Dr. He Deman, Chairman of LANXESS's Board of Directors, introduced the project to the production launching ceremony. This investment fully reflects LANXESS's strategy, which is based on improving profitability. Demand for high-performance engineering plastics in the Chinese market has increased by more than 10% annually. The completion of the new plant will increase the sales of LANXESS's engineering plastics by 50% over the next five years.
Dr. He Deman said that at present, China is the fastest growing country in the automotive industry in the world, and the demand for materials is also growing rapidly. LANXESS's Durethan (Polyamide) and Pocan (Polyester) high-performance engineering plastics, which are put into production in Wuxi, are widely used in the automotive, electrical, electronic and home industries. Before the end of the year, LANXESS will add another production line to double its production capacity. Ultimately, the high-tech engineering plastics production capacity of the Wuxi base can reach 100,000 tons.
It is understood that the high-tech engineering plastics can mix plastics and metals together, so that the advantages of both materials are strengthened, replacing traditional materials, reducing material quality and improving processing performance. The data shows that LANXESS' patented technology can reduce component weight by 40% while reducing production costs by 30%. LANXESS's hybrid technology has achieved great success in Europe and is adopted by many car manufacturers. LANXESS will introduce this product into China's domestic production with the aim of being close to Chinese customers and satisfying the rapidly growing demand in the Chinese market.
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