chetanya report

8/13/2019 Chetanya Report

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Summer Internship Project Report

on

EUROPEAN ACETIC ANHYDRIDE MARKETBy

Chetanya RajputA0101911181

MBA Class of 2013

Under the Supervision of

Mrs. Mamta Mohan

Assistant Professor

Department of Marketing

In Partial Fulfillment of the Requirements for the Degree ofMaster of Business Administration

at

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY UTTAR PRADESHSECTOR 125, NOIDA - 201303, UTTAR PRADESH, INDIA

2012


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DECLARATION

Title of Project Report:European Acetic Anhydride Market

I declare

(a) That the work presented for assessment in this Summer Internship Report

is my own, that it has not previously been presented for another assessment and that

my debts (for words, data, arguments and ideas) have been appropriately

acknowledged.

(b) That the work conforms to the guidelines for presentation and style set out

in the relevant documentation.

Date : Chetanya Rajput

A0101911181

MBA Class of 2013


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CERTIFICATE

This is to hereby certify that Chetanya Rajput student of Masters of

Business Administration at Amity Business School; Amity University Uttar Pradesh

has completed the Project Report on European Acetic Anhydride Market under

my guidance.

Mrs. Mamta Mohan

Assistant Professor

Department of Marketing


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ACKNOWLEDGEMENT

First and foremost, I would like to thank my faculty guide, Mrs. Mamta Mohan, and

my industrial guide, Mr. Abhishek Sharma (Manager - Acetyl), for allowing me to

undergo internship under their guidance and supervision. It gave me an opportunity to

participate and learn a deal about the various aspect of marketing pharmaceutical

product.

I would also like to show my sincere appreciation to Mr. Abhishek Sharma (Manager

- Acetyl), who inspired me greatly to work on this project. His willingness to motivate

me contributed tremendously to the project. I would also like to thank him for guiding

me with some examples that related to the topic of the project, for suggesting

alternative solutions & sharing their valuable experience & knowledge with me, and

also for facilitating me in gaining practical knowledge.

This project has been made possible through the direct and indirect co-operation of

various staff members of Jubilant Life Sciences Ltd. And without whose co-operation

& help the completion of this internship was not possible.

Besides, I would like to thank the authority of Jubilant Life Sciences Ltd for

providing me with a good environment and facilities to complete this project.

Finally, an honorable mention goes to my family and friends for their understandings

and supports on me in completing this project. Without helps of the particular that

mentioned above, we would face many difficulties while doing this project.


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TABLE OF CONTENTS

DECLARATION...............iiCERTIFICATE.............iiiACKNOWLEDGEMENT................iv

LIST OF TABLES...............viiLIST OF FIGURES................viiiABSTRACT.....xii

1. INTRODUCTION......................................................................................................11.1 Purpose of the Study.11.2 Significance of the Study..........11.3 Theoretical Framework.............2

1.3.1 Indian Chemical Industry Overview.................21.3.1.1 Market Segmentation......3

1.3.2 Structure of the European chemicals industry.31.3.3 Introduction to Jubilant Life Sciences Ltd.......6

1.3.3.1 Jubilant Life Sciences Ltd.......71.3.3.2 Products &Services offered...........................................8

1.3.3.3 Competitors of Jubilant Life Sciences Ltd..81.3.3.4 Jubilant Life Sciences Ltd in the EU...9

1.4 Definitions...............................................................................................101.4.1 Acetic Anhydride......10

1.4.1.1 Product Information...101.4.1.2 Main Characteristics.......111.4.1.3 Usage......11

1.4.1.4 Packaging............121.4.2 Modified Starch......12 1.4.2.1 Usage...........13

1.4.3 Mystery Shopping..13

2. REVIEW OF THE LITERATURE..........................................................................14

3. RESEARCH METHODS AND PROCEDURES....................................................213.1 Purpose of the Study.........223.2 Research Design...223.3 Research Questions......22

3.4 Participants.......243.5 Data collection technique and procedure.....243.6 Instrument Used...........243.7 Tools Used.......243.8 Pilot Study.......253.9 Limitations...25

4. DATA ANALYSIS AND FINDINGS ................................264.1 Findings .......264.2 Regional Results for End Sector Use of Acetic Anhydride.........28

4.2.1 Eastern Europe Region.....28

4.2.1.1 Observations .....29


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4.2.2 Northern Europe314.2.2.1 Observations...32

4.2.3 Southern Region....344.2.3.1 Observations...35

4.2.4 Western Europe.37

4.2.4.1 Observations...384.2.5 Europe (Continent)...40

4.2.5.1 Observations...404.3 SWOT Profile of Jubilant Life Sciences Ltd.....43

4.3.1 The SWOT Matrix.....444.4 Segment Analysis...514.5 Porters Five Forces Model....544.6 Ansoff Matrix.554.7 Product Innovation Matrix.....56

4.8 Market Impact of Top 10 Growth Trends of Acetic Anhydride564.9 PESTEL Analysis.......57

4.9.1 Political Factors.....574.9.2 Economic Factors......57

4.9.2.1 European Market for Acetic Anhydride...574.9.2.2 Effect of European Sovereign Debt Crisis574.9.2.3 Effect of Competition...58

4.9.3 Social Factors....594.9.4 Technological Factors...604.9.5 Environmental Factors..604.9.6 Legal Factors.60

4.9.6.1 Objectives of REACH...604.9.6.2 Benefits of REACH...614.9.6.3 Disadvantages of REACH.....624.9.6.4 Substance Information Exchange Forum...............624.9.6.5 Jubilant Life Sciences Ltd & REACH...62

4.10 Observations in Modified Starch....644.10.2 Major Players....644.10.3 Potential Threats from Substitutes....64

4.11 Summary of Findings.............64

5. CONCLUSIONS AND RECOMMENDATIONS......665.1 Recommendations ......66

5.2 Limitations......675.3 Implications for Practice.....675.4 Implications for Future Research....67

REFERENCES...68Web Resources.........68


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Lis t o f Table s

Table No . T i t l e Page

No .

Table 1 .1 C h e m i c a l i n d u s t r y s p e c i a l i z a t i o n o f E U

member s t a t e s (Source - CE FIC)

5

Table 1 .2 C h e m i c a l a n d c h e m i c a l s p r o d u c t s

m a n u f a c t u r i n g s e c t o r ( e x c l u d i n g

p h a rm ac eu t i c a l s ) by c o u n t r y ( 2 0 08 )

r a n k e d b y t u r n o v e r s i z e ( S o u r c e - C E F I C )

5

Table 1 .3 J u b i l a n t L i f e S c i e n c e s L t d F a c i l i t i es 7

Table 1 .4 S u b s i d i a r i e s o f J u b i l a n t L i f e S c i e n c e s L t d 8

Table 1 .5 C h a r a c t e r i s ti c s o f A c e t i c A n h y d r i d e 1 1

Table 4 .1 D a t a b a s e o f A c e t i c A n h y d r i d eM a n u f a c t u r e r s

2 6

Table 4 .2 D a t a b a s e o f A c e t i c A n h y d r i d e S u p p l i e r s 2 7

Table 4 .2

( cont inued)

D a t a b a s e o f A c e t i c A n h y d r i d e S u p p l i e r s 2 8

Table 4 .3 E u r o p e i n d u s t r y d a t a ( C o n s o l i d a t e d ) 4 3

Table 4 .4 I n t e r n a l F a c t o r E v a l u a t i o n M a t r i x -

J u b i l a n t L i f e S c i e n c e s L t d

5 0

Table 4 .5 U n - m o d i f i e d a n d m o d i f i e d s t a r c h m a r k e t

s t r u c t u r e & o p p o r t u n i t i e s

6 4

Table 4 .6 D r y s t a r c h u s a g e i n E n d s e c t o r s s e g m e n t s 6 4


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Lis t o f F igures

F igure No . F igure Name Page No .

F igure 1 .1 S e g m e n t a t i o n o f C h e m i c a l I n d u s t r y 3

Figure 1 .2 O r g a n i z a t i o n a l s t r u c t u r e o f J u b i l a n t

B h a r t i a G r o u p

6

Figure 1 .3 C h e m i c a l S t r u c t u r e o f A c e t i c A n h y d r i d e . 1 1

Figure 1 .4 V a r i o u s p a c k a g i n g o p t i o n s . 1 2

Figure 2 .1 P o s s i b l e s c e n a r i o s 1 8

Figure 2 .2 E s t i m a t e d e f f e c t o f s c e n a r i o s - G r o w t h i n

2 0 0 2 / 2 0 1 5

1 8

Figure 2 .3 C h e m i c a l t r a d e b a l a n c e w . r . t s c e n a r i o s 1 8

Figure 2 .4 I n t e g r a t i o n o f a co mp an y s su p p l i e r s an d

c u s t o m e r s .

2 0

Figure 4 .1 .1 C h e m i c a l I n d u s t r y i n E a s t e r n E u r o p e a n

R e g i o n

2 9

Figure 4 .1 .2 W o o d I n d u s t r y i n E a s t e r n E u r o p e a n

R e g i o n

2 9

Figure 4 .1 .3 F o o d a n d F o o d P r o c e s s i n g I n d u s t r y i n

E a s t e r n E u r o p e a n R e g i o n

3 0

Figure 4 .1 .4 D y e I n d u s t r y i n E a s t e r n E u r o p e a n R e g i o n 3 0

Figure 4 .1 .5 P h a r m a c e u t i c al I n d u s t r y i n E a s t e r n

E u r o p e a n R e g i o n

3 1

Figure 4 .2 .1 C h e m i c a l I n d u s t r y i n N o r t h e r n E u r o p e a n

R e g i o n

3 2


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Figure 4 .2 .2 W o o d I n d u s t r y i n N o r t h e r n E u r o p e a n

R e g i o n

3 2


N o r t h e rn E u ro p e an R eg io n

3 3

Figure 4 .2 .4 D y e I n d u s t r y i n N o r t h e r n E u r o p e a n

R e g i o n

3 3

Figure 4 .2 .5 P h a r m a c e u t i c al I n d u s t r y i n N o r t h e r n


3 4

Figure 4 .3 .1 C h e m i c a l I n d u s t r y i n S o u t h e r n E u r o p e a n

R e g i o n

3 5

Figure 4 .3 .2 W o o d I n d u s t r y i n S o u t h e r n E u r o p e a n

R e g i o n

3 5


S o u t h e r n E u r o p e a n R e g i o n

3 6

Figure 4 .3 .4 D y e I n d u s t r y i n S o u t h e r n E u r o p e a nR e g i o n

3 6

Figure 4 .3 .5 P h a r m a c e u t i c al I n d u s t r y i n S o u t h e r n


3 7

Figure 4 .4 .1 C h e m i c a l I n d u s t r y i n W e s t e r n E u r o p e a n

R e g i o n

3 8

Figure 4 .4 .2 W o o d I n d u s t r y i n W e s t e r n E u r o p e a n

R e g i o n

3 8


W e s t e r n E u r o p e a n R e g i o n

3 9

Figure 4 .4 .4 D y e I n d u s t r y i n W e s t e r n E u r o p e a n

R e g i o n

3 9


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Figure 4 .4 .5 P h a r m a c e u t i c al I n d u s t r y i n W e s t e r n


4 0

Figure 4 .5 .1 C h e m i c a l I n d u s t r y i n E u r o p e 4 0

Figure 4 .5 .2 W o o d I n d u s t r y i n E u r o p e 4 1


E u r o p e

4 1

Figure 4 .5 .4 D y e I n d u s t r y i n E u r o p e 4 2

Figure 4 .5 .5 P h a r m a c e u t i c al I n d u s t r y i n E u r o p e 4 2

Figure 4 .6 T he SWOT /T OWS Mat r ix 44

Figure 4 .7 A n a l y s i s o f W e b s i t e T r a f f i c i n

co mp ar i so n to co mp et i to r s web s i t e

4 6

Figure 4 .8 Go o g le Mark e t F in d er s Resu l t 4 6

Figure 4 .9 S c r e e n s h o t o f G o o g l e M a r k e t

I n t e l l i g e n c e ' s R e s u l t

4 7

Figure 4 .10 I m p a c t o f S W O T F a c t o r s 4 8

Figure 4 .11 O p p o r t u n i t y S t r a t e g y E v a l u a t i o n ( O S E )

G r i d

4 8

Figure 4 .12 T h r e a t M i t i g a t i o n S t r a t e g y / C h a l l e n g e

I m p a c t A s s e s s m e n t ( C I A ) G r i d

4 9

Figure 4 .13 P r o d u c t L i f e C y c l e A n a l y s i s 5 1

Figure 4 .14 S e g m e n t A n a l y s i s 5 2

Figure 4 .15 R e g i o n a l M a r k e t L i f e C y c l e A n a l y s i s 5 3

Figure 4 .16 Po r te r s 5 Fo rces Mo d e l Ace t i c

A n h y d r i d e m a n u f a c t u r i n g i n d u s t r i e s

5 4


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Figure 4 .17 A n s o f f M a t r i x 5 5

Figure 4 .18 P r o d u c t I n n o v a t i o n M a t r i x 5 6

Figure 4 .19 M a r k e t I m p a c t o f T o p 1 0 G r o w t h T r e n d s

o f A c e t i c A n h y d r i d e

5 6

Figure

4 .20 .1

I n t e r n a t i o n a l c o m p a r i s o n o f c h e m i c a l

p ro d u c t i on g r ow th ( So u r c e - CE FIC)

5 8

Figure

4 .20 .2

C h e m i c a l I n d u s t r y P r o f i l e - C h e m i c a l

S a l e s b y C o u n t r y ( S o u r c e - C E F I C )

5 8

Figure 4 .21 PE ST E L Ana lys i s 59

Figure 4 .22 Flow Diagram of RE ACH 63


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Chet anya Raj put

EUROPEAN ACETIC ANHYDRIDE MARKET

Abstract

This research paper studies various factors which affect European Acetic Anhydride

Market and opportunities which can be capitalized by Jubilant Life Sciences Ltd. The

European chemicals industry is one of the largest European industrial sectors and an

important source of direct and indirect employment in many regions of the European

Union (EU). With a total production value of 449 billion in 2010, the chemical

industry's contribution to the EU gross domestic product amounted to 1.1%

representing about 7% of the total for the manufacturing sector.

The outputs of the EU chemicals industry are typically classified in 3 types of

industries: basic, specialties and Consumer Chemicals. There are many factors which

affect the chemical industry across the Europe that has been studied in this report. To

analyze them in-depth, various analyses like Porters 5 Forces Model, Life Cycle

Analysis, PESTEL Analysis etc. As a value addition to the organization (Jubilant LifeSciences Ltd) which supported my research, various analyses like SWOT Analysis,

Product Innovation Matrix etc. to find opportunities for them were conducted. Their

website was also analyzed and feasibility of e-commerce was studied.

This project provides an insight into basic chemical industry which emphasizes on

Acetic Anhydride, chemicals which finds usage in varied sectors. It explores various

chemical manufacturers and distributers which are involved in producing or trading

Acetic Anhydride. It studies each and every countrys industry where Jubilant Life

Sciences Ltd can target for end usage. To achieve this objective, primary research

telephonic survey was employed along with extensive secondary research. The paper

suggests use of e-commerce after analysis of competitors website and several critical

changes required in Jubilant life sciences Ltd. website. The paper also suggests

preferential areas of Europe and segments of industries suitable for target. It also

studies market of modified starch as well in European markets based on end usage.


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CHAPTER 1: INTRODUCTION

1.1 Purpose o f t he S t udy

The main objectives and the purpose of the research paper is stated in this

chapter. The main objectives are as mentioned below:

To study the complete list of producers/manufacturers of Acetic Anhydride inEurope with their capabilities and complete profile.

To study breakup of consumption of Acetic Anhydride in term of end sectorusage with special emphasis on modified starch.

To analyze and prepare a SWOT profile of Jubilant Life Sciences Ltd. To analyse feasibility of e-commerce in chemical industry.

1 .2 S ign i f i cance o f t he S t udy

Europe as a continent comprises of 50 countries with largest economy and is

the richest region as measured by assets under management with over $32.7 trillion

compared to North America's $27.1 trillion in 2008. The chemicals industry is one of

the largest European industrial sectors and an important source of direct and indirect

employment in many regions of the European Union (EU). In 2009, the EU chemical

industry comprised some 29,000 enterprises that employed around 1.2 million

employees representing 4% of the total employment in the EU manufacturing sector.

96% of the companies in the sector are SMEs 61% with less than 9 employees and

account for 28% of sales and 35% of employment of the sector.

With a total production value of 449 billion in 2010, the chemical industry's

contribution to the EU gross domestic product amounted to 1.1% representing about

7% of the total for the manufacturing sector.


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According to CEFIC, in the 10 year period from 1999 to 2009 the chemical

industry production experienced an average growth rate of 0.4%, slightly higher than

the 0.3% average growth rate for total EU manufacturing. The outputs of the EU

chemicals industry are typically classified in 3 types of industries: basic, specialties

and Consumer Chemicals. There are many factors which affect the chemical industry

across the Europe and some of them are as follows:

Political factors Competition Legal factors Operational Factors Economic FactorsSo likewise there are many factors which affect the European chemical market.

It analyzes the effect of ongoing European Sovereign Debt crisis. This project

provides an insight into basic chemical industry which emphasizes on Acetic

Anhydride, chemicals which finds usage in varied sectors. It aims to study about

European chemical market and look for opportunities for Jubilant Life Sciences Ltd.

It explores various chemical manufacturers and distributers which are involved in

producing or trading Acetic Anhydride. It studies each and every countrys industry

where Jubilant Life Sciences Ltd can target for end usage. It studies feasibility of e-

commerce in chemical industry and website as a tool to get competitive advantage.

1.3 Theoretical Framework

1.3.1 I ndian Chemical Industry Overview

The Indian chemicals industry is twelfth largest in the world and third largest

in Asia in terms of volumes. Chemicals industry contributes nearly 3 percent of

Indias GDP (USD 42 billion of 1.25 trillion). The Indian chemicals industry has

evolved from being a basic producer of chemicals to an innovative industry. Chemical

industry is one of the fastest growing one in the India. It is highly fragmented and

dispersed multi product and multi-faceted. Chemicals are sold either directly to a

business consumer or through distribution channels. Western India accounts for


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majority of production. Indian chemical industry has grown from USD 28 billion in

FY2003 to USD 42 billion in FY2009. The CAGR for the sector was about 7.5

percent for the period FY2003-FY2008 before global recession, owing to sub-prime

crisis hit US and its aftermath on rest of the World, brought down the pace. Indian

chemical industry witnessed a modest growth of 5 percent in FY2008-09, thanks to

stimulus package announced by Government of India. If we go by IIP data for the

period Apr09-Jan10, the Indian chemical industry has bounced back strongly,

growing at about 10.4 percent during FY2009-10.

1.3.1.1 M arket Segmentation

The chemical industry primarily comprises of three segments namely basic

chemicals, specialty chemicals and knowledge chemicals. Basic chemicals with

nearly 57 percent share is the largest segment followed by specialty chemicals at 25

percent, and knowledge chemicals at 18 percent (including USD 7.5 billion

pharmaceuticals and nearly USD 1 billion agrochemicals) . This break-up has

remained nearly same for past few years.

Figure 1.1 - Segmentation of Chemical Industry

1.3.2 Structure of the European chemicals industry

The chemicals industry is one of the largest European industrial sectors and an

important source of direct and indirect employment in many regions of the European

Union (EU). In 2009, the EU chemical industry comprised some 29,000 enterprises

that employed around 1.2 million employees representing 4% of the total employmentin the EU manufacturing sector. 96% of the companies in the sector are SMEs 61%

BASIC CHEMICALS

InorganicChemicals

Petrochemicals

Fertilizers

Other IndustrialChemicals

SPECIALITYCHEMICALS

Adhesives &Sealants

Industrial Gases

Catalysts

Plastic Additives

KNOWLEGECHEMICALS

Agrochemicals

Pharmaceuticals

OtherBiochemicals


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with less than 9 employees and account for 28% of sales and 35% of employment of

the sector.

With a total production value of 449 billion in 2010, the chemical industry'scontribution to the EU gross domestic product amounted to 1.1% representing about

7% of the total for the manufacturing sector. This is a substantial reduction from the

684 billion production value in 2007, primarily a result of the financial crisis.

One of the key features of the chemicals sector is its important contribution to

all branches of the economy. Around 30% of the combined output of the chemical and

pharmaceutical industry is sold to end users while the rest is sold as intermediate

inputs. Raw materials and feedstock are transformed into tailor-made solutions for

customers in the chemicals industry but also most downstream industries in almost all

manufacturing sectors, in construction services and in general services. Thus, the EU

chemicals industry has a key position in the value chain.

The outputs of the EU chemicals industry are typically classified in five wide

ranges of products: Petrochemicals, Basic Inorganics, Polymers, Specialties and

Consumer Chemicals.

Among the EU countries, Germany is the largest chemicals producer in

Europe, followed by France, Italy and the United Kingdom.

European chemicals industry is doing better in innovation driven subsectors

than in more cost-orientated basic chemicals subsectors where investment in larger

facilities, access to cheap raw material and energy costs provide a comparative

advantage to facilities in China, Russia or the Middle East.

Acetic Anhydride is also one of the crucial chemical which is manufactured in

European chemical industries due to its application in various industries like

Chemical industries, Pharmaceuticals industries, Dye & paints industries, Automobile

industries, Food and food processing industries and Construction industries.


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Table 1.1Chemical industry specialization of EU member states (Source - CEFIC)

Table 1.2 Chemical and chemicals products manufacturing sector (excluding

pharmaceuticals) by country (2008)ranked by turnover size (Source - CEFIC)


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1.3.3 I ntroduction to Jubil ant L if e Sciences L td

Jubilant Bhartia Group, a $3Bn with 24000 employees globally, headed by Mr

Shyam S Bhartia and Mr Hari S Bhartia, embarked on a journey to create leadershipin its chosen areas of business over two decades ago. The Group has a strong presence

in Pharmaceuticals, life sciences and healthcare sector through its flagship company

Jubilant Life Sciences and has the fastest growing Dominos pizza chain in India

through Jubilant FoodWorks.

Figure 1.2Organizational structure of Jubilant Bhartia Group

JUBILANTBHARTIAGROUP

JUBILANT LIFESCIENCES LTD

(Pharmaceutical,Life Sciences and

Healthcare)

JUBILANTFOODWORKS

(Dominos andDumkin Donuts)

JUBILANTENERGY

(Oil & Gases)

JUBILANTENPRO

(Services in oilexploration and

aerospace)

JUBILANTBHARTIA

FOUNDATION(CSR Activities)

JUBILANTINDUSTRIES

(Agri Product,Polymer)

JUBILANTMOTORWORKS(Sales & Service

of Audi inChennai &Bangalore)


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1.3.3.1 Jubi lant L if e Sciences L td

Jubilant Life Sciences Ltd is an integrated pharmaceutical and life sciences

company which started in 1978 as Vam Organic Chemicals Ltd. It was also renamed

as Jubilant Organosys Ltd. In order to reflect the focus of the company as a pure

pharmaceuticals and life science player, the company changed its name from Jubilant

Organosys Ltd to Jubilant Life Sciences Ltd w.e.f October 1, 2010. Also the process

of the demerger of Agri and Performance polymers business and listing of the

demerged entity separately as Jubilant Industries Ltd was completed February 14,

2011.

The Company through its presence in India, USA, Canada, Europe and China

constantly serves its customers in over 60 countries across the globe. It has Indias

largest Custom Research & Manufacturing Services (CRAMS), overall 6thglobally. It

is leading in Drug Discovery & Development Solution as well. It is among top 10 in

Acetic Anhydride and 1st in 10 API, Pyridines and its derivatives. It has seven

vertically integrated manufacturing facilities in India and three abroad as enlisted in

Table 1.3

Table 1.3Jubilant Life Sciences Ltd Facilities

S No Location

1 Maryland, USA

2 Spokane USA

3 Kirkland, Canada.

4 Samlaya (Gujarat)

5 Ambarnath (Mumbai)

6 Udaipur (Rajasthan)

7 Nanjangud (Karnataka)

8 Roorkee (Uttarakhand)

9 Gajroula (Uttar Pradesh)


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Nira and Gajroula are strategically located near sugar belt of Maharashtra and

Uttar Pradesh respectively as Jubilant Life Sciences Ltd uses Molasses (by product of

Sugar Mill) for Acetyl Production.

Jubilant Life Sciences Ltd has eight subsidiaries as depicted in Table 1.4

four national and four international, most of them have been strategically acquired.

Table 1.4- Subsidiaries of Jubilant Life Sciences Ltd

Subsidiaries of Jubilant Life Sciences Ltd.

National Subsidiaries International Subsidiaries

Jubilant Biosys Jubilant Cadista, USA

Jubilant Chemsys Jubilant HollisterStier Laboratories, USA

Jubilant Clinsys Jubilant DraxImage, Canada

Jubilant Kalpataru Hospital Jubilant Pharmaceuticals NV, Belgium

1.3.3.2 Products & Services offered L if e Science Products

L ife Science I ngredients - It includes Active PharmaceuticalIngredients (APIs), Advance Intermediates, Fine Chemicals, Nutrition

Ingredients, Acetyls and Crop science chemicals.

Generics It includes Solid dosage forms, radiopharmaceuticals andallergenic extracts.

L ife Science Services CMO of sterile & non sterile products Drug Discovery & Development Services Healthcare


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1.3.3.3 Competitor s of Jubi lant L if e Sciences L td

Jubilant Life Sciences Ltd has competition from diverse field due to its diverse

portfolio. Thus the main competitors of Jubilant Life Sciences Ltd are:

1. Ranbaxy2. Cipla3. Lupin4. Glaxo Smithkline5. Aurbindo6. Sun Pharma7. Wockhardt8. Divis Laboratories (in CRAMS sector)

In Acetic Anhydride segment, the main competitors are

1. Celanese AG2. Eastman Chemical Company3. Alfa Aesar4. BUFA Chemikalien GmbH & Co. KG5. Merck KGaA6. Lonza7. BP

1.3.3.4 Jubi lant L if e Sciences L td in the EU

Europe is the largest market for Jubilant Life Sciences Ltd outside of India

contributing 33.3 per cent to its international sales in the FY 2005-06.The Company isexporting its range of advance intermediates and fine chemicals, APIs, acetyls and

select performance polymers to Europe for more than a decade. Jubilant Organosys

forayed into European market in FY 2005 with the acquisition of two pharmaceutical

companies in Belgium. They acquired Pharmaceutical Services Inc. (PSI) NV, which

offers regulatory affairs services to generic pharmaceutical companies, and PSI

Supply NV, which deals in the development and supply of generic dosage forms to

European markets. With these acquisitions, they aim to make stronghold on

formulation. In 2011, Fitch Ratings affirmed Jubilant Life Sciences Limited's (JLL)


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National Long-Term rating at 'Fitch A+ (ind)' which means that the outlook is Stable.

The main reason was its strong domestic market position in custom research and

manufacturing services (CRAMS) and its geographically diversified revenue streams

(international sales: 69% of FY11 revenue). Its products use molasses and alcohol as

raw materials, as against petroleum products, which insulate it to some extent from

high crude oil prices.

1.4 Definitions

1.4.1 Acetic Anhydride

Acetic anhydride was first synthesized in 1852 by French chemist Charles

Frdric Gerhardt (1816-1856). It is chemically represented as C4H6O3 and commonly

known as Ac2O.

1.4.1.1 Product Information

Acetic Anhydride is produced by carbonylation of methyl acetate or by

dehydration of acetic acid at 800EC. It is highly inflammable, very reactive withstrong and pungent odor. In its liquid or vapor state, acetic anhydride can irritate body

tissues, possibly leading to the death of such tissue.

I UPAC name: Acetic Anhydride. Systematic Name-Ethonoic Anhydride

Other names: Ethanoyl ethanoate, Acetic acid anhydride, Acetyl acetate, Acetyl

oxide, Acetic oxide.

Name of Acetic Anhydride in other European languages

De : Eissigsureanhydrid

Espaniol : Anhidrido acetico

French : Anhydride acetique

Italian: Anidride acetica


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Custom codes for Acetic Anhydride

HS6: 291524

CN8: 291524 00

1.4.1.2 M ain Characteri stics

Table 1.5Characteristics of Acetic Anhydride

Appearance Clear liquid

Density 1.082g/cm3 (liquid)

Boiling Point 139 C

Melting Point -73 C

Figure 1.3Chemical Structure of Acetic Anhydride.

1.4.1.3 Usage

1.

It is used as reagent in organic synthesis conversion of cellulose to celluloseacetate, which is component of photographic film. It is also used in the

production of cigarette filters and textile fibers. Vinegar is precursor unit in

this process.

2. It is used in making Aspirin.3. It used in making Paracetemol (1 tonne of acetic anhydride makes 2.7 million

paracetamol tablets).

4. It is used in making wood preservatives.5. Processing of dyes and perfumes.


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6. It is used in making modified starch.7. It can convert morphine into heroin which is illegal.

1.4.1.4 Packaging

There are many options for company following flexible packaging concept as

shown in Figure 1.4, however Jubilant Life Sciences Ltd uses standard size

Figure 1.4Various packaging options.

1.4.2 Modif ied Starch

Modified starch is prepared by physically, enzymatically, or chemically

treating and modifying native starch (carbohydrate consisting of a large number of

glucose units joined by glycosidic bonds) found in potato, rice, wheat, corn(maize)

and cassava thereby changing the properties of the starch. It also called starch

derivatives. Jubilant Life Sciences Ltd manufactures modified starch by treating with

Acetic Anhydride, which is called Starch Acetate Esterified with Acetic Anhydride. It

is prepared by treating starch with acetic acid anhydride to form white or nearly white

powder, granules, or flakes It is modified to function properly under conditions

frequently encountered during processing or storage, such as high heat, high shear,

low pH, freeze/thaw and cooling.


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This area is recently becoming active with margin improvement enhancing the

profitability in view of multitude of applications and functions in many food and non-

food segments. Recent growth of global developing economies and the demands of

processed, convenience foods of populations with rising income and the two income

families. This has created very attractive opportunities for starch and carbohydrate

ingredient that are essential as bulking agents and functional nutritional demands of

food and industrial segments.

1.4.2.1 Usage

1. It is degraded with amylase enzyme to make a sweetener.2. It is added to frozen products to prevent them from dripping when

defrosted.

3. It is used to thicken instant desserts.4. It is used as stabilizing agent in food and food processing industries. It

finds its application in used in frozen foods, ice-cream (plus soy ice-

cream), frozen cakes, dry mixes (cupcakes, muffins, cakes, and self-

saucing puddings), flavoured toppings and sauces, mayonnaises, snacks

and muesli bars, tunas, and gravies.

1.4.3 Mystery Shopping

It is type of primary data collection used in marketing research to get the

information anonymously where a researcher pose as a shopper or employs people to

shop and give details on their experience of purchasing, customer service etc. It can

be used to monitor the quality of customer service. Reporting is done based on their

experiences in a detailed and objective way.

The Market Research Society (MRS) defines mystery shopping as:

The use of individuals trained to experience and measure any customer service

process, by acting as potential customers and in some way reporting back on their

experiences in a detailed and objective way.


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CHAPTER 2REVIEW OF THE LITERATURE

Deloitte (2012) highlighted the robustness of the chemical industry in the

Netherlands. This research reportfocuses on one of the strongest chemical clusters in

the world, the interconnected Antwerp-Rotterdam-Rhine-Ruhr Area (ARRRA) which

responsible for a huge array of products that supply the competitive European

manufacturing industry for both domestic and export markets. It produces 2% of

global chemical manufacturer. It focused on the current position of the industry,

global market trends, future scenarios, and the industrys response. The paper

recommended clear regulatory framework along with flexibility to use a wide range of

feedstock. It suggested integration of large and small plants, suppliers, pipelines toinnovate which will be the key to dominate.

The main factor that came out here is significance of Netherlands Chemical

Industry.

Centre for Strategy & Evaluation Services (2012) explored various

benefits, disadvantages, overall market acceptance, impact of REACH through a

white paper titled Interim Evaluation: Functioning of the European chemicalmarket

after the introduction of REACH.

It suggested various recommendations for successful implementation. It

enlisted various costs that firm has to incur to comply with REACH which follows as

1. Human resources dedicated to the various REACH-related activities (concernsall firms);

2. Costs of pre-registration and registration of chemical substances (concerningprimarily manufacturers and importers of chemicals);

3. Information exchange activities along the supply chain (applies to all firms inthe supply chain);

REACH will not hamper chemical industries if implemented in a right way as

it will protect environment, encourage sustainable growth, innovation and regulate

competition.

The main factor that came out here is impact of REACH on European Chemical

Industry.


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CEFIC (2011) enlisted various fact and figures related European Chemical

Market through its report titled The European chemical industry in a worldwide

perspective.The European Chemical Industry Council statistical report has various

tables, figures and stats that have been used in this report. CEFIC is Conseil Europen

des Fdrations de l'Industrie Chimique commonly known as European Chemical

Industry Council. Based in Brussels, it represents European chemical industry and is a

committed partner to EU policymakers, facilitating dialogue with industry and sharing

our broad-based expertise. Cefic interacts daily on behalf of its members with

international and EU institutions, non-governmental organizations, the international

media and other stakeholders.

The three distinct groups of members - corporate members, national federation

members and business members form one of the most active networks of the business

community, complemented by partnerships with industry associations representing

various sectors in the value chain.

The main factor that came out here is various facts and figures about European

Chemical Industry, which is used in this study.

Patil (2010), suggested various opportunities for manufacturers of modified

starch (made from acetic anhydride) through a white paper titled Global Modified

Starch Products & Carbohydrates Functional Foods Derivatives & Markets A

Strategic Review

The paper provided an estimation of global production of Modified Starch

grow to almost 72 million tons from 68 million tons.

Current modified Agriculture production economics of China, rest of Asia,

India and South America is improving at a rapid pace and starch from corn and tubers

will compete with the US processors. China will be a formidable competitor to US

and Europe. Demand for starch by food and non-food industries in Asia is likely to

grow by 4 - 6 percent per year in low and middle income countries in this region.

Over time, demand for starch by non-food industries will tend to grow faster than

demand for starch by food industries. Value added modified starch derivatives

remains very attractive area due to high margins and numerous food and industrial

applications. Corn with amylase and other enzymes in the grain that can be activated

to improve processing economics of the way we process carbohydrates or to createnew carbohydrates with novel properties are moving forward. Modified starches are


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utilized in hundreds or even thousands of food, industrial, biofuels, bioplastic

applications. Unmodified starches have limited usage due to its inherent weakness of

hydration, swelling and structural organization. To enhance viscosity, texture,

stability among many desired functional properties desired for many foods and

industrial applications, starch and their derivatives are modified by chemical, physical

and biotechnology means. Starch industry has posted a good comeback after recession

in 2009.

This report provided current situation, products, markets and future of

modified starches for foods and industrial sectors. It also provided our insights and

strategic manufacturing and market positioning perspectives for the manufacturers of

these products and potential future developments.

The main factor that came out here is various facts, figures and future of

Modified Starch.

KPMG International (2009) examined the challenges faced by European

chemical market with special emphasizes on its decline due to competition from Asia-

pacific and recommendations to salvage industry through a white paper titled The

Future of the European Chemical Industry.

Chemical industries employ over 1.2 million people and contributed in 2007 to

a European Union (EU) trade surplus in chemicals of EUR35.4 billion. It presents

various facts and Figures of how industry declined and lost to competitors in Asia

Pacific. It analyzes various reasons for its downfall. Observing the current trend, it

also predicts major chemical manufacturers globally, with only one European

chemical manufacturer (BASF) in list of 10 companies (Reliance, India is expected as

3rd

largest manufacturer), whereas as per sales value in 2008, 5/10 manufacturers areEuropean. It provides various solutions like

1. Maintain technological superiority by closing down units which are notadvanced in comparison to their counterpart in Asia Pacific, reserve

intellectual property rights (IPR), increase R&D and embrace sustainable

development.

2. Strengthen customer relationships


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3. In order to survive competition, companies can develop joint venturerelationships with Middle East companies to gain cheap feedstock and with

China to develop local presence.

4. Evolve from commodities to specialty chemicals.The main factor that came out here is threat to European chemical industry and

how to tackle them.

Heinzelbecker (2005) emphasized on the effect of regulatory policy on

chemical through a white paper titled Futuring in the European Chemical Industry.

It focused on strength of the CEFIC concept is that it clearly addresses the challenges

the chemical industry is facing, including the increasing regulatory burden. It even

quantified the consequences if not enough is done by the authorities and the industry

itself. While in the UK concerted action between government and industry is

noticeable, in order to defend and improve the competitiveness of the chemical

industry, this has still to be achieved at the European level. It appreciated the

establishment of a Chemical Advisory Networking Group for Europe as right step this

direction, with the UK concept as the benchmark. It visualizes four scenarios with two

dimensions i.e. the market situation and activities from politics and industry.

1. Sunny:A revitalized EU chemical industry with increased innovation andcustomer orientation.

2. Cloudy: A focused EU chemical industry with strengths in high-end productsand sustainability.

3. Rain: EU chemical industry without confidence in the attractiveness of theEuropean market.

4. Storm:A shrinking EU chemical industry not able to beat imports.


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Figure 2.1 - Possible scenarios

Figure 2.2Estimated effect of scenarios- Growth in 2002/2015

If industry and politics do not act proactively, the chemical trade position will turn

negative.

Figure 2.3Chemical trade balance w.r.t scenarios

The main factor that came out here is how political system can boost European

Chemical Industry and was used in PESTEL Analysis.


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Agarwal (2001) explored the potential of e-commerce in chemical industry

through a white paper titled E-commerce: New opportunities for the chemical

industry

It enlisted two-pronged strategy adopted by the majority of chemical

companies when they made their debut in the new economy by putting a page on the

Internet to establish a Web presence. These companies soon realized the potential

beyond a brochureware site and shifted their focus rapidly to e-commerce. The

strategy were

1. Chemical companies have started their own initiatives, mainly in the B2Barea; by using extranet- and Internet-based electronic data interchange (EDI)

systems for their larger customers and suppliers. The major advantages are

automated order processing and billing and better customer service. A few

companies have also built enterprise resources planning (ERP) connections

between themselves and their biggest customers and suppliers.

2. They joined a third-party online marketplace like chemnet, worldofchemicalsto gain access to the new markets emerging in chemical sector. A third-party

marketplace offers dynamic pricing, access to more suppliers and customers,

and the ability to dispose of excess inventory and exchange information. Now,

electronic exchanges are shifting their focus to address the supply chain

inefficiencies among the business partners.

It will be beneficial for suppliers as they can procure non production items like

office and MRO (maintenance, repair, and operations) supplies because current

ordering processes are cumbersome, and maverick buying is common. Intranet sites

can be deployed list items, along with company-negotiated discounts, or use thevendors extranet sites customized for the purchasing companies employees. An

employee needing to order a product can go to the company intranet, order the

product, enter the department number (or any other form of identification), and

receive the product.

It will be beneficial for all types of customers. Depending on the sizes of their

suppliers and customers, their technological maturities, and the industry environment,

chemical companies can use extranets, EDI, the Web, e-marketplaces, or a


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combination of them to transact business. It is a cost-effective and fast way to share

information and data. EDI helps in automating and creating electronic documents that

are sent over a private network platform.

Many industrial gas companies use telemetry systems to monitor the liquid

level of tanks at their customers sites. This information can be displayed in real time

on the extranet site along with the usage pattern and a reminder to schedule the next

delivery if the level goes below a predetermined limit. The biggest advantage of an

extranet site is the single-point contact for all of a customers needs, which helps in

forming an alliance between the customer and the company. MyAccount@Dow, an

extranet site for Dow Chemicals customers, provides registered customers withsecure online access to transactions such as account information, order status, repeat

orders, and payment history, resulting in a one-to-one collaboration.

Figure 2.4Integration of a companys suppliers and customers.

The main factor that came out here is application of e-Commerce in Chemical

industry.


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CHAPTER 3:RESEARCH METHODS AND PROCEDURES

As a part of studying Acetic Anhydride market in Europe, it was crucial to

study about Europe which will further help in mystery shopping by increasing

knowledge. The data collected was recorded in several excel sheets developed using

various sources.

1. European Country and Currency - It emphasize on Eurozone and thosewhich have sought bail-out due to ongoing sovereign debt crisis. It helped in

determining market conditions.

2. European I ndustry (End Sector Usage of Acetic Anhydri de) It studiescomplete Europe industries where Acetic Anhydride finds its applicationnamely

i. Chemical industriesii. Wood and Wood Product industries

iii. Food and Food processing industriesiv. Dye industriesv. Pharmaceutical industries

It also mentions famous companies and industries.

3. Europe I ndustry - Region Wise It breaks up above excel file data intoregional divisionNorthern, Eastern, Southern and Western Europe to focusmarket research.

4. Europe Industri es and DemographicsIt studies Europe regionally with alltarget industries along with demographics and good to know information.

5. Database of Acetic Anhydride Manufactur ers and Suppl iersIt enlist AceticAnhydride Manufacturers and Suppliers. It was found with help of searchengine, various website and reference in research papers.

3.1 Purpose of the Study

1) To prepare the complete list of producers/manufacturers of Acetic Anhydridein Europe with their capabilities and complete profile and observe perceptional

manufacturing capacity of respondents.

2) To study breakup of consumption of Acetic Anhydride in term of end sectorusage with special emphasis on modified starch.

3) To analyze and prepare SWOT profile of Jubilant Life Sciences Ltd.4) To study feasibility of e-commerce as a potential opportunity in chemical

industry.


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3.2 Research Design

The project uses descriptive research. An intensive secondary research is

conducted to gain insights in the chemical market. This helps in understanding the

various factors in European market of Acetic Anhydride.

3 .3 Research Ques t ions

A) E-Mail Request to Experts

Dear Team

I, Chetanya Rajput, intern from Amity Business School, under the guidance of Mr

Abhishek Sharma is conducting a market research on "Starch Acetate", a kind of

modified starch from view of consumption of Acetic Anhydride

To give you an idea of information, I am looking at

1) Production quantities of starch acetate and consumption of Acetic Anhydride for

the same.

2) Potential of Acetic Anhydride in this application for future.

3) Historic growth in consumption of Acetic Anhydride for starch acetate.

4) Major manufacturer of starch acetate and major suppliers of Acetic Anhydride to

them.

Please provide me helpful information.

Thank you

Regards

Chetanya Rajput

Intern

Amity Business School


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B) Telephonic Script (As given by Jubilant Life Sciences Ltd)

Goodmorning (Depends), is this __Company Name_____?

I am calling from Dubai, I would like to speak to someone from production or exportdepartment.

Hello, I am Hasan Khan. I am a Supplier of chemicals in Dubai. I would like to

procure Acetic Anhydride from your company.

I am would like to know following details

I F MANUFACTURERS

What types of Acetic Anhydride do you provide?

In what time, I will get my order?

We will assume the price, as per Tecnon OrbiChem or do you charge different than

that?

What amount of Acetic Anhydride is available for merchant selling?

I F DI STRIBUTOR OR SUPPL IER

What types of Acetic Anhydride do you provide?

From where do you procure Acetic Anhydride that you supply?

In what time, I will get my order?

We will assume the price, as per Tecnon OrbiChemor do you charge different than

that?

Please email the details at [email protected]

Back-Up Data

I am calling from Saral chem

Mobile No.9582534899

E-mail Id - [email protected]


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3.4 Participants

1) Manufacturers of Acetic Anhydride in Europe and foreign players.

2) Experts interviews.

3.5 Data collection technique and procedure

A.Primary Datai. Collecting information on manufacturing capacity, delivery time and

price of Acetic Anhydride as mystery shopper on telephone.

ii.

Discussion with the experts of chemical market.B.Secondary dataAlready existing data is called secondary data. I collected them by following method:

i. Internetii. Published Reports

iii. Search Engineiv. Official websites of manufacturers and suppliers.

3.6 Instruments Used

Following research instruments were deployed to conduct research

1. Tele-calling Script.2. E-mail request to experts.

3.7 Tools Used

Following softwares has been used duringcollecting, analysis and compiling of data.

1. SPSS2. Microsoft Excel3. Skype4. Google Market Finder5.

Google Market Intelligence

6. Compete comparative Web Traffic Analyzer


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3.8 Pilot Study

The pilot study was done in first call made to Celanase which cross questioned

a lot and as a result, back-up data was created and study was done to know marketprices and chemical trade.

3.9 Limitations

1. Inaccessibility to all published report due to high cost.2. Inaccessibility to Tecnon Orbichem price list due to high cost.3. Some respondents werent opening up.4. Mostly respondents do not reply to e-mails or contact us option in their

website.

5. Communication barrier.6. Limited time and resources.


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CHAPTER 4: DATA ANALYSIS AND FINDINGS

4.1 Findings

The result of first objective as mystery shopper to find out manufacturingcapacity based on perception (based on calling them and exploring their website) andactual data (based on web resources and findings) is as follows

Table 4.1Database of Acetic Anhydride ManufacturersS No. Name of Organization Type Manufacturing

Capacity (Year of

data)

Manufacturing

Capacity(Perception)

Net Sales

1 Celanese AG Public 535 Kt/a (2002) Bulk, Big $6762Mn (45.57%contributed byAcetyl )

2 Eastman Chemical Co Public 1,631 million pounds(2012)

Big $7.2 billion (2011)

3 Alfa Aesar Public Big 2.3 Bn Pound

4 Panreac Private Average Data not available

5 Merck KGaA Public N/A 2,393 million(2011)

6 BUFA ChemikalienGmbH & Co. KG

Private Average Data not available

7 Kraeber & Co Private Small Data not available

8 Lonza Public Big 2.692 billion

9 BP Public 157 KT/a (Total -18536 KT/a) (2011)

Not key focus $375,517 million(2011)

10 Apollo Scientific Private Small 23434704*

11 Euram Chemicals Ltd Private N/A 815594*

12 Vicker Laborateries Ltd Private Small 4223419*

13 Finetech Industry Limited Private Small Data not available

14 TCI Europe N.V Private Big Data not available

15 Jubilant Life Sciences Ltd Public Big Rs 22008.96 Mn(Mar 2011)

16 NIPPON GOHSEIEurope GmbH

Public Big 17.9 billionyen(Capital)

17 Saudi International

Petrochemical Company(Sipchem)

Public 50,000t/y (50% to

VAM Plant and restfor Merchant Selling)

Average SR 705,897,758

(Net Profit 2011)


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Table 4.2Database of Acetic Anhydride Suppliers

S No. Name of Organization Location (HQ) Type Net Sales

1 Avonchem Ltd United Kingdom Private 1994921*

2 Romil United Kingdom Private 2432118*

3 Indace Ltd United Kingdom Private 8156854*

4 Natchemco (UK) Ltd United Kingdom Private 30m(Turnover)

5 Jonathan Phillips (UK) Ltd United Kingdom Private 10301129*

6 Cornelius Group Plc United Kingdom Private 42005498*

7 Brown & Forth Ltd United Kingdom Private 1814098*

8 Bowden Chemicals Ltd United Kingdom Private 342825*

9 Pearl Chemicals United Kingdom Private 1293680*

10 Camlab United Kingdom Private 9197401*

11 Heritage Chemicals Ltd United Kingdom Private Data not available

12 Long-Range Europe Limited United Kingdom Private 1617100*

13 Banner Chemicals Group United Kingdom Private 1213894*

14 P&R Labpak Limited United Kingdom Private 4765594*

15 Clariant International Ltd Switzerland Public 7.4 billion in 2011

16 Toscochimica S.p.A. Italy Private Data not available

17 Chimitex SpA Italy Private 88,500,000USD.(1=1,30USD)

18 Albachem Italy Private Data not available

19 Elettrochimica Valle Staffora S.p.a Italy Private N/A

20 ARNSPERGER Germany Private 315 million euros

21 D H Scientific Germany Private Data not available

22 R2 ChemTec Denmark Private Data not available

23 Cymit Quimica Spain Private Data not available

24 NEW CHEMICAL, SL Spain Private Data not available

25 QUIMIPUR, SL Spain Private Data not available
http://www.worldofchemicals.com/sup/chimitex-spa/6750.htmlhttp://www.worldofchemicals.com/sup/albachem/7717.htmlhttp://www.worldofchemicals.com/sup/albachem/7717.htmlhttp://www.chemnet.com/ChinaSuppliers/27867/acetyl-oxide--857712.htmlhttp://www.worldofchemicals.com/sup/r2-chemtec/12946.htmlhttp://www.worldofchemicals.com/sup/r2-chemtec/12946.htmlhttp://www.chemnet.com/ChinaSuppliers/27867/acetyl-oxide--857712.htmlhttp://www.worldofchemicals.com/sup/albachem/7717.htmlhttp://www.worldofchemicals.com/sup/chimitex-spa/6750.html


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Table 4.2 (continued)Database of Acetic Anhydride Suppliers

26 Target Quimica SL Spain Private Data not available

27 PPH "STANDARD" Sp. z o. o Poland Private 350 million USD

28 A-Cell Acetyl Cellulosics Ab Sweden Private Data not available

29 P&S Chemical The Netherlands Private Data not available

30 Epenhuysen Chemicals The Netherlands Private Data not available

31 Molar Chemicals KFT Hungary Private Data not available

32 CHEMAT Odczynniki iWyposaenia Laboratoryjne

Poland Private Data not available

33 Expert Trade Romania Private Data not available

34 Nordic Invest Romania Private Data not available

35 Prodasynth France Private Data not available36 Kimeks Turkey Private Data not available

37 Brenntag NV Belgium Public USD 12.1 billion

38 Fiers SA Belgium Private Data not available

39 The Nichem Group Northern Ireland Private Data not available

* - The data entry with this symbol is taken from Manta.com, represents Annual Revenue

(USD $) and their employee strength is also taken from same website

4.2 Regional Results for End Sector Use of Acetic Anhydride

4.2.1 Eastern Europe Region

Eastern Europe comprises of 12 countries namely

1) Armenia2) Azerbaijan3) Belarus4) Bulgaria5) Czech Republic6) Hungary7) Moldova8) Poland9) Romania10)Russia11)Slovakia12)Ukraine

Poland has two acetic anhydride suppliers and two famous food processingcompanies like PPZ "TrzemeszNo", Nowamyl S.A. Russia is also an important

country which has good presence of chemical industries.


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4.2.1.1 Observations

1) Out of 12 countries, only 1 i.e. Moldova doesnt have Chemical industry. Ithas the maximum number of this industry as compared to other regions.

Figure 4.1.1ChemicalIndustry in Eastern European Region

2) Out of 12 countries, only 2 have Wood industry i.e. Bulgaria and Russia.

Figure 4.1.2Wood Industry in Eastern European Region

16.7% (2)

91.7% (11)8.3% (1)

83.3% (10)


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3) Out of 12 Countries, only 1 doesnt have Food and Food processing industriesi.e. Czech Republic

Figure 4.1.3Food and Food Processing Industry in Eastern European Region

4) Out of 12 countries, only 2 have Dye industry i.e. Czech Republic and Poland

Figure 4.1.4Dye Industry in Eastern European Region

16.7% (2)

91.7% (11)

8.3% (1)

83.3% (10)


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5) In whole Eastern Europe, no country has Pharmaceutical Industry.

Figure 4.1.5Pharmaceutical Industry in Eastern European Region

4.2.2 Northern Eur ope

Northern Europe comprises of 12 countries namely

1) Denmark2) Estonia3) Faroe Islands (Denmark)4) Finland5) Greenland (Denmark)6) Iceland7) Ireland8) Latvia9) Lithuania10)Norway11)Sweden12)United Kingdom

This region is significant and crucial as it home to various important

companies where Acetic Anhydride can finds its end-usage. The most crucial country

is United Kingdom which is home to key manufacturers of Acetic Anhydride like BP,

Apollo Scientific, Euram Chemicals Ltd, Vicker Laborateries Ltd, Finetech Industry

Limited and Manufacturing plants of Eastman Chemical Company, Alfa Aesar.

Norway is home to Yara Chemicals, which ranks 18 thbiggest chemical firm in world.

100% (12)


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1) Out of 12 countries, only 5 have chemical industry.

Figure 4.2.1Chemical Industry in Northern European Region

2) Wood industry is present in 5 countries. It has the maximum number of thisindustry as compared to other regions. Ireland is home to BSW Timber

Figure 4.2.2Wood Industry in Northern European Region

41.7% (5)58.3% (7)

41.7% (5) 58.3% (7)


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3) The food and food processing industry is present in 8 countries. UnitedKingdom is Headquarter for Tate and Lyle, Kraft Foods (Cadbury), Unilever.

Figure 4.2.3Food and Food Processing Industry in Northern European Region

4) Dye industry is present in only 2 countries i.e. Lithuania and United Kingdom.

Figure 4.2.4Dye Industry in Northern European Region

16.7% (2)

66.7% (8)

33.3% (4)

83.3% (10)


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5) Pharmaceutical industry is present in only 3 countries.

Figure 4.2.5Pharmaceutical Industry in Northern European Region

4.2.3 Southern Region

Southern region has highest number of countries i.e. 17 which are as follows

1) Albania2) Andorra3) Bosnia and Herzegovina4) Croatia5) Cyprus6) Greece7) Italy8) Macedonia9) Malta10)Montenegro11)Portugal12)San Marino13)Serbia14)Slovenia15)Spain16)Turkey17)Vatican City

The economic condition of southern region isnt in good health as 3 majoreconomies have Greece, Portugal and Spain has sought bail-out and worst affected bysovereign debt crisis. Economic Health of Cyprus, Italy isntalso robust.

25% (3)

75% (9)


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1) Out of 17 countries, 10 have chemical industries. From point of view of AceticAnhydride, Spain and Italy are important.

Figure 4.3.1Chemical Industry in Southern European Region

2) Wood industry is present only in 6 countries.

Figure 4.3.2Wood Industry in Southern European Region

35.29% (6)

58.82% (10)

41.18% (7)

64.71% (11)


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3) Food and food processing industry is present in 13 countries. It has themaximum number of this industry as compared to other regions.

Figure 4.3.3Food and Food Processing Industry in Southern European Region

4) Dye industry is present only in 1 country i.e. Italy

Figure 4.3.4Dye Industry in Southern European Region

5.88% (1)

76.47% (13)

23.53% (4)

94.12% (16)


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5) Pharmaceutical industry is present only in 5 countries.

Figure 4.3.5Pharmaceutical Industry in Southern European Region

4.2.4 Western Eu rope

Western Europe comprises of 9 countries yet it is known as the powerfulregion. The countries which fall under Western Europe are as follows

1) Austria2) Belgium3) France4) Germany5) Liechtenstein6) Luxembourg7) Monaco8) Switzerland9) The NetherlandsThe economic health of Western Europe is robust due to presence of countries

like Germany, The Netherlands and Switzerland. It is seen as powerful sector as itknown for automobile industries, pharmaceuticals companies etc. Automobileindustries also plays small role on Acetic anhydride demands as it is used asemulsifying agent in producing paints used over cars. The Netherlands, Germany andBelgium are famous for Antwerp-Rotterdam-Rhine-Ruhr Area (ARRRA) Belt, whereseveral chemical industries are present. Switzerland is home to Novartis and Nestle.

29.41% (5)

70.59% (12)


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1) Chemical industry is present in 7 countries. It is an important region for AceticAnhydride as it is home Clariant, Kraeber, BUFA, BASF, Saudi International

Petrochemical Company (Sipchem), TCI Europe N.V, Lonza, Merck.

Figure 4.4.1Chemical Industry in Western European Region

2) Out of 9 countries, Wood industry is present in only 1 country i.e. Austria.

Figure 4.4.2Wood Industry in Western European Region

11.1% (1)

77.8% (7)22.2% (2)

88.9% (8)


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3) Food and Food Processing Industry is present in 8 countries.

Figure 4.4.3Food and Food Processing Industry in Western European Region

4) Dye industry is present in 5 countries. It has the maximum number of thisindustry as compared to other regions.

Figure 4.5.4Dye Industry in Western European Region

55.6% (5)

88.9% (8)

11.1% (1)

44.4% (4)


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5) Pharmaceutical Industry is present in 4 countries. It has the maximum numberof this industry as compared to other regions and is very important as it ishome to Novartis, HoffmannLa, Roche, Merck, Solvay Pharmaceuticals,Sanofi AG.

Figure 4.4.5Pharmaceutical Industry in Western European Region

4.2.5 Europe (Continent)


1) The Chemical industry is present in 30 countries which means around 60% ofEurope has chemical industry.

Figure 4.5.1Chemical Industry in Europe

66% (33)

44.4% (4)55.6% (5)

34% (17)


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4) Dye industry is present in 10 countries (20%)

Figure 4.5.4Dye Industry in Europe

5) Pharmaceutical industry present in 12 countries (24%)

Figure 4.5.5Pharmaceutical Industry in Europe

76%(38)

20% (10)

80%(40)

24% (12)


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Table 4.3- Europe industry data (Consolidated)

Industry

Region

(No. of

Countries)

Chemical

Present

Percentage

(No. of

Countries)

Wood

Present

Percentage

(No. of

Countries)

Food

Present

Percentage

(No. of

Countries)

Dye

Present

Percentage

(No. of

Countries)

Pharmaceutical

Present

Percentage (No. of

Countries)

North (12) 41.7% (5) 41.7% (5) 66.7% (8) 16.7% (2) 25% (3)

East (12) 91.7% (11) 16.7% (2) 91.7% (11) 16.7% (2) 0% (0)

West (9) 77.8% (7) 11.1% (1) 88.9% (8) 55.6% (5) 44.4% (4)

South (17) 58.82% (10) 35.29% (6) 76.47% (13) 5.88%(1) 29.41% (5)

Total (50) 66% (33) 28% (14) 80% (40) 20% (10) 24% (12)

4.3 SWOT Profile of Jubilant Life Sciences Ltd

The SWOT analysis is a holistic concept to analyse a topic regarding itsstrengths, weaknesses, opportunities and threats. Strengths and weaknesses are

understood as so called internal, supporting or hindering factor, which can be directlyinfluenced by the company itself. This report further analyses SWOT profile, AnsoffMatrix, Opportunity Strategy Evaluation grid, Threat Mitigation Strategy, productinnovation Matrix and Trends Impact.

Strengths

1. Industry leading positioni. 9th largest producer of Acetic Anhydride and 4thin merchant sales

ii. Global leader of Pyridrines and Derivatives2. Extensive Range of Solutions and product line.3. Strong customer relations4. Vast presence across the value chain5. Good corporate Image & established brand name


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6. Supportive operational factorsi. Strong & wide network of manpower across India

ii. Insulation from high crude prices as it uses molasses and alcohol.iii. Possessing advanced technology & design abilityiv. Low R&D and manufacturing cost.

Weaknesses

1. Inaccessibility to cheap feedstock as compared to counterparts from China andMiddle East.

2. Website doesnt support e-commerce and not at par with competitors website. 3. Unfavourable Forex movements which leads to loss in exports.

Opportunities

1. New Business contracts and collaborations2. Due to high cost of feedstock in Europe, Manufacturing is expensive for

European counterparts.3. Outsourcing opportunity for CRO division.4. Flexible packaging for targeting laboratory usage.

Threats

1. Environmental activism.2. European economic and legal scenario3. Competitive landscape not favourable.

4.3.1 The SWOT M atrix

A firm should not necessarily pursue the more lucrative opportunities. Rather,it may have a better chance at developing a competitive advantage by identifying a fit

between the firm's strengths and upcoming opportunities.To develop strategies that take into account the SWOT profile, a matrix of thesefactors can be constructed. The SWOT matrix (also known as a TOWS Matrix) isshown below:

Strengths Weaknesses

Opportunity S-O strategies W-O strategies

Threats S-T strategies W-T strategies

Figure 4.6 - The SWOT/TOWS Matrix

1) Strengths opportuni ties (SO) strategies

In this portion of matrix, company pursue opportunities that are a good fit to the

company's strengths.


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1. Increase domestic and international market share aggressively2. Take up outsourcing projects from developed country where generics are

pushed3. Target end users with small requirements which also doesnt comes under

REACH.4. Invest in brand recognition campaign.

2) Weakness Thr eats (WT) strategies

In this column, establish a defensive plan to prevent the firm's weaknesses frommaking it highly susceptible to external threats.

1. Focus on domestic markets or non-European markets2. Joint venture with manufacturers in Middle East and China.

3) Strengths Threats (ST) strategies

In this column of matrix, a firm identify ways that the firm can use its strengths toreduce its vulnerability to external threats.

1. Brand building exercises on sustainable development and environmentalconcern

2. Gear up for competition from China and Middle East.3. Maintain strong customer relationships4. Increase number of suppliers.5. Diversify to dominate6. Maintain technological and knowledge superiority.

4) Weakness opportun ities (WO) strategies

In this column, firm overcome weaknesses to pursue opportunities1. Invest in manufacturing plant in China or Middle East.2. Hedge Forex risk.3. Add provision for e-commerce in website. Using Google Market finder and

Google Market Intelligence, huge potential for online advertisements and e-commerce as well was found. Surprisingly, web search results for Acetic

Anhydride are reported in India, which show huge potential to capitalizedomestic chemical market with e-commerce. Moreover, websites traffic isvery low as compared to competitors website as shown in Figure 4.7. Theresult are as follows


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Figure 4.7 - Analysis of Website Traffic in comparison to competitorswebsite

Figure 4.8Google Market Finders Result


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Figure 4.9 - Screenshot of Google Market Intelligences Result


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Figure 4.10Impact of SWOT Factors

Figure 4.11 - Opportunity Strategy Evaluation (OSE) Grid


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Figure 4.12 - Threat Mitigation Strategy/ Challenge Impact Assessment (CIA) Grid


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Table 4.4- Internal Factor Evaluation Matrix - Jubilant Life Sciences Ltd

Key Internal Factors Weight Rating Weighted.Score

Strengths

1. Industry leading position 0.10 4 0.40

2. Extensive Range of Solutions and product line 0.05 3 0.15

3. Strong customer relations 0.10 3 0.30

4. Vast presence across the value chain 0.15 4 0.60

5. Good corporate Image & established brand name.

0.05 3 0.15

6. Supportive operational factors .0.20 4 0.80

Weakness

1. Inaccessibility to cheap feedstock as compared tocounterparts from China and Middle East. 0.20 1 0.20

2. Forex movements which leads to loss in exports 0.15 1 0.15

3. Website doesnt support e-commerce. 0.05 2 0.10

Total 1 3.20

REMARKS Strong internal position

The score of 3.20 indicate that BHEL is above average in their overall internalstrategic position.


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4.4 Segment Analysis

Following five are top segments which Jubilant Life Sciences Ltd shouldfocus as they have been chosen with help of Product Life Cycle Analysis as shown in

following diagram

Figure 4.13 - Product Life Cycle Analysis

Segment 1Modif ied Starch

This segment is the most promising segment as its demands is expected to growexponentially. It witnessed slowdown in 2009 and 2010 due to global recession.However in 2012, It is expected 72 mn (2012) tons from 68 mn tons (2009). Cassavawill become leading commodity. Its Industrial demand is 5 times more than FPIdemand.


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Figure 4.14Segment Analysis

Segment 2Wood Preservati ves

After commercialization of Acetylated wood in 2007 as Accoya, the demand has goneup. They have increased plant production capacity to meet rising demand in 20011.Thus wood preservatives segment presents great opportunity.

Segment 3

Chemical I ndustry I nputThis was stable and high due to absence of chemical substitute earlier. However, dueto high manufacturing cost and prices of European manufacturers, the focus hasshifted to China, India and Middle East as importing destination, which offers at low

prices. The future presents intense competition for basic chemical with rise of Chinaand Middle East. Even, USAs manufacturers have started to manufacture from

China.Presently Middle East and China are seen as new manufacturing hub of AceticAnhydride and areas where development at cost effective ways are adopted followed

by India and Iran. Japan, Turkey and South Asia have emerged as new market withhuge potential followed by North America, Eastern Europe and Southern Europe.

Northern Europe and Western Europe are matured and saturated markets. This isdiagrammatically represented in Regional Market Life Cycle Analysis


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Figure 4.15 - Regional Market Life Cycle Analysis

Segment 4Pharmaceutical I ndustri es

Acetic anhydride finds its application in key drugs like Paracetemol and Aspirin. The

market demand is stable. The generics which are pushed in developed nations presentan opportunity for CRAMS division.

Segments 5Food and Food Processing I ndustr ies

The market size is big. However, the search for organic substitute is high like GumArabic and Green Pea which makes it least preferred segment to target.


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4.5 Porters FiveForces Model

Figure 4.16 -Porters 5 Forces Model Acetic Anhydride manufacturing industries

1) Threat of Substitu tesis highest due to availability of various manufacturersand suppliers.

2) Bargaining Power of Suppliersis medium as variation in cost isnt high andmost of manufacturers are vertically integrated.

3) Bargaining Power of Customers is low due to almost fixed or same pricesfollowed.

4) Thr eat of New Entrantis low to medium because of rise in Middle East andChina companies. However old manufacturers are shifting their bases to Chinato control the cost.

5) I ntensity of Rivalr y in Europe is medium with reasonable number ofmanufacturers present and huge market entry cost.


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4.6 Ansoff Matrix

Ansoff matrix, also known as Ansoff Product-Market Grid, was developed byIgor Ansoff to focus on the firm's present and potential products and markets

(customers). By considering ways to grow via existing products and new products,and in existing markets and new markets, there are four possible product-marketcombinations. Ansoff Matrix for Jubilant Life Sciences Ltd follows as

Figure 4.17Ansoff Matrix


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4.7 Product Innovation Matrix

Figure 4.18 - Product Innovation Matrix

4.8 Market Impact of Top 10 Growth Trends of Acetic Anhydride

Figure 4.19 - Market Impact of Top 10 Growth Trends of Acetic Anhydride


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4.9 PESTEL Analysis

4.9.1 Poli tical F actors

With increased concern from environmental inspite of implementing REACH

and European sovereign debt, the political factors are not in favour of chemical

industry. Presently, chemical industry looks for a balanced chemicals policy,

incentives for innovation and non-bureaucratic regulations from the political side. The

Eurozone and European Union are on the edge with idea of disintegration becoming

dominant. However, stable political conditions with mostly democratic system makes

it suitable investment destination. With recent Greek election, it will stay in Eurozone

and will try to recover instead of immediately pulling out as proposed by opposition

party.

4.9.2 Economic Factors

4.9.2.1 European M arket for Acetic Anhydri de

As per EU Trade Monitor, European demand for Acetic Anhydride is flat to

declining due to its usage in cigarette. Its use in textile fibers is also slowly declining.

Smaller applications in wood preservatives, films and coatings are expected to follow

GDP growth rates in Europe, but these account for less than 20% of demand for

Acetic Anhydride. Ironically, Cigarette manufacturers reported improved profits

during H1 2010 compared to the previous year.

Tecnon OrbiChem has noted the closure of anhydride consuming plants in the

UK and Italy in recent months, and there is ongoing speculation regarding the future

of other European consumers as well. Market participants remain concerned about theinflux of imported anhydride derivatives from China. The trend seen is contraction in

downstream business during the past 12-18 months.

4.9.2.2 Ef fect of European Sovereign Debt Crisis

As per CEFIC report, The European chemical trade groups mid-year

summary forecast of chemicals sector economists predicts a standstill in EU

chemicals output in 2012, after a relatively weak 1.3 per cent increase in 2011. The

reason as per CEFIC Director General Hubert Mandery is decline in domestic demand


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as compared 2011 due to increase in austerity measures which dampen business order

and inventory build-up remains flat. Though theirs is an opportunity as weaker Euro

will boost exports. The demand for industrial end user usage i.e. Automobile (which

uses Dyes and various chemicals), Constructions has also dragged chemical industry

down. Overall, there is a decline in chemical industry.

4.9.2.3 Ef fect of Competi tion

European chemical industry faces competition from Middle East and China.

As per Figure 4.20.1, NAFTA growth has become steady whereas Asia Pacific

production growth is increasing exponentially.

Figure 4.20.1 International comparison of chemical production growth (Source -

CEFIC)

Figure 4.20.2 - Chemical Industry Profile - Chemical Sales by Country (Source -

CEFIC)


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This is further evident from the fact that production of chemical worldwide by

almost 40% from 1995 to 2005 but 95% of that growth was seen in developing

countries. In 1997-2007, EU global sales of chemical declined by 2.7% whereas

world saw increased by 60%. This can be attributed to strong demand in Asian

markets supports growth in production for domestic chemical companies in that

region. As a result, it has resulted in significant underutilization of capacity, plant

shutdowns and margin erosions.

4.9.3 Social Factors

Acetic anhydride finds it application in making heroin, a hallucinative drug,

which is illegal and has an adverse effect of society. It is used cigarette filter, which

demand is decreasing.

Figure 4.21PESTEL Analysis


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4.9.4 Technological F actors

EU operational expenses are increasing, which increases price of chemicals.

Recently, BP increased the price of Acetic Anhydride due to elevated operating costs,particularly in raw materials and freight. The cost of raw material feedstock is

significantly higher in Western Europe than in most other regions of the world. Due to

these feature, Europe is losing to China and Middle East. However, they have

advanced technology, know-how experience and knowledge, which put them in an

advantage.

4.9.5 Environmental Factors

REACH is implemented in European Union which also termed as World

Strictest Chemical law. REACH stands for registration, evaluation, authorization,

and restriction of chemicals. Despite REACH, environmentalist objected to REACH

due to some loopholes. The environmental laws are not relaxed and impose a cost on

manufacturers and importers.

4.9.6 Legal F actors

The legislation for REACH was proposed under dual reasoning: protection of

human health and protection of the environment. The Regulation was voted by the

European Parliament and of the Council on 18 December 2006, and came into force

on 1 June 2007. It applies to all categories of chemical substances manufactured,

imported, used as intermediates or placed on the market.

4.9.6.1 Objectives of REACH

1. Ensure protection of human health and the envir onmentby the registration and

testing of all existing and new chemical substances placed in the market and by

imposing authorization requirements and restrictions to substances that give rise to

high concern. The system is intended to promote the substitution of hazardous

chemical substances by less dangerous ones.


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2. Main tain and enhance the competi tiveness of the EU chemical industryby

stimulating innovation and minimizing, to the extent possible, the resource

implications of the implementation of the Regulation for industry.

3. Prevent the fragmentation of the in ternal market

4. I ncrease transparencyby enhancing access to information on chemicals for

consumers in order to make informed decisions about the substances.

5. Non-animal testing is encouraged.

6. Conform to EU international obligations under the WTO ensuring that no

unnecessary barriers to trade could be created and there would be no discrimination.

7. Ensure in tegration with in ternational eff orts in view of the global nature of the

chemicals industry and the trans-boundary impact of certain chemical substances and

in order to avoid the duplication of test efforts.

4.9.6.2 Benefits of REACH

1. Unlocks I nnovation - New substances will require similar testing to that forexisting ones. The new chemicals management system should also generate a

vast amount of information on the properties of the substances and their uses

down in the supply chain.

2. Economicall y Sustainable Chemical I ndustry - REACH was intended toincrease consumer and investor confidence, as well as employee and

community trust.

3. Social CostIt benefits environment and public health.4.9.6.3 Disadvantages of REACH

Termed as world's strictest chemical law, it might put SMEs in disadvantage

in lon run. Even though there is a discount on ECHA fees for SMEs, those discounts

are not that helpful when the price of letter of access is excessive. It is seen as barrier

to trade as it imposes an additional cost that did not exist in the past


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4.9.6.4 Substance I nformation Exchange Forum

Led by the Lead Registrant, Substance Information Exchange Forum (SIEF)

creation is mandatory by legislation. All parties who pre-registered for aceticanhydride are by definition members of the SIEF. Data holders may also choose to

join the SIEF.

The SIEF will promote, monitor, and keep its members aware of the following.

Progress towards registration. Data sharing arrangements amongst potential registrants. Compensation arrangements for data that will be used by others Joint submission.

4.9.6.5 Jubil ant L if e Sciences L td & REACH

Presently, Jubilant Life Sciences Ltd has 35 dossier filings in European Union of

which 31 are approved.


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Companies manufacturing or

importing chemical substances European

Market

Register

Deadlines

1/12/2010 - 1000 tonnes/a. &

Toxic chemicals producers

1/06/2013100 tonnes/a

1/06/2018 - 1 tonne/a.

Authorization

Evaluation

Quantity > 1 tonne/year

Figure 4.22 - Flow Diagram of REACH

European Chemicals Agency

(ECHA) inHelsinki, Finland

(Manages the technical, scientific and

administrative aspects of REACH)

NO

APPROACH SIEF IF MANY

REGISTRANTS FOR ONE

CHEMICAL

Restriction


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4.10 Observations in Modified Starch

4.10.1 Overal l M arket of Modifi ed Starch in Europe

Table 4.5Un-modified and modified starch market structure & opportunitiesMarket Structure Estimated Opportunity

Industrial 5.6 billion lbs.

Food and Food processing industries 1.4 billion lbs.

Total Around 6.9 billion lbs

Table 4.6Dry starch usage in End sectors segments

Segments Share

Paper and Paper Board 62%

Chemical and Pharmaceuticals 3%

Food and Food processing industries 32%

OthersAnimal Feeds etc. 3%

4.10.2 Major Players

National,Cargills, Staley, Amylum, Roquette, Avebe, CPI and Eastman.

4.10.3 Potenti al Threats fr om Substi tutes

Gum Arabic and Green Pea

4.11 Summary of Findings

To study the complete list

chetanya report

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