A few days ago, BASF and Tongcheng New Materials Group signed a joint agreement authorizing Tongcheng New Materials to produce and sell certified compostable copolyesters (PBAT) according to BASF ’s high-quality standards. To this end, Tongcheng New Materials will build a PBAT plant with a capacity of 60,000 tons in Shanghai. The device will use BASF's process technology, and part of the raw materials will be handed over to BASF for sale as ecoflex® products. The new production unit will be put into production in 2022 and supply the biopolymer market.
The global certified compostable and bio-based plastics market is expected to grow at a rate of approximately 15% per year. Many countries are about to introduce new laws and regulations that mandate the use of compostable materials in packaging, agricultural mulch and bag applications. Therefore, the market is expected to continue to maintain a positive development momentum.
Olivier Ubrich, head of BASF's global specialty polymer business unit:
After successfully launching ecoflex® biopolyester and innovative ecovio® products, BASF has a place in this growing market. The new production capacity of PBAT will effectively consolidate our market position. Tongcheng New Materials is committed to the development of the Chinese market, has a good marketing network and a superior geographical location, and has maintained good cooperative relations with BASF for a long time. Therefore, we identified it as the preferred partner. Through this cooperation, both parties will more effectively meet customer needs and have higher delivery flexibility. "
Adhering to the development concept of "Materials make the earth better", Tongcheng New Materials has established the corporate vision of "Promoting the sustainable development of the new materials industry in an innovative and responsible manner". Zhou Jianhui, President of Tongcheng New Materials:
"As a socially responsible company, we are committed to providing the best help for upstream and downstream green industry chains and solving global environmental challenges. We are honored to work with BASF to deploy the most advanced new materials with innovative manufacturing technologies As the Internet further promotes the business opportunities for the rapid development of advanced materials (such as new online purchases), we will jointly develop the PBAT market in China and promote the development of the new materials industry.
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