China is focusing on the development of four key categories of plastic products—agricultural plastics, construction plastics, packaging plastics, and industrial and engineering plastics—as outlined in the national development plan. These materials are widely used across various industries, supported by a vast downstream market that fuels the growth of China’s plastics industry. With the introduction of the "Rules for the Revitalization of the Petrochemical Industry," the polyethylene engineering plastics sector has gained new momentum and opportunities for expansion.
According to a recent report from Frost & Sullivan, a U.S.-based growth consulting firm, hot melt adhesives are expected to see steady growth in the packaging and non-rigid adhesive sectors, with even higher growth anticipated in the automotive, tape, and construction industries. The global market for hot melt adhesives is projected to grow from $3.562 billion in 2012 to $5.014 billion by 2019, reflecting a compound annual growth rate of 5%.
Since the OPEC meeting on November 27, the L1505 crude oil price has dropped significantly, losing over 950 points. This decline is likely to continue creating systemic risks and production pressures. The overall bearish trend in the market is expected to persist. Additionally, the commissioning of large-scale coal-based polyolefin plants in the second half of the year has dramatically altered the domestic plastics market dynamics. Previously, the market was relatively closed, as Sinopec and PetroChina could control supply, demand, and pricing through production adjustments.
"The industrial base, development environment, and conditions of the plastics industry have undergone significant changes," 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). He emphasized that both China's economic transformation and the global wave of industrial and technological revolutions present major challenges for the plastics processing industry. In this context, the protection and promotion of technological innovation have become increasingly important.
The China Plastics Exhibition 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 latest report from MarketsandMarkets, the global market value of polyethylene engineering plastics 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%. The Asia-Pacific region currently holds the largest share of the global engineering plastics market, accounting for 47.9% of global demand in 2013. It is expected to remain the world’s largest market for engineering plastics by 2018, followed by Western Europe. Over the next five years, the Asia-Pacific region's engineering plastics market is projected to grow at an average annual rate of 7.8%.
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