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China Plastics Market 2003
China Market Research, Sep 2003, Pages: 28
In the tenth-five year plan (2001-2005), the annual growth rate of general synthetic resins is projected to be 6.8% and engineering plastics materials is expected to be 10%. However, the local output of plastics materials and resins can only satisfy 50% of market demand. As a result, China must import large quantities of plastics materials each year. The local market requires imports of general-purpose thermoplastic resins, including polyethylene (LDPE and HDPE), polypropylene (PP), polystyrene (PS), acrylonitrile butadiene styrene (ABS), and polyvinyl chloride (PVC). This market is subject to fluctuation of up-stream supply and down-stream market demand. Special engineering plastics and other resins, which possess special physical and chemical properties, are used widely in various industries as special materials. U.S. engineering plastics products have high-technology inputs and are very competitive in the local market. However, U.S. firms now face stiff competition from Japan, Korea and Taiwan, German. In recent years, imports of general plastics from the U.S. dropped sharply due to price competition and the close relationship between Asian competitors and China. China needs to import large amounts of synthetic resins to meet local market demand. In 2001, for the first time China's imports of major GP plastics broke through 10mt and reached 11.67mt, up 21% over those in 2000. It is estimated that China's imports of PVC will reach 3mt in 2002, and increase to 3.4mt in 2003.
Meanwhile, China has become the largest importer of engineering plastics in the last three successive years. Up to 2005, the demand for the five major engineering plastics (PC, POM, PA, PBT and PPO) and ABS will increase to 590,000 t/a and 1.6mt/a. China's accession to the WTO will provide significant benefits plastics and resins exporters. China will reduce average chemical tariffs by more than 50% by January 1, 2005. Specifically, the average rate will be reduced to a final average rate of 6.9%. Most quotas will be eliminated on virtually all chemical products upon accession. China has also agreed that any entity will be permitted to import most products, including plastics and resins, into China after a three-year phase-in period. International companies operating in China will also be able to freely distribute plastics materials in China.
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