August 27, 2024 – China’s Plastic Processing Industry Soars Amidst Economic Prosperity, Marking a Steady Growth Trajectory
Amid the sustained economic boom in China, the plastic processing industry has showcased a resilient and stable development path. Recent statistics reveal a significant leap in the sector’s output, with the total production of plastic products soaring to 74.885 million tons in 2023, marking a 3.0% year-on-year growth.
Delving deeper into the various segments, it becomes evident that plastic sheets, pipes, profiles, plastic yarns, ropes, and their woven products, along with plastic packaging and containers, continue to dominate the market landscape. Collectively, these categories contribute a staggering 46.517 million tons, accounting for 62.1% of the total output. Plastic films, with a production volume of 16.954 million tons, closely follow suit, occupying 22.6% of the total. Notably, agricultural films have witnessed a remarkable surge in production, reaching 821,000 tons, up by 6.8% compared to the previous year. Additionally, foam plastics have also experienced a 6.1% year-over-year growth, while daily-use plastics and plastic artificial and synthetic leather have seen slight declines of 7.1% and 1.1%, respectively.
In terms of industry evolution, the plastic processing sector in 2023 has embarked on a transformative journey towards functionalization, lightweighting, precision, eco-friendliness, and intelligence. This progression is underpinned by the relentless improvement in capacity utilization rates and the accelerated implementation of digital transformation strategies across the board.
According to AsiaMB’s insights, the market size of China’s plastic processing industry is projected to maintain a stable and promising growth trajectory, with both production and consumption of plastic products anticipated to sustain their upward momentum. This optimistic outlook underscores the industry’s vibrant future and promises to unlock numerous growth opportunities for enterprises across the value chain.