World Emulsion Polymers

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

World Economic Outlook

World Demographic Outlook

World Fixed Investment Overview

World Water-Based Paints & Coatings Overview

World Paper & Paperboard Overview

World Adhesives Overview

World Tufted Carpets & Rugs Overview

Emulsion Technology

III. WORLD EMULSION POLYMER DEMAND BY MARKET & REGION

General

Coatings

Paper Coatings

Paints & Coatings

Adhesives

General Purpose Adhesives

Carpet & Rug Backing Adhesives

Other Markets for Emulsion Polymers

Emulsion Polymers Demand by Region

Per Capita Emulsion Polymer Demand

IV. WORLD EMULSION POLYMER DEMAND BY TYPE

General

Acrylics

Acrylic Emulsions -- Demand by Type & Market

Acrylic Emulsions -- Demand by Region

Acrylic Emulsions -- Suppliers & Market Share

Styrene-Butadiene Latex

SB Latex -- Demand by Type & Market

SB Latex -- Demand by Region

SB Latex -- Suppliers & Market Share

Vinyl Acetate Polymers

Vinyl Acetate Polymers -- Demand by Type & Market

Vinyl Acetate Polymers -- Demand by Region

Vinyl Acetate Polymers -- Suppliers & Market Share

Other Emulsion Polymers

Other Emulsions -- Demand by Type & Market

Other Emulsions -- Demand by Region

Other Emulsions -- Suppliers

V. NORTH AMERICA

General

North America -- Emulsion Polymer Demand

North America -- Suppliers & Market Share

United States

United States -- Emulsion Polymer Demand

United States -- Suppliers

Canada

Canada -- Emulsion Polymer Demand

Canada -- Suppliers

Mexico

Mexico -- Emulsion Polymer Demand

Mexico -- Suppliers

VI. WESTERN EUROPE

General

Western Europe -- Emulsion Polymer Demand

Western Europe -- Suppliers & Market Share

France

France -- Emulsion Polymer Demand

France -- Suppliers

Germany

Germany -- Emulsion Polymer Demand

Germany -- Suppliers

Italy

Italy -- Emulsion Polymer Demand

Italy -- Suppliers

Spain

Spain -- Emulsion Polymer Demand

Spain -- Suppliers

United Kingdom

United Kingdom -- Emulsion Polymer Demand

United Kingdom -- Suppliers

Other Western Europe

Other Western Europe -- Emulsion Polymer Demand

Other Western Europe -- Suppliers

VII. ASIA/PACIFIC

General

Asia/Pacific -- Emulsion Polymer Demand

Asia/Pacific -- Suppliers & Market Share

China

China -- Emulsion Polymer Demand

China -- Suppliers

India

India -- Emulsion Polymer Demand

India -- Suppliers

Japan

Japan -- Emulsion Polymer Demand

Japan -- Suppliers

South Korea

South Korea -- Emulsion Polymer Demand

South Korea -- Suppliers

Taiwan

Taiwan -- Emulsion Polymer Demand

Taiwan -- Suppliers

Other Asia/Pacific

Other Asia/Pacific -- Emulsion Polymer Demand

Other Asia/Pacific -- Suppliers

VIII. OTHER REGIONS

Other Regions

Latin America

Latin America -- Emulsion Polymer Demand

Latin America -- Suppliers

Eastern Europe

Eastern Europe -- Emulsion Polymer Demand

Eastern Europe -- Suppliers

Africa/Mideast

Africa/Mideast -- Emulsion Polymer Demand

Africa/Mideast -- Suppliers

IX. INDUSTRY STRUCTURE

General

Market Share

Mergers, Acquisitions & Industry Restructuring

Competitive Strategies

Research & Development

Distribution

Company Profiles

Air Products and Chemicals Incorporated

Air Products Polymers LP, see Air Products and Chemicals

Incorporated and Wacker-Chemie GmbH

American Acryl, see Total SA

Ameripol Synpol Corporation, see International Specialty

Holdings Incorporated

Arch Chemicals Incorporated

Asahi Kasei Corporation

Atofina SA, see Total SA

Avecia Group plc

Avery Dennison Corporation

BASF AG

Borden Chemical Incorporated

Celanese AG

Ciba Specialty Chemicals Holding Incorporated

Clariant International Limited

Cook Composites and Polymers, see Total SA

Cray Valley SA, see Total SA

Cytec Industries Incorporated

Dainippon Ink and Chemicals Incorporated

Dow Chemical Company

Dow Corning Corporation

Dow Reichhold Specialty Latex LLC, see Dainippon Ink

and Chemicals Incorporated and Dow Chemical

Dyflex BV, see Valspar Corporation

Eastman Chemical Company

Emtech Emulsion Technologies Incorporated,

see 3M Company

Engineered Polymer Solutions Incorporated, see

Valspar Corporation

Eni SpA

Henkel KGaA

Imperial Chemical Industries plc

International Specialty Holdings Incorporated

JohnsonDiversey Holdings Incorporated

JSR Corporation

Latexia SA, see Ciba Specialty Chemicals

Holding Incorporated

Loctite Corporation, see Henkel KGaA

Lubrizol Corporation

Mallard Creek Polymers Incorporated, see International

Specialty Holdings Incorporated

National Starch and Chemical Company, see Imperial

Chemical Industries plc

NeoResins, see Avecia Group plc

Noveon Incorporated, see Lubrizol Corporation

OMNOVA Solutions Incorporated

Polimeri Europa SpA, see Eni SpA

PolymerLatex GmbH & Company KG

PolyOne Corporation

Raisio Chemicals Limited, see Ciba Specialty Chemicals Holding

Incorporated

Raisio Group plc

Reichhold Incorporated, see Dainippon Ink and Chemicals

Incorporated

Rhodia SA

Rohm and Haas Company

RohmNova LLC, see OMNOVA Solutions Incorporated

and Rohm and Haas Company

Solutia Incorporated

3M Company

Total SA

UCAR Emulsion Systems, see Dow Chemical Company

UCB SA

Valspar Corporation

Vinamul Polymers, see Imperial Chemical Industries plc

Wacker-Chemie GmbH

Wacker Polymer Systems GmbH & Company KG, see

Air Products and Chemicals Incorporated and

Wacker-Chemie GmbH

ZEON Corporation

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 World Gross Domestic Product by Region

2 World Population by Region

3 World Gross Fixed Investment by Region

4 World Water-Based Paints & Coatings Production by Region

5 World Paper & Paperboard Production by Region

6 World General Purpose Adhesives Demand by Region

7 World Tufted Carpet & Rug Production by Region

SECTION III -- WORLD EMULSION POLYMER DEMAND BY MARKET & REGION

1 World Emulsion Polymer Demand by Market

2 World Coatings Markets for Emulsion Polymers

3 World Paper & Paperboard Coating Markets for Emulsion Polymers

4 World Paints & Coatings Markets for Emulsion Polymers

5 World Adhesives Markets for Emulsion Polymers

6 World General Purpose Adhesives Markets for Emulsion Polymers

7 World Carpet & Rug Backing Adhesives Markets for Emulsion Polymers

8 World Demand for Emulsion Polymers in Other Markets

9 World Emulsion Polymer Demand by Region

10 Per Capita Emulsion Polymer Demand by Region

SECTION IV -- WORLD EMULSION POLYMER DEMAND BY TYPE

1 World Emulsion Polymer Demand by Type

2 World Acrylic Emulsions Demand by Type & Market

3 World Acrylic Emulsions Demand by Region

4 World Styrene-Butadiene Latex Demand by Type & Market

5 World Styrene-Butadiene Latex Demand by Region

6 World Vinyl Acetate Polymer Demand by Type & Market

7 World Vinyl Acetate Polymer Demand by Region

8 World Demand for Other Emulsion Polymers by Type & Market

9 World Demand for Other Emulsion Polymers by Region

SECTION V -- NORTH AMERICA

1 North America -- Emulsion Polymer Demand by Type & Market

2 United States -- Emulsion Polymer Demand by Type & Market

3 Canada -- Emulsion Polymer Demand by Type & Market

4 Mexico -- Emulsion Polymer Demand by Type & Market

SECTION VI -- WESTERN EUROPE

1 Western Europe -- Emulsion Polymer Demand by Type & Market

2 France -- Emulsion Polymer Demand by Type & Market

3 Germany -- Emulsion Polymer Demand by Type & Market

4 Italy -- Emulsion Polymer Demand by Type & Market

5 Spain -- Emulsion Polymer Demand by Type & Market

6 United Kingdom -- Emulsion Polymer Demand by Type & Market

7 Other Western Europe -- Emulsion Polymer Demand by Type & Market

SECTION VII -- ASIA/PACIFIC

1 Asia/Pacific -- Emulsion Polymer Demand by Type & Market

2 China -- Emulsion Polymer Demand by Type & Market

3 India -- Emulsion Polymer Demand by Type & Market

4 Japan -- Emulsion Polymer Demand by Type & Market

5 South Korea -- Emulsion Polymer Demand by Type & Market

6 Taiwan -- Emulsion Polymer Demand by Type & Market

7 Other Asia/Pacific -- Emulsion Polymer Demand by Type & Market

SECTION VIII -- OTHER REGIONS

1 Other Regions -- Emulsion Polymer Demand by Type & Market

2 Latin America -- Emulsion Polymer Demand by Type & Market

3 Eastern Europe -- Emulsion Polymer Demand by Type & Market

4 Africa/Mideast -- Emulsion Polymer Demand by Type & Market

SECTION IX -- INDUSTRY STRUCTURE

1 World Emulsion Polymer Sales by Company, 2003

2 Selected Acquisitions & Divestitures

3 Selected Cooperative Agreements

LIST O F CH ARTS

SECTION IV -- WORLD EMULSION POLYMER DEMAND BY TYPE

1 World Acrylic Emulsion Polymer Market Share by Company, 2003

2 World Styrene-Butadiene Latex Market Share by Company, 2003

3 World Vinyl Acetate Polymer Market Share by Company, 2003

SECTION V -- NORTH AMERICA

1 North America -- Emulsion Polymer Market Share by Company, 2003

SECTION VI -- WESTERN EUROPE

1 Western Europe -- Emulsion Polymer Market Share by Company, 2003

SECTION VII -- ASIA/PACIFIC

1 Asia/Pacific -- Emulsion Polymer Market Share by Company, 2003