China is biggest market for Covestro
German plastics and chemicals producer Covestro said China became its largest single market last year as the company’s sales volume grew 8 percent annually, which rode on China’s rising chemicals prices.
Covestro reaped over 3 billion euros (US$3.7 billion) in sales in China, which accounted for 22 percent of its global sales of 14 billion euros last year, it said today.
The company’s sales volume in China was followed by Germany where they gained 6 percent while the United States came in flat from a year ago.
Covestro has benefited from rising prices of specialty chemicals and its applications, “both echoing China’s rising efforts in sustainability,” said Bjoern Skogum, the company’s president for China.
China’s chemical industry grew fastest over six years in 2017 with profit rising in most of the chemical products, according to the Ministry of Industry and Information Technology.
Covestro has benefitted from rising prices of methylene diphenyl diisocyanate, or MDI, one of its main materials in China, which have doubled from January to October last year to 45,000 yuan (US$7,113) per ton.
MDI outperforms most composite materials in insulation and flexibility to help save energy and cut carbon emissions.
Covestro’s Caojing factory in Shanghai, its largest globally, will lift MDI capacity to 500,000 tons per year in coming years from 460,000 tons a year, according to Skogum.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.