Euroresearch & Consulting LLC Market Research: Global Market for Germanium and Germanium Products. 1 CONTENTS CHAPTER 1. GENERAL REVIEW OF THE INDUSTRY. ......................................................... 5 1.1. HISTORIC, PRESENT AND ESTIMATED CORRELATION OF GLOBAL GERMANIUM DEMAND AND SUPPLY. ................................................................................................................... 5 1.2. ANALYSIS OF PRICES ON GERMANIUM............................................................................ 13 1.3. GENERAL SIZE OF THE MARKET AND PRINCIPAL SEGMENTS OF GERMANIUM CONSUMPTION AND GERMANIUM CONTAINING PRODUCTS. ........................................... 31 1.4. THE MAIN TRENDS OF GERMANIUM PRODUCTION AND CONSUMPTION. ............. 38 1.5. THE PRINCIPAL FACTORS HAMPERING INDUSTRY DEVELOPMENT AND MARKET GROWTH. .......................................................................................................................................... 47 1.6. THE ANALYSIS OF THE IMPACT OF ACTUAL AND POTENTIAL ECONOMIC SANCTIONS ON THE INDUSTRY. ................................................................................................. 48 CHAPTER 2. THE PRINCIPAL FIELDS OF GERMANIUM APPLICATION: ANALYSIS OF MAJOR TRENDS AND AVENUES. ........................................................................................... 50 CHAPTER 3. THE ANALYSIS OF THE INDUSTRY OF PRODUCTION OF GERMANIUM AND ITS DERIVATIVES ACCORDING TO PORTER 5 COMPETITIVE FORCES MODEL. ............................................................................................................................... 53 3.1. THREAT OF NEW ENTRANTS. .............................................................................................. 53 3.2. THREAT OF SUBSTITUTE PRODUCTS. ............................................................................... 53 3.3. BARGAINING POWER OF CUSTOMERS. ............................................................................ 53 3.4. BARGAINING POWER OF SUPPLIERS. ................................................................................ 54 3.5 INTENSITY OF COMPETITIVE RIVALRY. .......................................................................... 54 CHAPTER 4. MAJOR CONSUMERS OF GERMANIUM (ANALYSIS ACROSS THE INDUSTRIES). 55 CHAPTER 5. KEY PARTICIPANTS OF VARIOUS SECTORS OF THE WORLD GERMANIUM MARKETS. ................................................................................................................ 62 1. Asturiana De Zinc S.A. ............................................................................................................... 65 2. Teck Cominco Limited................................................................................................................ 68 3. War Eagle Mining Company, Inc. .............................................................................................. 72 4. OZ Minerals ................................................................................................................................ 74 5. OJSC "Germanium" .................................................................................................................... 76 6. Chemical and technical developments Ltd.................................................................................. 79 7. Gelest, Inc.................................................................................................................................... 81 8. Indium Corporation (Germanium Corporation of America). ...................................................... 83 9. Recylex S.A. (Metaleurop S.A.) ................................................................................................. 85 10. N.V. Umicore S.A. ...................................................................................................................... 88 11. Lattice Materials Corporation ..................................................................................................... 92 12. Novotech, Inc. ............................................................................................................................. 94 2 13. 5N Plus ........................................................................................................................................ 96 14. Yunnan Chihong Zinc-Germanium Co., Ltd. ............................................................................. 99 15. Yunnan Metallurgical (Group) General Company.................................................................... 101 16. China Germanium Co., Ltd. ...................................................................................................... 102 17. Axt, Inc. ..................................................................................................................................... 104 18. Germanium & Applications LLC .............................................................................................. 108 19. Soitec S.A. ................................................................................................................................. 111 20. Japan Algae Company Ltd. ....................................................................................................... 114 21. International Isotopes, Inc. ........................................................................................................ 115 22. William Rowland Ltd. ............................................................................................................... 118 23. GFI Advanced Technologies, Inc.............................................................................................. 120 24. Applied Materials, Inc. .............................................................................................................. 121 CHAPTER 6. THE ANALYSIS OF INDIVIDUAL GERMANIUM MARKETS ................... 124 6.1 THE UNITED STATES............................................................................................................ 124 6.2 CANADA .................................................................................................................................. 136 6.3 JAPAN ...................................................................................................................................... 141 6.4 EUROPE ................................................................................................................................... 145 6.5 FRANCE ................................................................................................................................... 152 6.6 GERMANY ............................................................................................................................... 156 6.7 ITALY ....................................................................................................................................... 160 6.8 THE UNITED KINGDOM ....................................................................................................... 163 6.9 SPAIN ....................................................................................................................................... 167 6.10 RUSSIA ..................................................................................................................................... 170 6.11 BELGIUM ................................................................................................................................. 174 6.12 REST OF EUROPE .................................................................................................................. 179 6.13 ASIA-PACIFIC ......................................................................................................................... 182 6.14 CHINA ...................................................................................................................................... 188 6.15 REST OF ASIA-PACIFIC ........................................................................................................ 194 6.16 LATIN AMERICA ................................................................................................................... 197 6.17 REST OF WORLD ................................................................................................................... 200 CHAPTER 7. ANNEX. LAUNCH OF NEW PRODUCTS. ....................................................... 203 3 THE MAIN CONCLUSIONS After the analysis of the world germanium market the following conclusions can be made concerning the results of its development: . There are two possible variants of the market development: basic scenario and conservative scenario. Basic scenario envisages the annual average growth of the global germanium production in the amount of +1.72% a year, while the conservative scenario does not envisage any market growth at all. In our understanding, the current crisis processes in the world economy are unlikely to produce any negative impact on the germanium market. We should not expect that recession in certain economies will curb the demand/supply in germanium and its derivatives. Both under basic and conservative market development scenarios, in the future the global prices on Ge and its derivatives are likely to inch up in the amount of PPI inflation index. Also, +/- 20% annual seasonal fluctuations in the demand in Ge and its derivatives will be observed. In the future we are going to see the ultimate fields of Ge applications expanding, but we should not expect serious changes that may lead to substantial