Shanghai, China – Polyether polyol maker Jurong Ningwu New Material recorded CNY3bn ($464m) revenue in 2020, up 50% from 2019.
Last year, production was halted for two months during the height of coronavirus, and the full year saw 95% capacity utilisation rate at the company, its sales manager Cai Minjun told UTECH-polyurethane.com at PU China/UTECH Asia.
This year, it has been running at full capacity, but is still unable to meet customers’ demands, Cai added. The Huntsman joint venture currently has 300kT/year polyol capacity.
The strong growth was driven by expanded polystyrene and PU panel segments, especially cold storage warehouses, said Cai. The refrigerator market has been stable.
The automotive sector is underperforming with lower utilisation rates because of the chip shortages. In addition, this sector’s clients are demanding products with higher quality, such as higher stability, better chromaticity, lower odour, lower water content, less impurities and smaller molecule, he added.