Zhejiang’s rmb 368.2 billion investment map in chemical new materials: Industrial Upgrade Logic Behind 101 Projects

Recently, the Zhejiang Provincial Development and Reform Commission officially released the “Implementation Plan for the First Batch of Major Construction Projects under the ‘Thousand Projects, Trillion-Yuan Investment’ Initiative to Expand Effective Investment in 2026.” After reviewing and eliminating conceptual planning projects case by case, the green petrochemical and new materials sector will…101 substantive projects, with a total investment of 368.2 billion yuanForming an industrial pattern of "Ningbo-Zhoushan dual-core leadership, and Jiaxing-Shaoxing-Hangzhou multi-pole support", with the core logic of "reducing oil and increasing chemical production, and high-end extension", focusing on key materials such as adiponitrile, POE, COP, and electronic gases, and fully building a world-class green petrochemical and new materials industry cluster.

The highlight of this batch of refining and petrochemical quality-enhancement projects lies inNo additional crude oil processing volumeClearly conveying the policy orientation of "reducing oil and increasing chemical production".

Rongsheng Petrochemical Zhejiang Petrochemical High-end New Materials Project(With a total investment of 28.6 billion yuan, the Zhoushan Fish Mountain Island project) is the largest single investment project in this batch, covering the construction of a 250,000 tons/year adiponitrile plant, a 280,000 tons/year hexamethylenediamine plant, a 500,000 tons/year nylon 66 plant, four 100,000 tons/year POE plants, and a 350,000 tons/year alpha-olefin plant. The project adopts proprietary technology, filling the gap in key technologies for high-end polyolefins and nylon industrial chains in China. POE and nylon 66 are long-term import-dependent critical materials, and this move is of landmark significance for the process of domestic substitution.

Zhejiang Petrochemical Refining and Chemical Integration Upgrade Project(Total investment: RMB 9.2 billion; location: Yushan Island, Zhoushan) Without increasing crude oil processing capacity, this project achieves a 12% reduction in refined product yield through technological upgrades, significantly boosting light naphtha yield for downstream high-end new material projects, serving as a typical benchmark for the transformation of traditional large-scale refining and petrochemical complexes toward chemical new materials.

Sinopec Ningbo Zhenhai Refining & Chemical’s 1,000,000-ton-per-year shape-selective toluene disproportionation project

The absolute main body of this batch of investments covers Zhoushan, Ningbo, Shaoxing, Hangzhou, and other cities, with each region having its own focus.

2.1 Zhoushan: 12 projects, 117.8 billion yuan - a major platform-type investment area

Zhoushan has taken on the largest platform-type project in this batch, with chemical industry parks on Yushan Island, Jintang Island, and Liuheng Island.

Rongsheng New Materials Jintang New Materials Project(With a total investment of RMB 76 billion) The project plans to construct 27 major production units, including a 1.2-million-ton-per-year ethylene unit, an 800,000-ton-per-year propylene unit, a 600,000-ton-per-year styrene unit, a 400,000-ton-per-year ABS unit, and a 300,000-ton-per-year polycarbonate (PC) unit, aiming to build the world’s largest single-site chemical new materials base, which will profoundly impact China’s domestic supply landscape for engineering plastics such as ABS and PC.

Zhonghong New Materials' 2.5 Million Ton Differential Polyester Fiber and 100,000 Ton Polyester Film Project(With a total investment of RMB 12.6 billion) It will become the world’s largest differentiated polyester fiber production base, concurrently equipped with a high-end optical polyester film facility, covering high-end textiles, industrial filaments, optical films, and electronic-grade films.

Zhejiang Huanyang Xinghua Carbon Three Industrial Chain Circular Economy Industrial Park(With a total investment of 8.9 billion yuan) to build a complete industrial chain for propylene production from propane dehydrogenation and downstream high-end polyolefins, adopting circular economy processes to reduce energy consumption and carbon emissions.

Zhejiang Saibolong 200,000 tons MS polymer new material project(With a total investment of RMB 1.8 billion, located on Liuheng Island) Construction of a methyl methacrylate-styrene copolymer (MS) production line; Phase I, with an annual capacity of 100,000 tons, is scheduled to commence operations in 2027. The product will be used in high-end applications such as optical sheets, household appliance casings, and automobile interior components.

2.2 Ningbo: 27 Projects, RMB 89.2 Billion – The Core Battleground for Breakthroughs in Bottleneck Materials

The project quantity in the Ningbo direction is the highest, and it is highly focused on advanced materials fields such as semiconductors and optics.

CNOOC Daxie Petrochemical Fractionation Unit Phase VI Project(With a total investment of RMB 7.8 billion) Construction of a 40,000-ton-per-year ultra-high-molecular-weight polyethylene (UHMWPE) plant and a 200,000-ton-per-year high-density polyethylene (HDPE) plant; UHMWPE is widely used in high-end sectors such as mining, metallurgy, medical devices, and defense, and domestic supply capacity continues to expand.

Cyclic Olefin Polymer (COP) Specialty New Materials Project(With a total investment of RMB 1.536 billion, located in Zhenhai District, Ningbo) Construction of China’s first mass-production line for cyclic olefin polymer (COP) with an annual capacity of 10,000 tons; Phase I will achieve an annual capacity of 5,000 tons, filling the domestic gap in optical-grade and semiconductor-grade COP materials. COP, hailed as the “optical gold,” is widely used in optical lenses, AR/VR devices, medical consumables, semiconductor packaging, and other fields—previously almost entirely imported from Japan.

Northern Special Gas Silicon-Based New Materials and Third-Generation Semiconductor Materials Integrated Project Phase I(With a total investment of 4.2 billion yuan, in Beilun, Ningbo) An annual production capacity of 61,000 tons of electronic special gases and silicon-based epitaxial materials, fully supporting the third-generation semiconductor industry such as silicon carbide and gallium nitride, ensuring the security of the semiconductor industry chain and supply chain.

2.3 Shaoxing: 16 projects, 47.1 billion yuan —— Dual-driven by new energy and green materials

Zhejiang Ruixiang Alkane Resource Comprehensive Utilization Integrated Project Phase I(A total investment of 11 billion yuan, in Shangyu, Shaoxing) to construct 2x750,000 tons/year propane dehydrogenation and 2x300,000 tons/year polypropylene facilities, for the production of high-end polypropylene and downstream modified materials.

Sanme Chemical 90,000 tons of Epichlorohydrin, 20,000 tons of HFO-1234yf, 20,000 tons of PVDF Project(Total investment: RMB 1.57 billion) Simultaneously entering two high-growth sectors—third-generation environmentally friendly refrigerants and PVDF binders for lithium-ion batteries—this project is a typical example in this batch that integrates both new energy and environmental protection initiatives.

Zhejiang Jianglan Biotech’s 300,000-ton-per-year Sustainable Aviation Fuel (SAF) Project(With a total investment of RMB 4.2 billion in Keqiao, Shaoxing) This project will produce Sustainable Aviation Fuel (SAF) using bio-based feedstocks; upon completion, it will become China’s largest SAF production base, supporting the aviation industry’s carbon neutrality goals.

2.4 Hangzhou: 8 projects, 18.7 billion yuan - Precision and Functional Materials Cluster

Zhejiang Heyuan Precious Metals ProjectInvesting 2.8 billion yuan, Fuyang, Hangzhou. Focusing on the refining of platinum, palladium, rhodium and other precious metals and high-end catalyst materials, achieving efficient recycling of precious metal resources.National Carbon Technology 2000 Ton High-Performance Porous Carbon and 200MWh Supercapacitor Project(Total investment of RMB 1.6 billion) directly targeting energy storage applications in new energy vehicles, rail transit, grid frequency regulation, and other scenarios.Plait 32,000-Ton Functional New Materials Project(Total investment: RMB 1.2 billion) Production of high-end ion exchange resins and water treatment functional materials, serving precision industrial applications such as electronic-grade ultrapure water preparation.

2.5 Other cities: 8 projects, 11.9 billion yuan

Quzhou, Jinhua, Taizhou and other areas cover green manufacturing, high-performance permanent magnet materials, biodegradable plastics and other specific fields. Among themWei Bojie Caprolactone and PCL Production Base ProjectInvestment of 2.2 billion yuan in Taizhou, building a full industrial chain for biodegradable plastic polycaprolactone, with products used in biomedical materials, 3D printing, and eco-friendly packaging, promoting the domestic substitution of biodegradable materials.Zhongke Magnetic Industry’s 20,000-ton Energy-Efficient Motor Magnetic Tile and 6,000-ton High-Performance Neodymium-Iron-Boron (NdFeB) Magnetic Steel Project(Total investment of 1.8 billion yuan, Jinhua Dongyang) serving the efficient energy-saving motor industry for fields such as new energy vehicles and wind power generation.

This section covers multiple niche areas, including construction admixtures, surfactants, electronic specialty gases, green manufacturing of biocatalytic enzymes, eco-friendly adhesives, and hazardous waste resource recovery. Highlights are concentrated at both ends.

High-end electronic materials segment

Green Recycling End, Quzhou Waste Catalyst and Hazardous Waste Resource Recovery Project (total investment of 3.2 billion yuan) specializes in recycling waste catalysts from the petrochemical, chemical, and new energy industries, extracting valuable metals such as platinum, palladium, nickel, and cobalt, achieving resource recycling and harmless treatment of hazardous waste, and serving as an important support for the green closed-loop of the chemical industry.

The latest batch of Zhejiang chemical investments shows three clear main lines across 101 projects.

Private-sector refining and chemical enterprises lead the high-end transformation.

Breakthroughs in critical bottleneck materials.

For chemical traders and supply chain professionals, it is essential to closely monitor the domestic progress and changes in import dependency of high-end products such as POE, COP, UHMWPE, electronic gases, and PVDF. For manufacturers, Zhejiang's large-scale high-end industrial layout will create competitive pressure between 2027 and 2030. Pre-emptively positioning differentiated products and customer structures is the way to respond.