Photovoltaic technology benefits, market forecasts, and growth factors in renewable energy

SK Petrochemicals: Understanding the Market Dominator

In a time where more innovative, and eco conscious manufacturing processes are being favored by consumer opinion, SK Petrochemicals is at the top of the market in regards to the industry the company is in. SK Petrochemicals is a South Korean company that works in the field of manufacturing various plastics and chemicals used as adhesives in the manufacturing of various other products like fibers and sheets. The company uses fascinating innovation in its production process, which ultimately results in better quality products with less of a carbon footprint. SK Petrochemicals uses raw PTA "for PET synthesis via direct etherification with EG and is an important intermediate for film, fiber, and bottles" (SK Petrochemicals, 2013). The company started using this innovative production process in 1989 and has been growing in its production capacity ever since.

Fortunately, recent years have shown an evolution of the marketplace to SK Petrochemical's benefit. Profits from the first quarter of 2013 show a 28.5% increase over last year's numbers for the same fiscal period. According to the research, "the increase in operating profit was due to favorable marketing conditions resulting in higher product spreads" (Lee, 2013). Clearly, the market is prime for SK Petrochemical's products and services, as trends in the consumer market continue to evolve towards a more eco-friendly sense of consciousness. The "product spread is expected to be favorable because of tight supply and demand balance within the aromatic category, along with the impact of the regional maintenance season" (Lee, 2013). This then provides a very lucrative future position for the already successful company.

There are a number of reasons why SK Petrochemicals holds such a high position within the market place. When comparing SK Petrochemicals' products to other competitors in the renewable technologies market, SK Petrochemicals shows several clear advantages that give it the competitive edge it needs to stay on top. Here, the research explains that it "is supplied domestically and internationally and is gaining public favor for its quality and competitive pricing" (SK Petrochemical, 2013). The product's quality is truly unparalleled in the marketplace. Products are very competitively priced because of a production process with less overhead costs. The products in the company's line up feature "competitive pricing via a recovery process of side products and minimization of energy costs" (SK Petrochemicals, 2013). As such, the company boasts a low operational cost, while still being able to make huge profits with extremely low prices. Additionally, the research shows that the flexibility of SK Petrochemicals' products is another benefit it has over its competitors. Here, SK Petrochemicals can boast about its "dual production system which can modulate productions of PTA/DMT according to market" (SK Petrochemicals, 2013). This allows the products to be extremely flexible based on the needs of the consumers, which is often lacking in the more strict notions of SK Petrochemicals' competitors. This also adds to the already stellar quality of the products produced by the company and gives is a competitive advantage. The heightened quality and flexibility are clearly a huge advantage over other competitors' in the renewable technologies market.