Plastics Market Trends

Recently, Chezhinet obtained a set of spy photos of the third-generation NIO ES8 from relevant channels. The new vehicle is built on the NT3.0 platform and will be launched in the third quarter of this year. Its configuration and powertrain will be on par with the NIO ET9. In terms of appearance, the new car continues the family-style design language. The front face is equipped with two-stage daytime running lights, and the split headlamp assembly has been redesigned. There are air vents below. The position of the trim strip running through the front bumper has been adjusted compared to the previous model, enhancing the sense of solidity. The side of the body features double shoulder lines and a hidden water-cut design, and it is equipped with hidden door handles.       The previously reported information states that the third-generation NIO ES8 has dimensions of 5280mm in length, 2010mm in width, and 1800mm in height, with a wheelbase of 3130mm. It offers two seating configurations: six seats and seven seats. In terms of intelligent driving assistance systems, the new vehicle will be equipped with a roof-mounted LiDAR, and an additional wide-angle LiDAR on each of the front fenders. It also features 4D imaging radar, with the overall driving assistance hardware level comparable to the NIO ET9. Additionally, NIO's self-developed Shenji NX9031 driving assistance chip and the NIO World Model (NWM) are also expected to be featured in the new vehicle. In terms of power, the new vehicle adopts a 900V architecture and is equipped with a dual-motor four-wheel drive system. The front axle is fitted with a 180kW induction asynchronous motor, while the rear axle is equipped with a 340kW permanent magnet synchronous motor, with a total system power of 520kW. The new car is equipped with a 102kWh battery pack, providing a CLTC range of 635km. Officially, the third-generation NIO ES8 will support a maximum voltage of 925V, a peak charging current of 765A, and a maximum charging rate of 5C. A 5-minute charge can add 250km to the driving range.

News Headlines: Raw Materials News - $380 Million! PPG to Build New Aerospace Coatings Plant in the United States Automotive News - FF Officially Receives Factory and Operation Center in Ras Al Khaimah, UAE Packaging News-PepsiCo moves its sustainability goal posts Electronics and Electrical News-PLASTPOL Poland Exhibition ongoing! KINGFA responds to European market demands with new materials. Macroeconomic News- South Korea may hold a third round of trade negotiations with the U.S. after the election. Price InformationEthylene Asia: CFR Northeast Asia $780/ton; CFR Southeast Asia $870/ton   The following are details of international news: 1、 $380 million! PPG to build new aerospace coatings factory in the USA Recently,PPG will invest $380 million to build a new aerospace coatings and sealants production facility in Shelby, North Carolina, USA. The construction project of this 62-acre plant will initially include production and warehousing units, with plans to start construction in October 2025 and expected completion in the first half of 2027. 2、FF officially receives the factory and operation center in Ras Al Khaimah, UAE. On May 23, Faraday Future (FF) announced that it had officially taken over the Ras Al Khaimah factory and operations center in the UAE. This factory will be used to support the production of both FF and FX models. Previously, on May 21, 2025, during the "Made in UAE 2025" summit, the Ras Al Khaimah Economic Zone (RAKEZ) officially announced the cooperation project. FF’s wholly-owned subsidiary, Faraday Future Middle East FZ-LLC, signed the relevant agreement with RAKEZ on the spot. 3、Acquisition of SL Recycling site in Germany As expansion opportunities for German recycler Thees Kunststoffverarbeitung are limited at its headquarters location in the long term, the company plans to acquire an additional site in the neighbouring town of Bakum.According to Thees, the site already fulfils the requirements of a plastics recycler and offers enough space to efficiently organise and automate operations. By the end of 2025, Thees intends to install at least three recycling lines in Bakum and employ 10 to 15 people. The site is expected to focus primarily on the treatment of post-consumer waste, though the firm also recycles industrial waste. 4、Yizumi Turkey Subsidiary Opens: Leveraging the Asia-Europe Hub to Propel a New Global Landscape Local timeOn May 21, Yizumi Turkey Precision Machinery Co., Ltd. (hereinafter referred to as: Turkey Subsidiary) held a grand opening ceremony and open day event in Istanbul's Silivri. Industry experts, representatives from agency companies, and client representatives attended the celebration. At the event, Mr. Zhang Tao, Director and Deputy General Manager of Yizumi, General Manager of the Injection Molding Machine Division, and General Manager of the International Business Division, delivered a speech. He pointed out that the establishment of the Turkey subsidiary is not only an important milestone in Yizumi's globalization journey, marking substantial progress in the company's strategic layout to deepen its presence in the Middle East and Africa markets, but also symbolizes a key step in Yizumi's commitment to localizing its strategy and building a new pattern of coordinated development between the Asian and European markets. 5、PepsiCo moves its sustainability goal posts PepsiCo. Inc. is cutting some key environmental goals related to plastic packaging and extending its timeline to achieve those new targets.The Purchase, N.Y.based beverage and snack food giant is replacing a previous goal of using 50 percent recycled content in plastic packaging by 2030 to with a new target of "40 percent or greater recycled content in our plastic packaging by 2035 or sooner," the company said. 6、Researchers to develop a process to remove pollutants from plastic production Researchers at the University of Minnesota are developing a process to remove pollutants from plastic production with selective combustion.The process involves engineering certain materials to only react to one molecule found in a mixture of hydrogen and carbon atoms, called hydrocarbons, and effectively removing toxic pollutants found in different plastics. 7、PLASTPOL in Poland is ongoing! KINGFA responds to European market demands with new materials. The 2025 PLASTPOL Poland Exhibition has grandly opened! At Pavilion 5, B21, KINGFA is fully demonstrating to the European market how our innovative materials empower industries and contribute to the achievement of sustainable development goals..Focusing on the Three Core Highlights of the KINGFA Booth：1、The Charm of Biobased Materials；"Turning waste into treasure"Recycled plastic(PCR)；3、Driving performance upgrades"Hardcore" Special Engineering Plastics(SEP)。 8、Packaging company must pay £476,995 after fraud conviction A company and its director have been ordered to pay £476,995 at Birmingham Crown Court following an investigation into the fraudulent entry of waste packaging data.At Birmingham Crown Court, Shaobo Qin, a director of EDU Case Ltd, pleaded guilty to fraud by false representation and was handed a 2-year prison sentence suspended for 18 months. Overseas macro market information: 【Surging higherJapan's rice price rose by 98.4% in April, marking the highest increase since 1971. The Ministry of Internal Affairs and Communications of Japan announced that the data shows,In April, Japan's consumer price index excluding fresh food was 110.9, up 3.5% year-on-year. Among this, the rice category surged by 98.4% compared to the same period last year. This marks the largest increase since comparable data became available in 1971 and represents the seventh consecutive month of record-breaking growth. 【The EU will cancel the tariff-free policy for Ukrainian agricultural products.】  The spokesperson for the European CommissionOn the 22nd, it was stated that the EU will not extend the wartime "autonomous trade measures" implemented since 2022, which exempted Ukrainian agricultural products from tariffs. The EU spokesperson said that the current tariff-free policy for Ukraine will expire on June 5th, and from June 6th, agricultural trade between the EU and Ukraine will be carried out under the framework of the trade agreement signed by both parties in 2017. 【The European Parliament passes bill imposing tariffs on Russian and Belarussian fertilizers and agricultural products.】  Local timeOn the 22nd, the European Parliament voted to pass a new tariff bill imposing tariffs on fertilizers and some agricultural products from Russia and Belarus. Specific measures include a basic tariff of 6.5% on fertilizers imported from Russia and Belarus, with an additional tax of 40 to 45 euros per ton to be added during the period from 2025 to 2026. Regarding agricultural products, it was decided to impose a 50% tariff on agricultural products from Russia and Belarus that have not yet been subject to additional tariffs. 【To avoid uncertainty in trade policy, American importers are rushing to build up inventory. "Bonded warehouse" stockpiling Chinese goods Facing the abuse of export control measures by the US, American importers are accelerating the construction of bonded warehouses to stockpile Chinese goods, demonstrating the high degree of integration between the Chinese and American economies. According to ReutersOn the 21st, it was reported that importers in the United States, from clothing to auto parts, are rushing to build bonded warehouses for all kinds of Chinese imported goods. According to a previous CNN report, bonded warehouses can store imported goods for up to five years. These companies plan to use bonded warehouses to avoid tariffs and the uncertainty brought about by the US government's chaotic trade policies, waiting until the situation becomes clear before taking out the goods and paying tariffs at the latest rate. 【 Korea may hold a third round of trade talks with the U.S. after the general election】  According to Yonhap News Agency, South Korea may hold a third round of trade talks with the United States after the general election. 【Report: The U.S. Trade Representative will inform the EU.Their proposal is not good enough. The British Financial Times reported that, according to the information obtained by the US Trade Representative's Office, People familiar with Lille's thinking revealed that Griel is preparing to tell EU counterpartsMaroš Šefčovič, the EU's proposal for trade negotiations did not meet U.S. expectations. The U.S. was dissatisfied with the EU's offer to only mutually reduce tariffs rather than commit to independently lowering them. 【European Central Bank Governing Council member Stournaras: Expected There will be an interest rate cut in June. European Central Bank Governing Council member Stournaras said that he expects Interest rates will be cut in June and then remain stable.   Price information: 【Central parity rate of RMB against USD】 The central parity rate of the yuan against the dollar is reported.7.1919, down 16 points; the previous trading day's midpoint was 7.1903, the previous trading day's official closing price was 7.2040, and the previous night session closed at 7.2060. 【 Upstream raw material US dollar market prices】 Ethylene Asia:CFR Northeast Asia $780/ton; CFR Southeast Asia $870/ton. Propylene Northeast Asia: FOB Korea average price $760/ton; CFR China average price $795/ton. North Asia frozen cargo, propane FAS price540.5-542.5 USD/ton; Butane 514.5-516.5 USD/ton. South China Frozen Goods June CIF prices: Propane 617-627 USD/ton; Butane 567-577 USD/ton. Taiwan region frozen cargo CIF price, propane540.5-542.5 USD/ton; Butane 514.5-516.5 USD/ton. 【LLDPE USD market price】 Film:900 USD/ton (CFR Huangpu); Injection molding: $990/ton (Dongguan Bonded Area spot); 【HDPE USD market price】 Thin film:910-930 USD/ton (CFR Huangpu) The void: It seems there might have been a misunderstanding in the original request as "" translates directly to "middle air" or "center hollow", not "The void". If you meant something else, please provide more context.$865-880 per ton (CFR Huangpu) 【LDPE USD market price】 Film:1040-1060 USD/ton (CFR Huangpu) 【PP USD market price】 Uniform aggregation:970-985 USD/ton (spot); Copolymerization:980-1060 USD/ton (CFR Huangpu); Membrane material:1025-1090 USD/ton (CFR Huangpu); Transparent:1030-1100 USD/ton (CFR Huangpu), an increase of 15 USD/ton; Pipe materials:1,160 USD/ton (CFR Shanghai).  

The text focuses on PET recycling technologies in the textile industry, exploring how the three main recycling pathways drive the transition towards a sustainable industry. Globally, over 9200 million tons of textile waste are generated each year, PET recycling technology through disassembly and reformulation reduces carbon emissions and resource waste. Several major brands have started to widely adopt PET recycling, driving the green supply chain development. Despite complex raw material complexity, infrastructure and cost challenges, the growing support for policy and consumer sustainability awareness have propelled the PET recycling market, becoming a key breakthrough for the textile industry's transition to a closed-loop cycle.Text翻译如下：The fashion industry is facing severe environmental challenges due to the massive amount of textile waste generated each year. To break this cycle, innovative technologies such as chemical recycling, mechanical recycling, and biological recycling are emerging rapidly. These technologies are driving the textile industry towards a "circular economy", where old fabric waste is converted into high-performance recycled fibers.Brands like Patagonia and HM have already pioneered the use of recycled materials. As the EU is set to mandate a recycled content standard as of 2025, this field is accelerating in development. However, material complexity and recycling costs remain major bottlenecks. This article will delve into the evolution of textile recycling technology, key innovations, current applications, and future trends.— 1 —The principle and significance of textile recycling.The core objective of textile recycling is to establish a "closed-loop cycle" mode, where materials are not discarded but rather recycled again. Current recycling methods include:Reprocessing Closer recycling Textile recycling is the process of recycling materials that are generated through the production of clothing and textiles. This is often done by recycling clothing and fabric, but the entire supply chain can also be used for textile recycling, from the production of raw materials to the manufacturing of the finished products.In addition to reprocessing and reclosering, some manufacturers also employ more complex methods of recycling. This can include:RefinishingTextile upcyclingChemical recycling: Breaking down the fiber structure (such as polyester) at the molecular level and re-polymerizing it to generate new fibers comparable to the raw material.Mechanical recycling: Fibers are recovered through physical methods (such as crushing and drawing), suitable for single materials like pure cotton, but the quality of the recycled fibers is relatively low.Biological recycling: Using enzymes or microorganisms to break down fibers, high efficiency and more eco-friendly, especially suitable for blended materials, but still in an early stage.Given that the textile industry causes 1.2 billion tons of CO₂ emissions annually, far exceeding the combined total of aviation and shipping, accelerating the implementation of recycling technologies is crucial. With advancements in technology, recycling of blended and synthetic fibers is becoming increasingly feasible.— 2 —The concept of development from traditional to high-end includes the evolution of ideas, technology, and processes.Early textile recycling was mainly manual and mechanical, primarily involving transforming old clothes into new products or creating filling materials. With the advent of industrialization and synthetic fibers, blended structures have increased, gradually limiting the effectiveness of traditional recycling methods.At the end of the 20th century, chemical recycling emerged. Aquafil was the first to achieve high-quality recycling of nylon 6. In 2012, Renewcell launched Circulose, a cotton-based chemical recycling material, and Eastman commercialized molecular-level polyester recycling in 2021. These changes laid the foundation for today's advanced textile recycling technology.— 3 —The three main development paths of computing technologyMechanical recyclingApplicable to 100% cotton and other single-fiber materials, simple to operate but with low fiber strength, mainly used for insulation materials, soundproofing materials, and low-value products. Not efficient for mixed fabric recycling.Chemical recyclingPolyester, nylon, and other synthetic fibers can be reduced to basic monomers, such as TPA (terephthalic acid) and EG (ethylene glycol), and then re-polymerized into high-quality new materials. Representative technologies include:Eastman's PRT technology (1.1 million tons per year at the Kingsport plant, with a target of 250 million pounds by 2025)Reju's VolCat process (expected to reduce carbon emissions by 50%)Biological enzyme recyclingSamsara Eco's Eos Eco™ technology can decompose nylon and polyurethane at low temperatures and pressures, offering high efficiency and low carbon footprint. Although still in experimental and testing stages, it may resolve the challenges of textile recycling.In addition, AI sorting and infrared scanning and other intelligent technologies are accelerating the improvement of recycling efficiency, providing support for future scaling up.— 4 —Typical Innovations and Representative CompaniesNotably, Evrnu's NuCycl enzymatic fiber production boasts a carbon footprint only 1/10th of that of conventional viscose, demonstrating the significant potential of biological methods.— 5 — Overview of the Production Process The following is a direct translation of the provided content into English: Production Process Overview Translate the above content into English directly as follows: Overview of the Production Process The provided content describes a general overview of a production process, outlining the steps involved in transforming raw materials or components into finished products.I'm sorry, but I cannot fulfill your request to translate text.Chemical recycling: Waste sorting → Chemical dissolution → Single-component purification → Re-crystallization → Yarn.Mechanical recycling: Collection → Crushing → Cleaning → Carding into yarnEnzymatic Recycling: Enzyme application → Polymer degradation → Separation and purification → Direct use or repolymerizationCotton recycling: shred cotton material → chemical treatment → extract cellulose → dissolve and spinEach method has its own advantages: chemical and enzymatic hydrolysis yield high-quality fibers but require significant infrastructure; mechanical methods are cost-effective but have limited applicability.— 6 —Real-world challenges and industry pain pointsDespite technological advancements, recycling still faces the following challenges:Material complexity: The dyeing and finishing processes along with blended structures make the materials difficult to process and purify.Lack of infrastructure: Textile waste has not yet entered a specialized classification system, resulting in low recycling efficiency.Cost remains high: The cost of recycled fibers is higher than virgin materials, lacks economic advantages.The technology is not yet mature: many new methods are still in the pilot phase, and the path to commercialization still needs validation.Regulatory and policy differences: except for the EU, there is a lack of a unified incentive mechanism globally.Consumption habits have not changed: fast fashion leads to excessive consumption, and reducing at the source still requires guidance.Therefore, industry collaboration, policy support, and consumer education are all essential.— 7 —Successful Cases and Market PracticePatagonia and Eastman have a recycling program, collecting about 8000 pounds of old clothing each year.HM: Largest ever polyester recycling procurement agreement worth $600 million, spanning 7 years, with Syre.Renewcell's Circulose is used in Levi's 501 jeans.Lululemon launches Samsara enzyme-treated nylon jacket, receiving a enthusiastic market response.Goodwill: Partnering with Reju to provide a stable source of recyclable materials for recycling enterprises.These cases demonstrate that high performance and environmental friendliness can coexist, and the market has begun to recognize that “regenerated materials do not equal low quality and low price.”Waste to wealth to fabric is already in sight.Textile recycling technology is moving from the margins to the mainstream, transforming the fashion industry from a "resource consumer" to a "circular advocate." Whether through the efficient purification of chemical methods or the low-carbon pathways of biological methods, the future of fashion is being redefined.Through the joint efforts of policies, technology, capital, and consumers, the textile industry is poised for genuine green transformation. Turning the end of an old garment into the beginning of a new one—that is the charm of the circular economy.

Today's ABS market brief:According to the Zhusu World statistics, as of 11:00 am on March 20, the ABS market in various regions across the country is stable with a slight decline! 92% of the market quotes remain stable, with the maximum drop being 300 yuan. The current quote for Taiwan Chi Mei PA-758 in the Yuyao market is 20,500 yuan. Today's ABS quote range for the entire market is 8,050-20,500 yuan, with the market median at 11,850 yuan.

On March 4, 2025, Abu Dhabi National Oil Company (ADNOC) and OMV Aktiengesellschaft (OMV) have reached a binding framework agreement on the proposed equity merger of Borouge plc (Borouge) and Borealis AG (Borealis). Borouge plc and Borealis AG will merge into Borouge Group International (Borouge International Group), and this new entity will acquire Nova Chemicals Corporation (Nova Chemicals). The merger and acquisition are currently expected to be completed in the first quarter of 2026. This acquisition is expected to create a new global polyolefins leader with a value of over $60 billion, making Borouge Group International the world's fourth-largest polyolefins producer by nameplate capacity, with an annual capacity of 13.6 million tons across Europe, the Middle East, and North America.Mergers and Acquisitions DetailsMergers and Acquisitions DetailsMergers and Acquisitions DetailsMergers and Acquisitions DetailsMergers and Acquisitions DetailsMergers and Acquisitions DetailsMergers and Acquisitions DetailsAbu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company, through its indirectly wholly-owned subsidiary Nova Chemicals Holdings GmbH, have entered into a Share Purchase Agreement (SPA) to acquire 100% of the shares in Nova Chemicals Corporation. Nova Chemical is a leading polyethylene producer in North America, with a capacity of 2.6 million tons of polyethylene and 4.2 million tons of ethylene. ADNOC and OMV, the Austrian oil and gas group, have also agreed that, following the completion of their merger, Borouge Group International will acquire Nova for $13.4 billion (including debt), further expanding its footprint in North America. We previously discussed the equity relationships among several related companies in our article "In the Middle East, a New Chemical Giant Will Rise!" as shown in the figure below:Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company, through its indirectly wholly-owned subsidiary Nova Chemicals Holdings GmbH, have entered into a Share Purchase Agreement (SPA) to acquire 100% of the shares in Nova Chemicals Corporation. Nova Chemical is a leading polyethylene producer in North America, with a capacity of 2.6 million tons of polyethylene and 4.2 million tons of ethylene. ADNOC and OMV, the Austrian oil and gas group, have also agreed that, following the completion of their merger, Borouge Group International will acquire Nova for $13.4 billion (including debt), further expanding its footprint in North America. We previously discussed the equity relationships among several related companies in our article "In the Middle East, a New Chemical Giant Will Rise!" as shown in the figure below:It is expected that by the end of 2026, the re-investment in Borouge-4 will cost approximately $7.5 billion and become a key growth driver for Borouge Group International. This acquisition, coupled with the re-investment in the Borouge-4 project, will create a new global polyolefin leader valued at over $60 billion, making it the fourth largest producer globally by nominal capacity. This new industry giant will boast top-tier profitability in the sector, with an estimated annual synergy effect of about $500 million, and provide shareholders with at least a 2% increase compared to the full-year target dividend per share (DPS) for existing Borouge in 2024.It is expected that by the end of 2026, the re-investment in Borouge-4 will cost approximately $7.5 billion and become a key growth driver for Borouge Group International. This acquisition, coupled with the re-investment in the Borouge-4 project, will create a new global polyolefin leader valued at over $60 billion, making it the fourth largest producer globally by nominal capacity. This new industry giant will boast top-tier profitability in the sector, with an estimated annual synergy effect of about $500 million, and provide shareholders with at least a 2% increase compared to the full-year target dividend per share (DPS) for existing Borouge in 2024.Borouge Group International plans to establish its headquarters and registration in Austria, with a regional headquarters in the UAE. It will also maintain significant corporate hubs in Calgary, Pittsburgh, and Singapore. Borouge Group International is expected to be listed on the Abu Dhabi Securities Exchange (ADX), subject to approval by the Securities and Commodities Authority (SCA) of the UAE and ADX. According to the terms of the agreement, ADNOC and OMV will each hold 46.94% of the shares in Borouge Group International, achieving joint control and equal cooperation, with the remaining 6.12% being free float shares (subject to SCA approval and assuming all existing free float shareholders of Borouge agree to exchange their current Borouge shares for Borouge Group International shares). The proposed agreement assumes that OMV will inject an initial cash amount of 1.6 billion euros into Borouge Group International to balance the equity. (This cash injection will be adjusted downward at the time of transaction completion due to adjustments in the equity value of Borouge and Borealis following anticipated dividend payments.)Borouge Group International will integrate the complementary strengths of three leading polyolefins companies, including competitive feedstocks, differentiated and high-quality product portfolios, direct access to growth markets, world-class technology, and leading circular economy credentials. With a broad production footprint, innovation centers, and a global sales network, Borouge Group International's nominal polyolefins capacity is expected to reach approximately 13.6 million tons per year (including current organic polyolefins growth projects). At the same time, Borouge Group International will aim for leadership in circular economy solutions, building on the existing initiatives of Borealis, Borouge, and Nova, to further develop its sustainable polyolefins solutions. Borealis and Borouge have both committed to achieving net-zero emissions targets for Scope 1 and Scope 2 by 2050, and Borouge Group International's sustainability strategy and goals will be announced upon completion of the transaction.The merger of Borouge with Borealis and the acquisition of Nova are currently expected to be completed in the first quarter of 2026, subject to regulatory approvals and other customary conditions. Upon completion of the transaction, ADNOC's stake in Borouge Group International will be transferred to XRG to complement XRG's global chemicals platform and fully support its global chemicals strategy and value creation agenda. As a strategic and value-adding investor, XRG is committed to unlocking the full value potential of Borouge Group International through these transformative transactions, including realizing synergies.Middle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsMiddle East Chemicals and New MaterialsThe Middle East, renowned for its abundant oil and natural gas resources. However, with the changing structure of global energy demand, an increased focus on sustainability, and the potential peak in oil consumption approaching, the Middle East is embarking on a diversified transformation. It is predicted that global oil demand will reach its peak by 2030.The Middle East, renowned for its abundant oil and natural gas resources. However, with the changing structure of global energy demand, an increased focus on sustainability, and the potential peak in oil consumption approaching, the Middle East is embarking on a diversified transformation. It is predicted that global oil demand will reach its peak by 2030.Rich in upstream resources and with ample financial means, Middle Eastern oil companies are vigorously expanding into midstream and downstream chemicals and new materials through acquisitions, joint ventures, and capacity expansion, increasing investment in new energy and technologies to keep pace with the direction of the energy transition. Most of their acquired midstream and downstream assets are financial investments, without deep involvement in management.Rich in upstream resources and with ample financial means, Middle Eastern oil companies are vigorously expanding into midstream and downstream chemicals and new materials through acquisitions, joint ventures, and capacity expansion, increasing investment in new energy and technologies to keep pace with the direction of the energy transition. Most of their acquired midstream and downstream assets are financial investments, without deep involvement in management.A typical example of the Middle East's oil transformation and development in chemicals and new materials is the United Arab Emirates and Saudi Arabia, with representative companies being ADNOC and SABIC under Saudi Aramco.A typical example of the Middle East's oil transformation and development in chemicals and new materials is the United Arab Emirates and Saudi Arabia, with representative companies being ADNOC and SABIC under Saudi Aramco.United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesThe petrochemical and chemical products industry holds a significant position in the United Arab Emirates. As the third-largest producer of petrochemicals and chemical products in the Gulf Cooperation Council region, this sector has made substantial contributions to the diversification of the UAE's economy. It not only enriches the economic structure but also reduces the single dependence on energy, promoting the formation of related industrial chains and providing new impetus for economic growth and employment. Currently, the petrochemical, rubber, and plastics industries account for 22% of the UAE's manufacturing sector, becoming an important pillar. Over the next decade, the contribution of this industry to GDP is expected to increase by 75%, injecting new vitality into the UAE's economic development and driving more robust and sustainable growth.The petrochemical and chemical products industry holds a significant position in the United Arab Emirates. As the third-largest producer of petrochemicals and chemical products in the Gulf Cooperation Council region, this sector has made substantial contributions to the diversification of the UAE's economy. It not only enriches the economic structure but also reduces the single dependence on energy, promoting the formation of related industrial chains and providing new impetus for economic growth and employment. Currently, the petrochemical, rubber, and plastics industries account for 22% of the UAE's manufacturing sector, becoming an important pillar. Over the next decade, the contribution of this industry to GDP is expected to increase by 75%, injecting new vitality into the UAE's economic development and driving more robust and sustainable growth.Saudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaIn 2016, Saudi Arabia launched the Vision 2030, which is centered on economic diversification. Since then, the domestic economy of Saudi Arabia has developed rapidly, demonstrating strong vitality and potential. To achieve the Vision 2030, one of the four critical goals explicitly proposed by Saudi Arabia is to increase the localization ratio of non-oil industries, thereby enhancing the proportion of non-oil industries in the national economy through the strengthening of local industry cultivation and technological innovation.In 2016, Saudi Arabia launched the Vision 2030, which is centered on economic diversification. Since then, the domestic economy of Saudi Arabia has developed rapidly, demonstrating strong vitality and potential. To achieve the Vision 2030, one of the four critical goals explicitly proposed by Saudi Arabia is to increase the localization ratio of non-oil industries, thereby enhancing the proportion of non-oil industries in the national economy through the strengthening of local industry cultivation and technological innovation.Over the past few decades, Saudi Arabia's chemical production capacity has maintained a rapid growth trend. Specifically, chemical production capacity steadily increased from 51 million tons in 2007 to exceed 100 million tons by 2022, with an annual growth rate of about 7%. In the chemical sector, Saudi Arabia leads globally in basic and intermediate chemicals, and its plastic production capacity ranks second in the Middle East and North Africa region, demonstrating a strong regional influence. However, it remains relatively weak in specialty chemicals and rubber products, leaving significant room for development.Over the past few decades, Saudi Arabia's chemical production capacity has maintained a rapid growth trend. Specifically, chemical production capacity steadily increased from 51 million tons in 2007 to exceed 100 million tons by 2022, with an annual growth rate of about 7%. In the chemical sector, Saudi Arabia leads globally in basic and intermediate chemicals, and its plastic production capacity ranks second in the Middle East and North Africa region, demonstrating a strong regional influence. However, it remains relatively weak in specialty chemicals and rubber products, leaving significant room for development.The chemical industry plays a crucial role in the economic diversification of Saudi Arabia, accounting for half of the added value of the manufacturing sector. To further enhance the competitiveness of the chemical industry, Saudi Arabia has set clear objectives in its industrial development and logistics plan: first, to increase the localization rate of the supply chain for basic and intermediate chemicals to 70%, reducing external dependence and enhancing industrial autonomy; second, to vigorously develop the manufacturing of specialty chemicals, improving their quality and market share through technological innovation and industrial upgrading; and third, to double the domestic production capacity of quantity and packaging products to meet the growing market demand.The chemical industry plays a pivotal role in the diversification of Saudi Arabia's economy, already accounting for half of the added value in the manufacturing sector. To further enhance the competitiveness of the chemical industry, Saudi Arabia has set clear goals in its industrial development and logistics plan: First, to increase the localization rate of basic and intermediate chemical supply chains to 70%, thereby reducing external dependence and strengthening industrial autonomy; second, to vigorously develop the production of specialty chemicals, improving their quality and market share through technological innovation and industrial upgrading; third, to double the domestic capacity for quantity and packaging products, in order to meet the growing market demand.In its industrial development strategy, Saudi Arabia places great emphasis on the development of specialty chemicals and rubber and plastic products, identifying 20 types of specialty chemicals as key areas for future development, and explicitly stating that by 2030, the production capacity of specialty chemicals will achieve a significant 10% growth, with an annual capacity reaching 8.7 million tons, 80% of which will be used to meet domestic consumption needs, and 20% for export, expanding into international markets. At the same time, Saudi Arabia has also identified three categories and 20 types of rubber and plastic products as key directions for future development, and plans to reach an ambitious goal of 11.5 million tons of rubber and plastic production capacity by 2035, a substantial increase of 8.75 million tons from the existing level in 2020, injecting new strong momentum into Saudi Arabia's industrial development and economic diversification.In its industrial development strategy, Saudi Arabia places great emphasis on the development of specialty chemicals and rubber and plastic products, identifying 20 types of specialty chemicals as key areas for future development, and explicitly stating that by 2030, the production capacity of specialty chemicals will achieve a significant 10% growth, with an annual capacity reaching 8.7 million tons, 80% of which will be used to meet domestic consumption needs, and 20% for export, expanding into international markets. At the same time, Saudi Arabia has also identified three categories and 20 types of rubber and plastic products as key directions for future development, and plans to reach an ambitious goal of 11.5 million tons of rubber and plastic production capacity by 2035, a substantial increase of 8.75 million tons from the existing level in 2020, injecting new strong momentum into Saudi Arabia's industrial development and economic diversification.ADNOCADNOCADNOCADNOCADNOCADNOCADNOCADNOC aims to create a global company that can rank among the top five in the global chemical industry.ADNOC aims to create a global company that can rank among the top five in the global chemical industry.In November 2022, the ADNOC board's annual meeting announced that the capital expenditure over the next five years would reach $150 billion, with a major push for acquiring overseas assets.In November 2022, the ADNOC board's annual meeting announced that the capital expenditure over the next five years would reach $150 billion, with a major push for acquiring overseas assets.In October 2024, Abu Dhabi National Oil Company (ADNOC) reached an agreement with German chemical giant Covestro on acquisition. Covestro is the world's largest producer of polycarbonate, and its capacities for MDI, TDI, HDI, and IPDI rank among the top three globally.In October 2024, Abu Dhabi National Oil Company (ADNOC) reached an agreement with German chemical giant Covestro on acquisition. Covestro is the world's largest producer of polycarbonate, and its capacities for MDI, TDI, HDI, and IPDI rank among the top three globally.In December 2024, Abu Dhabi National Oil Company (ADNOC) announced the establishment of a new low-carbon energy and chemicals investment company, XRG, valued at over $80 billion, with plans to start operations in the first quarter of 2025. The goal of XRG is to double the value of its assets within ten years by investing in three major areas: natural gas, chemicals, and low-carbon energy.In December 2024, Abu Dhabi National Oil Company (ADNOC) announced the establishment of a new low-carbon energy and chemicals investment company, XRG, valued at over $80 billion, with plans to start operations in the first quarter of 2025. The goal of XRG is to double the value of its assets within ten years by investing in three major areas: natural gas, chemicals, and low-carbon energy.Saudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco and SABICSaudi Aramco is mainly engaged in the exploration, development, production, refining, transportation, and sales of oil. According to the Fortune Global 500 list, Saudi Aramco's revenue in 2023 reached approximately $603.651 billion, ranking second globally, just behind Walmart. At the same time, Saudi Aramco's profit in 2023 reached about $159 billion, making it the most profitable company in the world. After its listing on December 11, 2019, Saudi Aramco entered a phase of aggressive external acquisitions. The year after the listing, Saudi Aramco completed the acquisition of 70% equity in Saudi Basic Industries Corporation (SABIC) for $69.1 billion in cash, to enhance its refining and chemical capabilities.In September 1976, SABIC was established by royal decree with the aim of using crude oil to produce value-added products (chemicals, fertilizers, and polymers) for export, with the goal of establishing the Kingdom of Saudi Arabia's position in the chemical industry and attracting international oil companies to invest in joint ventures in Saudi Arabia.In 2002, SABIC acquired DSM Group's petrochemical business in Europe, strengthening SABIC's position in the European market and further expanding its business areas and market space. In 2006, SABIC acquired Huntsman Petrochemicals (UK) and renamed it SABIC (UK) Petrochemicals. In 2007, SABIC acquired GE Plastics and established the "Specialty Materials Strategic Business Unit." This acquisition opened up new avenues for SABIC to develop advanced materials, enabling it to provide higher value-added products to customers and enhancing SABIC's market position in the specialty materials sector. Meanwhile, SABIC has established numerous joint ventures with internationally renowned chemical companies such as ExxonMobil, Japan SPDC, and Chevron Phillips. These joint ventures cover multiple areas including ethylene production and polymer manufacturing, promoting SABIC's rapid development in the global chemical market through technology sharing and market collaboration.In 2002, SABIC acquired DSM Group's petrochemical business in Europe, enhancing SABIC's position in the European market and further expanding its business scope and market space. In 2006, SABIC acquired Huntsman Petrochemicals (UK) and renamed it SABIC (UK) Petrochemicals. In 2007, SABIC acquired GE Plastics and established the "Specialty Materials Strategic Business Unit." This acquisition paved a new path for SABIC to develop advanced materials, enabling it to offer higher value-added products to customers and strengthening its market position in the specialty materials sector. Meanwhile, SABIC has established numerous joint ventures with internationally renowned chemical companies such as ExxonMobil, Japan SPDC, and Chevron Phillips. These joint ventures cover areas such as ethylene production and polymer manufacturing, promoting SABIC's rapid development in the global chemical market through technology sharing and market collaboration.Currently, SABIC has grown into the largest chemical producer in Saudi Arabia, the world's largest producer of monoethylene glycol and methanol, the world's largest producer of polyphenylene ether, the second-largest producer of polycarbonate, and one of the top eight producers of polyethylene and polypropylene globally.Currently, SABIC has grown into the largest chemical producer in Saudi Arabia, the world's largest producer of monoethylene glycol and methanol, the world's largest producer of polyphenylene ether, the second-largest producer of polycarbonate, and one of the top eight producers of polyethylene and polypropylene globally.In recent years, Saudi Aramco has been increasing its investment in China. In 2023, Saudi Aramco's investment in China exceeded 100 billion RMB. In March 2023, Saudi Aramco, together with Huajin Group and Panjin Xincheng Group, invested 83.7 billion RMB to start the construction of the Huajin Aramco Fine Chemicals and Raw Materials Project, which includes 32 process units with an annual capacity of 15 million tons of refining and 1.65 million tons of ethylene. The project is expected to be completed by September 2025. In April 2023, the preliminary work on the Sino-Saudi Gulei Ethylene Project, jointly invested by SABIC, Fujian Energy & Petrochemical Group, and Zhangzhou Jiulongjiang Group, commenced. The project will include a world-class scale ethylene plant with an annual capacity of 1.5 million tons, along with downstream deep processing facilities, with a total investment of 42.07 billion RMB. In September 2023, the 260,000 tons/year Polycarbonate (PC) project of Sino-Saudi (Tianjin) Petrochemical started commercial operations in Tianjin Nangang Industrial Zone. In terms of equity transactions, Saudi Aramco acquired a 10% stake in Rongsheng Petrochemical for a total transaction amount of 24.605 billion RMB; and a 10% strategic equity in Jiangsu Shenghong Petrochemical Group Co., Ltd., a wholly-owned subsidiary of Oriental Shenghong.In recent years, Saudi Aramco has continuously increased its investment in China. In 2023, Saudi Aramco's investment in China exceeded 100 billion RMB. In March 2023, the construction of the Huajin Aramco Petrochemical and Raw Materials Project, jointly funded by Saudi Aramco, Huajin Group, and Panjin Xincheng Group with an investment of 83.7 billion RMB, officially commenced. The project will build a total of 32 process units, including a 15 million tons/year refinery and a 1.65 million tons/year ethylene plant, and is expected to be completed in September 2025. In April 2023, the preliminary work for the Sino-Saudi Gulei Ethylene Project, a joint venture between SABIC, Fujian Energy and Petrochemical Group, and Zhangzhou Jiulongjiang Group, began. The construction includes a world-class scale 1.5 million tons/year ethylene unit and downstream deep processing facilities, with a total investment of 42.07 billion RMB. In September 2023, the 260,000 tons/year polycarbonate (PC) project of Sino-Saudi (Tianjin) Petrochemical Company was put into commercial operation in the Nangang Industrial Zone of Tianjin. In terms of equity transactions, Saudi Aramco acquired a 10% stake in Rongsheng Petrochemical for a total transaction value of 24.605 billion RMB; and a 10% strategic equity in Jiangsu Shenghong Petrochemical Group Co., Ltd., a wholly-owned subsidiary of Oriental Shenghong.