Modified plastics are superior to general plastics in flame retardancy, strength, impact resistance and toughness. They are widely used in downstream applications, mainly in home appliances, automobiles, buildings, office equipment, machinery and other fields, of which home appliances and automobiles are the two larger application fields. In 2015, the domestic consumption of modified plastics was close to 10 million tons, With the progress of science and technology and industrial upgrading, its downstream applications are still expanding.

    The automotive industry has become a rapidly growing field of demand for modified plastics. According to market and markets, the market value of global automotive plastics is expected to increase from US $21.616 billion in 2012 to US $46.112 billion in 2018, and the consumption is expected to increase from 7.1 million tons in 2012 to 11.3 million tons in 2018. The compound annual growth rate of demand from 2013 to 2018 will reach 13.4% (China HowNet: the market value of global automotive plastics will exceed US $46 billion in 2018) The global demand for automotive plastics will reach 11.3 million T in 2018). This is mainly due to: first, the growth rate of global automobile production is stable; second, the consumption of single vehicle modified plastics increases due to automobile lightweight.

    The growth rate of domestic automotive modified plastics is much higher than the global average. The growth rate of domestic automotive production has been much higher than that of global automotive production over the past years. The consumption of domestic single vehicle plastics is much lower than that of developed countries such as Europe and the United States, so there is huge room for development. In particular, China is already a large global new energy vehicle market, and new energy vehicles need the support of lightweight technology, Therefore, the demand growth rate of domestic automotive modified plastics will be higher than the global average and become a rapidly growing field in the downstream of modified plastics. According to Asiatic chemical consulting, the annual compound growth rate of domestic automotive modified plastics industry will exceed 26% in the next five years.