Plastic Raw Materials find their uses in almost every sector, ranging from packaging, transportation, electrical and electronics, buildings and construction, industrial machinery, and textiles. A wide variety of plastic raw materials such as polycarbonate, high density polyethylene, polypropylene, and polystyrene are utilized in several end-use applications. The demand for plastic raw materials is broadly driven by their uses in electrical and electronic products manufacturing. The demand for electrical and electronics products in China is on the rise and this is bolstering the market’s growth. For instance, as per the January 2022 report by the China Household Electrical Appliances Association, the home appliance segment in China maintained the rapidly growing trend of H2 2020 in export with an export value of USD 77.61 billion, increasing by 31.4% year on year.
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The country has access to almost all the types of plastic materials available globally. From polypropylene to polycarbonate and high-density polyethylene, all these plastic materials find their extensive use in a wide variety of end-use industries. Plastic materials like polycarbonate and polypropylene are the majorly used plastic materials in the country. Polycarbonate possesses excellent mechanical and high dimensional stability. This material finds its high uses in the country’s building and construction activities.
With China being the global leader in the electrical and electronics sector, plastic raw materials are extensively used in the manufacturing of numerous electronic products in the country. From laptops to microwave ovens and knobs, all types of plastic materials are finding their high uses in such electronic items, crafting high-quality products for Chinese consumers. Rapid urbanization and increasing disposable income of consumers in the country are stimulating the higher production and sales of electronic items and this is expected to further increase the demand for plastic raw materials, boosting the market’s growth. As per the July 2021 report by the German Electro and Digital Industry Association, China held the largest market share (41%) in the global electric market in 2020. Furthermore, China is home to some of the biggest electronic product manufacturing companies and this is also influencing the market’s growth. Lenovo, Huawei, BOE Technology, Haier are some of the key electronic product manufacturers that are located in China and their constant efforts in the electronics market is projected to drive the market’s growth in the coming years. According to the May 2021 data by China.org.cn, Huawei is banking on R&D to expand its consumer electronics profile. The Chinese tech company aims to enhance its non-smartphone business segments that include smart televisions, smartwatches, wireless earbuds, and personal computers. Such expansion plans by electronic companies in the country is expected to help in propelling the demand for plastic raw materials in the coming years.
The COVID-19 pandemic didn’t affect the market much. The electrical and electronic products had decent demand amid the pandemic as people started to work from home, keeping the demand for electronic products afloat. The trend of people staying at home due to lockdown restrictions turned out to be a boon for the electrical and electronic products in China which in turn increased the demand for plastic raw materials. As per the July 2021 report by the German Electro and Digital Industry Association, the electronics market in China displayed decent growth in 2020 despite the pandemic. The report projected the electronic market in China will grow by 8% in 2022.
Plastic Raw Material Market in China Drivers:
Rising demand for consumer electronics is driving the market’s growth
The demand for consumer electronics is rising in the country with the growing demand for innovative and advanced electronics products by the consumers in the country. A wide range of plastics such as polycarbonate, high density polyethylene, and polypropylene are used extensively in the production of several consumer electronics products such as laptops, microwave ovens, TV sets, personal computers, and photocopiers. The demand for consumer electronic products is on the rise and this is influencing the growth of the market in China. For instance, according to July 2021 stats by China.org.cn, consumer electronics export witnessed a growth trajectory for 12 months in a row. With massive demand from consumers, the expanding trend for consumer electronics is expected to continue in the forthcoming years in China and this will further propel the market’s growth.
R&D Investment:
New technology and product innovation help in contributing to the growth of the market. The market players have been continuously investing in expanding the production of plastic raw materials in the country to meet the growing demand for plastics from multiple end-use industries. During the period of 2016-2020, the market witnessed several product launches and developments by key market players and the same trend is expected to follow in the coming years as well. In September 2020, LyondellBasell and Bora Enterprise Group announced their collaboration regarding their new venture, Bora LyondellBasell Petrochemical Co. Ltd. (BLYB). The joint venture will help in meeting the growing need for plastic raw materials like polypropylene in China.
The Major Players in this Market Include
The major companies in plastic raw material market in China include ExxonMobil (China) Investment Co., Ltd., Polyone Polymer (Shanghai) Co. Ltd., Sabic Innovative Plastics (China) Co., Ltd., Basell Asia Pacific Ltd., Ningbo LG Yongxing Chemical Co., Ltd., DOMO Engineering Plastics (Jiaxing) Co., Ltd., Dow Chemical (China) Investment Co. Ltd., Arkema (China) Investment Co., Ltd., Others.
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