terms of America for Dow Corning. RORAIMA AMAPA they had merit. Brazil saw GDP growth of 0.9% public railroads and ports. The bewildering array If the right political moves are made then there Macapa in 2012, the lowest of the BRICS, and a 0.8% of taxes levied on domestic manufacturers makes is little doubt that the situation will improve. Belem contraction in industrial output. Arguably, the it difficult for the local industry to remain com- Legislative measures such as the New Ports Law, ECUADOR Sao Luis development expectations that were based on petitive, and the astonishingly slow speed with which will open up the country’s ports to private Manaus Parnaiba leveraging the upcoming World Cup and Rio which approvals and permits are awarded, espe- investment, are a sure step in the right direction, Fortaleza Olympics have not been met, and Brazil has in- cially in the mining industry, is a major stum- and whilst the release of the long-awaited New CEARA MARANHAO RIO GRANDE creasingly less time to use these events as a sling- bling block to the development of new projects. Mining Framework is far from a panacea, it is AMAZONAS PARA Teresina DO NORTE shot to growth. Infrastructural underdevelopment, expensive at least a definitive action that should serve to Natal The perception of Brazil as the epitome of unful- raw materials, insufficient technological empha- attract investment to the mining industry. PARAIBA Joao PIAUI Pessoa filled potential has, unfortunately, some basis in sis and a governmental tendency towards over- In the meantime, the country is not without its PERNAMBUCO Recife reality. After rapid growth in after the turn of the protection will continue to hinder Brazil’s most success stories. Though the overall picture may ACRE Porto Rio Branco Velho ALAGOAS Palmas Maceio century, it was only a few years ago that Brazil promising sectors, such as the chemical industry. not be the high growth and excitement that the BRAZIL SERGIPE was spoken about as one of the world’s most Solutions exist for each of these issues and they past decade promised, some companies have still RONDONIA TOCANTINS BAHIA Aracaju exciting markets: less insular than China, un- are implemented. The pace is slow, but com- managed to tap into Brazil’s potential despite the PERU MATO tapped mineral wealth, a raw demographic po- panies remain optimistic: such huge potential issues. Increasingly, local companies are not just GROSSO Salvador GOIAS tential that was almost unmatched by anywhere cannot go unfulfilled forever. “There is a lot of competing on the international stage, but taking else in the world, and a climate, disposition and optimism in Brazil surrounding the forthcom- a leading role in innovation and quality. If they Cuiaba Brasilia DISTRITO La Paz culture that made business easily conflated with ing mega-events and the new infrastructure that can achieve success despite the current issues, Goiania FEDERAL pleasure. Today, 2012’s GDP growth is the latest is accompanying these events presents direct op- they will be extremely well placed to thrive once MINAS BOLIVIA GERAIS in two and a half years of disappointment. The portunities for our company. However, beyond firmer foundations are set. • Belo 2.4% growth forecast for 2013 is not bad by the Campo Horizonte ESPIRITO Grande SANTO standards of turgid recovery in the USA and Eu- Vitoria GDP Growth Rate (%) MATO SAO rope, yet it falls well short of potential. GROSSO PAULO Source: World Bank, CIA World Factbook DO SUL RIO DE The recent unprecedented outburst of public Sao JANEIRO Paulo demonstrations across the country is a clear PARAGUAY Rio de Janeiro 8 CHILE PARANA barometer of the prevailing national sentiment. 7 Curitiba The population believes that Brazil can do better. Asuncion 6 N O

They are right. I SANTA

T CATARINA

Brazil can point to a number of challenges hin- 5 A Florianopolis Atlantic Ocean C O

dering its development, some internal and some 4 L RIO GRANDE DO SUL Porto Alegre external. It can perhaps gain some leniency from 3 the fact that it is not alone: Latin American coun- 2 tries across the board, with a couple notable ARGENTINA 200km 1 exceptions, are recording distinctly mediocre URUGUAY economic performances. Yet challenges are sur- 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Buenos Aires Montevideo Santiago 8 Global Business Reports // BRAZIL CHEMICALS 2013 Industry Explorations Industry Explorations Global Business Reports // BRAZIL CHEMICALS 2013 9 Global Business Reports Global Business Reports FACTSHEET Industry Explorations Industry Explorations Brazil at a Glance Population and Workforce information PopulationFACTSHEET (2013) Source: CIA World Factbook Source: CIA World Factbook 201,009,622

Caracas On the 6th of June 2013, several hundred Brazil- mountable. Brazil’s status as the dominant coun- these direct consequences, we are confident that ians gathered on Paulista Avenue in Sao Paulo to try on the continent – in terms of GDP, popu- these events will help promote a more systemic VENEZUELA Georgetown protest a BRL 20 cent raise in bus ticket fares. lation and landmass – means that it should be change in consumer behavior. Brazil has always Paramaribo This solitary event served as the spark for the leading the pack, rather than sitting among its been a country that demonstrated huge potential GUYANA Cayenne massive flames of protest that engulfed Brazil peers. and its significant internal demand will bring Bogota SURINAME French in the summer of 2013. These protests were a The acute shortage of skilled labor remains several new exciting opportunities for us,” said Guiana Boa Vista (FRANCE) manifestation of the growing disappointment problematic and infrastructure coverage in many Angelo Bianchini, regional president of Latin COLOMBIA in Brazil’s economic performance and as such, areas is sorely lacking, particularly in terms of America for Dow Corning. RORAIMA AMAPA they had merit. Brazil saw GDP growth of 0.9% public railroads and ports. The bewildering array If the right political moves are made then there Macapa in 2012, the lowest of the BRICS, and a 0.8% of taxes levied on domestic manufacturers makes is little doubt that the situation will improve. Belem contraction in industrial output. Arguably, the it difficult for the local industry to remain com- Legislative measures such as the New Ports Law, ECUADOR Sao Luis development expectations that were based on petitive, and the astonishingly slow speed with which will open up the country’s ports to private Manaus Parnaiba leveraging the upcoming World Cup and Rio which approvals and permits are awarded, espe- investment, are a sure step in the right direction, Fortaleza Olympics have not been met, and Brazil has in- cially in the mining industry, is a major stum- and whilst the release of the long-awaited New CEARA MARANHAO RIO GRANDE creasingly less time to use these events as a sling- bling block to the development of new projects. Mining Framework is far from a panacea, it is AMAZONAS PARA Teresina DO NORTE shot to growth. Infrastructural underdevelopment, expensive at least a definitive action that should serve to Natal The perception of Brazil as the epitome of unful- raw materials, insufficient technological empha- attract investment to the mining industry. PARAIBA Joao PIAUI Pessoa filled potential has, unfortunately, some basis in sis and a governmental tendency towards over- In the meantime, the country is not without its PERNAMBUCO Recife reality. After rapid growth in after the turn of the protection will continue to hinder Brazil’s most success stories. Though the overall picture may ACRE Porto Rio Branco Velho ALAGOAS Palmas Maceio century, it was only a few years ago that Brazil promising sectors, such as the chemical industry. not be the high growth and excitement that the BRAZIL SERGIPE was spoken about as one of the world’s most Solutions exist for each of these issues and they past decade promised, some companies have still RONDONIA TOCANTINS BAHIA Aracaju exciting markets: less insular than China, un- are implemented. The pace is slow, but com- managed to tap into Brazil’s potential despite the PERU MATO tapped mineral wealth, a raw demographic po- panies remain optimistic: such huge potential issues. Increasingly, local companies are not just GROSSO Salvador GOIAS tential that was almost unmatched by anywhere cannot go unfulfilled forever. “There is a lot of competing on the international stage, but taking else in the world, and a climate, disposition and optimism in Brazil surrounding the forthcom- a leading role in innovation and quality. If they Cuiaba Brasilia DISTRITO La Paz culture that made business easily conflated with ing mega-events and the new infrastructure that can achieve success despite the current issues, Goiania FEDERAL pleasure. Today, 2012’s GDP growth is the latest is accompanying these events presents direct op- they will be extremely well placed to thrive once MINAS BOLIVIA GERAIS in two and a half years of disappointment. The portunities for our company. However, beyond firmer foundations are set. • Belo 2.4% growth forecast for 2013 is not bad by the Campo Horizonte ESPIRITO Grande SANTO standards of turgid recovery in the USA and Eu- Vitoria GDP Growth Rate (%) MATO SAO rope, yet it falls well short of potential. GROSSO PAULO Source: World Bank, CIA World Factbook DO SUL RIO DE The recent unprecedented outburst of public Sao JANEIRO Paulo demonstrations across the country is a clear PARAGUAY Rio de Janeiro 8 CHILE PARANA barometer of the prevailing national sentiment. 7 Curitiba The population believes that Brazil can do better. Asuncion 6 N O

They are right. I SANTA

T CATARINA

Brazil can point to a number of challenges hin- 5 A Florianopolis Atlantic Ocean C O dering its development, some internal and some 4 L RIO GRANDE DO SUL Porto Alegre external. It can perhaps gain some leniency from 3 the fact that it is not alone: Latin American coun- 2 tries across the board, with a couple notable ARGENTINA 200km 1 exceptions, are recording distinctly mediocre URUGUAY economic performances. Yet challenges are sur- 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Buenos Aires Montevideo Santiago 8 Global Business Reports // BRAZIL CHEMICALS 2013 Industry Explorations Industry Explorations Global Business Reports // BRAZIL CHEMICALS 2013 9 Global Business Reports INTERVIEW Industry Explorations EDITORIAL

INTERVIEW WITH Eric Schmitt & The Automotive Industry Pedro Medeiros

ES: PRESIDENT, ARKEMA QUIMICA A driver for growth PM: GENERAL MANAGER SALES AND MARKETING, SOUTH AND CENTRAL AMERICA, ARKEMA COATEX

Can you provide us with a brief overview of tion site in Aracariguama that was recently ac- ity. The Brazilian government has been very Brazil currently has approximately 250 cars per swagen Group, which already has four plants in fect was even more dramatic since trucks, buses Arkema and Coatex in Brazil? quired from the Brazilian group Resicryl. slow in adopting appropriate legislation and 1,000 inhabitants, well below the average of the Brazil, plans additional investments of $ 4 bil- and high-performance vehicles are responsible PM: Coatex is 100% owned by Arkema and it PM: Before the Resicryl acquisition, Coatex regulations in the sector are actually imple- USA or Western Europe, which tend to boast be- lion in the country by 2018. for around 50% of the carbon black demand, was acquired in 2007, being bought out from was operating only through a targeted indent mented by ABRAFATI that nowadays classifies tween 500 and 800 cars per 1,000 inhabitants. One of the sectors heavily influenced by the au- due to the complex nature of their tires. Another the Swiss mineral company Omnia. Arkema’s business in order to avoid the 14% to 20% im- paints in three categories: economic, standard The sheer size of the market and its growing tomotive industry’s performance is the carbon issue was the amount of imports within the tire Brazilian growth is actually acquisition based, port duties that are applied for thickeners and and premium. ABRAFATI reserves the right to middle class, however, have made the country black market, where Birla Carbon and Cabot lead sector, which, unofficially, equated to 40% of as we also incorporated several assets from dispersant agents. The newly acquired facility’s purchase samples from retailers and verify if the fourth largest national vehicle market in the the way. By acquiring Columbian Chemicals in the Brazilian consumption. These trends led to Dow Chemicals in the past. Coatex was the core business was in binders and its strategic the specified standards are actually met. These world. Attracted by growth of 6.1% in 2012, car 2011, Aditya Birla became the world’s largest a small contraction of our business in Brazil but chemical division of Omnia and Arkema saw location of being close to the top paints and kinds of initiatives will eventually drive the makers from around the world are expanding carbon black producer, and the newly formed we have since then seen recent improvements in an opportunity to add value to its production adhesives producers in Brazil made it a very market’s willingness to pay the extra price for their presence in Brazil. Birla Carbon is already modernizing its plant in the market, especially in last quarter of 2012 as chain, by adding a dispersant agent and thick- appealing target to us. The main objective of the extra quality. Coatex’s line of products is Hyundai inaugurated a 150,000 unit per year Cubatao, Sao Paulo. Ronaldo Silva Duarte, pres- well as in the first months of 2013. Furthermore, ener specialized unit to its business. Further- the acquisition however was to enable Arkema absolutely green, with low VOC levels, APEO plant in Piracicaba, Sao Paulo, in November ident for South America for Birla Carbon, com- if, in the future, the people of Brazil will reori- more, since Coatex was already international- Coatex to enlarge and expand the platform free and heavy metal free and even though we 2012; Honda is planning to build a new plant ments: “Birla Carbon’s performance largely de- ent themselves towards more technologically ized, the brand name was kept and in South for its current imported products that will are not gaining a lot due to that in Brazil, we to complement its existent production line in pends on the car industry, and more specifically, sophisticated vehicles, with bigger tires, such as America, where the Brazil office acts as a coor- start to be localized in July 2013. Binders are are committed to having a high quality line Sumare (Sao Paulo), and Toyota is opening up a the tire sector of the automotive industry, as that SUVs, a rise in carbon black usage will be prob- dinator, we are working together with Arkema commodities and the market for them is very that is more environmentally friendly. This 1,500 employee-strong facility in Sorocaba (Sao impacts 85% of our business. The year 2012 saw able.” Coatings and Resins to promote a joint portfo- competitive; we target specialties and that is factor, along with Coatex’s strong technical Paulo), with a further $494 million plan of in- a 38% decrease of the truck business in Brazil, Heavily interlinked with the automotive indus- lio of binders and dispersant agents. what we want to leverage. Architectural coat- support, constitutes the main competitive ad- vestment for a new engine factory. Finally, Volk- caused by new EURO 5 fuel regulations; the ef- try, the engineering plastics sector is growing in ings and the mining processing markets are vantages that we have on the market. Given Arkema’s intricate structure in Brazil, Coatex’s main areas of activity but we are also could you present us with an overview of pursuing a presence in the domo-sanitary and BRIC countries are a strategic development Vehicles per 1,000 Inhabitants Brazil’s Automotive Industry your company’s assets, main markets and construction sectors, which have great growth ground for Arkema and the company’s target Source: OICA Source: ANFAVEA modus operandi within the country? potential in Brazil. Structural residential con- for 2016 is to have these markets account for ES: Globally, Arkema’s three Business Segments struction plans such as Minha Casa, Minha 30% of its global revenue. Given this context, are very well balanced, each accounting for a Vida as well as works in highways, railways, what is the vision that you have for Arkema in third of the company’s revenues but in Brazil, and hydro power plants hold tremendous po- Brazil for the next three to five years? the performance products are very strong, as tential for the country and we plan on lever- ES: Arkema is pursuing strong growth in Brazil we supply a solid line of Technical Polymers aging that. BASF’s Suvinil, Omya (for calcium and we want to really impose ourselves here 299 618 TOTAL 75.4 to the offshore oil and gas industry, where carbonate), Imerys (kaolin) and Ecolab Nalco over the next years in particulate, through MILLION USD 180 Arkema has a long-standing partnership with (water treatment) are Arkema Coatex’s main innovation and new products such as techni- 260 790 Petrobras and its partner. The automotive in- clients in its respective markets. cal polymers. There is a sense of urgency that 165 68 81 146 dustry is also important for us thanks to the Arkema has in the country, since we already 109 267 58 coatings division and the polymer solutions Arkema places a lot of value into research and have well established important competitors 217 17 173 that we offer. In petrochemicals, we have a development and innovation, across its divi- in the market. Brazil holds tremendous poten- strong partnership with Braskem, for which sions. Does Arkema believe the market is will- tial and we need to have more manufacturing 176 84 we provide organic peroxides and catalysts ing to pay the extra price for more sustainable power in the country if we are to succeed. In 688 China 24% that Arkema produces in its Rio Claro plant. and green products? order to achieve that, Arkema is looking to 269 169 USA 17% The facility there also deals with blending so- PM: Brazil is ranked among the world’s top expand its footprint in the country from two Japan 6% lutions and we are the leading company for five paints industries but the quality of the production units today to seven or eight in the providing odorized gases to all the different products here is much lower than in the US next four years. In the case of Arkema Coatex, Brazil 5% Brazilian gas distribution companies. Arkema and the EU and the end consumer is primor- its aim for the future is to become a top sup- Germany 5% through Coatex Latin America now also bene- dially preoccupied with the price of the prod- plies in four market segments: coatings, min- NAFTA: 644 C&S America: 142 EU27 / EFTA: 559 AFRICA: 41 India 4% fits from an emulsions and additives produc- uct and not its environmental impact or qual- ing, construction and domo-sanitary. • RU / TK / Other Europe: 241 J&SK: 534 Asia (exc J&SK) / Oceania / Middle East : 62 Other 45%

42 Global Business Reports // BRAZIL CHEMICALS 2013 Industry Explorations Global Business Reports // BRAZIL CHEMICALS 2013 43 Global Business Reports INTERVIEW Industry Explorations EDITORIAL

INTERVIEW WITH Eric Schmitt & The Automotive Industry Pedro Medeiros

ES: PRESIDENT, ARKEMA QUIMICA A driver for growth PM: GENERAL MANAGER SALES AND MARKETING, SOUTH AND CENTRAL AMERICA, ARKEMA COATEX

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Favorable Demographics: Projected GDP per Capita Toiletry and Cosmetics: Source: PwC Exports by Type Food and % CHANGE PER ANNUM Source: ABIHPEC 8 Personal Care 6 Back to basics

With 190 million people increasing their One would not be able to cover all of Brazil’s to the particularities of the location,” says 2 consumerist behavior year after year, it is core competencies without mentioning the Marco Jordão, Latin America commercial Hair Care Products 25.6% no surprise that Brazil’s home and personal country’s food-producing capability that director for Dow Corning Oral Hygiene 20.7% care and food markets have flourished in makes it the world’s largest chicken meat Claudio Gaino, sales vice-president and head Soap 19.3% recent times. The country is currently the and beef exporter. Even though 2012 saw a of Latin American operations for Perstorp, a UK US Italy Deodorants 8.9% India China Spain Mexico Turkey Brazil Russia Poland France Korea Japan world’s third largest beauty market, with a reduction in chicken and beef exports from Swedish specialty chemicals company that Nigeria Vietnam Malaysia Australia Canada Indonesia Argentina Germany 9.6% share of global sales, and the chemi- Brazil due to increased grain prices, the produces tolomates in Brazil since 2007, Saudi AraSouthbia Africa Disposable 8.7% cal industry’s contribution to the sector was Real’s more than 10% depreciation in com- discusses the market for animal feed addi- Average growth in GDP per capita Average population growth GDP growth (PPP) Others 16.8% worth $ 14.3 billion in 2012. The strong- parison to the US dollar transformed the tives in the country and its outlooks: “One est segment is represented by hair care outlook for 2013 to a positive one. These re- market that is looking particularly promis- Agrochemicals: Cereal Yield Agrochemicals: Land Use in 2011 products, where Brazil ranks second in the alities have impacted several adjacent sectors ing for us is additives for animal feed; as Source: World Bank Source: World Bank world, and where shampoos and hair treat- over the last years, and businesses dealing protein is relatively expensive for feed pro- ment and coloring solutions account for with food packaging and animal feed and ducers, they frequently look to supplement KG/HECTARE Agricultural Land the largest sales. A feature that stands out is nutrition have seen profits soar. this with our additives. When the producers 5000 the strong presence of national companies Companies that adapt to Brazil’s natural have good years they use more additives, in the market, where Boticario and Natura advantages, rather than simply attempting and recently the market has been growing at 4500 32.5 % dominate. However, further upstream, to replicate business models in their other 10% to 12% per year, passing on the profits Arable multinational businesses are gradually geographical areas of operation, are bet- to us. Recent forecasts suggest that we have 4000 Land crowding in to get a piece of pie. ter placed to succeed. Dow Corning, who three more years of similar growth to look 3500 Gelita, the largest gelatin producer in the built the first silicone plant in Brazil – and forward to.” 8.5 % world, has been in Brazil since 1982, where Latin America – in 1978, has found that the Nonetheless, expensive raw materials and 3000 the company is leveraging the excellent sup- strength of the Brazilian market allows them high logistics costs have pushed back com- Permanent Cropland ply of hide raw material that the country’s to replicate the majority of their global prod- panies like Taminco, the world’s largest 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 large herd populations offer. With applica- uct lines. Yet adaptation to market strengths integrated producer of alkylamines and tions in personal care, pharmaceuticals, and is also an important aspect of their business. alkylamine derivatives, from producing World Brazil America 0.8 % nutrition products, Gelita owns three sites in “Dow Corning’s strategy for the future is to locally, and paradoxically, the organization Brazil, one of which being the largest hide move aggressively into industries for which nowadays finds it cheaper to transport its Toiletry and Cosmetics: Trade Balance of Personal Toiletry and Cosmetics: Sector Growth gelatin plant in the world. Claudia Yamana, Brazil has a natural affinity, such as agricul- products from its Louisiana (US) plant to Hygiene, Perfumery and Cosmetics Source: Associação Brasileira da Indústria de Higiene Pessoal, Perfumaria e Cosméticos (ABIHPEC) vice president of marketing and sales for the ture or mining. There is a significant internal Brazil. Jean-Michel Denis, regional vice Source: Associação Brasileira da Indústria de Higiene Pessoal, Perfumaria e Cosméticos (ABIHPEC) 30 Americas, discusses the social realities that demand in the country and we believe that president for Latin-America, Taminco, dis- MILLION USD help her business in the country: “Brazil- several new exciting opportunities will arise cusses the problems the company is facing 1000 ians are people that are very concerned with from this. In real terms Dow Corning will in the country: “The logistics costs are very 25 their aspect and health and the fact that the continue to grow at a higher rate than GDP high, and trucking companies are becom- 800 20 population is aging means that the demand and we are very confident about the future ing more and more expensive, while their 600 for personal care, health and nutrition prod- of the company and the future of Brazil,” reliability is not that good due to the long 15 ucts will be increasing. The supplements and explains Angelo Bianchini, regional presi- distances (4,000 km) they have to cover 400 the sports nutrition markets will also be ex- dent Latin America for Dow Corning. to reach the southeastern region of Brazil, 10 panding, as more gyms are opened all over “Dow Corning does have a worldwide HQ, which is the main economic core of the 200 the country. Our research and development which gives us our global outlook, but the country; cabotage is not a fully viable solu- 5 department has a global mindset and, for structure of different business units does tion either since the frequency of the boats 0 example, even if Brazil’s current focus is in not follow a set pattern; commercial areas is still not satisfactory. Secondly, there are -200 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 pharmaceuticals, our innovation facilities depend on the demands of the region, al- very little incentives and tax reliefs from the 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 here target food products.” lowing us to adjust our focus to better cater part of the Brazilian authorities, which have Import Export Balance R$ Billion US$ Billion 53

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INTERVIEW WITH

Brazil’s aging population has triggered a mand for industrial gases is increasing in the global level, Linde Group recently acquired Magnus boom in the healthcare industry and increas- interiors of Sao Paulo and Parana and this is Lincare Holdings, a very successful company ing hospitalization costs have consolidated bringing us new opportunities,” explained in the homecare market, and we hope that the home healthcare market. “Our healthcare Fioranelli. this acquisition will help drive growth in the Karlson business expands by 15% to 20% per year, German company Linde Gases is another homecare sector in Brazil as well,” explained and the population will continue to age,” player that has manifested strong interest in Karlson. said Fioranelli. Air Liquide commenced op- the healthcare market: “The health care reg- The German company achieved a growth of GENERAL MANAGER erating in Brazil in 1945, and currently, the ulatory framework is changing rapidly and around 5% during 2012 and it continued LINDE GASES company is leveraging the new geographical we had to make significant investments to to expand its footprint in Brazil with a $50 distribution of wealth in the country. “Brazil upgrade our stations to fulfill new require- million air separation unit in Curitiba, in the is not China, but there are still 30 or 40 mil- ments. Brazil copied a lot from the FDA, and Paraná state. A market segment that Linde lion new members of the middle class. De- these news laws are now being applied. At a is particularly targeting is the food packaging industry, as Karlson relates: “In the food Since we last met with Linde Industrial Gases application to steel companies, guaranteeing a Lincare Holdings, a very successful company sector, a booming industry in Brazil, we are in 2011, what have been the company’s main productivity improvement in the contract, and in the homecare market, and we hope that using gas (liquid nitrogen or CO2) to freeze achievements? the client signs a long term contract with us this acquisition will help drive growth in the food; the freezing process is fast, hygienic From a general market perspective, Linde for gas delivery. Another very successful ap- homecare sector in Brazil as well. and efficient; it is much more efficient than Gases began to feel the economic crisis in plication is our use of oxygen to treat waste Steel, metallurgy and chemistry are important with conventional technology.” the third quarter of 2011, and we remain water; we even have Brazilian patents in this sectors to us, and we have a number of im- Air Products has approximately 200 on-site in a slowdown today. In 2012, we experi- area. We also have some ongoing projects with portant pipeline customers in these industries. plants in Brazil that range from small sizes enced a growth rate of over 5%, which was hydrogen fuel, using German technology that However, both the steel and chemicals sectors to capacities of 200 mt/y, in the case of its respectable, but far from the double-digit we developed in partnership with the manu- are struggling in Brazil, while the food sector galvanizing plant for Ar- celorMittal, in the growth that we originally had hoped for. That facturers. The hydrogen fuel sector is moving is booming as Brazilian habits change. Health state of Santa Catarina. In June 2012, Air said, we continued to make several gas-related forward in Brazil, and I am optimistic regard- care is also increasing, as is manufacturing, as Products acquired 67% of Chilean industrial investments, such as the contract that we won ing its application with buses. On the other a result of the rapid growth in the automotive gases company Indura for a record $908 with Peróxidos do Brasil in Curitiba. In this 50 hand, LNG is moving further ahead globally, market. The oil and gas sector is also driving million, a move that significantly increased million euro project, Peróxidos will receive but in Brazil it is still in the pilot stages. growth with the construction of platforms and the company’s Latin American presence. In part of the gas via pipeline, and the rest will be Another niche that we have recently developed the shipyard industry. One benefit of operating Brazil, Air Products is targeting the merchant supplied to our merchant and bulk customers. is increasing collaboration between Linde in the gas industry is that even in downturn gases market and taking advantage of its dual The project involves the first and only air sepa- Gases and Linde Engineering, which helps situations there are always still some sectors gases/chemicals structure, as Renato Mon- ration unit in Paraná state and overall, we have build the chemical plants. Traditionally, these moving in the right direction. tagnini, general manager for packaged gases great expectations for the Curitiba market. Our two teams have been separated, but over the at Air Products Brazil details: “The majority clients will receive a more reliable supply of last two years we have tried to obtain greater Could you tell us more about the services that of our sales stem from our merchant divi- gas and they will benefit from lower costs by synergies by working together. How this trans- Linde offers to its customers in the Brazilian sion, which is divided between liquid bulk avoiding the transportation of gas from Sao lates to the Brazilian market is that in nego- market? and on-site customers. The advantage of Air Paolo to Curitiba. tiations with big companies we can now act In general, Brazil has experienced difficulties Products supplying both industrial gases and not only as a gas supplier, but also as a plant with providing high-quality services, and as chemicals is that we can serve the industry In 2011 you stressed the importance of devel- supplier, which is a powerful business model a result companies that can get services right with a broader product line.” oping new applications for clients. Could you and Linde Engineering installed a large num- can really succeed in this market. We are cen- There are sufficient applications and new elaborate on any new applications that have ber of hydrogen plants in Brazil. Combining tralizing a lot of our activities, which will markets for industrial gas companies in come online recently? the business models of the two teams provides help build our service lines. We offer a deliv- Brazil to exploit in order to maintain growth, Our competitive advantage in the Brazilian companies with greater opportunities for part- ery service to our customers, as well as the Innovation is key but even so, the sector is not without chal- market stems from our applications, and we are nering with us. opportunity of buying gas, distributing gas, lenges. “In Brazil, distribution and logistics constantly on the edge of new technology in helping customers manage their stock, and for a successful global player. play an important role due to large distances this regard. We have 30 engineers in Brazil that What is the industry breakdown of the clients other services related to the reliability of the and poor road infrastructure. Consequently, work closely with our R&D center in Germany that Linde is reaching at the moment? products. As a German company, we certainly our logistics costs are very high, since we to develop these new applications. In the food Our business is broken down into tonnage, have an internal push towards CCS technology, As a world-leading gases and engineering company with the ambition to set new standards, use road transportation for about 90% of our we develop innovative ideas that play a key role in creating a sustainable future. We manufacture sector, a booming industry in Brazil, we are Merchant and Packaged Gas (MPG), and health but so far there is no external push from the and distribute industrial, specialty and medical gases and provide a range of related services business. Energy costs also tend to be higher using gas (liquid nitrogen or CO2) to freeze care, with the latter being divided into institu- Brazilian market for the use of this technology. including the installation of gas equipment, pipelines, on site plants and associated engineering in Brazil, likely due to inefficiencies in pro- food, and we are by far the dominant player tional and homecare. The health care regula- Everything we do internally matches with our services. From a large number of production sites at various locations, Linde Brazil serves customers duction,” noted Montagnini. across a variety of industries, in particular the chemical and petrochemical, and is committed to in this field. The freezing process is fast, hy- tory framework is changing rapidly in Brazil, corporate view on sustainability; for example, Nonetheless, the healthcare, automotive, delivering quality and reliable services that create value for our customers. Our business offices gienic and efficient; it is much more efficient and we had to make significant investments the investments that we do in new sites reduce are strategically located in Brazil’s main customer centers. Please contact us at +55.11.3594-1600. food and oil and gas industries should pro- than with conventional technology. We also to upgrade our stations to fulfill new require- truck kilometers. Our gases are also helping a vide enough ground for the industrial gas Linde – ideas become solutions. www.linde-gas.com.br have important applications for the steel sector. ments. Brazil copied a lot from the FDA, and lot on the sustainability front, as they have a sector to keep expanding steadily in Brazil By adding oxygen to a steel furnace, we can these news laws are now being applied. At a much lower environmental impact than chem- over the course of the next years. • improve its productivity by 20%. We sell the global level, Linde Group recently acquired icals. •

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EDITORIAL TEAM

Project Coordinator: Ana-Maria Miclea ([email protected]) Project Coordinator: Clotilde Bonetto Gandolfi ([email protected]) Senior Journalist: Razvan Isac ([email protected]) Journalist: Nathan Allen ([email protected])

Executive Editor: Barnaby Fletcher ([email protected]) Graphic Designer: Gonzalo Da Cunha ([email protected]) Regional Director: Alfonso Tejerina ([email protected]) General Manager: Agostina Da Cunha ([email protected])

For more information about GBR, please email [email protected]. For updated industry news from our on- the-ground teams around the world, please follow us on Twitter @GBReports or subscribe to our newsletter at gbroundup.com.

Additional copies of this book can be ordered at gbroundup.com/publications.

THANK YOU

GBR would like to extend our thanks to the following organisations for the assistance provided during the research of this publication:

Associação Brasileira da Indústria Química (ABIQUIM) Brazilian Chemical Industry Association www.abiquim.org.br

Associação Brasileira dos Fabricantes de Tintas (ABRAFATI) Brazilian Association of Paint Manufacturers www.abrafati.org.br

Associação Nacional para Difusão de Adubos (ANDA) Brazilian national fertilizer association www.anda.org.br

Ministry of Development, Industry and Foreign Trade www.desenvolvimento.gov.br

Ministry of Health www.portalsaude.saude.gov.br

We would also like to express our sincere gratitude to all the companies, associations and individuals who took the time to provide their insights into the market.

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