Search History
Clear History
{{item.search_key}}
Hot Searches
Change
{{item.name}}
{{item.english_name}}
Subscribe Weekly eNewsletter
Once A Week Once Every Two Weeks
{{sum}}
Login Register

Applications

MATERI’ACT Dallas to speed up development of recycled compounds for automotive

Syensqo introduces new MTM epoxy prepreg with bio-sourced monomers

INEOS Automotive and BASF Coatings division partner in vehicle body repair and paint refinish

Products

Coperion optimizes laboratory extruder design for greater flexibility and safety

HASCO offers hot runner with Primezone control unit and OPC UA interface

BOY to present two small injection molding machines at CHINAPLAS 2024

Activities

  • Round Table at Fakuma 2023: “Plastic – Recyclable Rather Than Problem Material!”

  • ArabPlast 2023 – The Success Journey Continues………..

  • GREAT NEWS! INAPA 2023 IS COMING BACK 24 - 26 May 2023 at JIExpo Jakarta, Indonesia

Pictorial

Industry And Market

ASEAN: The Next Manufacturing Hub

Innovative and Sustainable Packaging

Recycling and Circular Economy

CHINAPLAS

CHINAPLAS 2023 Focus

News Videos

(CHINAPLAS) Kuncai Technology: Sustainable development and cost management are focuses

5L Full Automatic PET Bottle Blowing Machine

Plastic raffia bag wasching recycling line

Conference Videos

【Mandarin session:Webinar playback】Meusburger: More efficient and very accurate temperature control systems guarantees your success in moulding industry.

【Mandarin session:Webinar playback】HPF: High-performance fillers used in Thermalset polymers and special high temperature plastic to improve thermal conductivities and reinforcement.

【Mandarin session:Webinar playback】Covestro: Expands Sustainability Solutions for Healthcare Industry

TechHub@CPRJ

(Bilingual subtitles) 【Walk with industry expert】Interview with Guofeng Wang, President of Henan Tuoren Zhongke Medical Technology Co., Ltd

(Bilingual subtitles) 【Walk with industry expert】Interview with Professor Bin Li , Donghua University

(Bilingual subtitles)【Walk with industry expert】Interview with Previous Midea Material expert Mr.Fei

Home > News > Events & Exhibitions

CHINAPLAS 2023: Grasp industry opportunities under RCEP

Source:Adsale Plastics Network Date :2022-11-28 Editor :JK

Asia’s Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA) enforced in January 2022, offers a bountiful of opportunities for the plastics, rubber and petrochemicals sectors in various aspects, giving Asia's advanced and emerging markets a much-needed economic boost.

 

The GDP of Asia is expected to grow by 4.4% in 2022 and rise to 4.9% by 2023, according to the International Monetary Fund (IMF) 2022 regional economic outlook data.

 

1_web.jpg


Thus, bolstering trade is a strategy that is expected to accelerate recovery. FTAs signed by Asia's advanced and developing economies, as well as emerging markets, provide a much-needed economic boost for the region.


RCEP is a free trade agreement (FTA) between the ten member states of ASEAN and its five FTA partners, including Australia, China, Japan, New Zealand and Korea.

 

RCEP: Breaking down barriers to easing trade flow

 

Trade liberalization is at the heart of the RCEP framework, and it will be accomplished through gradual tariff reductions with significant exemptions in sensitive and strategic sectors. Concessions under the RCEP are expected to eventually eliminate tariffs on more than 90% of goods traded among member countries.


2_web.jpg


RCEP is one of the world's largest FTAs.


It will have a favorable impact on nearly all major industries, ranging from manufacturing to chemicals. Chemicals, for example, are expected to gain US$1.7 billion, for a total increase of approximately US$6.4 billion, of which US$4.5 billion is due to trade diversion.

 

The plastics and rubber sector is expected to add US$0.5 billion in trade, resulting in a US$1.6 billion increase in trade, with trade diversion accounting for an estimated US$1.2 billion.

 

Reinforcing the plastics value chain; a win for petrochemicals

 

The plastics value chain has been subjected to a number of disruptive events, prompting Asian companies and businesses to implement strategies to make their business models resilient to supply chain disruptions.

 

The RCEP's trade liberalization and preservation of multilateral trading systems can generate different trade opportunities for ASEAN and non-ASEAN member countries, thereby accelerating the region's economic recovery.


Petrochemicals, which are essential in the production of raw materials such as polymers used in packaging, electronics, construction and other applications, are expected to trade strongly within the RCEP alliance.


7_web.jpg

RCEP offers opportunities for the plastics/rubber and petrochemicals sectors in various aspects.

 

Notwithstanding the supply disruptions and geopolitical volatility, the International Energy Administration (EIA) predicts that the petrochemicals sector will secure more than a third of global oil demand growth by 2030 and nearly half of demand growth by 2050.

 

China is one factor expected to influence this growth. The colossal country is expected to generate significant petrochemical demand, rising to 780 million tonnes per year by 2030, according to the NPC Economics & Technology Research Institute (ETRI).

 

Meanwhile, Thailand's petrochemical industry, which is the largest in ASEAN, satisfies demand for petrochemical feedstock, such as naphtha and olefins, particularly in China, which is its largest export market, says Kungsri Research.

 

Healthy market growth for medical polymers

 

The global health crisis that affected the supply of personal protective equipment (PPE) and diagnostic health products, which are abundantly made of plastics or rubber, in the previous years has brought access to medical devices to the forefront more than ever before. RCEP is envisioned to enhance market access and ease the flow of provisions like medical devices.


Asia, the largest producer of pharmaceuticals and medical equipment, is expected to grow at a CAGR of 4.4% from 2022 to reach approximately US$225 billion in 2030, with Thailand, Singapore, Malaysia, and Indonesia as revenue drivers and zones for investment and business opportunities.


4_web.jpg

The global health crisis affected the supply of PPE. RCEP is envisioned to enhance market access and ease the flow of provisions like medical devices.

 

The Indonesian medical device market is set to be among the fastest growing in Asia, with a market value of US$1.9 billion by 2026. Singapore remains Indonesia's most important medical device export market destination, accounting for 41.5% of medical device exports in 2020, while Japan is the country's fourth largest market, accounting for 3% of the market share.

 

Thailand, the largest exporter of medical devices in ASEAN, has an ample supply of raw materials such as rubber and plastic used in the production of medical devices, particularly single-use items.

 

In 2020, Thailand’s medical devices sector generated an export value is US$13.9 billion, outpacing Singapore (US$13.08 billion), Malaysia (US$12.1 billion), Indonesia (US$4.1 billion), and the Philippines (US$0.83 billion).

 

Harnessing ASEAN's automotive competence

 

Because of the region's burgeoning consumer market, integrated supply chains and comparatively lower cost of labor, the ASEAN automotive sector has emerged as a manufacturing hotspot for both OEMs and vehicle parts suppliers.

 

The automotive sector’s inclusion in the RCEP is deemed to be complementary. According to the University of Duisburg-Essen’s CAR Institute, an estimated 41.8 million vehicles will be sold in RCEP countries by 2030, accounting for 46% of global market share, and counting.


5_web.jpg

An estimated 41.8 million vehicles will be sold in RCEP countries by 2030, accounting to 46% of global market share.


The huge potential brought by RCEP bodes well for the plastics and rubber sectors, as the automotive industry is the third largest user of plastics after packaging and construction, and a major consumer of rubber.

 

Thailand, which is Asia's automotive node, plays a key role in the automobile value chain. Several global companies have established facilities in the country for development, design, and other production-related activities since the 2000s. Today, Thailand is home to several major Japanese automobile manufacturers, as well as approximately six Chinese electric vehicle brands.

 

Meanwhile, Singapore is capitalizing on its electronics and semiconductor capabilities, as well as its stronghold in advanced materials and equipment manufacturing, to serve the global and regional automobile markets.

 

Unlock the RCEP opportunities at CHINAPLAS 2023

 

To unlock the RCEP opportunities, CHINAPLAS 2023, Asia’s No. 1 plastics and rubber trade fair, will bring together the most innovative plastics and rubber solutions and relevant market trends in one place with an exhibition area of 380,000 sqm under the theme of "A Brighter and Shared Future, Powered by Innovation".


6_web.jpg


By returning to Shenzhen, the gateway city to RCEP and the thriving innovation and technology hub in Southern China, CHINAPLAS shall converge different end markets and quality suppliers to foster collaborations and inspire innovations.

 

Buyers from all over the world shall discover a mixture of global and Chinese technologies, covering a wide range of application industries that are transforming the end market.

 Like 丨  {{details_info.likes_count}}
Medical
Automotive
RCEP
 Tangshan Zhonghao Chemical Co., Ltd      
Chat
  LIAONING NIPPON NANO TECHNOLOGY CO.,LTD      
Chat
 Oechsler Plastic Products (Taicang) Co.,Ltd      
Chat
 SUZHOU CRG ROBOTICS TECHNOLOGY CO.,LTD.      
Chat
 Suzhou Hechang Polymeric Materials Co., Ltd.      
Chat
 Rongsheng Petrochemical Co., Ltd.      
Chat
 Shenzhen Zhenxiong Molds Accessories Co.,Ltd.      
Chat
 Guangdong Yulong Technology Co., Ltd      
Chat
 Sinochem Internation Corporation      
Chat

The content you're trying to view is for members only. If you are currently a member, Please login to access this content.   Login

Leave Comment

Submit

All Comments

No Comment

{{VueShowUserOrCompany(itme.user)}}

{{ toolTimes(itme.updated_at,'s') }}

{{itme.body}}

Reply   
Submit
{{VueShowUserOrCompany(itmes.user)}} {{ toolTimes(itmes.updated_at,'s') }} Reply

{{itmes.body}}

Submit

Recommended Articles

Events & Exhibitions
Don’t miss “CHINAPLAS 2024 Show Daily” posted online during the fair
 2024-02-29
Events & Exhibitions
CHINAPLAS 2024: Foremost platform showcasing transformation, sustainability and digitalization
 2024-02-05
Events & Exhibitions
NPE2024: America's Largest Plastics Exhibition
 2024-01-23
Events & Exhibitions
PLASTEX 2024: Celebrating 30 Years and Pioneering the Next Era of Plastics and Rubber Solutions in MENA
 2023-12-14
Events & Exhibitions
Plastic Industry Association announces future dates for NPE
 2023-12-11
Events & Exhibitions
Shanghai World of Packaging (swop 2023) grandly opens
 2023-11-22

You May Also Like

{{[item['category']['name'],item['category']['english_name']][lang]}}
{{VueShowUserOrCompany(item.author)}} {{VueShowDisplayName(item.author)}}   
Chat
Sponsored
{{item.title}} {{item['summary']}}
{{itags.name}}
{{item.updated_at}}
 {{item.likes_count}}       {{item.comments_count}}

You May Be Interested In

Change

  • People
  • Company
loading... No Content
{{[item.truename,item.truename_english][lang]}} {{[item.company_name,item.company_name_english][lang]}} {{[item.job_name,item.name_english][lang]}}
Add
{{[item.company_name,item.company_name_english][lang]}} Company Name    {{[item.display_name,item.display_name_english][lang]}}  
 Chat

Polyurethane Investment Medical Carbon neutral Reduce cost and increase efficiency Industry 4.0 CHINAPLAS Financial reports rPET INEOS Styrolution Evonik Borouge Polystyrene (PS) mono-material Sustainability Circular economy BASF SABIC Multi-component injection molding machine All-electric injection molding machine Thermoforming machine
Top
Feedback
Chat
News
Market News
Applications
Products
Video
In Pictures
Specials
Activities
eBook
Front Line
Plastics Applications
Chemicals and Raw Material
Processing Technologies
Products
Injection
Extrusion
Auxiliary
Blow Molding
Mold
Hot Runner
Screw
Applications
Packaging
Automotive
Medical
Recycling
E&E
LED
Construction
Others
Events
Conference
Webinar
CHINAPLAS
CPS+
Official Publications
CPS eNews
Media Kit
Social Media
Facebook
Wechat