MOUNTAIN VIEW, Calif., Sept. 30, 2015 /PRNewswire/ -- Based on its recent analysis of the antioxidants market for plastic applications, Frost & Sullivan recognizes Songwon International AG with the 2015 European Frost & Sullivan Award for Product Line Strategy Leadership. Songwon has demonstrated impressive market acumen by developing a comprehensive product portfolio backed by superior customer service. Its business plan includes a mix of both organic and inorganic growth strategies, wherein it complements its differentiated products and technologies with well-thought-out mergers and acquisitions.
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From merely providing standard antioxidants products (SONGNOX® 1680, SONGNOX® 1010) to commodity plastics, the company has expanded its product line to penetrate newer markets like engineering plastics.
"In addition to the SONGNOX® brand of antioxidants, Songwon introduced the SONGXTEND™ line of stabilization packages for polymers," said Frost & Sullivan Research Analyst Srinivas Venkatesan. "The packages contain a mixture of additives in optimized dosage levels to suit end-use applications. Further, products such as SONGXTEND™ 2121, SONGXTEND™ 2122, and SONGXTEND™ 2123 deliver added benefits such as reduced volatile organic compounds."
For instance, the SONGXTEND™ 2121 stabilization package is designed for applications in the automotive industry. It reduces sulfur by 60 percent and lowers odor and fogging problems in car interiors, while maintaining the high levels of performance demanded by automotive original equipment manufacturers (OEMs).
As 70 percent of the demand for antioxidants in Europe arises from resin manufacturers and 30 percent from masterbatchers and compounders, Songwon developed both standard and specialty antioxidants for the two end-user markets, respectively. Its complete range of standard and specialty products across all four antioxidant chemistries of phenolic, phosphite, thioester, and aminic has enabled it to cater to a diverse range of customers across the plastics industry value chain.
Furthermore, in order to develop products with improved cost-performance index, Songwon has created Global Technical Service and New Product Introduction (NPI) Group that supports the technical needs of customers. This group identifies new market opportunities by acting as the interface between Songwon product development and the customers.
In the technology areas, where it lacks specific expertise, Songwon is actively seeking opportunities for mergers and acquisitions. It already acquired Additives Technology Greiz (ATG) in 2011, which was one of the largest independent producers of one-pack systems (OPS) in Europe. The OPS technology allows customers to choose the additives they want to blend based on their requirements.
"Other key research areas for Songwon have been the ease of use, transportation, and packaging of its products," noted Venkatesan. "Besides the binary blends and OPS that are offered in compacted versions, Songwon has developed antioxidants in various physical forms, including powders, pellets, and beads to increase the ease of handling and transportation."
The company has an additional edge with its backward integration process, which endows it with complete control over the quality and availability of its antioxidant products. By producing most raw materials in-house, it presents a high cost-performance ratio, while diminishing its dependence on raw material suppliers and enabling it to provide high-quality products with lower lead time.
"In the antioxidants industry, customers have demonstrated a strong preference to partner with companies that offer the widest range of products. Songwon has positioned itself very strongly with its broad product portfolio, serving a wide array of applications, and diverse needs for quality, functionality, and price/performance value," said Frost & Sullivan Global President and Managing Partner Krishna Srinivasan.
Songwon has also understood the value of customer service in an intensely competitive market. Apart from creating multiple channels to collect customer feedback, it schedules regular site visits. Its non-conformance method maintains product quality, and the quality management processes are monitored quarterly by an executive management team.
"Songwon offers customizations in product formulation, packaging, and delivery mechanisms to ensure customer satisfaction," observed Venkatesan. "Its enhanced technical support and quality management have enabled it to provide unparalleled, high-quality service to customers."
Each year, Frost & Sullivan presents this award to the company that has developed a comprehensive product line that caters to the breadth of the market it serves. The award recognizes the extent to which the product line meets customer base demands, the overall impact it has in terms of customer value, as well as increased market share.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About Songwon International AG
Songwon Industrial Co., Ltd. is the 2nd largest manufacturer of polymer stabilizers in the world with an almost 50 year history of breakthrough solutions. A leader in the development and production of additives and specialty chemicals, Songwon provides added-value products and innovative solutions to the plastics industry.
The company's extensive product portfolio includes polymer stabilizers, alkylphenols and alkylcresols, PVC stabilizers, plasticizers, tin intermediates, polyurethanes, SAP and flocculants.
With headquarters in Ulsan, Korea, the Songwon Industrial Group comprises 17 companies including 2 joint ventures and 1 representative office, located in 9 different countries on 3 continents. The company has 7 manufacturing facilities, 3 of which are located in Korea, Germany, China, USA, India as well as a manufacturing JV plant in China. Songwon also has a worldwide network sales and customer service offices, logistics hubs and stocking distributors.
For further information, please contact:
Songwon Industrial Group
Giulia Boratto
Global Marketing & Communication Manager
Walzmuhlestrasse 48
CH-8500 Frauenfeld
Switzerland
Tel: +41 52 635 0000
E-mail: marketing@songwon.com
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