Avient Expects Double Digit Sales Growth in 5G Applications
CLEVELAND, Sept. 13, 2021 /PRNewswire/ -- 5G technology will provide the backbone for a step-change in performance of mobile devices, allowing ultrafast download speeds and the ability to connect billions of devices through a network. In particular, the IoT (Internet of Things) will be made much more powerful with 5G, as increased connectivity will allow real-time changes to power and resource needs. Outcomes range from improved energy efficiency and reduced carbon emissions, to more efficient water use and less food waste.
"The build out of the 5G network has just begun and requires a different physical hardware to support the super-high frequency of the technology. This will require a massive investment and deployment of smaller antennas and fiber optic cables strategically placed close together to deliver its intended performance," said Chris Pederson, President, Specialty Engineered Materials, Avient Corporation (NYSE: AVNT). "Over the next decade as infrastructure is put in place, we expect double-digit revenue growth of our composite solutions, which includes 5G applications."
The global 5G infrastructure market was valued at $2.64 billion in 2020. It is expected to reach $80.5 billion by 2028, growing at a 49.8% CAGR (2021-2028), according to Grand View Research. As that infrastructure is deployed, industry experts estimate that overall broadband expansion will require the need for 28 million kilometers of fiber optic cable over the next five years (Source: CRU Group), and 36 million small cell antennae (Source: Small Cell Forum). In addition, local and state governments continue to allocate budgets and resources for broadband expansion, and the pending United States infrastructure bill includes $65 billion for broadband, including equipment that enables and expands access to high-speed communications throughout the country.
High-frequency 5G networks rely on the densification of transmission antennae, resulting in an increased number of fiber optic cables and components capable of performing in harsh conditions. Material solutions from Avient are meeting these challenges, fulfilling the promise of smart, connected technologies around the world.
Avient provides specialty materials in applications such as fiber optic cables, antennas, base stations, resonators, lenses, automotive radar, IoT devices, routers, and modems. These solutions allow the technology to operate safely and effectively, while reducing installation time and costs. Example materials from Avient include:
"5G also promises to advance sustainability initiatives by improving connectivity so we can better steward and manage the resources required in areas like agriculture, manufacturing, transportation and healthcare," added Walter Ripple, Vice President of Sustainability, Avient. "At Avient, we are investing in the technical and commercial resources needed to help bring this digital technology to life, and our sustainable solutions portfolio continues to grow as a result."
Avient Corporation (NYSE: AVNT), with expected 2021 revenues of $4.6 to $4.7 billion, provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Examples include:
Avient employs approximately 8,400 associates and is certified ACC Responsible Care®, a founding member of the Alliance to End Plastic Waste and certified Great Place to Work®. For more information, visit www.avient.com.
To access Avient's news library online, please visit www.avient.com/news.
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; the current and potential future impact of the COVID-19 pandemic on our business, results of operations, financial position or cash flows including without any limitation, any supply chain and logistics issues; the speed and strength of growth in the global 5G infrastructure market; our ability to achieve the strategic and other objectives relating to the acquisition of Clariant's Masterbatch business, including any expected synergies; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve the anticipated financial benefit from initiatives related to acquisition and integration working capital reductions, cost reductions and employee productivity goals; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures and cyberattacks; our ability to consummate and successfully integrate acquisitions; and amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
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SOURCE Avient Corporation
Company Codes: NYSE:AVNT
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