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2 MARINE COMPOSITES MARKET BY TYPE (GLASS FIBER COMPOSITES, CARBON FIBER COMPOSITES, FOAM CORE MATERIALS), BY APPLICATION (POWER BOATS, CRUISE SHIPS, SAIL BOATS) GLOBAL TRENDS & FORECASTS TO 2019 It s all about markets MARKETSANDMARKETS sales@marketsandmarkets.com

3 MarketsandMarkets is a global market research and consulting company based in the U.S. It is World s No. 2 in terms of premium market research studies published annually We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including advanced materials, automotive and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2014 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. 2

4 TABLE OF CONTENTS 1 EXECUTIVE SUMMARY MARKET OVERVIEW INTRODUCTION MARKET DYNAMICS DRIVERS Rise In Demand Of High Speed Boats Better Properties As Compared To Other Alternatives Design Flexibility of Vessels MARINE COMPOSITES MARKET, BY TYPE INTRODUCTION METAL MATRIX COMPOSITE (MMC) CERAMIC MATRIX COMPOSITE (CMC) POLYMER MATRIX COMPOSITE (PMC) MARINE COMPOSITES MARKET, BY APPLICATION INTRODUCTION MARINE COMPOSITES MARKET, BY REGION NORTH AMERICA REST OF THE WORLD (ROW) ARGENTINA COMPETITIVE LANDSCAPE OVERVIEW COMPANY PROFILES CYTEC INDUSTRIES INC SWOT ANALYSIS MNM VIEW E. I. DU PONT DE NEMOURS BUSINESS OVERVIEW PRODUCT & ITS APPLICATIONS KEY STRATEGY

5 U Marine Composites Market Global Trends & Forecasts to 2019 LIST OF TABLES TABLE 1 IMPACT OF GLOBAL MARINE COMPOSITES MARKET DRIVERS ( ) 9 TABLE 2 MARINE COMPOSITES MARKET SIZE, BY APPLICATION, ($MILLION) 14 TABLE 3 MARINE COMPOSITES IN CRUISE SHIP MARKET SIZE, BY REGION, ($MILLION) 14 TABLE 4 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY COUNTRY, (KT) 16 TABLE 5 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, ($MILLION) 16 TABLE 6 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, (KT) 16 TABLE 7 ARGENTINA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, (KT) 17 4

6 LIST OF FIGURES FIGURE 1 GLASS FIBER COMPOSITES TO CONTINUE DOMINATING THE MARINE COMPOSITES MARKET IN THE FORECAST PERIOD 6 FIGURE 2 MARINE COMPOSITES MARKET, BY APPLICATION, FIGURE 3 FIGURE 4 RISE IN DEMAND OF FUEL EFFICIENT VEHICLES WILL DRIVE THE MARINE COMPOSITES MARKET 8 MORE THAN HALF OF THE MARINE COMPOSITES MARKET IS DOMINATED BY POWER BOAT APPLICATIONS 13 FIGURE 5 MARINE COMPOSITES IN CRUISE SHIP MARKET SIZE, BY COUNTRY, 2013 (KT) 15 FIGURE 6 COMPANIES ADOPTED PARTNERSHIPS, AGREEMENTS, COLLABORATIONS & EXPANSIONS AS KEY GROWTH STRATEGIES OVER THE LAST THREE YEARS 18 FIGURE 7 CYTEC INDUSTRIES: SWOT ANALYSIS 19 FIGURE 8 E. I. DU PONT DE NEMOURS: BUSINESS OVERVIEW 20 5

7 1 EXECUTIVE SUMMARY The market for marine composites has witnessed a decent growth in the past three years ( ) after being hit hard by the global recession in The growth is because of increasing population, increasing leisure market, and increasing expensing power of people. The global marine composites market which mainly includes glass fiber composites has witnessed the highest growth in last three years. The marine composites market is projected to reach KT by 2019, at a CAGR of between 2012 and North America accounts for the major share in the overall marine composites due to the high production of recreation boats in the region. Some of the drivers identified in the industry are rise in demand of high fuel-efficient vehicles and increasing use of high-speed recreation boats in sports activities. The restraining factors are identified as recyclability, reparability, and durability of marine composites. Increasing applications of marine composites in leisure boat market can serve as an opportunity to marine manufacturers in the forecasted period. FIGURE 1 GLASS FIBER COMPOSITES TO CONTINUE DOMINATING THE MARINE COMPOSITES MARKET IN THE FORECAST PERIOD CAGR % ( ) Kilotons 6

8 CAGR% ( ) Marine Composites Market Global Trends & Forecasts to 2019 FIGURE 2 MARINE COMPOSITES MARKET, BY APPLICATION, 2013 Sail Boats Cruise Ships Power Boats Others ,200 1,500 1,800 $Million The global marine composites market is broadly segmented into power boats, cruise ships, sail boats, and others. The power boats segment was estimated at the largest market size of $ million in The cruise ships segment is expected to grow at the highest CAGR of between 2014 and

9 CHALLENGE OPPORTUNITIES RESTRAINTS DRIVERS Marine Composites Market Global Trends & Forecasts to MARKET OVERVIEW 2.1 INTRODUCTION A composite is a mixture of two or more chemically dissimilar materials (phases) by nature. The structure so formed shows superior properties and performance than the constituents acting independently. Most of the composites are made up of just two phases namely matrix (continuous) and the dispersed phase (particulates, fibers). The matrix material supports the reinforcement by maintaining required relative position and protects it from environmental and physical damage; whereas, the reinforcements or fibers control strength and stiffness of composite. There are three main types of composites, polymer matrix composites (PMC), metal matrix composites (MMC), and ceramic matrix composites (CMC). PMC is used in low to intermediate temperature environment; whereas, CMC and MMC are primarily used for high temperature environment such as connecting rods of diesel and IC engines, heated engine components, and brake pads. PMC is preferred for all types of major marine applications. 2.2 MARKET DYNAMICS FIGURE 3 RISE IN DEMAND OF FUEL EFFICIENT VEHICLES WILL DRIVE THE MARINE COMPOSITES MARKET D Rise in demand of high speed boats Rise in demand of fuel-efficient vehicles Better properties as compared to other alternatives Design flexibility of vessels R O Concern about reparability & recyclability High cost of carbon fiber Poor fire retardant properties Increasing styrene regulations Increasing leisure boat market Advancement in technologies C High capital cost Recyclability of composites 8

10 2.2.1 DRIVERS Some of the drivers include excellent corrosion resistance, lightweight, and performance advantages offered by the composites. Use of composites in propellers and propulsions shaft offers number of benefits including lower cost, reduced weight, lower magnetic signature, and better noise damping properties. Also, the use of composites in boats leads to reduction of overall weight of boat, resulting in improved fuel efficiency. TABLE 1 IMPACT OF GLOBAL MARINE COMPOSITES MARKET DRIVERS ( ) Drivers Rise in demand of high speed boats Rise in demand of fuel efficient vehicles Better properties as compared to other alternatives Design flexibility of vessels R i s e I n D e m a n d O f H i g h S p e e d B o a t s There is rise in demand of high speed boats in last two years ( ), which is expected to continue in the near future, especially in the U.S. The light weight and high impact strength of composites combines to form high strength to weight ratio, which is desirable in most of the recreation boat industries for all types of applications. The lightweight of composites increases the fuel efficiency; whereas, the high impact strength leads to better shear resistance of boats. The light-weight of composites are suitable for making various parts of ships such as funnels, bulkheads, decks, watertight doors, pipes, ventilations ducts. A major effort has been done for the development of composite propellers, propulsors, and propulsion shaft. The composite offers many benefits when used in propellers, which include lower cost, reduced weight, better noise damping properties, lower magnetic signature, and superior corrosion resistance. All these factors combine to reduce the propeller weight by to and reduce life cycle cost by almost around B e t t e r P r o p e r t i e s A s C o m p a r e d T o O t h e r A l t e r n a t i v e s Marine composites offer better corrosion resistance properties, required in boats and ships. Boats and ships remain in continuous contact of water, which results in increased chances of corrosions related defects, decreasing the overall efficiency and life cycle of boats and ships. Marine composites offer superior corrosion resistance properties than other materials (such as aluminum and steel), resulting in decreased maintenance and other costs related to boats and ships. Fatigue resistance in case of composites is better than other materials (such as aluminum and steel), which makes composites better alternative where frequent loading and unloading is general practice (in case of boats and ships). Stiffness offered by composites is far better than other alternative materials (such as aluminum and steel). Thermal expansion is the most common defect, which happens in boats and ships due to changing environment, which ultimately results in the breakage. The thermal expansion of composites is much lower as compared to other available materials and, when placed under same environmental conditions. Composite retains their shape and size when they are hot or cool, providing dimensional stability and increasing safety D e s i g n F l e x i b i l i t y o f V e s s e l s Composites can be molded into desired shapes, more easily than any other material. In marine industry this kind of flexibility offered by composites gives designers to give almost any shape and size they require. 9

11 Also, a single piece of composite material can replace an entire assembly of metal parts, reducing number of parts, maintenance, and time to build any structure. Currently, most of the recreation boats are built from fiberglass composites because these materials can be easily molded into desired shapes, improving boat design and lowering the cost. 10

12 3 MARINE COMPOSITES MARKET, BY TYPE 3.1 INTRODUCTION A composite is a combination of at least two materials, out of which one is a binding material (known as matrix) and the other is a reinforcement material (which is generally a fiber). The matrix can be metallic, ceramic or polymeric. The fiber can be carbon, glass or aramid. A material is required to hold the fiber & binding material together, this material is known as resin. The resins can be epoxies, vinyl esters, polyurethanes, phenolics and unsaturated polyesters. In case of fiber composites, reinforcement determines properties while matrix holds the reinforcement in place to yield composites known as fiber composites. Coming to marine composites, composites comprises three subgroups. Reinforcements Resins Core Materials Glass fiber is generally used for reinforcement of marine composites due to its low cost & good workability characteristics. Core materials are used for manufacturing sandwich composites structures. Core materials range from natural materials, such as balsa and plywood to highly engineered foam structures. Matrix: The matrix can be of metal, ceramic or polymer. The most common matrix used in marine composites industry is the polymer matrix composites METAL MATRIX COMPOSI TE (MMC) With the use of metal matrix, high strength, fracture toughness, and stiffness can be achieved. Metal matrixes can withstand higher temperature in corrosive environment, compared to polymer composites. Its other positive features are low thermal expansion, electrical conductivity, and improved wear resistance. Besides, they allow tailoring of several useful properties that are not achievable in conventional metallic alloys. The most commonly employed metals are light weight alloys of aluminum, magnesium, and titanium. This matrix is generally not used in the marine industry applications CERAMIC MATRIX COMPOSI TE (CMC) Ceramic matrices are used for high-temperature applications. Ceramic provides strength at elevated temperature well above 1500 C, but its low-strain capability typically leads to catastrophic failure. However, such limitations can be avoided if ceramic matrix composite is used. The ceramic matrices are usually glass ceramics, carbides, nitrides, oxides, and borides. The reinforcement fibers primarily used are carbon, silicon carbide, silica, and alumina. The use of ceramic composites in marine engine components can enhance the engine performance by reducing the weight and thereby achieving higher thrust to weight ratio. This matrix is generally not used in marine applications POLYMER MATRIX COMPO SITE (PMC) Polymer matrix composites (PMCs) are the most commonly used composite material in marine applications. They can be manufactured easily as the processing and curing temperature of PMCs is normally in the lower range, moreover the densities of polymers are usually very low; therefore manufacturing cost of PMC is substantially lower as compared to MMC and CMC. There are two types of polymer matrices; thermoset and thermoplastic. The thermoplastic polymer is advantageous in some cases, as it can be repeatedly formed by heat and pressure, whereas once thermoset polymers are cured, they do not soften upon heating, and its polymerization process is irreversible. Commonly used 11

13 thermoplastic resins are Polyetherether Ketones (PEEK), polyamide-imide, polyether-imide, polysulfone, and polyphenylene sulfide while most common thermosets are resins epoxy, polyester and phenolic resins, and polyimides. Glass and carbon fiber are the types of polymer fibers used in the manufacturing of PMC. Reinforcement materials: Generally three basic types of fibers namely glass and carbon & aramid fibers are used in the marine industry. Glass fiber accounts for about of the overall reinforced plastics consumption in the marine industry, due to its low cost and good strength to weight characteristics. There are two types of glass used in the marine industry namely E- and S-glass. E-glass is the most common reinforcement used in all types of marine applications due to its low cost, good strength properties, and resistance to water degradation. Aramid fiber is also used by the marine industry for military-related applications. The most common aramid fiber is Kevlar, developed by DuPont. Aramid fiber is generally used in military application because of its bullet-proof properties. Carbon fibers are the lightest fiber, offering highest strength and stiffness. They are generally not used in marine applications due to their high cost. Resins: Resins are generally employed in composites to bind the matrix & glass fiber together. The commonly used resins in the marine industry are polyesters, vinyl esters, and epoxy. Polyester resins are the most common, economical, and simple resins that are used in the marine composites industry for wide range of applications. The two most common polyester resins used in the marine industry are orthophthalic and isophthalic. Orthophthalic resins are developed and used in the marine industry for their wide-spread use. On the other hand, isophthalic resins have good mechanical & chemical properties, so they are used as a gel coat in marine laminates. Vinyl esters offer superior corrosion resistance and hydrolytic stability combined with better physical properties, which make them suitable for marine-related applications, especially in boat/ship building. Epoxy resins are the most-suited resins for the marine industry. Resins are generally employed with matrix and fiber. 12

14 4 MARINE COMPOSITES MARKET, BY APPLICATION 4.1 INTRODUCTION Before composites were available, boats & ships were built using wood. Wooden boats & ships were costly and require a lot of maintenance. There were problems in shaping the ships using wood. Fiberglass construction of boats started in the mid-1960s. After about 30 years of development work, marine manufacturers started mass production of boats and other parts of ships (hull, deck, and so on), which were mainly constructed of fiber glass composites. The current marine composites market demand is mainly from the recreation boat and cruise industry. The recreation boat industry comprises power boats (inboard, outboard, and stern drive), sail boats, jet boats, and others. The cruise industry uses composites for manufacturing various parts of ships ranging from decks, cruise liners stacks, and hulls to other interior & exterior components (masts, stacks, foundations, doors, hatches, life rails, bulkheads, propellers, tanks, ladders, gratings, and so on) of ships. Some other applications of composites include fishing boats, charter & patrol boats, ferries & water taxies. The power boats segment is the biggest consumer of marine composites owning to the increased demand in the U.S. and Europe. FIGURE 4 MORE THAN HALF OF THE MARINE COMPOSITES MARKET IS DOMINATED BY POWER BOAT APPLICATIONS Power boats Cruise ships Sail boats CAGR% Others $Million 13

15 TABLE 2 MARINE COMPOSITES MARKET SIZE, BY APPLICATION, ($MILLION) Application CAGR% ( ) Cruise Ships Power Boats Sail Boats Others Total Cruise ships and power boats are the two key end-application markets for marine composites; they together accounted for of the global market share in terms of value, in The power boats application dominated the marine composites market in In terms of value, almost of the marine composites were consumed by the power boats industry in The market size in terms of value of the power boats application was estimated at $ million in 2013 and is projected to reach $ million by 2019, at a CAGR of between 2014 and Ever since its development, the power boats industry remains the main end-user industry for marine composites. Cruise ships are estimated to be the second-biggest consuming market, accounting for around share of the total market in The market size in terms of value of cruise ships was estimated to be $ million in 2013 and is projected to reach to $ million by 2019, at a CAGR of between 2014 and TABLE 3 MARINE COMPOSITES IN CRUISE SHIP MARKET SIZE, BY REGION, ($MILLION) Region CAGR% ( ) North America Europe Asia-Pacific RoW Total Europe is the largest market for marine composites in the cruise ships segment. The market size in terms of value of marine composites for cruise ships segment in Europe was estimated to be $ million in 2013 and is projected to reach $ million by 2019, at a CAGR of between 2014 and Asia-Pacific is projected to witness the highest growth rate of between 2014 and 2019 to reach $ million, by The high growth in Asia-Pacific is driven by newly signed contracts for building cruise in Japan, South Korea, and China. 14

16 CAGR % ( ) Marine Composites Market Global Trends & Forecasts to 2019 FIGURE 5 MARINE COMPOSITES IN CRUISE SHIP MARKET SIZE, BY COUNTRY, 2013 (KT) Consumption (KT) Note: Bubble size represents market share, volume, 2013 (%) The figure above describes the growth rate of markets for marine composites in cruise ships segment. Italy is the largest market for marine composites in this segment. The market size in Italy is projected to reach KT by 2019 from KT in 2013, at a CAGR of between 2014 and The reason for high consumption in Italy includes availability of necessary infrastructure and skilled man power for building cruise ships in the region. Also, the new cruise ships building contract allocated to Italian cruise ships builders will further increase the consumption of marine composites between the period 2014 and

17 5 MARINE COMPOSITES MARKET, BY REGION 5.1 NORTH AMERICA TABLE 4 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY COUNTRY, (KT) Country CAGR% ( ) U.S. Canada Total The market for marine composites in North America was estimated to be KT in 2013 and is projected to reach KT by 2019, at a CAGR of during the period of study. The U.S. dominated the North American marine composites market at an estimated volume of KT in 2013 and is projected to reach KT by 2019, at a CAGR of between 2014 and TABLE 5 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, ($MILLION) Application CAGR% ( ) Cruise Ships Power Boats Sail Boats Others Total The power boats segment dominated the North American marine composites market, by application, in 2013; and is poised to register a CAGR of between 2014 and The market size, in terms of value, of this application was estimated to be $ million in 2013 and is projected to reach $ million by The demand is supported by the increasing recreation boats industry in the region. TABLE 6 NORTH AMERICA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, (KT) Application CAGR% ( ) Cruise Ships Power Boats Sail Boats Others Total 16

18 The power boats segment dominated the North American marine composites market, by application, in 2013; and is poised to register a CAGR of between 2014 and The market size, in terms of volume, of this application was estimated to be KT in 2013 and is projected to reach KT by Sail boat is the fastest growing application for marine composites in North America. The marine composites market for sail boat industry was estimated to be KT in 2013 and is projected to reach KT by 2019, at a CAGR of during the period under review. 5.2 REST OF THE WORLD (ROW) ARGENTINA TABLE 7 ARGENTINA: MARINE COMPOSITES MARKET SIZE, BY APPLICATION, (KT) Application CAGR% ( ) Cruise Ships Power Boats Sail Boats Others Total The power boats industry is the largest consumer of marine composites in Argentina. The marine composites market for the power boats application was estimated to be KT in 2013 and is projected to reach KT by 2019, at a CAGR of from The sail boats industry is the fastest-growing consumer of marine composites in Argentina. In terms of volume, the marine composites market size for this industry was estimated to be KT in 2013 and is projected to reach KT by 2019, at a CAGR of during the period of study. 17

19 6 COMPETITIVE LANDSCAPE 6.1 OVERVIEW Competitive landscape of the marine composite market covers major growth strategies adopted by the market players in the global marine composite business. This section presents the trending growth strategies adopted by companies involved in the manufacture and distribution of marine composites between 2011 and The important strategies identified are partnerships, agreements, joint ventures, collaboration, supply agreements, expansions, new product launches, and mergers & acquisitions. Owens Corning (U.S.), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Industries Inc. (U.S.), and Teijin (Japan) are some of the key players that are actively present in the marine composites market, with respect to market developments. FIGURE 6 COMPANIES ADOPTED PARTNERSHIPS, AGREEMENTS, COLLABORATIONS & EXPANSIONS AS KEY GROWTH STRATEGIES OVER THE LAST THREE YEARS ORGANIC GROWTH STRATEGIES INORGANIC GROWTH STRATEGIES Toray New Product Launches Expansions Mergers & Acquisition Investment of over $1 billion in manufacturing new facilities and expanding the existing one. Acquired Zoltek Corp for $ 584 M Partnerships/Agreements / Collaborations Mitsubishi Rayon Co. Ltd. Teijin High performance intermediate modulus (IM) carbon fiber Pyrofil MR70 CFRTP composite Sereebo Expansion of production capacity of plant in California, U.S. Opened a pilot plant and composite application Centre in Japan. Acquired Wethje Holding, Aldila, T.K. Industries, and Challenge company. Agreement with S.K. Chemicals to supply carbon fiber to manufacture prepregs. Owens Corning Corporation Performax SE4849 ME1510 PerforMax249A PerforMax248A Investment of $130 million in North America for the construction of a new glass fiber production plant Supply agreement with Xingtai Jinniu Fiberglass Company (China) SGL Group Started production of thermoplastic-compatible carbon fibers in Scotland Joint venture with BASF for developing CFRTP material Cytec Launched a new prepreg under the series name MTM23 having rapid curability capability. Expansion project for carbon fiber manufacturing in South California Expansion of prepreg manufacturing plant in Texas Acquired Umelco Plc FOR $ 439 M to expand the company s presence in the industrial market Source: Press Releases, Expert Interviews, and MarketsandMarkets Analysis 18

20 7 COMPANY PROFILES 7.1 CYTEC INDUSTRIES INC SWOT ANALYSIS FIGURE 7 CYTEC INDUSTRIES: SWOT ANALYSIS STRENGTHS WEAKNESS Diversified geographic operations Fully dependent on few supplier of carbon fiber Recent developments of capacity expansion S W CYTEC INDUSTRIES, INC. Strict legislation and regulations Growing market of carbon fiber composites in marine vessels O T OPPORTUNITIES THREATS Source: MarketsandMarkets Analysis MNM VIEW Cytec Industries Inc. is a specialty chemicals company that offers technologically advanced materials and operates globally. The company has well-established business in the North American region and is now strengthening its composites business in other parts of the world. It continues to invest in order to increase the production capacity and meet the growing global demand of its product from various industries. Cytec has well-established business all over the world and continues to expand in emerging markets. Increasing number of supply contracts and partnerships will further increase the global reach of the company. 19

21 Revenue ($Mn) R&D Expenditure (%) Marine Composites Market Global Trends & Forecasts to E. I. DU PONT DE NEMOURS BUSINESS OVERVIEW E. I. Du Pont de Nemours and Company was founded in 1802, and is headquartered at Delaware; U.S. DuPont is a science and technology solutions company. The company supplies its products and services to various industries including agriculture & food, building & construction, electronics & communications, general industrial, and transportation. The company operates through eight business segments, namely, agriculture, performance chemicals, performance materials, safety & protection, nutrition & health, electronics & communications, industrial biosciences, and pharmaceuticals. FIGURE 8 E. I. DU PONT DE NEMOURS: BUSINESS OVERVIEW COMPANY AT A GLANCE RECENT FINANCIALS 2013 Founded : 1802 Headquarters : Wilmington, Delaware; U.S. Employees : 64,000+ Revenue : $ Million Ownership : Public, BAS:XETRA GEOGRAPHIC REVENUE MIX, 2013 BUSINESS REVENUE MIX, 2013 North America Asia-Pacific Europe Latin America Middle East and Africa Agriculture Performance Chemicals Performance Materials Safety & Protection Nutrition & Health Electronics & Communications Industrial Biosciences Others Source: Annual Reports, SEC Filings, Press Releases, and MarketsandMarkets Analysis PRODUCT & ITS APPLICATIONS Product type Product brand name Application Fiber Kevlar The product offers properties, such as lightweight, stiffness, & impact resistance suitable for use in leisure, sail and power boats; and other marine applications. Source: Company Website, Annual Reports, and Press Releases KEY STRATEGY E. I. Du Pont de Nemours and Company focuses on the strategy to develop its technology and expand into emerging markets. The company is expanding its business through capacity expansion, new facility establishment, and agreements & collaborations. DuPont has made significant investments in R&D activities in order to increase its technology driven product portfolio. 20

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