Page 65 - Plastics News - January 2024

IN THE NEWS

city. Manufacturing already accounts
for more than one-quarter of regional
GDP.
Second largest medical market in
the world
Guangzhou-based market watcher
iiMedia Research predicts that the
pre-packaged food market in China
will attain a value of $69.8 billion in
2023, bringing new demand and cre-
ating tremendous prospects for the
packaging market. Moreover, China's
medical device market has already be-
come the second largest in the world.
The development of high-end medical
try, and electronics/IT. The ministry is stalled capacity of photovoltaic power equipment and related technologies is
promoting the application of innova- generation reached 113 GW, repre- progressing rapidly, with the market
tive products such as new energy ve- senting more than 150% year-on-year size of medical devices in China ex-
hicles (NEV), smart home appliances, growth. From smart robotic vacuums
green building materials in rural areas, to smart speakers, smart kitchen ap- pected to reach $6.8 billion by 2030.
high-end medical equipment, and ro- pliances, and smart refrigerators, an In this way, industrial transformation
botics. increasing number of smart home is accelerating. "This year, during our
appliances can be found in Chinese communications with plastics and
China has emerged as a global leader in
the NEV market. With breakthroughs households. The market size for rubber suppliers, we evidently felt
that both overseas and local compa-
in battery manufacturing technology China's smart home appliances is pro-
and charging infrastructure, China's jected to reach $26.3 billion this year. nies have vast confidence in the Chi-
NEV sales are projected to reach 8.5 Chinaplas 2024 host Shanghai has also nese market and are very optimistic
about exploring business opportuni-
million units in 2023, with a penetra- released a three year (2023 to 2025) ties in China,” concluded Ada Leung,
tion rate expected to hit 36% as fore- action plan to promote high quality general manager of Adsale Exhibition
casted by the China Passenger Car development of the city’s manufac-
Association (CPCA). turing industries, and strengthening Services Ltd., the organizer of China-
plas.
From solar to smart speakers of manufacturing's role in supporting
overall economic development of the
In the first eight months of 2023, in-

Resin Price Report: PE, PP Resin Prices Projected to Rise in Q1 2024

he PlasticsExchange projects a the best buying coming from Mexi- ket to secure resin. Prime resin prices
Tpenny uptick in resin prices, plac- co, reports the resin clearinghouse took divergent paths: PE sliced off a
ing January prices $0.02/lb above De- in its Market Update. Domestically, half-cent while PP tacked on another
cember. deeply discounted polyethylene (PE) penny. Forward prices at the Plastic-
Strong domestic demand and solid deals began to dry up, though some sExchange for first quarter PE and PP
export interest are making December remained at week’s end. Rising pol- resins both rose an additional penny,
the second best month of the year, ymer-grade propylene (PGP) costs placing January prices $0.02/lb above
just behind October, at the Plastic- fueled by ongoing monomer produc- December.
sExchange. tion disruptions dashed polypropylene Potential drop in December PE
(PP) processors’ hopes for December
Export interest remained good, with relief, which sent buyers to the mar- contracts

PLASTICS NEWS 6565
January 2024 PLASTICS NEWS