Dow enthused by China market opportunity
China's enduring commitment to long-term, high-standard opening-up has brought substantial opportunities for Dow in the local market and the company will continue to leverage its expertise in materials to contribute to high-quality and sustainable development in the country, a senior executive at the US materials science giant said.
"China is the second-largest market for Dow and the country's ongoing high-quality development and green transition offer us substantial opportunities for further cooperation in the years to come," said Puay Koon Chia, president of Dow Asia-Pacific.
"The strong demand for sustainable development from the Chinese market, including electric vehicles, sustainable packaging materials and environmentally friendly coatings, presents Dow with numerous opportunities.
"We are looking to explore potential collaborations and partnerships with Chinese partners to enhance business in the low-carbon sector and Dow will leverage our global resources in combination with local development and service capabilities to provide customized solutions to local customers."
Chia also said the company sees important growth opportunities across a wide variety of sectors in China, including electric vehicles and circular economy solutions, as the nation navigates the next phase in its development, harnessing a plethora of exciting sustainable technologies.
China, the world's largest new energy vehicle producer and market, has EV technology that undeniably led the global transformation while displaying impressive growth, both in demand and production, in recent years, Chia said.
"As a materials science company, we see another major opportunity in plastic recycling solutions as China's circular economy thrives," she said.
"In recent years, we have witnessed the growing maturity of mechanisms for plastic recycling in China and we see further potential from the evolving system for the comprehensive recycling and utilization of waste plastics."
By leveraging technologies, Dow hopes to support efforts in building a waste collection, cleaning and sorting system with its partners, as well as the redesign, recycling and reuse of waste plastics in the country, she added.
China's efforts to further advance high-standard opening-up have not only impacted global economic cooperation and trade growth positively, but also offered massive opportunities for foreign investment in the country, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.
China's dual-carbon goals and high-quality development have brought significant opportunities for Dow, further strengthening its confidence in the China market, Chia said.
The company will continue to strengthen its innovation and manufacturing capabilities in the country going forward, as China's policymakers have assured greater efforts to attract foreign capital, widen market access and ensure a level playing field for both domestic and foreign companies, she said.
"The silicone manufacturing site in Zhangjiagang, Jiangsu province, is our most invested location. I think the growth is tremendous and we're definitely going to go toward that," she said.
Dow said its manufacturing site in Zhangjiagang is currently the largest of its kind in China.
The plant, one of the most advanced integrated silicone production sites globally, is expected to serve the fast-growing demand for silicone materials in China and the rest of Asia.
