In line with the national development strategy, China is set to prioritize four key areas within the plastics industry: agricultural plastics, construction plastics, packaging plastics, and industrial and engineering plastic products. The widespread use of plastic products has created a robust downstream industry that significantly supports the growth of China’s plastics sector. With the introduction of the “Rules for the Revitalization of the Petrochemical Industry,†the polyethylene engineering plastics industry in China is now entering a new phase of development, offering promising opportunities.
According to a recent report by Frost & Sullivan, a leading U.S. growth consulting firm, hot melt adhesives are expected to see steady growth in the packaging and non-rigid adhesive sectors, with even higher growth rates anticipated in the automotive, adhesive tape, and construction industries. From 2012 to 2019, the market size is projected to rise from $3.562 billion to $5.014 billion, reflecting a compound annual growth rate of 5%.
Since the OPEC meeting on November 27, the L1505 index has dropped by 950 points. We anticipate continued systemic risks and production pressures due to falling crude oil prices. The overall market trend remains bearish. Since the second half of this year, the commissioning of large-scale coal-based polyolefin plants has significantly altered the domestic plastics market landscape. Previously, the domestic plastics market was relatively closed, as Sinopec and PetroChina had significant control over supply, demand, and pricing through production adjustments.
“The industrial foundation, development environment, and conditions of the current plastics industry have undergone profound changes. Whether it's the transformation of China’s industrial economy or the arrival of a new wave of industrial changes and technological revolutions globally, these developments have posed serious challenges to China’s plastics processing industry. In this context, the protection and support of technological innovation and advancement in the industry’s development have become increasingly important,†said Qian Guijing, Chairman of the China Plastics Processing Industry Association, during an interview on the eve of the 2014 China International Plastics New Materials, New Technology, New Equipment, and New Product Exhibition (China Plastics Exhibition).
The China Plastics Fair 2014, organized by the China Plastics Association, will take place at the Poly World Trade Center in Haizhu District, Guangzhou, from the 15th to the 17th of this month.
According to a recent research report from MarketsandMarkets, the global market value of polyethylene engineering plastic products reached approximately $53.58 billion in 2013 and is expected to reach $79.03 billion by 2018, growing at a compound annual rate of 8%. Currently, the Asia-Pacific region dominates the global engineering plastics market. In 2013, the region accounted for 47.9% of the global demand. It is expected to maintain its position as the largest engineering plastics market worldwide by 2018, followed by Western Europe. Over the next five years, the Asia-Pacific region is projected to see an average annual growth rate of 7.8% in its engineering plastics market.
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