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China has attained the number two position globally in the polymer composite industry. A new report indicates that polymer composite industry in China it is expected to reach 2.3 million tons by 2011. By 2013, China 's polymer composites market will surpass the US market of polymer composite.
China is attracting the attention of foreign investors, lured by a largely untapped market and a low manufacturing cost base. Many multi-national companies are heavily investing in China to capture various growth opportunities. Dutch Akzo Nobel will invest about US$150 million in China in the next five years to produce more coatings for local markets. Ticona polymers announced plans in 2006 for two new plastics plants in China , one for Celstran long fiber reinforced thermoplastics (LFRT) and one for ultra-high molecular weight polyethylene. The new Celstran LFRT line is scheduled to be running by Q3-2007. General Motors Corp. announced in June 2004 plans to invest more than US$3 billion in China during the next three years, as it looks to expand every aspect of its business in the fast-growing and highly profitable market.
A lot of changes are happening in the Chinese composites market. The rapid growth in the Chinese composites market is spurred by growth in pipes, tanks, grating, pultrusion, construction, automotive, electrical, and the electronics market. In the last five years the average growth in the overall Chinese composites market was in double digits. |
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