Characteristics of the liquid crystals market
Walter Galinat (President of Merck Performance Materials)
Additional info: http://www.merckgroup.com/en/investors/information_day_LC_OLED.html
Strong second quarter
- Life Science and Healthcare post strong organic growth
- Organic sales growth in all regions
- Profitability rises thanks to growth and Sigma-Aldrich synergies
- Integration of Sigma-Aldrich on track
- Merck raises sales and earnings forecast for 2016 thanks to good business performance
Here you will find further detailed information from the Interim Financial Report as of August 06, 2015. Including:
Executive summary
Financial review
Outlook and guidance
Merck & co., inc. barclays final 3-10-2015Marcel Brussee
What does Merck's $10B buyback plan say about pharma M&A?
Adding $10 billion to its stock buyback program might mean Merck & Co. ($MRK) wants to keep investors happy as its sales continue to shrink. That would be the typical explanation. But The Wall Street Journal sees a different possibility--one the rest of the industry might want to pay attention to.
Source: http://www.fiercepharma.com/story/what-does-mercks-10b-buyback-plan-say-about-pharma-ma/2015-03-26?utm_campaign=SocialMedia
This research service provides an in-depth analysis of the global pharmaceutical contract manufacturing market with particular focus on the finished dose formulations such as solid, liquid and semi-solid, and injectable dose formulations. Segment analysis, trends and revenue forecast for the global, U.S. and European regions have been provided in detail. Strategic recommendations for the success of market participants have also been discussed.
LCDs – a high hurdle for new large display technologies (A Deep Dive into Mer...Merck
LCDs – a high hurdle for new large display technologies
Thomas Kietzke (Director Strategy and Market Intelligence)
Additional info: http://www.merckgroup.com/en/investors/information_day_LC_OLED.html
OLED and Merck’s respective position (A Deep Dive into Merck's LC & OLED Busi...Merck
OLED and Merck’s respective position
Udo Heider (Vice President OLED)
Additional info: http://www.merckgroup.com/en/investors/information_day_LC_OLED.html
Paints and coatings Global Market provides strategists, marketers and senior management with the critical information they need to assess the global paints and coatings sector.
Strong second quarter
- Life Science and Healthcare post strong organic growth
- Organic sales growth in all regions
- Profitability rises thanks to growth and Sigma-Aldrich synergies
- Integration of Sigma-Aldrich on track
- Merck raises sales and earnings forecast for 2016 thanks to good business performance
Here you will find further detailed information from the Interim Financial Report as of August 06, 2015. Including:
Executive summary
Financial review
Outlook and guidance
Merck & co., inc. barclays final 3-10-2015Marcel Brussee
What does Merck's $10B buyback plan say about pharma M&A?
Adding $10 billion to its stock buyback program might mean Merck & Co. ($MRK) wants to keep investors happy as its sales continue to shrink. That would be the typical explanation. But The Wall Street Journal sees a different possibility--one the rest of the industry might want to pay attention to.
Source: http://www.fiercepharma.com/story/what-does-mercks-10b-buyback-plan-say-about-pharma-ma/2015-03-26?utm_campaign=SocialMedia
This research service provides an in-depth analysis of the global pharmaceutical contract manufacturing market with particular focus on the finished dose formulations such as solid, liquid and semi-solid, and injectable dose formulations. Segment analysis, trends and revenue forecast for the global, U.S. and European regions have been provided in detail. Strategic recommendations for the success of market participants have also been discussed.
LCDs – a high hurdle for new large display technologies (A Deep Dive into Mer...Merck
LCDs – a high hurdle for new large display technologies
Thomas Kietzke (Director Strategy and Market Intelligence)
Additional info: http://www.merckgroup.com/en/investors/information_day_LC_OLED.html
OLED and Merck’s respective position (A Deep Dive into Merck's LC & OLED Busi...Merck
OLED and Merck’s respective position
Udo Heider (Vice President OLED)
Additional info: http://www.merckgroup.com/en/investors/information_day_LC_OLED.html
Paints and coatings Global Market provides strategists, marketers and senior management with the critical information they need to assess the global paints and coatings sector.
Thin Film Semiconductor Deposition Market to Reach $22 Billion, Globally, by ...Allied Market Research
According to a new report published by Allied Market Research, titled, Thin Film Semiconductor Deposition Market- Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the global thin film semiconductor deposition market is expected to garner $22 billion by 2022, growing at a CAGR of 14% from 2016 to 2022.
Thin films are extensively used in applications such as DRAM, solar panels, and flexible OLED & AMOLED displays. Moreover, increase in demand for efficiency and circuit miniaturization has supplemented the growth of TFS deposition market.
Thin film deposition technology is bifurcated into three types that include, chemical vapor deposition (CVD), physical vapor deposition (PVD), and others. Among all, CVD technology holds a significant revenue share in the world TFS deposition market, owing to its low manufacturing cost, comparatively easier manufacturing process, and extensive use in fastest growing photovoltaic technology. In addition, CVD technology is expected to witness the fastest growth during the forecast period, with a CAGR of 14.7%. The growth would be driven by increase in demand of microelectronic components, electronic devices, and its expanding usage in sensors for smartphones which are growing rapidly across the globe.
PVDF Membrane Market by Type (Hydrophilic, Hydrophobic), Technology, Application (General Filtration, Sample Preparation, Bead-based Assays), End-use Industry (Biopharmaceutical, Industrial, Food & & Beverage), and Region
Green Hydrogen Market Industry Trends Share & Size - Recent Developments.pptxKailas S
Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar),End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection) and Region (North America, Europe, APAC, MEA, & Latin America)
Microdisplays Market - Witness vigorous expansion by 2025Arushi00
The transition of the display industry from cathode ray tube (CRT) to organic light emitting diodes (OLED) has been crucial in boosting the demand for microdisplay technology.
Markets and Opportunities for Transparent Displays: 2014 to 2021 Chapter 1n-tech Research
NanoMarkets believes that the market for transparent displays is about to expand dramatically. “Smart glasses,” such as Google Glass and Augmented Reality (AR) applications have focused attention on displays that can simultaneously display information and function as windows on the real world.
Display firms have begun to respond to these major trends with novel types of transparent displays. To do so they have had to invent new technologies. Transparent TFTs are especially challenging, with the most likely material solution being ZnO, though other options are possible. Hiding backlighting in transparent LCDs is also an issue, creating opportunities for transparent OLED displays; but these have their own challenges too.
In this report, NanoMarkets identifies where the revenues will be generated by transparent displays over the next eight years. In addition to leading edge applications such as smart glasses and AR, this report also considers near-term applications for transparent displays in more mundane applications such as retail and automotive.
This report is designed to be a guide to how transparent displays will be commercialized and provides both a roadmap to how the transparent display market will evolve and an assessment of the latest transparent display technology.
And in addition to granular eight-year forecasts of the transparent display market, this report also discusses the product/market strategies of transparent display makers, both large and small.
OLED Materials Market by Product Type, Distribution Channel, End User 2024-2032IMARC Group
The global OLED materials market size reached US$ 24.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 128.1 Billion by 2032, exhibiting a growth rate (CAGR) of 19.6% during 2024-2032.
More Info:- https://www.imarcgroup.com/oled-materials-market
The physical vapor deposition (PVD) equipment market is projected to register at a CAGR of 8.9% during the forecast period (2018 - 2023).
The scope of the report includes insights about several products offered by major players. The end user segment comprises of microelectronics, storage equipment, cutting tools, solar products, and medical equipment. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Physical vapor deposition (PVD) is a vacuum coating process, in which, the surfaces of various products, such as microelectronics, cutting tools, storage devices, medical equipment, solar products, etc., are coated with materials to form a thin protective film. With increasing demand for durable consumer electronics, the demand for PVD coatings has sky rocketed in the past four years, leading to increased demand for PVD equipment.
Get Latest Market Research Report from Mordor Intelligence: http://bit.ly/2sLjrRG
Navigating IT Procurement in a Perfect StormMarkit
Covid-19 and a horrific European conflict have clearly demonstrated the difficulties of business planning in the face of intensely fluid and unpredictable scenarios.
Add the rising pressure to meet climate protection targets set by the Paris Agreement, and it is inevitable that business leaders, including procurement decision makers, have some tough calls to make in the coming months and even years.
Do unprecedented, complex challenges for IT procurement arising from conflict, Covid-19, and climate change require a re-evaluation of IT vendor selection processes?
And what can suppliers do to help?
China's chemical market is the world's largest which currently faces production overcapacity, slow growth of local demand, and high competition intensity. In this white paper, Solidiance addresses the questions on how to grow and maintain market position as many emerging competitors are moving up to the value chain through product upgrade, continuous innovation, and business expansion.
The answers are “The New Chemical Era in China” which will come up as the phenomenon resulting from the ability of different chemical companies to create their market identities to gain competitiveness.
This phenomenon is expected to gradually open new opportunities in development of different industry sectors, such as automotive, energy, construction, as well as electrical & electronic (E&E).
Hydrogen Energy Storage Market PPT 2022: Size, Growth, Demand and Forecast t...IMARC Group
According to the latest report by IMARC Group, the global hydrogen energy storage market size reached US$ 16.73 Billion in 2021.Hydrogen energy storage, or HES, refers to chemical energy storage that involves converting electrical power into hydrogen. The surplus of energy produced by renewables during low energy demand is used to power the electrolysis process to generate hydrogen, which can be used in combustion engines or fuel cells.
Dicyclopentadiene Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and...IMARC Group
The global dicyclopentadiene market size reached US$ 820.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,220.0 Million by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
More Info:- https://www.imarcgroup.com/dicyclopentadiene-market
Liquid Crystal On Silicon (LCoS) Displays Market Scope and Growth Prediction ...hazelbrubaker
This report focuses on the global Liquid Crystal On Silicon (LCoS) Displays Market Report provides complete information about manufacturers, suppliers, distributors, traders, customers, investors and major types as well as applications. Liquid Crystal On Silicon (LCoS) Displays Market report provides an in-depth overview of Product Specification, product type and production analysis considering major factors such as Revenue, Cost, Gross and Gross Margin.
Liquid crystal on silicon (LCoS or LCOS) is a miniaturized reflective active-matrix liquid-crystal display or “microdisplay” using a liquid crystal layer on top of a silicon backplane. It is also referred to as a spatial light modulator.
Liquid Crystal on Silicon (LCoS) is a newest display technology with a rapidly growing market. LCoS is used in several industries like entertainment, medical, defense, automation etc. Other display technologies like LCD and DLP are major competitors for LCoS technology. Widely accepted in projectors, LCoS provides the best quality output. Display applications like Head-Up Display (HUD) and Head-Mounted Display (HMD) are growing markets for LCoS products. HMDs are used in the defense for training simulations and in many other applications. HUDs are used in the aircrafts, simulation & training centers and automotive industry.
Similar to Characteristics of the liquid crystals market (A Deep Dive into Merck's LC & OLED Business) (20)
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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Characteristics of the liquid crystals market (A Deep Dive into Merck's LC & OLED Business)
1. Characteristics of the liquid crystals market
Merck Information Day 2013 – A Deep Dive into Merck’s LC&OLED Business
Walter Galinat
President of Performance Materials
Darmstadt, Germany – June 26, 2013
2. Remarks
All comparative figures relate to the corresponding last year’s period.
Important information
This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the
United States. The shares referred to herein have not been and will not be registered under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration under the
Securities Act or an available exemption from such registration.
Note regarding forward-looking statements
The information in this document may contain “forward-looking statements”. Forward-looking statements may be identified
by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar
meaning and include, but are not limited to, statements about the expected future business of Merck KGaA resulting from
the proposed transaction. These statements are based on the current expectations of management of Merck KGaA and E.
Merck KG, and are inherently subject to uncertainties and changes in circumstances. Among the factors that could cause
actual results to differ materially from those described in the forward-looking statements are factors relating to satisfaction of
the conditions to the proposed transaction, and changes in global, political, economic, business, competitive, market and
regulatory forces. Merck KGaA and E. Merck KG do not undertake any obligation to update the content of this presentation
and forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.
All trademarks mentioned in the presentation are legally protected.
Disclaimer
3. Basics of liquid crystals and the display industry
Market, customers and competitors
Key products
Supply chain
Conclusion
Agenda
4. 4
Basic setup of a liquid crystal display
Backlight (LED) as white light source
Liquid crystals layer modulates light
intensity by changing molecular
orientation under applied voltage
Color created by color filters
Business drivers
Liquid crystals enable
revolutionary developments in
the business environment and
consumer electronics
Liquid crystal panel structure
Polarizer
Glass substrate
ITO film
Liquid crystal
ITO film
Glass substrate
Polarizer
Unpolarized
white light
TFT
Orientation film
Color filter
Orientation film
Acronyms: TFT = Thin-Film Transistor; ITO = Indium Tin Oxide; LED = Light-Emitting Diode
5. 5
Liquid crystals: The decisive element of a display
but with low share of module cost
Liquid crystals determine device
performance
Contrast
Viewing angle
Response time
Transmission (energy use)
Reliability
Business driversCost structure of a liquid crystal display
~2-3% Liquid crystals
Glass and
Color-filter
Printed
circuit board
Labor Backlight
Others
Driver
liquid crystal
Polarizer
Chemical
Liquid crystals make up only
~2-3% of panel costs but are
most critical performance
component
Source: DS Cost Report Q4 2012 (40” FHD 120Hz TV Module)
3
6. Basics of liquid crystals and the display industry
Market, customers and competitors
Key products
Supply chain
Conclusion
Agenda
7. 7
TV displays dominate the liquid crystals market and
are its most prominent growth driver
Growth dominated by TVs
Home cinema: increase of TV sizes
TV display surface expected to grow
visibly over next years
LCD area determines liquid crystal
growth
CRT1
replacement by liquid crystal
displays
Business Drivers
TVs are the dominant
demand driver for liquid crystals
LCD area demand by application, display area [km2]
64%
10%
14%
Source: DisplaySearch Q1’13;
1
Cathode ray tube; Others include: mobile phones, public displays, car navigation and others
CompetitorsCustomersMarket
113km2
141km2
179km2
2010 2013E 2017E
Desktop Monitor Mobile PC Others LCD TV
12%
8. 8
TV size increase leads to overproportionate demand
increase for liquid crystals
Average TV size in inchIncreasing area requires more LC material
Trend toward bigger TV sizes drives liquid crystal demand
2006 2013E
36”: current
average diameter
3.5% CAGR
+
36” diameter
6% more
liquid crystals
1 inch
=
CompetitorsCustomersMarket
29”
37”
9. 9
TV replacement cycles are getting shorter, driving
liquid crystals demand
Average TV replacement cycles
CompetitorsCustomersMarket
Source: DisplaySearch 2012
0
2
4
6
US UK China-Rural China-Urban
Age of TVs replaced in 2011 Age of TVs replaced in 2012E
[years]
10. 10
The liquid crystal market is attractive despite
its potential volatility
Market volatility
Multi-step supply chain from Merck to the consumer
Downstream inventories driven by seasonal as well as one-time events and
revolutions in technology
Seasonal events: Christmas, Chinese New Year
Examples of one-time events: Olympics, World Soccer events, etc.
Market attractiveness
Innovation-driven
Fast moving
Highly concentrated
High margins
Solid underlying growth trends
Constantly new applications
Attractive growing market with volatility but underlying strength
CompetitorsCustomersMarket
11. “Panel makers”
Small- / medium-
size panels
Large size panels
Focus LCD panel
market entry
Local Global
Sakai Display Products
11
Merck customers: All have strong capabilities in
liquid crystal displays
Source: Merck research
1999
2009
1995
1995
1996
2005
2011
1995
CompetitorsCustomersMarket
All customers are based in Asia
12. 12
Merck - The only player with complete geographic
customer coverage
Single production in Darmstadt
Merck only player with production
in all four customer countries
Development of tailor-made
mixtures according to customer
specifications
Fast response time
Close cooperation with
leading universities
Local R&D and fast track
development of marketable
solutions based on worldwide
network
Key success factorsProduction and R&D centers in Asia
Merck, TaiwanMerck, China
Merck, Korea Merck , Japan
Sakai Display
Products
CompetitorsCustomersMarket
Customer proximity: A successful differentiator
13. 13
Merck - THE innovation leader with broadest
competitive platform
Merck – leading in all aspects of liquid crystals
Conglomerate
advantage
Technologies
TN IPS VA PS-VA
New
techs
Market
Position Share
R&D center
China Korea Taiwan Japan
some
activity
some
activity
No.1
No.3
No.2 ~ 30%
~ 60%
~ 10%
Merck and competitors
CompetitorsCustomersMarket
14. Basics of liquid crystals and the display industry
Market, customers and competitors
Key products
Supply chain
Conclusion
Agenda
15. 15
Continued delivery of new innovations
generating additional sales
Specific features of liquid crystals as
enablers for new display applications
Within technologies emergence of
various distinct generations,
e.g. PS-VA
Novel liquid crystal materials
SA-VA and Blue Phase currently
in R&D
Liquid crystal technologiesMerck volume development per technology
LC innovation cycles
are getting shorter
1990 1995 2000 2005 2010 2015 2020
Volume
TN-TFT
PS-VA (various generations)
New liquid crystal materials
IPS/VA/FFS
Illustration
16. 16
Strong R&D investment fosters innovation stream
and product portfolio
Ongoing innovation drives
continuous portfolio expansion
Typical age of liquid crystal mixtures
only two to three years
Additional sales generation through
new liquid crystal materials and
technologies
Product portfolio expansionPortfolio of various liquid crystal materials [% of sales]
High R&D: ~10% of sales p.a.
to safeguard ongoing innovation
Introduced in
2012
Introduced in
2010
Introduced in
2011
Introduced
before 2009
~74%
< 3
years
201220112009 2010
17. 17
Merck’s deep know-how creates high entry barriers
for potential competitors
New classes of liquid crystals enable revolutionary display and performance
Merck‘s liquid crystal single material
Tons of raw materials used in multistep
chemical syntheses to produce > 300 singles
Ultra pure organic chemistry
High quality standard of single substance
Merck: Customized liquid crystal mixtures
Leveraging our expertise in mixture recipes
Approximately 10,000 mixtures per year
We design the exact liquid crystal that our
customers need
Translate
chemistry into
physics
18. Basics of liquid crystals and the display industry
Market, customers and competitors
Key products
Supply chain
Conclusion
Agenda
19. 19
Special expertise in single and mixture development
crucial for market success
Up to 25 singles make up a liquid
crystal mixture
Merck customizes liquid crystal
mixtures for each new product
line-up
Singles and mixtures determine
product features
Reliability
Viewing angle
Contrast
Response time
Transmission (energy
consumption)
Process detailsDarmstadt/Germany
Single 3
Single B
Single A
Single Z
> 300 liquid
crystals
singles
Asia/China, Japan, Korea, Taiwan
Development of
~10,000 liquid
crystal mixtures
every year
vvv
> 200 m LCD TVs sold in
2012
Display
production
Display
production
Display
production
20. 20
State-of-the-art multi-purpose production facilities
with world’s largest factory for liquid crystals
Merck continues to invest in advanced process technologies
Based on complex organic
synthesis with up to 12
synthesis steps
Portfolio of
>300 singles
Strong R&D and production
expertise enable fast
product launches
Strong R&D
Flexible manufacturing of
a complex product portfolio
Unique production
“Micro-reaction” technology
In-house development of
highly specific catalysts
Cost advantages
through technology
21. 21
Innovation as key driver for profitability
Merck innovation awardsMarket dynamics
Merck with proven track record in last decade of successfully overcoming
pricing pressure through innovation
Innovation
New liquid crystal
mixtures launched
continuously
Pricing pressure
Competition in existing
technologies
Declining liquid crystal
panel prices
Process improvement
+ + German Future
Prize 2003
Innovation
Award 1999
*SID: Society for Information Display
SID* Award
2009 and 2012
22. 22
Long-term panel demand increases while hard to
predict inventories cause sales fluctuations
High supply chain inventory levels will
lead to decreasing liquid crystal
orders in forthcoming quarters
Inventory levels difficult to predict, as
various factors influence consumer,
wholesaler and manufacturer behavior
Liquid crystal sales have always seen
fluctuations while the underlying
business remained healthy
CommentsQuarterly weeks of inventory delta at panel / set makers over last two years*
Quarterly Merck Liquid Crystals sales
-1
0
1
2
3
Weeksofinventory
*Source: GfK; April 2013
LiquidCrystalssales
Excess
Balanced
Tightness
23. Basics of liquid crystals and the display industry
Market, customers and competitors
Key products
Supply chain
Conclusion
Agenda
24. 24
Merck has the most competitive platform in a
dynamic liquid crystals market
Innovation leader with unique skill set and
R&D centers in all customer countries
Panel makers need best-in-class supplier
to build best-in-class displays
Underlying solid LCD TV market growth
subject to occasional volatility
High margin technologies dominating
sales split