Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 483 4 3 4 As with any industry, the filtration industry has certain distinct characteristics: F iltration technology is a lively dynamic field where academic centers, corporate R&D labs and government research provide highly innovative developments. Virtually every manufacturing industry in North American depends on some form of filtration or separation. The AFS welcomes the challenge to explain where in the supply chain filtration has a critical role. Filtration and separation technologies provide the promise of great opportunities for young students seeking a career path, private investment companies and governmental research entities investing in the future. Fundamental Industry Characteristics Diversified Markets †RISK MITIGATION Investors like filtration and sepa- ration business due to its broad variety of end-use markets. †BALANCED MARKET GROWTH With diverse end-use markets, downturns in industry perfor- mance are rare and unlikely. †GLOBAL MARKETS AND SUPPLY CHAIN Major filtration and separation industry players are global compa- nies with local manufacturing and supply chains around the world. Growth Outpaced GDP †TECHNOLOGY DRIVEN New and improved technologies are readily accepted to drive both quality and efficiency. †REGULATORY SUPPORT Prevention and mitigation of environmental concerns surrounding clean air and water supply drive new product and technology development assuring long term market growth and sustainability. †EXTENDED PRODUCT LIFE CYCLES Product life cycles are measured in decades.