Table of Content

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 ELECTRONIC GRADE SULFURIC ACID MARKET SEGMENTATION 15
1.3.2 REGIONS COVERED 15
1.3.3 YEARS CONSIDERED FOR THE STUDY 16
1.4 CURRENCY 16
1.5 LIMITATIONS 16
1.6 STAKEHOLDERS 16

2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.2 BASE NUMBER CALCULATION 17
2.2.1 SUPPLY SIDE APPROACH 17
2.2.2 DEMAND SIDE APPROACH 18
2.3 MARKET SIZE ESTIMATION 18
2.3.1 SECONDARY DATA 20
2.3.1.1 Key data from secondary sources 20
2.3.2 PRIMARY DATA 20
2.3.2.1 Key data from primary sources 21
2.3.2.2 Breakdown of primary interviews 21
2.4 ASSUMPTIONS 22

3 EXECUTIVE SUMMARY 23

4 PREMIUM INSIGHTS 26
4.1 ATTRACTIVE OPPORTUNITIES IN THE ELECTRONIC GRADE SULFURIC ACID MARKET 26
4.2 ELECTRONIC GRADE SULFURIC ACID MARKET IN APAC, BY GRADE AND COUNTRY, 2018 27
4.3 ELECTRONIC GRADE SULFURIC ACID MARKET, BY APPLICATION, 2018 27
4.4 ELECTRONIC GRADE SULFURIC ACID MARKET, BY REGION 28

5 MARKET OVERVIEW 29
5.1 INTRODUCTION 29
5.2 MARKET DYNAMICS 29
5.2.1 DRIVERS 29
5.2.1.1 Increasing demand for electronic devices in APAC 29
5.2.2 RESTRAINTS 30
5.2.2.1 High energy consumption and cost of production 30
5.2.3 OPPORTUNITIES 30
5.2.3.1 Growing technological advancements in North America 30
5.2.4 CHALLENGES 30
5.2.4.1 Recycling of sulfuric acid used in the semiconductor industry 30
5.3 PORTER’S FIVE FORCES ANALYSIS 31
5.3.1 BARGAINING POWER OF SUPPLIERS 31
5.3.2 THREAT OF NEW ENTRANTS 32
5.3.3 THREAT OF SUBSTITUTES 32
5.3.4 BARGAINING POWER OF BUYERS 32
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 32
5.4 MACROECONOMIC INDICATORS 32
5.5 DISTRIBUTION OF GLOBAL SEMICONDUCTOR SALES, BY PRODUCT SEGMENT, 2018 33
5.6 SNAPSHOT OF SHARE OF GLOBAL EXPORTS OF ELECTRONIC INTEGRATED CIRCUITS 33

6 ELECTRONIC GRADE SULFURIC ACID MARKET, BY GRADE 34
6.1 INTRODUCTION 35
6.2 PPT (PARTS PER TRILLION) 36
6.2.1 HUGE CONSUMPTION OF PPT GRADE SULFURIC ACID IN SEMICONDUCTORS APPLICATION IS EXPECTED TO DRIVE THE DEMAND DURING THE FORECAST PERIOD 36
6.3 PPB (PARTS PER BILLION) 37
6.3.1 THE COST-EFFECTIVENESS OF PPB GRADE SULFURIC ACID AS COMPARED TO PPT IS LIKELY TO BOOST THE DEMAND 37

7 ELECTRONIC GRADE SULFURIC ACID MARKET, BY APPLICATION 38
7.1 INTRODUCTION 39
7.2 SEMICONDUCTORS 40
7.2.1 INCREASING INDUSTRIAL AUTOMATION IS EXPECTED TO DRIVE THE DEMAND FOR ELECTRONIC GRADE SULFURIC ACID 40
7.3 PCB PANELS 41
7.3.1 THE BOOMING ELECTRONIC DEVICE MARKET IS LIKELY TO BOOST THE DEMAND IN THIS SEGMENT 41
7.4 PHARMACEUTICALS 42
7.4.1 ELECTRONIC GRADE SULFURIC ACID IS USED FOR MANUFACTURING CHEMOTHERAPY DRUGS 42
?

8 ELECTRONIC GRADE SULFURIC ACID MARKET, BY REGION 43
8.1 INTRODUCTION 44
8.2 APAC 46
8.2.1 CHINA 48
8.2.1.1 Industrialization and the growing production of electronics are favorable for the market in the country 48
8.2.2 JAPAN 48
8.2.2.1 The demand for electronic grade sulfuric acid in Japan is driven by PCB panels application 48
8.2.3 INDIA 49
8.2.3.1 There is an increasing demand for wet chemicals in the country’s semiconductor industry 49
8.2.4 SOUTH KOREA 50
8.2.4.1 Apart from electronics, the automobile and shipbuilding industries are impacting the market in the country positively 50
8.2.5 TAIWAN 51
8.2.5.1 The country has a stable financial sector and electronics industry 51
8.2.6 REST OF APAC 51
8.3 NORTH AMERICA 52
8.3.1 US 54
8.3.1.1 The maturity of the electronics market is affecting the demand for electronic grade sulfuric acid negatively in the country 54
8.3.2 CANADA 55
8.3.2.1 The growing manufacturing sector in Canada is boosting the electronic grade sulfuric acid market 55
8.3.3 MEXICO 56
8.3.3.1 The country’s electronics market is growing with the use of new and advanced technologies 56
8.4 EUROPE 57
8.4.1 GERMANY 59
8.4.1.1 The country has a good position in the regional, as well as global electronic chemicals market 59
8.4.2 FRANCE 60
8.4.2.1 The presence of a strong industrial sector is promising for the market in the country 60
8.4.3 UK 61
8.4.3.1 The country’s electronics industry is innovation-driven 61
8.4.4 ITALY 62
8.4.4.1 Italy is a prominent market in the region 62
8.4.5 REST OF EUROPE 62
?
8.5 MIDDLE EAST & AFRICA 63
8.5.1 SAUDI ARABIA 65
8.5.1.1 The economy is shifting from the dependency on the oil sector 65
8.5.2 SOUTH AFRICA 66
8.5.2.1 The country is an emerging market for semiconductors and electronics 66
8.5.3 UAE 67
8.5.3.1 Electronic grade sulfuric acid is used for manufacturing PCB panels in the country 67
8.5.4 REST OF MIDDLE EAST & AFRICA 67
8.6 SOUTH AMERICA 69
8.6.1 BRAZIL 71
8.6.1.1 Improving economic conditions are expected to influence electronics and PCB panel manufacturing in the country 71
8.6.2 ARGENTINA 71
8.6.2.1 There is a considerable demand for electronic grade sulfuric acid for displays application 71
8.6.3 REST OF SOUTH AMERICA 72

9 COMPETITIVE LANDSCAPE 74
9.1 INTRODUCTION 74
9.2 MARKET RANKING OF ELECTRONIC GRADE SULFURIC ACID MANUFACTURERS 74
9.3 COMPETITIVE SITUATION & TRENDS 75
9.3.1 EXPANSION 75
9.3.2 MERGER & ACQUISITION 76

10 COMPANY PROFILES 77
10.1 BASF SE 77
(Business Overview, Winning Imperatives, Current Focus And Strategies, Threat From Competition, Ineos Group Holdings’s Right To Win, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
10.2 INEOS GROUP HOLDINGS S.A. 81
10.3 CHEMTRADE LOGISTICS INCOME FUND 85
10.4 KMG CHEMICALS 88
10.5 KANTO CHEMICAL CO., INC. 91
10.6 TRIDENT GROUP 94
10.7 LINDE PLC 96
10.8 PVS CHEMICALS INC. 98
10.9 REAGENT CHEMICALS 99
10.10 MOSES LAKE INDUSTRIES 100
(Business Overview, Winning Imperatives, Current Focus And Strategies, Threat From Competition, Ineos Group Holdings’s Right To Win, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
10.11 ADDITIONAL COMPANIES 101
10.11.1 THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED 101
10.11.2 SPECTRUM CHEMICALS MFG. CORP. 101
10.11.3 COLUMBUS CHEMICAL INDUSTRIES 101
10.11.4 ASIA UNION ELECTRONIC CHEMICAL CORPORATION (AUECC) 101
10.11.5 CHUNG HWA CHEMICALS INDUSTRIAL WORKS, LTD. 102
10.11.6 JIANGYIN JIANGHUAMICRO ELECTRONICS MATERIAL CO., LTD. 102
10.11.7 AURUBIS 102
10.11.8 CSBP 102
10.11.9 SIGMA-ALDRICH CO. LLC 102
10.11.10 NOURYON 103
10.11.11 SEASTAR CHEMICALS 103
10.11.12 SUPRAVENI CHEMICALS PVT. LTD. 103
10.11.13 NATIONAL COMPANY FOR SULPHUR PRODUCTS (NCSP) 103
10.11.14 AIREDALE CHEMICAL 103

11 APPENDIX 104
11.1 DISCUSSION GUIDE 104
11.2 AVAILABLE CUSTOMIZATIONS 108
11.3 RELATED REPORTS 108
11.4 AUTHOR DETAILS 109



List of Figures



FIGURE 1 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 19
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 19
FIGURE 3 PPT TO BE THE LARGER GRADE OF ELECTRONIC GRADE SULFURIC ACID 23
FIGURE 4 SEMICONDUCTORS TO BE THE LARGEST APPLICATION OF ELECTRONIC GRADE SULFURIC ACID 24
FIGURE 5 APAC TO BE THE FASTEST-GROWING ELECTRONIC GRADE SULFURIC ACID MARKET 25
FIGURE 6 GROWING ELECTRONIC DEVICE MARKET TO DRIVE THE DEMAND BETWEEN
2019 AND 2024 26
FIGURE 7 CHINA AND PPT SEGMENT ACCOUNTED FOR THE LARGEST SHARES 27
FIGURE 8 PCB PANELS TO REGISTER THE FASTEST GROWTH 27
FIGURE 9 ELECTRONIC GRADE SULFURIC ACID MARKET TO REGISTER THE HIGHEST GROWTH IN APAC 28
FIGURE 10 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE ELECTRONIC GRADE SULFURIC ACID MARKET 29
FIGURE 11 ELECTRONIC GRADE SULFURIC ACID MARKET: PORTER’S FIVE FORCES ANALYSIS 31
FIGURE 12 PPT TO BE THE LARGER SEGMENT OF THE ELECTRONIC
GRADE SULFURIC ACID MARKET 35
FIGURE 13 APAC TO BE THE LARGEST MARKET IN THE PPT GRADE SEGMENT 36
FIGURE 14 SEMICONDUCTORS APPLICATION TO DOMINATE THE ELECTRONIC GRADE SULFURIC ACID MARKET 39
FIGURE 15 APAC TO BE THE LARGEST MARKET IN THE SEMICONDUCTORS SEGMENT 40
FIGURE 16 APAC TO GROW AT THE HIGHEST RATE 44
FIGURE 17 APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SNAPSHOT 46
FIGURE 18 NORTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SNAPSHOT 53
FIGURE 19 EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SNAPSHOT 58
FIGURE 20 MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SNAPSHOT 64
FIGURE 21 SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SNAPSHOT 69
FIGURE 22 MARKET RANKING OF KEY PLAYERS IN 2018 74
FIGURE 23 BASF: COMPANY SNAPSHOT 77
FIGURE 24 BASF: SWOT ANALYSIS 79
FIGURE 25 INEOS GROUP HOLDINGS: COMPANY SNAPSHOT 81
FIGURE 26 INEOS GROUP HOLDINGS: SWOT ANALYSIS 83
FIGURE 27 CHEMTRADE LOGISTICS INCOME FUND: COMPANY SNAPSHOT 85
FIGURE 28 CHEMTRADE LOGISTICS INCOME FUND: SWOT ANALYSIS 86
FIGURE 29 KMG CHEMICALS: COMPANY SNAPSHOT 88
FIGURE 30 KMG CHEMICALS: SWOT ANALYSIS 89
FIGURE 31 KANTO CHEMICAL: SWOT ANALYSIS 92
FIGURE 32 TRIDENT GROUP: COMPANY SNAPSHOT 94
FIGURE 33 LINDE PLC: COMPANY SNAPSHOT 96

 

List of Tables



TABLE 1 TRENDS AND FORECAST OF GLOBAL SEMICONDUCTOR SALES, BY PRODUCT SEGMENT, 2018 (USD BILLION) 33
TABLE 2 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 35
TABLE 3 PPT GRADE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 36
TABLE 4 PPB GRADE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 37
TABLE 5 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 39
TABLE 6 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE IN SEMICONDUCTORS APPLICATION, BY REGION, 2017–2024 (USD MILLION) 41
TABLE 7 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE IN PCB PANELS APPLICATION, BY REGION, 2017–2024 (USD MILLION) 41
TABLE 8 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE IN PHARMACEUTICALS APPLICATION, BY REGION, 2017–2024 (USD MILLION) 42
TABLE 9 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 44
TABLE 10 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 45
TABLE 11 ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 45
TABLE 12 APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 47
TABLE 13 APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 47
TABLE 14 APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 47
TABLE 15 CHINA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 48
TABLE 16 CHINA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 48
TABLE 17 JAPAN: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 49
TABLE 18 JAPAN: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 49
TABLE 19 INDIA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 49
TABLE 20 INDIA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 50
TABLE 21 SOUTH KOREA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE, 2017–2024 (USD MILLION) 50
TABLE 22 SOUTH KOREA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 50
TABLE 23 TAIWAN: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 51
TABLE 24 TAIWAN: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 51
TABLE 25 REST OF APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 51
TABLE 26 REST OF APAC: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 52
TABLE 27 NORTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY COUNTRY, 2017–2024 (USD MILLION) 53
TABLE 28 NORTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 54
TABLE 29 NORTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 54
TABLE 30 US: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 55
TABLE 31 US: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 55
TABLE 32 CANADA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 55
TABLE 33 CANADA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 56
TABLE 34 MEXICO: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 56
TABLE 35 MEXICO: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 56
TABLE 36 EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY COUNTRY 2017–2024 (USD MILLION) 58
TABLE 37 EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 59
TABLE 38 EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 59
TABLE 39 GERMANY: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 60
TABLE 40 GERMANY: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 60
TABLE 41 FRANCE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 60
TABLE 42 FRANCE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 61
TABLE 43 UK: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 61
TABLE 44 UK: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 61
TABLE 45 ITALY: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 62
TABLE 46 ITALY: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 62
TABLE 47 REST OF EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 62
TABLE 48 REST OF EUROPE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 63
TABLE 49 MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY COUNTRY, 2017–2024 (USD MILLION) 64
TABLE 50 MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 65
TABLE 51 MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 65
TABLE 52 SAUDI ARABIA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 66
TABLE 53 SAUDI ARABIA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 66
TABLE 54 SOUTH AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 66
TABLE 55 SOUTH AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 67
TABLE 56 UAE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 67
TABLE 57 UAE: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION 2017–2024 (USD MILLION) 67
TABLE 58 REST OF MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE, 2017–2024 (USD MILLION) 68
TABLE 59 REST OF MIDDLE EAST & AFRICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 68
TABLE 60 SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY COUNTRY, 2017–2024 (USD MILLION) 70
TABLE 61 SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 70
TABLE 62 SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 70
TABLE 63 BRAZIL: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE 2017–2024 (USD MILLION) 71
TABLE 64 BRAZIL: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 71
TABLE 65 ARGENTINA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY GRADE, 2017–2024 (USD MILLION) 72
TABLE 66 ARGENTINA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 72
TABLE 67 REST OF SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY GRADE, 2017–2024 (USD MILLION) 72
TABLE 68 REST OF SOUTH AMERICA: ELECTRONIC GRADE SULFURIC ACID MARKET SIZE BY APPLICATION, 2017–2024 (USD MILLION) 73
TABLE 69 EXPANSION, 2014–2019 75
TABLE 70 MERGER & ACQUISITION, 2014–2019 76