Korean company, Songwon Industrial Co., Ltd. has been awarded 'The 2008 Frost & Sullivan Global Plastic Packaging Additives Market Growth Strategy Leadership Award' for its excellence in growth strategy and subsequent market penetration. The Korean packaging additives maker has achieved solid market penetration through manufacturing excellence, with a low cost base, gaining market share from established incumbents. The company has already captured a market share of around 13% within a few years. The Frost & Sullivan Award for Growth Strategy Leadership is presented to the company that has demonstrated an exceptional long-term growth strategy within its industry.
The company pursues strategy of enhancing impurity profile for its products which is a sound strategy as the packaging additives makers are concerned more about the impurities from additives rather than the additives itself. The company has accelerated the penetration of European and US market segments with the execution of a strategy to establish direct presence in both regions through Songwon International. In addition, Songwon has registered the trademarks Songnox®, Songlight®, and Songsorb® globally to further strengthen the brand. In addition, the company has investing nearly EUR 76 mln in a new antioxidants plant in Meaem, Korea in 2007 and upped its capacity from 35,000 to 55,000 tons. In 2008, the company has encompassed BRIC regions with strategic alliances with distributors in the CIS countries and Russia as well as in the rest of Europe and in the Americas; plus through contacts in in China and a new office in Indian. Further, Songwon remains one of the few additive companies which continue to invest in R&D and innovate in a market with increasing global competition and pressure.
Songnox® 1010, Songnox® 1076 and Songnox® 1680 additives, in particular, are becoming the benchmark additives for the plastics industry. The new products introduced by the company in 2007 include Songnox® 1290 and Songnox® 2500 (phenolic and hydroquinone base antioxidants) and Songnox® 6280 (a hydrolytically stable high performance phosphite antioxidant). Songwon has also introduced three new thioester based antioxidants - Songnox® DSTDP, Songnox® DLTDP and Songnox® 4120 - thereby expanding its portfolio.