Focus on going global! kingfa sci. leads, huitong, preter, and kumho nire follow, china’s modified plastics frenziedly expanding worldwide

Image source: Kingfa Sci. & Tech.

On June 24, Kingfa Sci. & Tech. said on an interactive platform that the company is accelerating its efforts to take both production capacity and technology overseas. It currently has production bases in the United States, Germany, Spain, India, Malaysia, Vietnam, Indonesia and other locations, while new bases in Mexico, Poland and elsewhere are also under construction. Through a global production capacity layout, Kingfa Sci. & Tech. continues to strengthen supply chain resilience to cope with uncertainties arising from fluctuations in international trade policies.

In fact, Chinese modified plastics companies have already shifted from merely exporting products to expanding production capacity overseas and pursuing localized operations, deeply embedding themselves in global supply chains. Kingfa Sci. & Tech. is undoubtedly one of the pioneers, but behind it stands an entire fleet of Chinese modified plastics companies that is collectively going global.

Last year, Zhuansu Vision conducted a systematic review of the landscape of China’s modified plastics going global. A year later, the industry landscape has already undergone some new changes, and Zhuansu Vision is here to provide the latest update.

I. Kingfa Sci. & Tech.’s Global Footprint

Jinfa Technology's 2025 annual report shows that the company's total revenue reached 65.396 billion yuan (+8.07%), with a net profit attributable to shareholders of 1.15 billion yuan (+39.44%). Among this, the overseas base generated revenue of 4.234 billion yuan (+35.2%)—the growth overseas significantly outpaced that in the domestic market, and the increase in high-margin overseas products has become the core engine for profit growth.

According to reports, Kingfa Sci. & Tech. has established 7 overseas production bases across Asia, Europe, and the Americas, and has two 300,000-ton projects under construction in Mexico and Poland.Additionally, according to Polimerica, just as Kingfa Technology is about to complete construction of its new modified plastics plant in Poland and is preparing to enter the Moroccan market, the group revealed at Plast 2026 in Italy that it has added Italy to its overseas expansion map.

According to reports, Kingfa Sci. & Tech. Co., Ltd.’s plan for the Italian market will draw on the existing factory model in Spain, and it intends to build an integrated plant in Italy to simultaneously carry out the recycling and reprocessing of high-density polyethylene as well as modification processing. The current project planning direction is to rely on a strategic partner for implementation, and no related business negotiations have been initiated yet.

Kingfa Sci. & Tech.’s overseas expansion has three characteristics:Follow the customer.(Vietnam serves Samsung and Midea, India roots in white goods, the US connects with General Motors and Ford.)Seize the dividends of trade rules(Mexico leverages the USMCA for direct access to North America, while Poland positions itself in the Central and Eastern European automotive industry.)Promote green transition in tandem(The Spanish base aims for 100% recycled PET, with a target of increasing the proportion of recycled plastic to 15%.)

2. Industry Review: A Collective Overseas Expansion Map of Modified Plastics Companies

According to reports from platforms such as Specialized Plastics Vision, AdsaleCPRJ, Liansu.com, and CHINAPLAS, China’s modified plastics industry is undergoing a collective wave of overseas expansion. The destinations are highly concentrated in three major regions: Southeast Asia, North America, and Europe.

Southeast Asia: The Most Crowded Race Track

From January to November 2025, China’s modified plastics exports reached 208,000 tons (+23.8%), with Southeast Asia as the main destination.

PrattOn April 30, 2025, Thailand Pullet Composite Materials Co., Ltd. officially commenced operations at Frasers Industrial Park in Chonburi Province, Thailand. The plant is dedicated to providing innovative material solutions for the automotive and high-end consumer goods industries. With a first-phase annual production capacity of 20,000 tons, it produces modified PP, ABS and PC alloys, modified PA, fiber-reinforced materials, food-grade antibacterial materials, and recyclable plastics. A research and development center is planned to be completed before 2027.

Huitong Co., Ltd.In 2024, Phase I of the Thailand plant, with an annual production capacity of 30,000 tons, was successfully put into operation, positioning it as a commercial hub serving Southeast Asia. Overseas sales exceeded 17,000 tons in 2024, up 178.39%.

Silver Jubilee TechnologyVietnam has commenced operations, establishing a dual manufacturing base in China and Vietnam to produce modified PP, PC, PVC, TPE, halogen-free flame retardants, and LED intelligent lighting materials.
Kinhou Ri LiKumho Sunny’s Rayong, Thailand production base commenced operation in 2025. The first phase has an annual production capacity of 20,000 tons and mainly serves industries such as home appliances and consumer electronics. The base is also equipped with a local R&D team, a color-matching team for paint-free applications, and a technical service team. Through localized R&D and manufacturing, it significantly shortens new product development cycles, sampling lead times, and order delivery times.

Image: The commencement ceremony for the production base of Kumho Tire in Rayong Province, Thailand. Source: Kumho Tire Plastics.

Hechang PolymerizationIn April 2025, a subsidiary will be established in Singapore as an overseas investment platform, and a joint venture will be formed with Thai Oil Pressure Machinery to establish a company in Thailand, focusing on the automotive parts, home appliances, and new energy sectors.

Wote Co., Ltd.In 2023, a wholly owned subsidiary, “Vietnam Wot,” was established in Haiphong, Vietnam, focusing on the research and development, production, processing, and manufacturing of modified materials.

Polyrocks ChemicalBuild four overseas production bases—Vietnam and Cambodia will focus on flame-retardant plastics; Nigeria and Angola will target the African market.

(II) North American Springboard: Mexico Becomes a Battleground for Strategic Advantage

The USMCA (United States-Mexico-Canada Agreement) stipulates that 75% of automobile components must be produced in North America.
For Chinese enterprises entering the manufacturing industry in Mexico, this adjustment includes not only the reconfiguration of procurement sources for raw materials, core components, and general parts, but also the establishment of a more stable collaborative network with local manufacturers, regional suppliers, and service providers.

2015 Golden Hair TechnologyA subsidiary, Jinfa Technology USA, has been established, and the modified plastic factory of Jinfa Technology officially commenced production in 2016. The Jinfa Technology Mexico facility is planned to have an annual capacity of 300,000 tons, including 200,000 tons of general-purpose plastics and 100,000 tons of engineering plastics, with production expected to start in 2026.

PulteThe new materials factory in Nuevo León, Mexico, successfully began trial production in June 2025. Located close to the U.S. border and leveraging the preferential policies of the United States-Mexico-Canada Agreement (USMCA), its products can be delivered directly to customers in North America, perfectly meeting the demand for close-proximity supply chain services. No specific information on production capacity has been found at present.

Image: Pritch's new materials factory in Nuevo León, Mexico successfully commenced trial production. Source: Pritch.

Nanjing JulongThe Mexico plant will begin production in the second half of 2024, with a designed annual capacity of 40,000 tons, serving the North American new energy vehicle market.

(3) European Deepwater Region: From Exploration to Establishment

The European market has the highest barriers to entry,Kingfa Sci. & Tech.The German facility has been in operation for nearly ten years, and a new recycled plastic facility in Spain will be added in 2025. The real breakthrough comes from cross-border mergers and acquisitions.

December 2025Huitong SharesThe announcement proposes acquiring a 70% equity stake in Italian modified materials company OMIKRON for no more than EUR 25 million. Upon completion of the transaction, the target will become an associate of the company. Leveraging OMIKRON’s local production lines, customer certifications, and sales channels in Europe, the company will be able to quickly enter the European market and avoid the lengthy certification cycle required to build a new factory from scratch.
PrittCompleted key layout in the European market. In 2017, Plit established a wholly-owned subsidiary (Plit Europe Ltd.) in Germany, focusing on technological innovation in modified plastics, particularly in high-performance materials such as liquid crystal polymers (LCP) and high-temperature engineering plastics. In addition, Plit leased over 7,000 square meters of space in the Opole CTP Park in Poland to build its first manufacturing plant in Europe, further enhancing its global production network.

3. Overseas Expansion Logic and Concerns

Looking at the overseas expansion trajectories of the above-mentioned companies, two paths can be identified:Self-built factory(Jinfa Technology, Plit, Silver, Water, etc.) have strong control but long cycles; Jinfa Technology took twelve years from its start in India in 2013 to form nine major bases.Cross-border mergers and acquisitions(Huitong’s acquisition of OMIKRON) was fast, but the integration risks are high. Going global is not essentially about expanding scale, but about gaining the qualification to compete locally over the long term.

In terms of driving forces, three forces overlap.Intense competition in the domestic stock market.In 2024, the CR5 of China’s modified plastics industry was about 15%, and the CR10 was less than 17%, indicating low market concentration and ongoing price competition.Downstream customers have already expanded overseas.As overseas production capacity from giants such as BYD, Midea, and Haier is being released intensively, supply chains must follow closely.Major changes in global trade rulesThe rules such as USMCA and CBAM make "product exports" increasingly difficult, making "capacity relocation overseas" an unavoidable path.

However, potential concerns must not be overlooked:Homogeneous competition is spreading overseas.Vietnam and Thailand have become hot spots for factory establishment, with highly overlapping product positioning, all targeting the automotive, home appliance, and electronics sectors. If we merely replicate the domestic competition overseas, we will ultimately still fall into the quagmire of price wars.The payback period for building factories overseas is long.From groundbreaking to production, it typically takes 18 to 24 months. With customer certification and capacity ramp-up added, it may take 3 to 5 years to achieve real profitability.

However, overall, the direction of going abroad will not reverse. In 2026, Jinfa Technology's two 300,000-ton bases in Mexico and Poland will be put into operation successively, the construction of the Plit Europe factory will begin, and the European mergers and acquisitions of Huitong will be completed. The global map of China's modified plastics industry is unfolding at an unprecedented speed. Ultimately, the key to success lies not in who arrives first, but in who can truly establish a full chain capability of "R&D - production - sales - service" in foreign lands.

Editor: Lily

Material sources: Jinfatech, Bioplastics Research Institute, Chain Plastic Network, AdsaleCPRJ, Zhuangsu Shijie, Chinaplas, Qianzhan Industry Research Institute, Tonghuashun, Dongfang Caifu, etc.