2009-2014年挪威化学品行业分析与预测报告.pdf

datamonitor usa 245 fifth avenue 4th floor new york, ny 10016 usa t: +1 212 686 7400 f: +1 212 686 2626 e: datamonitor europe 119 farringdon road london ec1r 3da united kingdom t: +44 20 7551 9000 f: +44 20 7675 7500 e: datamonitor middle east and north america datamonitor po box 24893 dubai, uae t: +49 69 9754 4517 f: +49 69 9754 4900 e: datamonitormena datamonitor asia pacific level 46, 2 park street sydney, nsw 2000 australia t: +61 2 8705 6900 f: +61 2 8705 6901 e: norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 1 industry profile chemicals in norway reference code: 0177-2021 publication date: september 2010 executive summary norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 2 executive summary market value the norwegian chemicals market shrank by 4.6% in 2009 to reach a value of $10.8 billion. market value forecast in 2014, the norwegian chemicals market is forecast to have a value of $15.4 billion, an increase of 42.6% since 2009. market segmentation i pharmaceuticals is the largest segment of the chemicals market in norway, accounting for 38.1% of the markets total value. market segmentation ii norway accounts for 1.5% of the european chemicals market value. market rivalry the chemicals market has been greatly affected by the global economic downturn. due to the commoditized nature of chemical products, prices have fallen as demand has dropped. contents norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 3 table of contents executive summary 2 market overview 7 market definition 7 research highlights 8 market analysis 9 market value 10 market segmentation i 11 market segmentation ii 12 five forces analysis 13 summary 13 buyer power 15 supplier power 16 new entrants 18 substitutes 20 rivalry 21 leading companies 22 basf se 22 yara international 28 the jotun group 32 market forecasts 36 market value forecast 36 macroeconomic indicators 37 appendix 39 methodology 39 industry associations 40 related datamonitor research 40 disclaimer 41 about datamonitor 42 contents norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 4 premium reports 42 summary reports 42 datamonitor consulting 42 contents norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 5 list of tables table 1: norway chemicals market value: $ billion, 200509 10 table 2: norway chemicals market segmentation i:% share, by value, 2009 11 table 3: norway chemicals market segmentation ii: % share, by value, 2009 12 table 4: basf se: key facts 22 table 5: basf se: key financials ($) 25 table 6: basf se: key financials () 25 table 7: basf se: key financial ratios 26 table 8: yara international: key facts 28 table 9: yara international: key financials ($) 29 table 10: yara international: key financials (nok) 29 table 11: yara international: key financial ratios 30 table 12: the jotun group: key facts 32 table 13: the jotun group: key financials ($) 33 table 14: the jotun group: key financials (nok) 33 table 15: the jotun group: key financial ratios 34 table 16: norway chemicals market value forecast: $ billion, 200914 36 table 17: norway size of population (million), 200509 37 table 18: norway gdp (constant 2000 prices, $ billion), 200509 37 table 19: norway gdp (current prices, $ billion), 200509 37 table 20: norway inflation, 200509 38 table 21: norway consumer price index (absolute), 200509 38 table 22: norway exchange rate, 200509 38 contents norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 6 list of figures figure 1: norway chemicals market value: $ billion, 200509 10 figure 2: norway chemicals market segmentation i:% share, by value, 2009 11 figure 3: norway chemicals market segmentation ii: % share, by value, 2009 12 figure 4: forces driving competition in the chemicals market in norway, 2009 13 figure 5: drivers of buyer power in the chemicals market in norway, 2009 15 figure 6: drivers of supplier power in the chemicals market in norway, 2009 16 figure 7: factors influencing the likelihood of new entrants in the chemicals market in norway, 2009 18 figure 8: factors influencing the threat of substitutes in the chemicals market in norway, 2009 20 figure 9: drivers of degree of rivalry in the chemicals market in norway, 2009 21 figure 10: basf se: revenues small scale entry is unlikely to be successful. the 2008 slowdown in the market extends over countries from north america to europe and some countries in the asia-pacific region. the norwegian market however, maintained steady growth in 2008. rivalry is fairly high among market players, as companies are on the whole selling undifferentiated products, where branding is of little significance. the threat of substitutes in this market is very weak, as buyers generally need products of a particular chemical composition, unobtainable anywhere else. five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 15 buyer power figure 5: drivers of buyer power in the chemicals market in norway, 2009 source: datamonitor d a t a m o n i t o r the products in question include base (inorganic and organic) and specialty chemicals, pharmaceutical materials and chemicals used in agriculture. therefore buyers include manufacturers of plastic products, water utilities and consumer chemical manufacturers amongst many others. these all tend to be medium- to large businesses, with weak negotiating positions relative to very large market players, such as yara and orkla. this weakens buyer power. base chemicals are undifferentiated commodities, specified only by chemical composition and purity; and branding is of negligible importance. this strengthens buyers power, as they can obtain the same materials from several market players. on the other hand, as base and specialty chemicals include a wide variety of substances, the number of potential buyers is quite high, especially for the large base chemical players that typically operate in several sub-markets. base chemicals are generally highly significant to the business of the buyers, and as a result, are often supplied through long-term contracts, with periodic renewal and/or price renegotiation. another type of goods in this market are specialty chemicals, which are relatively high value chemicals, with diverse end product markets. they are usually characterized by their innovative aspects and sold for what they can do rather than for their composition. because of their versatility, they add to buyer power, as the final product can be sold much easier or can be transformed into a number of other products. switching costs include those incurred by waiting for the end of a contractual period while losing out during that time on a better deal offered by another player. it may be possible to break a contract early, but this would likely incur a charge. overall, buyer power is moderate. five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 16 supplier power figure 6: drivers of supplier power in the chemicals market in norway, 2009 source: datamonitor d a t a m o n i t o r the ingredients used in chemical industry are mostly derived from oil or natural gas; not only for organic (carbon-containing) end-products, but also for certain inorganics: ammonia, for example, is manufactured from natural gas. supplier power is increased by the fact, that the main oil and gas companies are large, and there are only a small number of them, supplying to all kinds of different buyers from a large range of industries. moreover, supplier power has been strengthened by the fact, that major chemical manufacturers, particularly in the us and europe, have recently been faced with rising raw material prices and reluctant customers. as a result, these companies tend to enter into stronger partnerships with their suppliers to ensure that they remain profitable. one example of this is basfs cooperation with gazprom for field development in siberia. forward integration by suppliers can be fairly common, for example, oil and gas companies are often producers of petrochemicals, as well as suppliers to base chemical manufacturers. this increases supplier power relative to chemical producers that do not own their own upstream resources. supplier power is weakened by the fact that raw materials are not highly differentiated. oil and gas companies are essentially offering the same raw materials. by buying raw materials in the open market, chemicals manufacturers have little control over the price, and may need hedging strategies, in order to minimize the impact of price volatility. for other chemicals, minerals and sea water are among the most important inputs. for example, sodium chloride can be formed by evaporating sea water or obtained from halite mines; it is then used in the production of sodium carbonate, sodium hydroxide, chlorine, etc. sulphur, a key starting material for base chemicals, such as five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 17 sulfuric acid, is obtained by mining. the present economic situation has caused many chemical manufacturers to cut back production, and the consequent decreasing demand for raw materials may weaken suppliers by affecting the prices they can obtain. overall, supplier power is assessed as moderate. five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 18 new entrants figure 7: factors influencing the likelihood of new entrants in the chemicals market in norway, 2009 source: datamonitor d a t a m o n i t o r chemicals do have some uses in their own right - for example, some base chemicals may be used as household cleaners, such as sodium hydroxide or ammonia, but more commonly they are used as raw materials for the manufacture of more valuable products. as a result, they are produced in bulk, and scale economies are highly important if the available margins are to be worthwhile. entering the chemicals market requires large amounts of capital to set up high-volume production plants. the capital intensity, and the importance of scale economies, restricts market entry to medium-sized and large companies. furthermore, the presence of very strong, multinational incumbents provides a further obstacle to entering this market. while many of the processes used to manufacture chemicals were originally developed in the early twentieth century and are in the public domain, incumbents often own significant ip assets and non- patented in-house expertise, which allow them to enhance their production processes. new players may find it difficult to replicate this knowledge. particularly for a large-scale market entry, access to suppliers can be problematic. because of the volume of raw materials used, it is preferable to locate near to their sources. on the other hand, factors favoring market entry include the fact that chemicals, within the respective segments, are usually undifferentiated commodities: a new player can make products indistinguishable from those of the incumbents, which means that provided they are not tied into contracts five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 19 with existing suppliers, buyers are just as likely to opt for the new player if presented with cheaper option. on balance, there is a moderate likelihood of new entrants. five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 20 substitutes figure 8: factors influencing the threat of substitutes in the chemicals market in norway, 2009 source: datamonitor d a t a m o n i t o r chemicals are fundamental to a wide variety of downstream businesses; there are no substitutes for these products, considered collectively. furthermore, buyers generally need products of a particular chemical composition. in situations where a buyer can choose between different but related chemicals, it is likely that the same market players manufacture them all. overall, the threat of substitutes is weak. five forces analysis norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 21 rivalry figure 9: drivers of degree of rivalry in the chemicals market in norway, 2009 source: datamonitor d a t a m o n i t o r a fairly large number of medium-to-large companies, including some powerful multinationals, are active in the chemicals market. as manufacturers of chemicals market fairly commoditized products, it is often difficult for players to offer strong incentives for their customers not to switch to rival companies. the business is characterized by high fixed costs. furthermore, the need to invest heavily in large scale production plants while entering the market translates into high exit costs. these factors all boost rivalry. rivalry is eased during periods of rapid market expansion, but intensified when - as during the global recession - revenue growth slows or actually goes into decline. rivalry remains strong when all of the factors are considered. leading companies norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 22 leading companies basf se table 4: basf se: key facts head office: carl bosch strasse 38, ludwigshafen 67056, deu telephone: 49 621 600 fax: 49 621 604 2525 website: financial year-end: december ticker: bas; stock exchange: frankfurt; source: company website d a t a m o n i t o r basf is one of the worlds largest chemical companies, comprising of subsidiaries in more than 80 countries. the company primarily operates in europe and has its presence in north america, asia-pacific, south america, africa, and middle east countries. it is headquartered in ludwigshafen, germany, and employs about 97,000 people as of 31st december 2008. central to the companys operations is the verbund structure. verbund is basfs approach to vertical integration, which involves linking plants in a production verbund to create efficient value-adding chains from basic chemicals to higher value products. at verbund sites, basf uses byproducts of chemical reactions, which might otherwise have to be disposed of, as raw materials for other processes. the company operates six verbund sites worldwide, the largest of which is in ludwigshafen, as well as almost 330 large and a multitude of smaller production sites. basf operates through six business segments: oil and gas, chemicals, plastics, functional solutions, performance products, and agricultural solutions. the oil and gas segment operates through the wintershall group (wintershall). wintershall and its subsidiaries are active in two business sectors: exploration and production of crude oil and natural gas; and the trading, transport, and storage of natural gas. in the exploration and production of crude oil and natural gas, wintershall concentrates on oil and gas- rich regions in europe, north africa, south america, russia, and the caspian sea region. wintershall holds a 50% stake in the mittelplate oil field, which is located in the north sea tidal flats and is germanys largest known oil deposit. wintershall is one of the largest producers of natural gas in the southern north sea, producing more than two billion cubic meters annually from 26 platforms. leading companies norway - chemicals 0177 - 2021 - 2009 datamonitor. this profile is a licensed product and is not to be photocopied page 23 in russia, basf has a cooperation agreement with gazprom, which serves as the economic and legal framework for joint field development in siberia. wintershall has a stake of 25% less one share in severneftegazprom, through an asset swap with gazprom. severneftegazprom holds the production license to the yuzhno russkoye natural gas field in western siberia. the company also operates achimgaz, the second german-russian joint venture for the production of hydrocarbons in siberia. in the caspian sea region, basf is pursuing exploration projects in turkmenistan, dagestan, and azerbaijan. in libya, wintershall operates eight onshore oil fields around 1,000 kilometers southeast of tripoli and 350 kilometers southwest of benghazi in the libyan desert. in mauritania, basf is active in one offshore and two onshore exploration blocks. in qatar, wintershall holds a 41% stake in block 11 and 40% of the exploration rights in block 3. wintershall also operates in argentina. basfs natural gas trading business is operated with gazprom in several joint ventures in germany and several other european countries. wingas transport operates a long distance network of more than 2,000 kilometers in length, which connects the markets in western europe with the natural gas infrastructure stretching through eastern europe and the russian federation to the gas fields in siberia. the companys natural gas storage facility is located in rehden (lower saxony, germany) and has a working gas volume of more than 4 billion cubic meters. the chemicals segment produces a range of products from basic petrochemicals and inorganic chemical to higher-value intermediates. this segment is organized into three divisions: inorganics, petrochemicals, and interme