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1404093

無塵室技術:市場佔有率分析、產業趨勢與統計、2024-2029 年成長預測

Cleanroom Technology - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

出版日期: | 出版商: Mordor Intelligence | 英文 129 Pages | 商品交期: 2-3個工作天內

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簡介目錄

去年無塵室技術市場規模為81.7億美元,預計未來五年將達121.1億美元,複合年成長率為7.11%。

無塵室技術-市場-IMG1

主要亮點

  • 各行業對先進無塵室技術的需求日益增加,嚴格的污染控制對於確保產品和工藝的安全性和有效性至關重要,從而有效地監管和最大程度地減少污染,目標是將污染控制在最低限度。這包括精確控制每立方公尺的灰塵、空氣微生物、氣溶膠和蒸發顆粒的水平。
  • 現代無塵室的發展始於第二次世界大戰期間,旨在提高槍支、坦克和飛機生產中使用的儀器的品質和可靠性。在此期間,還開發了 HEPA 過濾器來容納核分裂實驗以及化學和生物戰研究產生的危險放射性物質、微生物和化學污染物。由於 NASA 在 20 世紀 50 年代和 1960 年代的太空旅行計劃,無塵室的發展勢頭強勁。這段時期「層流」概念的提出,標誌著無塵室技術的轉捩點。
  • 值得注意的是,這一概念在 COVID-19 期間的廣泛普及導致了電子製造業的大幅成長,以及製藥業用於疫苗生產的巨額投資。 mRNA 疫苗技術的引入以及 COVID-19 疫苗的核准和生產速度是一項驚人的創新。目前,幾種基於 mRNA 的疫苗正在開發中,但有一個通用是它們都需要無菌處理。此外,疫情增加了對個人防護套件和手套的需求,導致個人防護套件產量增加,並支持了市場成長。
  • 隨著電子產品需求的不斷成長,無塵室技術供應商的業務正在不斷擴張。因此,已開發國家和開發中國家的政府正在做出重大努力,以確保擁有足夠的無塵室來處理所有罕見的國內情況。例如,2022年,美國政府正式通過了2022 CHIPS法案。根據這項法律,美國政府希望美國公司在美國建造用於半導體製造的無塵室,而不是外包給外國無塵室。該法訂定後,外國半導體製造商也計劃在美國新建無塵室,以獲得美國政府資助。
  • 無塵室在各種最終用戶市場中越來越受歡迎,因為需要受控環境來維持高品質的產品。然而,無塵室的建造成本不僅投資非常集中,而且運作成本還取決於所需的空氣交換次數和過濾效率。運作成本非常高,因為無塵室必須始終運作以保持適當的空氣品質。不用說,節能運作和持續遵守無塵室標準使無塵室成為製造技術和實驗室最重要的基礎設施之一。預計這將決定市場的成長。
  • 無塵室已成為製造過程中不可或缺的一部分,特別是在半導體和電子產品製造中,因為它們避免了有害細菌和污染物污染的可能性,並確保在規定的無菌條件下保持清潔。 COVID-19大流行使得對無數消耗品和配置條件的需求變得如此迫切,因此需要將無塵室技術帶到製造業發展的最前沿,使其成為遏制病毒行動的基石。
  • 因此,半導體產業在去年的疫情封鎖令期間強勁成長,原因是遠距工作、遠距學習、遊戲、娛樂和網路購物的增加改變了消費者的習慣,對家用電子電器。這是因為對半導體的需求大大超過了生產。隨著數位化擴展到日常生活的各個方面,對半導體的需求持續飆升,遠遠超過了全球的供給能力。許多全球最大的製造商,例如英特爾和台積電 (TSMC),正在透過增加新的製造商來擴大產能,以滿足這一需求。

無塵室技術市場趨勢

最大的最終用戶是半導體製造

  • 無塵室是半導體製造的重要組成部分,因為該行業嚴重依賴無塵室環境來製造精密的微電子產品。半導體晶片用於各種電腦化設備,從行動電話等家用物品到汽車、國防技術和太空船等複雜機器。半導體晶片採用極為精密的材料製造,形成必須小心操作的精密層。因此,半導體晶片製造、測試和封裝等操作必須在受控的無塵室環境中進行。
  • 半導體無塵室是要求最高的無塵室之一。由於光刻線寬為 0.1 微米或更小,因此這些無塵室通常具有 10 級或 100 級無塵室分類(ISO-4 或 ISO-5)。此外,半導體無塵室有嚴格的溫度和濕度要求。此類無塵室的面積從 500 平方英尺到 500,000 平方英尺不等。通常,ULPA 過濾器用於取代半導體無塵室中的 HEPA 過濾器,以防止最小的亞微米顆粒進入無塵室。 HEPA過濾器可以捕捉99.97%的0.3u的粒狀物,而ULPA過濾器可以捕捉99.999%的0.12u的粒狀物。
  • 由於線寬極細,半導體無塵室製造流程對溫度和濕度的變化極為敏感。半導體無塵室通常需要 +1 華氏度和 +5% 或 10% 相對濕度。這需要為每個房間配備一個帶有加熱和冷卻元件的專用空氣處理器。大多數半導體無塵室都有專用的冷凍和鍋爐來支援 HVAC 系統。此外,在半導體無塵室工作的人員通常穿著兔女郎服、靴子、頭罩、口罩和手套,以防止顆粒進入無塵室。它通過無塵室空氣浴塵室,過濾HEPA過濾的空氣,去除無塵室中附著在衣服外部的顆粒。
  • 此外,全球半導體產業投資的增加也是市場的主要成長要素。例如,2022年8月,美國政府通過了《晶片與科學法案》,旨在提振國內半導體晶片製造。該法案授權為美國半導體製造和研究提供約 520 億美元的政府補貼,並為半導體晶片製造商提供約 240 億美元的投資稅額扣抵。
  • 因此,隨著對奈米技術和半導體的需求增加,引入更先進的無塵室變得有必要。倫斯勒理工學院 (RPI) 在材料、裝置和整合系統中心 (CMDIS) 內提供微奈米製造無塵室(MNCR) 設施,幫助您為該領域的職業生涯奠定堅實的基礎。我們提供 BYOND 計劃適合希望獲得知識和培訓的本科生。
  • 隨著半導體產業大幅擴張並在亞太地區佔據主導地位,預計該地區將為研究市場提供巨大的成長潛力。世界上第一批現代化無塵室設施可以追溯到 20 世紀 60 年代,無塵室設施於 1920 世紀 80 年代引入亞洲發展中國家,包括馬來西亞。
  • 無塵室從美國轉移到亞洲是由於 20 世紀 90 年代半導體和微電子製造業的發展。英特爾、戴爾、摩托羅拉等美國公司在此期間在亞洲設立製造工廠,刺激了亞洲無塵室產業的發展。
無塵室技術-市場-IMG2

預計北美將佔據較大市場佔有率

  • 預計北美在預測期內將出現顯著成長,這主要是由於該地區售後市場銷售的增加以及向改進的定長切割伐木技術的轉變。
  • 這一成長主要歸功於生物技術產業的成長,尤其是與汽車、化學和鋼鐵產業相比,該產業仍然年輕。生物技術產業的發展是一個獨特的故事,但它與美國其他工業部門建立在通用的基礎上。
  • 政府和私人資助的多年研究不斷建立一個不同於世界上任何其他地方的知識庫。透過生物製造,美國各地的永續物質被轉化為新產品,為基於石油的化學品、藥品、燃料、材料等生產提供替代品。
  • 例如,2022 年 9 月,拜登總統簽署了一項關於「推動生物技術和生物製造創新,實現永續、安全和有保障的美國生物經濟」的行政命令 (EO)。在行政命令中,總統概述了基礎和應用研究與開發需求,這些需求將帶來健康、氣候變遷、能源、糧食安全、農業、供應鏈彈性以及國家和經濟安全方面的創新解決方案。透過制定研究議程,我們制定了政府整體推動生物技術和生物製造的願景。
  • 隨著生物技術產業的發展,無塵室技術正在獲得區域參與企業的大量投資。例如,2022 年 11 月,Charles River Laboratoires International, Inc. 宣布擴建其位於田納西州孟菲斯的細胞治療合約開發和製造 (CDMO) 設施。擴建後的空間適用於臨床和商業細胞治療製造,另外還有 9 間最先進的加工套件和 16 間無塵室。
  • 此外,區域國家對加強晶片製造並透過人工智慧、5G和量子運算等未來戰略技術支持美國寄予厚望,這些技術將決定未來幾十年的全球經濟和軍事領導地位。根據半導體產業協會的一份新報告,美國政府將扭轉美國晶片製造業長達數十年的下滑軌跡,加強國家安全,使供應鏈更具彈性,並使美國成為全球領先的半導體製造商。使其成為最具吸引力的地點之一的戰略機會。隨著各公司宣布計劃在未來幾年擴大北美無塵室技術市場的規模,這種成長預計將為北美無塵室技術市場帶來廣泛的吸引力。

無塵室技術產業概況

在無塵室技術市場,無塵室設備產業的分散化導致競爭企業之間競爭激烈,許多廠商爭奪市場佔有率。在這些供應商中,特別是在消耗品領域,為了佔領很大一部分市場,競爭非常激烈。該領域的主要企業包括M+W Group GmbH、Azbil Corporation、Taikisha Global Limited、Kimberly Clark Corporation、Ardmac Ltd等。

2023年5月,專注於高科技設施的知名EPC(工程、採購和施工)公司ExyteSingapore榮獲久負盛名的SBR國際商業獎工業建築類別獎項。該獎項表彰了該公司在為新加坡半導體公司 WorldFoundries (GF) 設計和建造新工廠方面的傑出表現。該最先進的設施包括 23,000平方公尺的無塵室空間、中央公共產業大樓 (CUB) 和行政辦公室。具備年產45萬片晶圓(300mm)的生產能力。完工後,格芯新加坡工廠的年產能將達到約 150 萬件(300 毫米)。

同月,位於泰國春武里府的生產子公司阿自倍爾生產(泰國)宣布建設計畫一座新工廠大樓。主要目的是加強AZBIL的全球生產體系並支持海外企業發展。隨著阿自倍爾集團擴大海外業務,預計需求將增加,新工廠將提高產能,並能夠生產更廣泛的產品。它還將滿足阿自倍爾集團海外客戶的各種產品的先進生產需求。

其他福利

  • Excel 格式的市場預測 (ME) 表
  • 3 個月分析師支持

目錄

第1章簡介

  • 研究假設和市場定義
  • 調查範圍

第2章調查方法

第3章執行摘要

第4章市場洞察

  • 市場概況
  • 產業吸引力-波特五力分析
    • 供應商的議價能力
    • 買方議價能力
    • 新進入者的威脅
    • 替代品的威脅
    • 競爭程度
  • COVID-19 對市場的影響

第5章市場動態

  • 市場促進因素
    • 主要市場生物技術和醫療保健支出的整體成長
    • 嚴格的政府法規和對優質產品的需求
  • 市場挑戰
    • 安裝成本、維修成本高且缺乏技術純熟勞工

第6章市場區隔

  • 按成分
    • 設備類型
      • 無塵室空氣浴塵室室
      • 暖通空調系統
      • 層流系統
      • 高效過濾器
      • 乾燥櫃
      • 風扇過濾單元
    • 消耗品種類
      • 服裝類
      • 手套
      • 擦拭巾
      • 真空系統
      • 消毒劑
      • 其他消耗品
  • 按最終用戶
    • 製藥
    • 生物技術
    • 醫療設備
    • 醫院
    • 半導體製造
    • 其他最終用戶
  • 按地區
    • 北美洲
    • 歐洲
    • 亞太地區
    • 其他地區(拉丁美洲和中東非洲)

第7章競爭形勢

  • 公司簡介
    • M+W Group
    • Azbil Corporation
    • Taikisha Global Limited
    • Kimberly Clark Corporation
    • Ardmac Ltd
    • Ansell Limited
    • Clean Air Products
    • Labconco Corporation

第8章投資分析

第9章 市場機會及未來趨勢

簡介目錄
Product Code: 56224
Cleanroom Technology - Market - IMG1

The cleanroom technology market was valued at USD 8.17 billion the previous year and is expected to register a CAGR of 7.11%, reaching USD 12.11 billion by the next five years.

Key Highlights

  • Due to the increasing demand for advanced cleanroom technology across various industries where stringent contamination control is vital for ensuring product and process safety and effectiveness, the objective is to effectively regulate and minimize contamination. This involves maintaining precise control over the levels of dust, airborne microorganisms, aerosols, and vaporized particles on a per-cubic-meter basis.
  • Development of the modern, clean room began during the Second World War to improve the quality and reliability of instrumentation used in manufacturing guns, tanks, and aircraft. During this time, HEPA filters were also developed to contain the dangerous radioactive, microbial, or chemical contaminants that resulted from experiments into nuclear fission, as well as research into chemical and biological warfare. The evolution of clean rooms gained momentum as a result of NASA's space travel program in the 1950s and 1960s. It was during this time that the concept of 'laminar flow' was introduced, which marked a turning point in clean room technology.
  • Notably, this concept gained wide popularity during COVID-19 owing to the significant rise in electronics manufacturing along with huge investment in the pharmaceutical industry for vaccine production. The introduction of mRNA vaccine technology and the speed with which the COVID-19 vaccines were approved and manufactured stand out as amazing innovations. Right now, there are several mRNA-based vaccines in the pipeline, and one thing that all of them have in common is the need for sterile processing. Moreover, the pandemic increased demand for PPE kits and gloves, which has led to increased production of PPE kits, thereby assisting the market growth.
  • With the growing demand for electronics, cleanroom technology providers are witnessing increased business. As a result of this, governments from developed and developing nations are significantly working towards securing ample cleanrooms to handle any scarce situation domestically. For instance, the 2022 CHIPS Act was officially passed by the US government in 2022. Under this act, the US Government wants US companies to build cleanrooms in the USA for semiconductor manufacturing instead of outsourcing to cleanrooms in foreign countries. After introducing this act, foreign semiconductor manufacturers have also been planning new US-based cleanrooms to get US government funding.
  • Cleanrooms are gaining popularity in various end-user markets as a controlled environment has become a necessity for maintaining high-quality products. However, the cost of a cleanroom is not only extremely investment-intensive to build, but operational costs can also depend on the number of required air exchanges and filtration efficiency. The operation can be extremely costly, as maintaining the appropriate air quality means the room has to be in constant operation. Not to mention, energy-efficient operation and continuous adherence to cleanroom standards make a cleanroom one of the most important infrastructures for manufacturing technology and laboratories. This is expected to challenge the market's growth.
  • Cleanrooms have been deeply established as an integral part of manufacturing processes, especially in semiconductor and electronics manufacturing, as cleanliness can be ensured in their regulated and sterile conditions, avoiding possible contamination by harmful bacteria and pollutants. The COVID-19 pandemic rendered the need for a myriad of supplies and set conditions so severe that cleanroom technology had to be brought to the forefront of manufacturing development, serving as a foundation for action in keeping the virus at bay.
  • Thus, the significant boost in the semiconductor industry boosted by last year's pandemic lockdown orders as changing consumer habits, driven by the rise in remote work, distance learning, gaming, entertainment, and internet shopping - significantly increased demand for consumer electronic devices to the point that demand for semiconductors far outpaced production. Demand for semiconductors continues to surge far beyond the global capacity for supply as digitization expands into every facet of daily life. Many of the world's largest fabricators, like Intel and the Taiwan Semiconductor Manufacturing Company (TSMC), are expanding capacity with new fabrication facilities to satisfy that demand, which has positively impacted the market studied.

Cleanroom Technology Market Trends

Semiconductor Manufacturing to be the Largest End User

  • Cleanrooms are a necessary part of semiconductor manufacturing as this industry relies heavily on cleanroom environments to manufacture sensitive microelectronics. Semiconductor chips are utilized in every computerized device - from household objects like cell phones to complex machines such as vehicles, defense technology, or spacecraft. They are produced using highly sensitive materials to create delicate layers that must be worked on carefully. Thus, tasks like semiconductor chip manufacturing, testing, and packaging must be carried out in a controlled cleanroom environment.
  • Semiconductor cleanrooms are amongst the most demanding cleanrooms. As photolithography linewidths go below 0.1 microns, these cleanrooms are usually class 10 or 100 cleanroom classification (ISO-4 or ISO-5). Additionally, semiconductor cleanrooms have tight temperature and humidity requirements. Such cleanrooms can vary in size from 500 SF to 500,000 SF; usually, semiconductor cleanrooms use ULPA filters instead of HEPA filters to prevent even the smallest submicron particles from entering the cleanroom. While HEPA filters can catch 99.97% of particles at 0.3u, ULPA filters can catch 99.999% at 0.12u.
  • Owing to extremely fine linewidths, the manufacturing processes in semiconductor cleanrooms are highly sensitive to temperature and humidity variations. Typically, semiconductor cleanrooms need +1 degrees Fahrenheit and +5% or 10% relative humidity. This requires dedicated air handlers for each room with hot and cold elements. Most semiconductor cleanrooms have dedicated chillers and boilers to support the HVAC system. Furthermore, personnel working in semiconductor cleanrooms usually wear bunny suits, booties, hoods, masks, and gloves to prevent particles from entering the cleanroom. After garbing up, the personnel often pass through a cleanroom air shower, which blows them off with HEPA-filtered air to remove any particles on the outside of their cleanroom garments.
  • Furthermore, the growing investments in the semiconductor industry around the world are a key growth driver for the market. For instance, in August 2022, the United States government passed the CHIPS and Science Act aimed at boosting semiconductor chip manufacturing in the country. It authorized around USD 52 billion in government subsidies for semiconductor manufacturing and research in the US and an estimated USD 24 billion in investment tax credits for semiconductor chip manufacturers.
  • Due to this, the growing demand for nanotechnology and semiconductors necessitates implementing more sophisticated cleanroom procedures. Rensselaer Polytechnic Institute (RPI) provides the Micro and Nanofabrication Clean Room (MNCR) facility, housed within the Center for Materials, Devices, and Integrated Systems (CMDIS), which offers the BYOND program to undergraduate students seeking to establish a solid foundation and acquire training for a career in this field.
  • With the semiconductor industry expanding significantly and its dominance in the APAC region, the region is expected to provide significant potential growth to the studied market. The first modern cleanroom facility globally can be dated back to the 1960s, and the cleanroom facility was introduced to developing Asia, including Malaysia, in the 1980s.
  • Cleanroom shifted from the US to Asia in the 1990s due to the growth of semiconductor and microelectronics manufacturing industries. US companies such as Intel, Dell, Motorola, etc. established their manufacturing facilities in Asia during that period, which has driven the growth of the cleanroom industry in Asia.
Cleanroom Technology - Market - IMG2

North America is Expected to Hold Significant Market Share

  • It is anticipated that North America will experience significant growth during the projected period, primarily due to the rising aftermarket sales and the shift towards modified cut-to-length logging techniques in the region.
  • This growth is largely attributed to the growing biotechnology industry, which is still young, especially compared with the automotive, chemical, and steel industries. The growth of the biotechnology industry is a unique story, and yet it rests on foundations common to other segments of American industry.
  • Years of research, both government-funded and privately funded, continue to provide a knowledge base unequaled in the world. Through biomanufacturing, sustainable biomass across the United States has been converted into new products and provides an alternative to petroleum-based production for chemicals, medicines, fuels, materials, and more.
  • For instance, in September 2022, President Biden signed an Executive Order (EO) on 'Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy.' In the EO, the President laid out his vision for a whole-of-government approach to advance biotechnology and biomanufacturing by creating a research agenda that outlines the foundational and use-inspired R&D needs that will lead to innovative solutions in health, climate change, energy, food security, agriculture, supply chain resilience, and national and economic security.
  • With the growing biotechnology sector, cleanroom technology has seen significant investment from the regional players. For instance, in November 2022, Charles River Laboratoires International, Inc. announced the expansion of its cell therapy contract development and manufacturing (CDMO) facility in Memphis, Tenn. The expanded space is suitable for clinical and commercial cell therapy manufacturing, with an additional nine (9) state-of-the-art processing suites, adding to 16 cleanrooms.
  • Furthermore, the regional countries are largely looking forward to strengthening chip manufacturing, which is expected to help America with the strategic technologies of the future, including AI, 5G, quantum computing, and more, that will determine global economic and military leadership for decades to come. According to a new report by the Semiconductor Industry Association, the US government has a strategic opportunity to reverse the decades-long trajectory of declining chip manufacturing in America, strengthen national security, make supply chains more resilient, and make the country one of the most attractive places in the world to produce semiconductors. This growth is expected to provide a wide share of traction to the North American cleanroom technology market as the companies have announced their plans to majorize the region in the upcoming few years.

Cleanroom Technology Industry Overview

In the cleanroom technology market, intense competitive rivalry prevails due to the fragmentation of the cleanroom equipment industry, with numerous vendors vying for market share. Among these vendors, especially in the consumable segments, fierce competition is evident as they seek to capture a larger portion of the market. Key players in this sector include M+W Group GmbH, Azbil Corporation, Taikisha Global Limited, Kimberly Clark Corporation, Ardmac Ltd, and more.

In May 2023, ExyteSingapore, a renowned Engineering, Procurement, and Construction (EPC) firm specializing in high-tech facilities, received the prestigious SBR International Business Award in the Industrial Construction category. This accolade recognizes the company's exceptional execution in designing and constructing a new facility for GlobalFoundries (GF), a semiconductor company in Singapore. The state-of-the-art facility spans 23,000 sqm of cleanroom space and includes a Central Utility Building (CUB) and administrative offices. It will have the capacity to produce 450,000 wafers (300mm) annually. Upon completion, GF's Singapore site will boast a total capacity of around 1.5 million wafers (300mm) per year.

In the same month, Azbil Production (Thailand) Co. Ltd., a production subsidiary located in Chonburi, Thailand, announced plans to construct a new factory building. The primary aim of this expansion is to fortify the company's global production system, supporting overseas business development. The new facility will enhance production capacity and enable the manufacture of a broader range of items in anticipation of rising demand as Azbil Group's overseas business continues to grow. Additionally, it will cater to the needs of the Group's overseas customers for advanced production of various products.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Buyers
    • 4.2.3 Threat of New Entrants
    • 4.2.4 Threat of Substitutes
    • 4.2.5 Degree of Competition
  • 4.3 Impact of COVID-19 on the Market

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Overall Growth in Biotechnology and Healthcare Spending in Major Markets
    • 5.1.2 Stringent Government Regulations and Demand for Quality Products
  • 5.2 Market Challenges
    • 5.2.1 High Installation, Maintenance Costs, and Lack of Skilled Workforce

6 MARKET SEGMENTATION

  • 6.1 By Component
    • 6.1.1 Type of Equipment
      • 6.1.1.1 Cleanroom Air Showers
      • 6.1.1.2 HVAC Systems
      • 6.1.1.3 Laminar Air Flow Systems
      • 6.1.1.4 High Efficiency Filters
      • 6.1.1.5 Desiccator Cabinets
      • 6.1.1.6 Fan Filter Units
    • 6.1.2 Type of Consumable
      • 6.1.2.1 Apparels
      • 6.1.2.2 Gloves
      • 6.1.2.3 Wipes
      • 6.1.2.4 Vacuum Systems
      • 6.1.2.5 Disinfectants
      • 6.1.2.6 Other Types of Consumables
  • 6.2 By End-User
    • 6.2.1 Pharmaceutical
    • 6.2.2 Biotechnology
    • 6.2.3 Medical Devices
    • 6.2.4 Hospitals
    • 6.2.5 Semiconductor Manufacturing
    • 6.2.6 Other End-Users
  • 6.3 By Geography
    • 6.3.1 North America
    • 6.3.2 Europe
    • 6.3.3 Asia Pacific
    • 6.3.4 Rest of the World (Latin America and Middle East and Africa)

7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 M+W Group
    • 7.1.2 Azbil Corporation
    • 7.1.3 Taikisha Global Limited
    • 7.1.4 Kimberly Clark Corporation
    • 7.1.5 Ardmac Ltd
    • 7.1.6 Ansell Limited
    • 7.1.7 Clean Air Products
    • 7.1.8 Labconco Corporation

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS