Industrial Gases. Freedonia Industry Study #1345. Brochure Table of Contents. Study Publication Date: October 2000 Price: $3,600 Pages: 304

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1 Freedonia Industry Study #1345 Industrial Gases Study Publication Date: October 2000 Price: $3,600 Pages: 304 Industrial Gases, a new study from The Freedonia Group, is designed to provide you with an in-depth analysis of major trends in the industry and the outlook for product segments and major markets -- critical information to help you with strategic planning. This brochure gives you an indication of the scope, depth and value of Freedonia's new study, Industrial Gases. Ordering information is included on the back page of the brochure. Brochure Table of Contents Study Highlights... 2 Table of Contents and List of Tables and Charts... 4 Sample Pages and Sample Tables from: Market Environment... 6 Overview... 7 Industrial Gases by Type... 8 Industry Structure... 9 Company Profiles List of Companies Profiled Forecasting Methodology About the Company Advantages of Freedonia Reports About Our Customers Other Titles From Freedonia Ordering Information... 16

2 Study Highlights US shipments of industrial gases are forecast to increase 6.5 percent per annum to $6.2 billion in the year 2004, significantly outpacing gains in the general economy. Shipments of both nitrogen and oxygen will benefit from the rising availability of gas produced through noncryogenically produced material. Hydrogen will post the industry's fastest gains, driven by increasing demand for cleaner fuels and new gasoline and diesel sulfur limits proposed by the US Environmental Protection Agency (EPA). Lower volume atmospheric gases, which include argon as well as various specialty gases such as neon, xenon and krypton, support significantly higher prices because of their rarity and the capital costs associated with the additional production equipment required for recovery. The top four suppliers -- Praxair, Air Products and Chemicals, Air Liquide America and BOC Gases -- accounted for almost three-quarters of total sales in Freedonia Industry Study 2

3 Study Highlights Industrial Gas Shipments by Type, 1999 Oxygen 21.7% Nitrogen 27.5% Hydrogen 11.2% Argon 10.6% Carbon Dioxide 6.9% Helium 5.7% Other Gases 16.4% Industrial Gas Shipments by Type (million dollars) % Annual Growth Item /89 04/99 Gross Domestic Product (bil $) $ shpts/000$ GDP Industrial Gas Shipments Nitrogen Oxygen Hydrogen Argon Carbon Dioxide Helium Other Gases Copyright by The Freedonia Group, Inc. SUMMARY TABLE Order form on last page 3

4 List of Contents, Tables and Charts I. EXECUTIVE SUMMARY Summary Table... 3 II. III. IV. MARKET ENVIRONMENT General... 4 Macroeconomic Indicators... 4 Table - Macroeconomic Indicators... 6 Manufacturing Sector Trends... 6 Table - Manufacturers Shipments... 8 Market Volatility... 9 Table - Industrial Gases Market Volatility Chart - Market Volatility in Industrial Gas Shipments Pricing Trends Table - Industrial Gas Pricing Trends Environmental & Regulatory Trends Foreign Trade Table - Foreign Trade in Industrial Gases World Outlook TECHNOLOGY & MANUFACTURING General Air Separation Cryogenic Air Separation Noncryogenic Air Separation Other Industrial Gas Production Methods OVERVIEW & APPLICATIONS General Table - Industrial Gas Supply & Demand Shipments by Type Table - Industrial Gas Shipments by Type Chart - Industrial Gas Shipments: Volume & Value, Demand by Application Table - Industrial Gas Demand by Application Metal Manufacturing & Welding Metal Product Industry Outlook Table - Metal Product Shipments by Type Industrial Gas Demand Table - Metal Manufacturing & Welding Applications for Industrial Gases Metal Manufacturing Table - Metal Manufacturing Applications for Industrial Gases Welding Table - Welding Applications for Industrial Gases Chemical Processing Chemical Products Outlook Table - Chemical Product Shipments Industrial Gas Demand Table - Chemical Processing Applications for Industrial Gases Electronics Electronic Components Industry Outlook Table - Electronic Component Shipments Industrial Gas Demand Table - Electronic Applications for Industrial Gases Food & Beverage Processing Food & Beverage Industry Outlook Table - Food & Beverage Product Shipments Food Table - Food Shipments by Type Soft Drinks Table - Soft Drink Shipments Industrial Gas Demand Table - Food & Beverage Processing Applications for Industrial Gases Petroleum & Energy Products Petroleum & Energy Products Outlook Table - Petroleum & Energy Product Shipments Industrial Gas Demand Table - Petroleum Refining Applications for Industrial Gases Enhanced Oil Recovery Enhanced Oil Recovery Industry Outlook Table - Enhanced Oil Recovery Production Industrial Gas Demand Table - Enhanced Oil Recovery Applications for Industrial Gases Water Treatment Water Withdrawal Trends Table - Water Withdrawal Trends Industrial Gas Demand Table - Water Treatment Applications for Industrial Gases Other Table - Other Applications for Industrial Gases V. NITROGEN General Table - Nitrogen Supply & Demand Shipments & Production Table - Nitrogen Shipments & Production Suppliers & Market Share Chart - US Nitrogen Gas Sales by Company, Pricing Trends Table - Nitrogen Pricing Trends Foreign Trade Table - Foreign Trade in Nitrogen Demand by Application Table - Nitrogen Demand by Application Chemical Processing Table - Chemical Processing Applications for Nitrogen Electronics Table - Electronics Applications for Nitrogen Enhanced Oil Recovery Table - Enhanced Oil Recovery Applications for Nitrogen Food Processing Table - Food Processing Applications for Nitrogen Refrigeration Packaging Freezing Metal Manufacturing Table - Metal Manufacturing Applications for Nitrogen Other Table - Other Applications for Nitrogen VI. VII. OXYGEN General Table - Oxygen Supply & Demand Shipments & Production Table - Oxygen Shipments & Production Suppliers & Market Share Chart - US Oxygen Gas Sales by Company, Pricing Trends Table - Oxygen Pricing Trends Foreign Trade Table - Foreign Trade in Oxygen Demand by Application Table - Oxygen Demand by Application Metal Manufacturing & Welding Table - Metal Manufacturing & Welding Applications for Oxygen Chemical Processing Table - Chemical Processing Applications for Oxygen Water Treatment Table - Water Treatment Applications for Oxygen Electronics Table - Electronics Applications for Oxygen Petroleum Refining Table - Petroleum Refining Applications for Oxygen Other Table - Other Applications for Oxygen Medical & Health Table - Medical & Health Applications for Oxygen Pulp & Paper Processing Table - Pulp & Paper Processing Applications for Oxygen Miscellaneous Table - Miscellaneous Applications for Oxygen HYDROGEN General Table - Hydrogen Supply & Demand Shipments & Production Table - Hydrogen Shipments & Production Suppliers & Market Share Freedonia Industry Study

5 VIII. IX. Chart - US Hydrogen Gas Sales by Company, Pricing Trends Table - Hydrogen Pricing Trends Foreign Trade Table - Foreign Trade in Hydrogen Demand by Application Table - Hydrogen Demand by Application Petroleum Refining Table - Petroleum Refining Applications for Hydrogen Chemical Processing Table - Chemical Processing Applications for Hydrogen Electronics Table - Electronics Applications for Hydrogen Metal Manufacturing Table - Metal Manufacturing Applications for Hydrogen Food Processing Table - Food Processing Applications for Hydrogen Other Table - Other Applications for Hydrogen CARBON DIOXIDE General Table - Carbon Dioxide Supply & Demand Shipments & Production Table - Carbon Dioxide Shipments & Production Suppliers & Market Share Chart - US Carbon Dioxide Sales by Company, Pricing Trends Table - Carbon Dioxide Pricing Trends Foreign Trade Table - Foreign Trade in Carbon Dioxide Demand by Application Table - Carbon Dioxide Demand by Application Food Processing Table - Food Processing Applications for Carbon Dioxide Refrigeration Packaging Freezing Supercritical Fluid Extraction Beverage Processing Table - Beverage Processing Applications for Carbon Dioxide Water Treatment Table - Water Treatment Applications for Carbon Dioxide Chemical Processing Table - Chemical Processing Applications for Carbon Dioxide Enhanced Oil Recovery Table - Enhanced Oil Recovery Applications for Carbon Dioxide Welding Table - Welding Applications for Carbon Dioxide Other Table - Other Applications for Carbon Dioxide ARGON General Table - Argon Supply & Demand Shipments & Production Table - Argon Shipments & Production Suppliers & Capacity Chart - US Argon Gas Sales by Company, Pricing Trends Table - Argon Pricing Trends Foreign Trade Table - Foreign Trade in Argon Demand by Application Table - Argon Demand by Application Metal Manufacturing & Welding Table - Metal Manufacturing & Welding Applications for Argon Electronics Table - Electronics Applications for Argon Lighting Table - Lighting Applications for Argon Other Table - Other Applications for Argon X. HELIUM General Table - Helium Supply & Demand Shipments & Production Table - Helium Shipments & Production Suppliers & Capacity Pricing Trends XI. XII. XIII. Table - Helium Pricing Trends Foreign Trade Table - Foreign Trade in Helium Demand by Application Table - Helium Demand by Application Cryogenics Table - Cryogenic Applications for Helium Welding Table - Welding Applications for Helium Chemical Processing Table - Chemical Processing Applications for Helium Electronics Table - Electronics Applications for Helium Other Table - Other Applications for Helium OTHER GASES General Table - Other Gases Supply & Demand Shipments & Production Table - Other Gases Shipments & Production Suppliers & Capacity Pricing Trends Table - Other Gases Pricing Trends Foreign Trade Table - Foreign Trade in Other Gases Demand by Type & Application Table - Other Gases Demand by Type Acetylene Table - Acetylene Demand by Application Chemical Processing Table - Chemical Processing Applications for Acetylene Welding Table - Welding Applications for Acetylene Specialty Gases Table - Specialty Gases Demand by Application Research & Analytical Table - Research & Analytical Applications for Specialty Gases Lighting & Lasers Table - Lighting & Laser Applications for Specialty Gases Other Applications Table - Other Applications for Specialty Gases INDUSTRIAL GAS DEMAND BY REGION General Table - Industrial Gas Demand by Region Northeast Table - Industrial Gas Demand in the Northeast Region by Subregion & Application Middle Atlantic New England Midwest Table - Industrial Gas Demand in the Midwest Region by Subregion & Application East North Central West North Central South 231 Table - Industrial Gas Demand in the South Region by Subregion & Application South Atlantic East South Central West South Central West Table - Industrial Gas Demand in the West Region by Subregion & Application Pacific Mountain INDUSTRY STRUCTURE General Market Share & Industry Concentration Table - Industrial Gas Sales by Company, Chart - US Industrial Gas Sales by Company, Acquisitions & Divestitures Table - Selected Acquisitions & Divestitures Selected Cooperative Agreements Table - Selected Cooperative Agreements Marketing Distribution Chart - Industrial Gas Production by Distribution Method, Competitive Strategies Company Profiles Order form on last page 5

6 Market Environment The Market Environment Section discusses factors influencing industrial gas demand, including pricing and regulatory trends. MARKET ENVIRONMENT This information provides you with an understanding and an analysis of the climate in which the industrial gas industry operates. Environmental & Regulatory Trends Similar to many other sectors within the chemical industry, the US industrial gas industry is subject to various restrictions and guidelines governing the production, exposure, packaging, handling, use and disposal of industrial gas products, both in gaseous and liquid forms. Gases are included with liquid and solids in the SAMPLE PAGE classification of solid waste and must be handled according to regulations from the Environmental Protection Agency (EPA), the Occupational Safety and Health Administration (OSHA), and other federal, state and local agencies. The industrial gases covered in this study (e.g., nitrogen, oxygen, hydrogen, carbon dioxide, helium, argon, acetylene and specialty gases) are subject to varying amounts of regulation depending on their degree of environmental compatibility. Generally, most of these gases are non-toxic, and regulatory controls tend to be greatest around the areas of transportation and usage, where significant precautions are mandated. For instance, permits are typically required for the shipment and storage of pressurized industrial gases. As most gases are shipped at extremely low temperatures, caution must be exercised during handling to avoid burns. Among the major gases, nitrogen, argon and carbon dioxide are considered safe and non-toxic, although extreme care is mandated when these gases replace air in enclosed areas. Inadequate ventilation could result in oxygen depletion and asphyxiation. Oxygen is considered safe and environmentally compatible. Nevertheless, care needs to be taken in its transportation and handling, as oxygen reacts explosively when introduced to oxidizing materials. There are several important exceptions to the above generalizations. Both hydrogen and acetylene face much more intense regulation. Hydrogen is a fire and explosion hazard, and its shipment and handling require extreme care. In addition, hydrogen plants are subject to regulation because methanol is formed as 6 Freedonia Industry Study

7 Overview TECHNOLOGY & MANUFACTURING The Technology and Manufacturing Section analyzes methods of industrial gas production, including cryogenic and noncryogenic air separation. The Overview and Applications Section includes demand trends and the outlook for industrial gas in individual applications, with outlooks to 2004 and This information helps you: Analyze your company's growth potential in the industry. Outline your strategic plans for five and ten years out. Establish sales goals. Noncryogenic Air Separation Noncryogenic air separation methods separate air at ambient temperature on the basis of physical property differences other than boiling points. There are primarily three types of noncryogenic air separation methods: PSA, VPSA and membrane separation. PSA and VPSA are noncryogenic methods of air separation which preferentially retain either nitrogen or oxygen as the basis of their operation. PSA is the most mature of all major noncryogenic technologies. This SAMPLE PAGE method of air separation employs an adsorbent material to separate a particular gas from an air stream. In PSA, the lowest of a series of layered beds is filled with ambient temperature compressed air. The bed begins the process of adsorbing the desired gas, such as nitrogen or oxygen, and allows all other constituents of air to pass through. When the first bed is saturated with adsorbed gases, it switches to the regenerative phase and the next consecutive bed continues the separation process. In a three-vessel configuration, one vessel adsorbs while the other two regenerate, with the compressed air in the adsorbing unit immediately fed into another vessel when it achieves its limit. The first unit then begins the regeneration cycle while the second begins the adsorptive cycle. Early PSA systems suffered from lower purity levels, but this shortcoming has been overcome to an extent with the development of zeolite and carbon molecular sieves (with zeolite used to trap nitrogen and carbon used for oxygen). Although cryogenic systems still offer the highest purity in the industry, this development made PSA systems more competitive with traditional methods, although additional steps are required. For instance, if the customer requires nitrogen comparable to cryogenic grade, residual oxygen in the nitrogen flow can be removed in a Item catalytic de-oxygenation step. Hydrogen is reacted with the residual oxygen in the presence of a catalyst to make water, which is then removed in a dryer. The Refined Products Production (mil bbl) resulting nitrogen contains less than 5 ppm of oxygen. However, further cubic feet gas/bbl refined product Petroleum Refining Applications for Industrial Gases Petroleum Refining Apps (bil cu ft) Hydrogen Oxygen $/000 cubic feet Petroleum Refining Apps (mil $) Hydrogen Oxygen % petroleum refining Total Industrial Gas Demand (mil $) Copyright by The Freedonia Group, Inc. SAMPLE TABLE Order form on last page 7

8 Industrial Gases by Type These Sections analyze trends and consider the threats and opportunities for industrial gases (nitrogen, oxygen, hydrogen, carbon dioxide, argon, helium, plus acetylene and specialty gases). The information presented will help you: Focus your sales and marketing efforts on high growth areas. Propose new areas for development. NITROGEN Demand by Application - Electronics Demand for nitrogen in the electronics industry is forecast to increase 3.2 percent SAMPLE PAGE per year to 156 billion cubic feet in the year 2004, based on healthy growth in the semiconductor industry and subsequent new plant construction activity. Nitrogen demand in the electronics industry is dependent upon its use in electronics components manufacture. In addition, as component performance standards become more stringent, the use of nitrogen atmospheres in processes like soldering is expected to increase, especially as cost-effective programs are offered by suppliers. Nitrogen is used primarily to provide an inert atmosphere during component processing activities. Unlike other electronic chemicals, nitrogen is and will continue to be relatively insulated from some of the cyclicality of the electronics industry. Manufacturing semiconductors and printed circuit boards in an inert nitrogen atmosphere has numerous advantages, including safety issues related to the prevention of fire and explosions, the improvement of product quality and the Beverage Processing Applications for Carbon Dioxide prevention of oxidation. Additionally, the use of a nitrogen blanket reduces the (thousand tons) need for acid flux, which consequently reduces the demand for chlorofluorocarbon cleaning agents. The latter constitutes an important environmental benefit Item and a tangible reason 1989 behind 1994 nitrogen s 1999 popularity 2004 in blanketing 2009applications. Resident Population (million In persons) chip packaging and assembly operations, 272.9nitrogen has a number of uses gallons/capita including sealing of 48.5 hermetic 51.6 packages, 58.6 lead attachment 65.7 and brazing, 73.9 stress SAMPLE TABLE screening and providing an inert atmosphere for soldering processes. Use of a Carbonated Soft Drink Shpts (mil gal) nitrogen atmosphere has been shown to reduce soldering defects caused by tons carbon dioxide/mil gal shpts impurities and thus increase production rates and reduce rework costs. These Beverage Processing Applications factors are especially 730 important 823 with the 1021 growth of 1205 newer small 1425 scale packaging technologies such as flip chip and ball grid array packaging. % beverage processing Copyright by The 14.8 Freedonia 14.6 Group, Inc Total Carbon Dioxide Demand Copyright by The Freedonia Group, Inc. 8 Freedonia Industry Study

9 Industry Structure Sample page from Freedonia Industry Study Gain #1117 a better Fractional understanding Horsepower of your Motors competition and analyze your company's position in the industry with information about: industry concentration & market share INDUSTRY STRUCTURE acquisitions & divestitures cooperative agreements marketing & distribution competitive strategies Marketing Industrial gases are commodity products in that they are not distinguishable among suppliers. As such, the industry has seen an outgrowth of more sophisticated marketing techniques in an attempt to differentiate each company s products, technologies and services in a crowded and competitive marketplace. Traditionally, the marketing of industrial gases has focused on promoting a wide variety of gases for smaller, niche markets (e.g., welding or enhanced oil recovery) and the development of new products and applications (e.g., the SAMPLE PAGE introduction of ultrapure grades of industrial gases for the electronics industry). While the leading gas producers offer a wide range of gas products in a variety of phases and purities, a number of smaller producers have carved out niche markets by pursuing a segmentation or focus approach to the market. One example is the small medical market, which sees significant competition by smaller suppliers. This competitive strategy is often the most profitable for a small company with limited resources trying to compete with multibillion dollar suppliers. By focusing on a specific niche in the complex gas industry, firms can potentially achieve either product differentiation from better fulfilling the needs of the target market, or a low cost position in servicing a particular segment. For the purpose of promoting product lines, advertising is primarily in trade journals such as Chemical Market Reporter, Chemical Week, The Fabricator and Purchasing. Industrial gas suppliers will continue to promote their product lines in traditional manners. However, in order for industrial gas suppliers to differentiate themselves, they are having to rely more heavily on marketing strategies promoting their technologies and services to customers. More specifically, as noncryogenic technologies continue to diffuse through the industrial gas industry, greater emphasis has been placed on equipment specifications and capabilities, and the concomitant services provided by producers supplying and installing the Order form on last page 9

10 Company Profiles The Profiles Section analyzes 22 companies active in the U.S. industrial gas market. These profiles represent a sampling or cross-section of the types of companies involved in the industry. COMPANY PROFILES Divisions, subsidiaries, joint ventures, etc., are discussed under appropriate parent companies. Sources for profiles included: Information provided by key staff members in the respective companies Annual reports 10-K reports Security analysts reports Corporate product literature BOC Group plc Chertsey Road Windlesham, Surrey GU20 6HJ United Kingdom BOC Gases America 575 Mountain Avenue Murray Hill, NJ BOC Group operates in three business segments: Gases and Related Products; Vacuum Technology; and Distribution Services. In May 2000, Air Products and Chemicals (Allentown, Pennsylvania) and L Air Liquide SA (France) terminated their plans to acquire BOC Group due to regulatory difficulties. The Company had FY 1999 sales of $5.4 billion, with sales to the Americas of $1.6 billion. BOC Group employed 42,125 in FY SAMPLE PAGE The Company, which is active in the US industrial gases industry 4 billion Gases and Related Products segment, was the fourth largest supplier of industrial gases to the US in BOC Group s industrial gas activities are known collectively as BOC Gases (United Kingdom). Products include atmospheric and rare gases as well as non-atmospheric gases. BOC Gases atmospheric gases include nitrogen, oxygen and argon. Rare gases encompass neon, krypton and xenon. Nonatmospheric gases from the Company include helium, hydrogen, carbon dioxide (CO2) and special gases. Other products available from BOC are dissolved acetylene, special gases, medical gases, gas mixtures and gaseous chemicals. The company provides gases through four principal methods: on-site services, cylinder sales, distribution of liquid and pipeline supply. In the US, industrial gas Copyright by The Freedonia Group, Inc. 10 Freedonia Industry Study

11 Companies Profiled Air Products and Chemicals Incorporated Chun Wang Industrial Gases Limited Hanyang Technology Sitt Tatt Industrial Gases Solkatronic Chemicals Incorporated TRiMEGA Airgas Incorporated Industrial Oxygen Company Limited AC Industries Incorporated Oxygen Sales & Service Incorporated Puritan-Bennett Corporation Beard Company BOC Group plc Associated Gas Products Borden Chemicals and Plastics LP BP Amoco plc Atlantic Richfield Company Carbide/Graphite Group Incorporated Coastal Corporation DuPont (EI) de Nemours Exxon Mobil Corporation Flo Co2 Incorporated CO2 Associates Incorporated Kinder Morgan Energy Partners LP Shell CO2 Company Limited L Air Liquide SA Air Liquide America Corporation Linde AG AGA AB GRL Industries Incorporated Holox Limited Oxygen Services Incorporated Linweld Incorporated Messer Group Arc Welder Sales & Rental Company Gas Technology and Services MG Industries Incorporated Sterling Compressed Gas Company Millennium Chemicals Incorporated Nippon Sanso Company Limited Matheson Tri-Gas Incorporated Potash Corporation of Saskatchewan Incorporated AC Industries Incorporated PCS Nitrogen Praxair Incorporated Royal Dutch/Shell Group of Companies Equilon Enterprises LLC Scott Specialty Gases Incorporated Order form on last page 11

12 Forecasting Methodology Freedonia does not just collect and reprint data; Freedonia develops data. Our analysts thoroughly investigate an industry by extensively interviewing key industry participants and analyzing information from sources such as associations, government and trade literature. Once this research is complete, Freedonia establishes one set of forecasts. All writing, editing and forecasting is done in-house to assure quality and consistency. In cases where data does not exist, Freedonia develops the data based on input/output ratios, bills of materials and flow charts. The following chart summarizes Freedonia's methodology: The Freedonia Economics Group Consistent framework of economic indicators on... Chemical Product Shipments Gas Enhanced Oil Recovery Gross Domestic Product (GDP)... and many others Freedonia In-house Research Quantitative forecasting Industry structure & market share analyses Product analyses & forecasts Methodology for Industrial Gases Extensive Interviews Key participants Industry experts End-users Proprietary Electronic Database Trade publications Government reports Corporate literature Online databases... and many others 12 Freedonia Industry Study

13 About The Freedonia Group The Freedonia Group, Inc. is a leading international industry study/ database company. Since 1985, Freedonia has published over 1,500 titles covering areas such as chemicals, coatings and adhesives, building materials, plastics, industrial components and equipment, health care, packaging, household goods, security, and many other industries. Freedonia has produced a wide variety of titles, including: Membrane Separation Technologies Specialty Gases Industrial Gas Distributors - Private Companies Report Industrial Water Management Chemicals Because Freedonia is a reliable information source, our forecasts are cited in numerous publications such as The Wall Street Journal, Chemical Week, Chemical Market Reporter and The Financial Times. Advantages of Freedonia Reports In-house operations Because all of our staff work at the same location, interaction between analysts and departments provides a strong system of checks and balances. Consistency Our Economics Group develops indicators that are used by all analysts. Therefore, every Freedonia study is based on a consistent set of economic assumptions (GDP, gas enhanced oil recovery, chemical product shipments, etc.) Reliable forecasts Because all of our forecasts consider the environment in which a product or industry is operating, as well as threats and opportunities to the market, Freedonia forecasts are reliable indicators of future performance. One-on-one interviews All studies are produced by conducting interviews with key industry participants and end-users. Proprietary electronic database Freedonia s analysts can tap into an extensive in-house electronic database containing corporate literature (including private company information), trade publications, government reports and many other sources of information. Order form on last page 13

14 About Our Customers Freedonia's clients include major US and international companies in the manufacturing, services, consulting and financial sectors. Typical purchasers of Freedonia studies : Key Executives Corporate Planners Market Researchers Financial Analysts Information Centers New Product Developers Merger & Acquisition Specialists Since 1985 we have provided research to customers ranging in size from global conglomerates to one person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia research to help with their strategic planning. Some of Freedonia's customers in the industrial gas market include: BP Amoco, Praxair, Air Products & Chemicals, BOC Gases and Air Liquide. 14 Freedonia Industry Study

15 Other Titles From Freedonia For more information about these or other Freedonia titles, please contact us at: The Freedonia Group, Inc. Phone: (440) (800) Fax: (440) Purchase Both Titles and Save $1600! Industrial Gases # / $3,600 Industrial Gas Distributors - Private Companies Report Seven private distributors have industrial gas sales of at least $20 million, the largest of which produces gas while the others are independent distributors. Twenty-three other private distributors have total corporate sales of at least $20 million. This report profiles over 120 privately-held US firms (e.g., Interstate Welding Sales, Linweld, Merriam-Graves, nexair, Norco, Roberts Oxygen, Scott Specialty Gases) and lists them by product and location. The report also forecasts industry demand and reviews acquisitions. # / $3,200 Membrane Separation Technologies Demand for membrane materials in the US will advance nearly 8% annually, driven by expanding use in medical and food processing applications. Demand will also benefit from the ongoing development of new uses (e.g., hazardous waste remediation, air pollution control, radioactive wastewater testing and treatment). This study analyzes the $1.2 billion US membrane separation industry to 2004 and 2009 by type, application and market. It also reviews technology, details market share and profiles key firms. # / $3,500 Oilfield Chemicals Growth in US demand for oilfield chemicals will accelerate at over 7% annually based on a sharp rebound in oil drilling and well completion driven by a spike in oil prices. Other positive factors include the growing importance of offshore drilling, a shift in product mix toward higher value formulations, and continued health in the natural gas industry. This study analyzes the $1.4 billion US oilfield chemicals industry to 2004 and 2009 by product and market. It also profiles key firms and evaluates market shares. # / $3,500 Commercial Refrigeration Equipment US demand for commercial refrigeration equipment will advance nearly 5% annually. Gains will be driven by the growing number of food stores and restaurants-including fast food outlets in venues such as gas stations-which will boost demand for display cases, walk-in coolers, freezers, beverage refrigeration and ice machines. This study analyzes the $7.1 billion US commercial refrigeration equipment industry to 2004 and 2009 by product and by market. It also evaluates market share and profiles key firms. # / $3,500 Total Before Discount $6,800 Less Discount $1,600 Total For Both Titles $5,200 Pulp & Paper Chemicals Dollar growth in US pulp and paper chemical demand will be driven by a shift towards higherpriced specialty products. Volume growth will be impacted by: increasing chemical consumption by papermakers to remain competitive; environmental laws mandating costlier bleaching chemicals; and greater consumption of paper derived from recycled fiber. This study analyzes the US market for pulp and paper chemicals to 2003 and 2008 by product and market. It also evaluates market share and profiles key firms. # / $3,600 Specialty Gases Demand for specialty gases in the US will grow over 6% annually, driven by continuing strong gains in semiconductor markets where gases are used as etchants, cleaning agents and dopants. Laser uses will also boost demand based on the rising popularity of elective surgeries (e.g., vision correction, wrinkle removal) using excimer lasers. This study analyzes the $1.3 billion US market for specialty gases to 2003 and 2008 by type and application. It also presents market share data and profiles key companies. # / $3,400 Order form on last page 15

16 How to Order For more information about our products, please call the Freedonia Customer Service Department at (440) or (800) or fax (440) Ordering Information Fill out the coupon below and mail it to The Freedonia Group, or send your order by fax (440) , or to Handling and Shipping is FREE There is NO charge for handling and shipping. In the US we ship via UPS. Outside the US, we provide free airmail service. If you would like express delivery, we provide this to you at cost. Discounts If your order is accompanied by a check, you may take a 5% cash discount. If you order three (3) separate industry studies and/or private company reports at the same time, you are entitled to a 15% discount. Use Credit Card You may charge your order to either Visa, MasterCard or American Express. Please include your credit card account number, expiration date and your signature. Intranet Licenses Intranet licenses are available for one or more users. For information about obtaining a Freedonia intranet license, contact our customer service department. Orders Outside of the US Checks must be paid in US funds and drawn against a US bank. Wire transfers should be sent to: Fifth Third Bank, Cincinnati, Ohio; The Freedonia Group, Inc.; SWIFT #FTBCUS3C; ABA # ; Account # (please include study number and/or invoice number with all wire transfers). Additional Copies Additional copies are available to original purchasers at $390 per title. Online Access The complete text and tables from our studies and reports can be found on our Web site and through major commercial online vendors. THE FREEDONIA GROUP, INC. 767 Beta Drive Cleveland, OH USA Phone: (440) (800) Fax: (440) Name: Title: Company: Division: Street: City/State/Zip: (no PO Box please) TITLE #1345 Industrial Gases $3,600 #1298 Industrial Gas Distributors - Private Companies Report $3,200 - Discount ($1,600) Total for Both Titles $5,200 Please check method of payment: Total: $ PRICE Enclosed is my check (5% discount) drawn on a US bank and payable to The Freedonia Group, Inc., in US funds. (Ohio residents add 7% sales tax). Bill my company MasterCard Visa American Express Country: Phone: Fax: MO. YR. K-SM.1345 SHIPPING and HANDLING charges are FREE via UPS (USA only) or airmail. Express delivery available at cost. Please inquire. Credit Card # Signature: Expiration Date