Ingevity Corp (NYSE: NGVT)

Ingevity Corporation provides products and technologies that purify protect and enhance the world around us. The company develops manufactures and brings to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Its products are used in automotive gasoline vapor emissions control systems, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics, coatings, elastomers, and paint for road markings. Ingevity Corporation operates through three reportable segments Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.

Ingevity Corporation generates revenue by selling its activated carbon products, pavement technologies, road markings and caprolactone based specialty polymers. Its customers include automotive parts manufacturers, pavement and road marking contractors, agrochemical companies and bioplastics firms. Revenue is derived from product sales across its three reportable segments.

The company operates through the following segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.

• Performance Materials engineers manufactures and sells hardwood based chemically activated carbon products primarily for gasoline vapor emission control systems in internal combustion engines and hybrid electric vehicles, and for filtration applications in food, beverage, water and chemical purification.

• Performance Chemicals comprises pavement technologies and road markings product lines used in asphalt pavement construction, preservation, reconstruction, recycling and agrochemical dispersants.

• Advanced Polymer Technologies produces caprolactone and caprolactone based specialty polymers for use in coatings, resins, elastomers, adhesives, bioplastics and medical applications.

In the activated carbon market Ingevity Corporation holds a strong position with competitors such as Norit, Kuraray Co Ltd, domestic US manufacturers and Chinese manufacturers. Its decades long track record of meeting life of vehicle emission standards provides a low risk choice for automotive customers and positions it well for increasingly stringent emissions standards worldwide. In pavement technologies the company faces competition from Nouryon Chemicals B V, Arkema S A and Zydex Group while its road markings business competes with Sherwin Williams Company and PPG Industries Traffic Solutions. Ingevity leverages deep customer relationships, extensive road building insights, and a reputation for reliable consistent performance to maintain a defensible market position. In the caprolactone segment Advanced Polymer Technologies competes with Daicel Corporation, Hunan Juren Chemical Hitechnology and BASF SE but differentiates itself through sustainability features such as high durability and biodegradability of its polymers and through customer intimacy and supply chain capabilities.

Ingevity Corporation serves a broad customer base that includes automotive parts manufacturers such as PHINIA Inc, A Kayser Automotive System GmbH, Korea Fuel Tech Corporation and MAHLE GmbH. Its food, water, beverage and chemical purification products are sold to approximately 70 customers globally. Performance Chemicals supplies pavement technologies to approximately 600 customers in 60 countries with top ten customers including Ergon Inc, Idaho Asphalt Supply Inc, The Heritage Group and Syngenta. Its road markings product line serves approximately 200 customers in North America with leading customers such as TRP Group and Frontline. Advanced Polymer Technologies sells to approximately 200 customers worldwide with major buyers active in polyurethane, elastomers, adhesives, coatings and bioplastics applications.