Specialty chemicals company Lanxess is strengthening its presence in China by building a new plant for plastics in Changzhou for around €20 million. From Q2 2019, the compounding plant is to produce up to 25,000 metric tons of Durethan and Pocan-branded plastics for the automotive sector and the electric and electronics industry.
‘China is the largest automotive market in the world and is setting the pace for electromobility. We want to support growth in this important region and are expanding our presence in the high-performance plastic segment,’ said Matthias Zachert, chairman of the Lanxess board of management, at a press conference in Shanghai.
According to studies, around one in four of the approximately 85 million cars sold around the world this year will be sold in China, the company says. This figure is expected be one in three in 2025. The electric and electronics industry also offers a great deal of potential in China and Lanxess expects annual growth of around 9% till 2021.
This story is reprinted from material from Lanxess, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.