Transcript Biobased products value chain

Biobased Products Value Chain
- Feedstocks, Products & Markets -
RRM-Meeting
Brussels, 2nd April 2014
Rainer Busch, T+I Consulting
Dietrich Wittmeyer, ERRMA
1
Bio-based products‘ value chains
Raw
Materials
Feedstock
•
•
•
•
•
Sugar Crops
Starch Crops
Wood
Oil seeds
Animals
• Flax
• Hemp
• etc.
•
•
•
•
•
Sugar
Starch
Cellulose
Oils
Fats
• Fibres
Intermediates
• Hydrolysate
•
•
•
•
Fatty acids
Fatty alcohols
Glycerine
etc.
(Platform)
Chemicals
•
•
•
•
•
•
•
Lactic acid
Butanediol
Propanediol
Succinic acid
Ethanol
Ethylacetate
etc.
Materials,
Products
•
•
•
•
Poly lactic acid
Polyurethanes
Polyesters
Surfactants
• Composites
Markets
•
•
•
•
•
•
•
Packaging
Adhesives
Paints & Inks
Lubricants
Solvents
Durable Plastics
Biodegradable
Plastics
• Detergents
2
Biobased Industries Consortium: Five
Value Chains
•
Value Chain 1: From lignocellulosic feedstock to advanced biofuels,
bio-based chemicals and biomaterials: realising the feedstock and
technology base for the next generation of fuels, chemicals and materials
•
Value Chain 2: The next generation forest-based value chains:
utilisation of the full potential of forestry biomass by improved mobilisation
and realisation of new added value products and markets
•
Value Chain 3: The next generation agro-based value chains: realising
the highest sustainability and added value by improved agricultural
production, and new added value products and markets
•
Value Chain 4: Emergence of new value chains from (organic) waste:
from waste problems to economic opportunities by realising sustainable
technologies to convert waste into valuable products
•
Value Chain 5: The integrated energy, pulp and chemicals
biorefineries: realising sustainable bio-energy production, by backwards
integration with biorefinery operations isolating higher added value
components
3
Biobased Solvents - Update
2013 bio-based solvents market
• Total European solvents market is estimated with 5 million tonnes
yearly.
• Different sources (Dechema, Fraunhofer Institute, ESIG) estimate
today’s bio-based solvents volume with 50 to 100 KT (1 to 2%)
• JRC Report 2013 (EUR 25743 EN) gives a market of 630 KT biobased solvents.
• Difference is identified to be related to the ethanol supply chain.
An European market of 630 KT bio-based solvents can be confirmed
considering bio-ethanol used directly as a solvent or as a feedstock
for other solvents.
4
Biobased Solvents - Update
Solvents and the Ethanol case (source NNFCC and industry):
• Ethanol global production 2008: 61 million tonnes (> 90% bio-based)
• Most applications in fuels and food & beverages
• Ca. 6 million tonnes for the industry
• Part of ethanol is used directly as a solvent, part blended with other solvents
(e.g. ETOH/ETAC blend for inks), part used for downstream products
(solvents like ETAC or non-solvents like ethylene, acetic acid…)
• Applications may switch back and forward considering market conditions
• The solvents application of ETOH, being bio-based or not, is very low
compared with biofuel but as well industrial applications considering for
example the chain ethanol  ethylene  polyethylene
• Bio-ethanol from biomass is a mature market being highly impacted by
policies and incentives.
5
Biobased Solvents - Update
Prediction (what can we reasonably say today)
• Main solvents application are ethanol and downstream products or
blends
• Development of ethanol will remain highly affected by regional and
local policies
• Other bio-based solvents (alcohols, acetates) are mainly oxygenated
solvents and have very low volumes representing no more than 1%
of the market
• Their development will depend on competitive production conditions
• Today, it is not possible for the solvents industry to give serious
fact based prediction of bio-based solvents market.
6
Biobased Solvents - Update
Some additional considerations in the bio-based
solvents context
• Feedstock availability at competitive conditions
• Competitive production process
• Pull from downstream users
• Long term predictability of legal and incentives conditions
• Standardization will give the frame for companies and
downstream users to develop their own bio-based
strategies
7
Surfactants - Update
Western Europe (EU-27+Switzerland and Norway)
(Source: CESIO surfactants statistic 2012 and IHS Specialty Chemical Update Programme (August 2013) )
Product Group
Western European
Surfactants Consumption
Western European Surfactants Western European Surfactants
Consumption
Consumption
Volume (t) *)
"Bio-based" (t) **)
Volume (t) *)
2012
2012
2020
Expected growth rate approx.
1%/a
1.230.000
350.000
700.000
2.280.000
Surfactants
- Home care
- Personal Care
- Ind. & Inst.
TOTAL
*)
**)
Note:
Share
1.143.000
317.000
628.000
2.088.000
553.000
315.000
221.000
1.089.000
48%
99%
35%
52%
Alcohol ethoxylates used as intermediates to produce other surfactants are not included in the figures.
The term "bio-based" refers to the origin of the constituents of the surfactant molecule and means that some constituents are derived from bio-mass.
A threshold for the bio-mass content is currently being developed in the ERASM Bio-surfactants TF.
The replacement of fully petro-chemical based surfactants by bio-based is especially in detergent formulations difficult as other environmental criteria
need to be fulfilled also like high bulk density, washing and good solubility at low temperature. For industrial uses tailor-made surfactants can be produced
better from petrochemical sources as they allow a greater flexibility in carbon rchain length distribution as well as the degree of branching of the molecule.
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Surfactants - Update
Western Europe versus North America
(Source: CESIO surfactants statistic 2012 and IHS Specialty Chemical Update Programme (August 2013) )
Product Group
Surfactants
- Home care
- Personal Care
- Ind. & Inst.
TOTAL
*)
**)
Western European
Surfactants Consumption
Volume (t) *)
2012
1.143.000
317.000
628.000
2.088.000
Western European Surfactants
Consumption
"Bio-based" (t) **)
2012
Share
553.000
48%
315.000
99%
221.000
35%
1.089.000
52%
North American Surfactants
Consumption
Volume (t) *)
2012
Share
479.000
39%
302.000
84%
192.000
22%
974.000
40%
Alcohol ethoxylates used as intermediates to produce other surfactants are not included in the figures.
The term "bio-based" refers to the origin of the constituents of the surfactant molecule and means TF.
that some constituents are derived from bio-mass. A threshold for the bio-mass content is currently being
developed in the ERASM Bio-surfactants
9
Ending stocks
of which
intervention
Stock-to-use ratio
36.7
37.5
27.6
38.7
39.1
39.1
41.3
42.3
44.3
45.3
44.1
43.6
43.4
42.9
0.6
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
15%
15%
14%
13% 13% 10%
14% 14% 14%
14% 15% 15%
15% 15%
Agricultural
Products
& Markets
- Update
Note: the cereals marketing year is July/June
Table 6.3 EU wheat market balance, 2010-23 (million tonnes)
2010
Production
of which EU-15
of which EU-N13
Consumption
of which EU-15
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
137.2 138.8 134.1 144.7 139.7 140.8 141.2 141.5 142.1 143.0 144.0 145.0 146.0 146.5
104.9 103.1 100.9 105.8 104.0 104.7 104.7 104.6 104.8 105.2 105.6 106.2 106.7 107.1
32.3
35.7
33.2
38.9
35.7
36.1
36.5
36.9
37.3
37.8
38.3
38.8
39.3
39.4
124.6 129.7 119.4 127.2 128.1 128.6 129.2 129.8 130.4 130.8 131.6 131.2 130.8 130.7
102.5 106.6
97.1 104.9 105.2 105.6 106.1 106.6 107.2 107.5 108.1 107.7 107.3 107.1
of which EU-N13
22.1
23.2
22.3
22.3
22.9
23.0
23.1
23.1
23.2
23.3
23.5
23.5
23.5
23.6
of which food and
industrial
of which feed
68.4
69.1
70.1
70.3
70.4
70.6
70.9
71.1
71.3
71.5
71.8
72.0
72.1
72.2
51.1
55.4
45.2
52.7
53.0
53.0
52.9
52.8
52.5
52.1
51.9
51.7
51.6
51.7
5.2
5.2
4.1
4.3
4.7
4.9
5.5
5.9
6.6
7.2
7.8
7.5
7.1
6.8
Imports
4.4
7.1
5.0
6.2
5.4
5.3
5.3
5.4
5.5
5.4
5.4
5.3
5.3
5.4
Exports
22.4
16.0
21.9
19.4
16.4
17.8
16.5
16.9
16.8
17.2
18.2
19.2
20.5
21.1
Beginning stocks
16.1
10.7
10.8
8.7
13.0
13.6
13.2
14.0
14.2
14.6
15.1
14.6
14.6
14.7
Ending stocks
10.7
10.8
8.7
13.0
13.6
13.2
14.0
14.2
14.6
15.1
14.6
14.6
14.7
14.7
of which
intervention
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
of which bioenergy
Note: the wheat marketing year is July/June
Source: Prospects for Agricultural Markets and Income in the EU 2013-2023, European Commission
10
Agricultural Products & Markets - Update
Table 6.10 EU rice market balance, 2010-23 (million tonnes milled equivalent)
Table 6.11 EU oilseed* (grains and beans) market balance, 2010-23 (million
tonnes)
Table 6.13 EU oilseed oil* market balance, 2010-23 (million tonnes)
Table 6.14 EU vegetable oil* market balance, 2010-23 (million tonnes
Table 6.15 EU sugar market balance, 2010-23 (million tonnes white sugar
equivalent)
Table 6.17 EU biofuels market balance, 2010-23 (million tonnes oil
equivalent)
11
Starch: European Starch Production & Trade
EU-27
Source: nova-institute
Starch produced (000 tonnes)
from
2008
Wheat
Maize
Potatoes
Barley
Oats
Rye
Triticale
Rice
Others *
3.500
4.400
1.500
2011
2012
2020 (est.
capacity)
12
Table 2b
from
Wheat
Maize
Potatoes and others
Co-products (est.)
(Source: AAF, EUROSTAT, COMEXT)
Starches & sweeteners produced (1000 tonnes)
2008
2011
2012
2020 (est.)
3.500
4.400
1.500
9.400
Import
Export
Total Consumption
3.900
4.700
1.400
5.000
15.000
357
1.002
14.355
3.900
4.800
1.500
5.000
15.200
257
1.245
14.212
13
14
15
16
17
18
Table 1
Table 2
Table 3
Table 4, 5, 6
Table 7
Table 8
Sugar
Starch
Cellulosic Materials
Plant Oils
Animal Fats
Biobased Platform
Chemicals and selected
biobased products
19
OIL SEEDS & VEGETABLE OILS
20
Feedstock
• Oil seeds
• Animals
Raw
Materials
• Oils
• Fats
Intermediates
• Fatty acids
• Fatty alcohols
• Glycerine
(Platform)
Chemicals
Materials,
Products
• Surfactants
Markets
• Paints & Inks
• Lubricants
• Detergents
Oilseeds: European Production & Trade
EU-27
Source: Fediol
Seeds
Soybeans
Rapeseeds
Sunflower seeds
Cottonseeds
Linseed
Others
Seeds
Production of Oilseeds (1000 tonnes)
2020
2010
2011
2012
(est. capacity)
1.000
20.305
6.866
385
168
1.213
19.044
8.187
575
161
819
19271
6700
271
125
9
35
0
28.733
29.215
27.186
Seeds
Groundnuts
Soybeans
Rapeseeds
Sunflower seeds
Cottonseeds
Copra
Linseed
Sesame
Consumption of Oilseeds (thousand tonnes)
2010
2011
2012
2020 (est.)
Sesame
Others
61
14.048
21.765
6.507
411
0
0
677
73
13.306
21.659
7.881
599
0
0
599
61
12.610
22.685
6.661
271
0
2
636
97
97
103
9
35
0
43.575
44.249
43.029
70
13.075
1.702
27
60
0
73
12.141
2.691
394
57
0
61
11860
3536
233
0
0
0
0
2
520
101
15.555
446
101
15.903
533
106
16.331
Palm kernel
Seeds
Groundnuts
Soybeans
Rapeseeds
Sunflower seeds
Cottonseeds
Copra
Palm kernel
Linseed
Import of Oilseeds (thousand tons)
2010
2011
2012
Groundnuts
Soybeans
Rapeseeds
Sunflower seeds
Cottonseeds
Copra
Palm kernel
Linseed
Sesame
2010
2011
2012
9
27
242
386
34
0
0
11
0
48
76
700
33
0
0
8
0
69
122
272
0
0
0
22
4
4
3
713
869
488
22
Plant Oils: European Production & Trade
EU-27 Source: Fediol
Import of Oils (thousand tons)
2010
2011
2012
Production of Oils (thousand tonnes)
2010
2011
2012 2020 (est.)
Groundnut
Soya
Rape
Sunflower
Cotton
Copra
Palm kernel
Linseed
Castor
Sesame
Maize germ
Grape pips
Palm
13
2.368
9.419
2.391
53
0
0
155
0
0
208
17
0
14.624
14
2.277
8.874
2.739
47
0
0
187
0
3
134
26
0
14.301
13
2.343
9.344
2.729
37
0
0
202
0
2
204
22
0
14.896
Groundnut
Soya
Rape
Sunflower
Cotton
Copra
Palm kernel
Linseed
Castor
Sesame
Maize germ
Grape pips
Palm
Palm
94
2.621
9.671
3.239
54
827
518
139
154
5
186
19
87
2.546
9.236
3.321
50
638
525
166
146
9
121
26
76
739
625
756
3
651
546
3
148
7
17
0
4.930
8.501
62
365
331
1.020
0
649
456
4
144
6
98
0
5.729
8.862
Export of Oils (thousand tons)
2010
2011
2012
Consumption of Oils (thousand tonnes)
2010
2011
2012 2020 (est.)
Groundnut
Soya
Rape
Sunflower
Cotton
Copra
Palm kernel
Linseed
Castor
Sesame
Maize germ
Grape pips
83
690
405
1.001
1
841
529
10
156
6
3
4
5.414
9.143
72
1.813
9.421
3.549
37
634
443
177
142
6
224
22
Groundnut
Soya
Rape
Sunflower
Cotton
Copra
Palm kernel
Linseed
Castor
Sesame
Maize germ
Grape pips
2
437
153
153
0
14
11
26
2
1
25
2
3
470
263
174
0
13
21
24
2
1
30
0
3
895
254
200
0
15
13
29
2
2
78
0
Palm
140
209
188
966
1.210
1.678
5.274
4.721
5.541
22.801
21.592
22.181
23
Plant Oils: European Consumption per Sector
EU-27
Source: Fediol
Consumption of oils per sector (thousand
tonnes)
2020(est.
2010 *
2011 **
2012 capacity)
Use
Food
Feed
Energy
Electricity
Fuel
Biodiesel
Other industrial
13.189
1.000
8.656
800
220
7.636
1.729
24.574
12.918
971
8.280
500
100
7.680
1.571
23.740
* including 2050 tons of olive oil
** including 2045 tons of olive oil
24
Plant Oils: Consumption in other industrial application
EU-27
Use
Consumption of oils in other industrial applications
(1000 tonnes)
2010
2011
2012
2020 (est.)
Oleochemistry
Fatty acids
Fatty alcohols
Fatty esters
Fatty nitriles
Metal soaps
Other ind. use
25
Also available:
•
•
•
•
Global production of Palm & Palm Kernel oil
Global production of Soybean oil
Global production of Rapeseed oil
Global production of sunflower oil
Source: FAO
26
Plant Oil Derivatives: European Production
EU-27
Source: EUROSTAT
Production of Oil Derivatives (thousand tonnes)
2010
2011
2012 2020 (est. capacity)
Fatty acids*
Fatty alcohols
Glycerine**
2.556
447
804
2.735
442
831
*Industrial stearic acid, industrial oleic acid, industrial tall oil fatty acids, Industrial
monocarboxylic fatty acids distilled, industrial monocarboxylic fatty acids, palmitic
acid, stearic acid, their salts and esters, lauric acid and others, their salts and esters,
oleic, linoleic or linolenic acids; their salts and esters
** Crude glycerine; glycerine waters and lyes (av. content 50%)
27
Plant Oil Derivatives: European Trade
EU-27
Source: EUROSTAT
Import of Oil Derivatives (thousand tonnes)
2010
2011
2012
2020 (estimate)
Fatty acids*
Fatty alcohols
Glycerine**
Export of Oil Derivatives (thousand tonnes)
2010
2011
2012
2020 (estimate)
Fatty acids*
Fatty alcohols
Glycerine**
28
Plant Oil Derivatives: European Consumption
EU-27
Consumption of Oil Derivatives (thousand tonnes)
2010
2011
2012
2020 (estimate)
Fatty acids*
Fatty alcohols
Glycerine**
29
Plant Oil Derivatives: Consumption per Sector
EU-27
Consumption of Oil Derivatives per sector
2010
2011
2012
2020 (est.)
Fatty acids
Food
Feed
Energy
Oleochemistry
Fatty alcohols
Food
Feed
Energy
Oleochemistry
Glycerine
Food
Feed
Energy
Oleochemistry
30
SUGAR
31
Sugar: European Sugar Crops Production
EU-27
Source: FAOSTAT
Feedstock
Sugar Beet
Sugar Cane
*
**
***
2010*
104.242
5.320
Production (thousand tonnes)
2011**
2012***
119.400
5.200
2020 (est.)
114.450
5200
1 Oct 2009 – 30 Sept 2010
1 Oct 2010 – 30 Sept 2011
1 Oct 2011 – 30 Sept 2012
32
Sugar: European Sugar Crops Trade
EU-27
33
Sugar: European Sugar Production
EU-27
Source: CEFS, FAOSTAT, EU Commssion (DG Agri)
from
2010*
Sugar Beet
Sugar Cane
*
**
***
17.056
500
Sugar produced (000 tonnes)
2011**
2012***
2020 (est. capacity)
15.171
500
18.270
1 Oct 2009 – 30 Sept 2010
1 Oct 2010 – 30 Sept 2011
1 Oct 2011 – 30 Sept 2012
34
Sugar: European Sugar Trade
EU-27
Table 3e
Feedstock
Sugar Beet
Sugar Cane
(Source: EUROSTAT - COMEXT)
Import of Sugar (thousand tonnes)
2010*
2011**
2012***
2020 (est. capacity)
3.105
Table 3f
Feedstock
Sugar Beet
Sugar Cane
4.411
(Source: EUROSTAT - COMEXT)
Export of Sugar (thousand tonnes)
2010*
2011**
2012***
2020 (est. capacity)
2.166
1.361
35
Sugar: European Sugar Consumption per Sector
EU-27
Use
Food
Feed
Energy
Other industrial
Fermentation
(ethanol)
Chem. Ind.
Consumption of Sugar per sector (thousand tonnes)
2010
2011
2012
2020 (est.)
36
STARCH
37
Starch: European Starch Plants Production & Trade
EU-27
Source: AAF
Production of Feedstock (thousand tonnes)
2020 (est.
2010
2011
2012
capacity)
Feedstock
Wheat
Maize
Potatoes
Barley
Oats
Rye
Triticale
Rice
Others *
7.800
7.700
7.500
* Sorghum, Maniok,
Source: EUROSTAT
Feedstock
2010
Import of Feedstock (million tons)
2011
2012
Trend 2020
Wheat
Maize
Potatoes
Barley
Oats
Rye
Triticale
Rice
Others *
38
Starch: European Starch Production & Trade
EU-27
Source: nova-institute
Starch produced (000 tonnes)
from
2008
Wheat
Maize
Potatoes
Barley
Oats
Rye
Triticale
Rice
Others *
3.500
4.400
1.500
2011
2012
2020 (est.
capacity)
39
Starch: European Starch Consumption per Sector
EU-27
Use
Food
Feed
Energy
Other industrial
Paper
Cardboard
Chemicals
Fermentation
(ethanol)
Others
Consumption of Starch per sector (thousand tonnes)
2020 (est.
2010
2011
2012
capacity)
40
CELLULOSE
41
Starch: European Lignocellulose Feedstock Consumption
EU-27
Source: CEPI
Feedstock
Softwood
Hardwood
Straw
Flax
Hemp
Others
2010
71.459
37.091
Consumption (thousand tonnes)
2011
2012
2020 (est. capacity)
71.311
38.529
68.881
36.665
108.550
109.840
105.547
Source: CEPI (note: CEPI represents only 18 MS, but these consume more than 95% of
Europe’s paper pulp)
42
Starch: European Starch Plants Production & Trade
EU-27
Source: CEPI
Feedstock
Cellulose produced from Wood (thousand tonnes)
2010
2011
2012
2020 (est. capacity)
Softwood
Hardwood
Others*
38.695
38.491
38.155
258
38.749
211
38.367
* Bagasse, wheat straw, hemp
43
Starch: European Starch Plants Production & Trade
EU-27
Source: CEPI
Use
Food
Feed
Energy
Other industrial
Paper
Fibres
Chemicals
Ethanol
Others
Consumption of Cellulose per sector (thousand tonnes)
2010
2011
2012
2020 (est. )
43.849
43.586
42.264
44
PRODUCTS & MARKETS
45
Lubricants
Source: FUCHS AG
Product Group
Biolubricants 1) 2) 3)
TOTAL
Application Area
Hydraulic Fluids
Chainsaw Lubricants
Mould Release Agents
Other lubricants
Market Volume "Bio"
2008 (in tons)
Market
Volume
"Bio" 2020
(in tons)
Market Volume "Bio"
2030 (in tons) *
68.000
29.000
9.000
31.000
230.000
40.000
30.000
120.000
260.000
40.000
60.000
440.000
137.000
420.000
800.000
Figures for 2030 are estimations under the condition that the LMI recommendation #9 will be realized in the next few years,
including the mandatory use of biolubricants in dedicated applications & areas by legislation, greening of public procurement,
as well as the creation of own CN/PRODCOM numbers for special biobased product groups at EU-level
Biodegradable and / or Biobased Lubricants
Based on European Biolubricants Markets (Frost& Sullivan, 2007): Forecasts for Europe 2003-2013
Fuchs Europe Schmierstoffe GmbH
46
Platform Chemicals
Data provided by BASF SA
EUROPE
Producing companies
2013*
Production capacities 2011*
(t/a)
Production capacities
2013* (t/a)
Production capacities
2020* (t/a)
1,4-Butanediol
Adipic acid
Azelaic acid
Epichlorohydrin
Isosorbide
Lactic acid (L-D-L+D)
Monoethylene glycol
Natural oil polyols
Polyether polyol
Propylene
Propylene glycol
Succinic acid
Other building blocks
0
1
0
2
1
2
1
4
3
1
1
4
2
0
0
0
44.000
3.000
36.000
< 50
n.a.
n.a.
0
0
3.200
45.000
0
n.a.
0
50.000
3.000
36.000
< 50
n.a.
n.a.
n.a.
20.000
28.200
45.000
40.000
n.a.
n.a.
50.000
3.000
45.000
< 50
n.a.
n.a.
n.a.
20.000
28.200
45.000
Total
22
131.250
222.250
231.250
Bio-based building blocks
*Source: Bio-based Polymers Producer Database, 2013-07
47
Composites
Product
Group
Application Area
Market Volume "Bio"
2008 (in tons)
Market Volume
"Bio" 2020 (in
tons)
40.000
100.000
50.000
120.000
100.000
150.000
120.000
5.000
360.000
100.000
315.000
830.000
Market Volume "Bio"
2030 (in tons) *
BioCompression moulding
Composites 1)
- with natural fibres
- with cotton fibre
- with wood fibre
Extrusion and injection moulding
- Wood Plastic Composites
- with natural fibres
TOTAL
Under the condtion that the LMI recomendation #11 will be implemented at this time
nova Institut 2012
48
Plastics
Product Group
Bioplastics
1)
Application Area
Market Volume "Bio"
2008 (in tons)
Market Volume
"Bio" 2020 (in tons)
110.000
1.280.000
50.000
50.000
50.000
370.000
370.000
530.000
260.000
260.000
2.810.000
Waste & shopping bags
30.000
260.000
Tableware
Bio mulch for agriculture
3.000
2.000
33.000
40.000
35.000
333.000
Short-life/ disposable applications
- PLA, PHA, Starch Blends,
Durable applications
- Engineering Polymers
- Modified PLA, Cellulosics,
- Polyolefines (2012) * )
- Starch based alloys
Market Volume "Bio"
2030 (in tons) *
Cellulosics,...
TOTAL
Under the condtion that the LMI recomendations will be implemented at this time horizon”
European Bioplasticsand
Biodegradable
bio-based plastics 1)
TOTAL
Under the condtion that the LMI recomendations #5, 6, 7 and 8 will be implemented at this time
BASF SA
49
Solvents
• Consolidated data from ESIG and IAR will be provided
by ESIG in December 2013
50