Material Sector Business Briefing Performance Polymers SBU September 8, 2016 Asahi Kasei Corp.
2 Contents 1. Overview of Performance Polymers SBU 2. Synthetic rubber business 3. Engineering plastics business
Overview of Performance Polymers SBU
4 Outline of medium ‐ term strategy 1. Expansion of profitable businesses on a global scale Europe: Strengthening business relations with European automotive manufacturers North America/Mexico: Expanding compounding business China: Driving growth through competitive materials ASEAN: Expanding market share in Japanese automotive sector 2. Expansion focused on S ‐ SBR for high ‐ performance and fuel ‐ efficient tires 3. Expansion focused on engineering plastics for automotive applications Sales growth plan (FY2013 = 1.0) 2.5 2.0 1.5 1.0 0.5 0.0 2013 2014 2015 2018 2020 2025 （ FY ）
5 Main products Business Main products Main applications S ‐ SBR (solution ‐ polymerized styrene ‐ High ‐ performance and fuel ‐ efficient tires butadiene rubber) Synthetic Rubber Hydrogenated styrene ‐ butadiene Medical fluid bags, sanitary products thermoplastic elastomer (SEBS and SBBS) Leona polyamide 66 (PA66) Automotive parts, electrical/electronic parts Tenac polyacetal (POM) Automotive parts, office equipment Engineering Plastics Xyron modified polyphenylene ether Automotive parts, solar panels, office (mPPE) equipment Thermylene reinforced polypropylene Automotive parts, furniture (PP) compound
6 Global bases (production, sales, and R&D sites) Michigan Zhangjiagang Shanghai Suzhou Germany* (Asahi Kasei Europe GmbH) Guanzhou Alabama* Hong Kong Vietnam* (new plant) Thailand (new subsidiary) Mexico* Compound plant, polymerization plant Singapore (new subsidiary) (mPPE, S ‐ SBR plants) Technical center, R&D center * New plant/subsidiary in FY15 ‐ 16 Sales & marketing office Tochigi Asahi Kasei Color Tech Co., Ltd. Kawasaki Mizushima Chiba Technical center (POM plant) R&D (engineering plastic) (engineering plastic, synthetic rubber) Kawasaki (synthetic rubber plant) Oita Japan Elastomer Co., Ltd. Nobeoka (PA66 plant)
Synthetic rubber business
8 Synthetic rubber & elastomer products Contributing to life and living around the world with our broad lineup of products based on butadiene and styrene Polybutadiene Solution ‐ polymerized Styrene ‐ butadiene Transparent rubber styrene ‐ butadiene rubber thermoplastic elastomer styrenic resin Asadene Tufdene Tufperene and and and Asaflex Asaprene Asaprene Asaprene T (BR) (S ‐ SBR) (SBS) Introduce styrene Block copolymers Increase styrene content •Functionalization •Hydrogenation •High molecular weight •Functionalization Tuftec Tufdene and and Asaprene S.O.E. (SEBS, SBBS) (S ‐ SBR) Hydrogenated Solution ‐ polymerized SBR styrene ‐ butadiene for silica ‐ compound tires thermoplastic elastomer
9 S ‐ SBR Solution ‐ polymerized styrene ‐ butadiene rubber • There are two types of SBR, E ‐ SBR and S ‐ SBR. Both are used for vehicle tire tread. • Featuring high design flexibility, S ‐ SBR enables various performance criteria for tires to be met. S ‐ SBR is especially suited to high ‐ performance and fuel ‐ efficient tires. S ‐ SBR E ‐ SBR (solution polymerized) (emulsion polymerized) Tread Polymer design High Low flexibility Manufacturers Few Many High ‐ performance and Applications General ‐ purpose tires fuel ‐ efficient tires
10 Tire structure Tread compound technology revolution: Tread from carbon black to silica filler Tread Shoulder Tread SBR, BR, NR Performance criteria Polymers used Belt NR: rigidity, adhesion Fuel efficiency SBR (main polymer) to tire cord Wet grip Natural rubber (NR) Wear resistance High ‐ cis BR Handling stability Carcass NR: rigidity, adhesion to Sidewall tire cord; SBR: hardness → better NR: rigidity; BR: fatigue resistance Bead wire Rolling resistance (fuel efficiency) S ‐ SBR Functionalization Bead functionalized for CB S ‐ SBR NR: rigidity; functionalized SBR: hardness for Si S ‐ SBR Functionalization Medium vinyl S ‐ SBR E ‐ SBR Medium vinyl S ‐ SBR Carbon black (CB) filler Silica (Si) filler Wet grip (handling) → better Dramatic increase in both fuel efficiency and wet grip performance
11 Trends impacting S ‐ SBR demand Tire labeling regulations Demand for higher tire performance Region Evaluation criteria Launch (both fuel efficiency and wet grip) 1. Rolling resistance Japan January 2010 (voluntary) 2. Wet grip EU China 1. Rolling resistance Voluntary from November 2011, Korea 2. Wet grip mandatory from December 2012 Mandatory from November 2012, sale of F 1. Rolling resistance and G rated tires prohibited from November EU 2. Wet grip 2016, stricter rolling resistance standard 3. Noise applied from 2018 1. Rolling resistance Voluntary from September 2016, Japan NEW China 2. Wet grip mandatory from 2019 (planned) 3. Noise 1. Rolling resistance Brazil 2. Wet grip Under study 3. Noise 1. Rolling resistance USA 2. Wet grip Under study Needs for lighter vehicles 3. Wear resistance Improving fuel efficiency of conventional fuel cars Global sales forecast of tires Extending driving range of hybrid/electric cars for passenger cars and light trucks Millions (Asahi Kasei estimate based on a market research report) ↓ 2,400 Lighter weight tire 2,200 2,000 ↓ 1,800 Thinner and longer ‐ life tread 1,600 1,400 ↓ 1,200 Needs for better wear resistance 1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
12 Growth of S ‐ SBR market for tire Global demand forecast for SBR for tires Forecast: Growth of S ‐ SBR demand for tire (excluding tire manufacturers’ captive use) (excluding in ‐ house production by tire manufacturers) Thousand tons Asahi Kasei estimate S ‐ SBR ratio 7,000 25% S ‐ SBR ratio 24% 6,000 S ‐ SBR ratio 21% 5,000 S ‐ SBR ratio 16% 4,000 E ‐ SBR 3,000 S ‐ SBR 2,000 1,000 0 2010 2015 2020 2025 • S ‐ SBR demand growth exceeding that of E ‐ SBR • Asahi Kasei’s global S ‐ SBR sales growth far above overall market growth
13 S ‐ SBR business growth strategy 1. Technological development Continuous R&D to further heighten our original technology to create products that meet customers’ needs and support their development of higher ‐ performance tires 2. Proactive supply capacity expansion Proactive expansion of our production capacity to ensure a stable supply to our customers as demand continues to grow
14 Technology for fuel ‐ efficient tires Cause of energy loss Approach to reducing energy loss Polymer design features ‐ Higher molecular weight (higher shear force) Finer dispersion of filler ‐ Functionalization (functional group introduced) Filler ‐ to ‐ filler interaction (friction between filler particles) ‐ Higher molecular weight (loss of strength suppressed) Reduced filler content ‐ Branched structure (processability improved) ‐ Higher molecular weight Reduced number of free polymer Motion of polymer chain ends chain ends ‐ Narrow molecular ‐ weight distribution (energy lost as heat) Fix free polymer chain ends ‐ Functionalization (functional group introduced) Filler ‐ to ‐ polymer interaction Chemical bond between filler and ‐ Functionalization (functional group introduced) polymer (friction between filler and polymer) Effect of functional groups Silica dispersion Functionalized SBR with silica Regular SBR with silica filler (TEM images) Functionalized SBR H H H H O O H H O O O H H H H O O H H H H H H H H H H O O H H H H H O O O O O O O H H O O Si Si O O Si Si O O H H H Si Si O O Si Si O O Si Si H H Si Si O O S S O O O O i i H H Si Si Interaction O O O O Si Si Si Si SiO 2 - bulk SiO 2 - bulk SiO 2 - bulk S S H H O O i i O O Si Si S S O O O O i i Si Si O O H H Polymer Si Si Si Si O O O O Silica H H Regular SBR Energy loss due to motion Fixed polymer chain ends and of free polymer chain ends better dispersion of silica particles
15 Technical advantages of Asahi Kasei’s S ‐ SBR • S ‐ SBR production technologies are continuous process and batch process. Asahi Kasei focuses on continuous process, which is employed by fewer manufacturers. • Our continuous ‐ process S ‐ SBR, with high molecular weight, contributes to enhanced wet grip, wear resistance, and handling stability. Together with functionalization technology and polymer design technology, we offer high ‐ value specialty products that contribute to overall tire performance. Fuel efficiency Wet grip (low rolling resistance) High molecular Target Continuous process weight Functional Polymer Batch process design -ization Evolution of Asahi Kasei’s S ‐ SBR Wear resistance Handling stability Asahi Kasei’s continuous process Utilizing polymer design, high molecular weight, technology for S ‐ SBR and functionalization technologies to improve the four major performance criteria of tires. Comparison between continuous process and batch process in four major performance criteria ・ 4th Gen. launched in 2012 ・ 3rd Gen. launched in 2015
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