Nine Departments Release Plan, Fine Chemical Industry Welcomes Innovation High

Fine chemical industry is a key branch of chemical industry, its products are diverse, high added value, widely used, and closely related to a number of industries, in the national economy and high-tech industry plays an increasingly important role. In July this year, the nine departments jointly issued the Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027), which pointed out the direction for the high-quality development of the new materials industry. Through a series of measures, such as extending the industrial chain, tackling key products, improving product quality, building innovation platforms and promoting green development, the independent innovation ability and market competitiveness of China's new materials industry will be significantly improved. The state is committed to developing high-performance, specialized, composite and green products, upgrading the economic structure and enhancing industrial competitiveness through resource optimization and scientific and technological innovation, while expanding foreign trade.

In the international ranking of chemical companies, BASF topped the list, with three Chinese companies on the list: Sinopec, Rongsheng Petrochemical and Wanhua Chemical. The development strategies of these companies reflect the future direction of the fine chemical industry. Chemical companies are essentially technology-driven companies that, through continuous research and development and process improvement, introduce new products to reduce costs, meet changes in demand, or develop new areas of demand, thereby enriching product offerings, expanding development space, and enhancing competitiveness.

As a domestic chemical giant, Wanhua Chemical insists on open joint research and development, has built a first-class innovation team and global R&D center, and formed an innovation system integrating basic research and product application research and development. Basf makes asset adjustments by differentiating its core and autonomous businesses, such as closing uncompetitive plants and increasing investment in innovative, recyclable materials.

The development of green and low-carbon industry is the strategic direction for the high-quality development of fine chemical industry. Countries around the world are actively deploying green and low-carbon industries to enhance product added value and core competitiveness, while achieving carbon reduction targets. The European Union's Sustainable Product Ecodesign Regulation (ESPR) and the two-carbon targets set by 138 countries around the world, as well as emerging international trade rules such as carbon tariffs, have promoted the development of green and low-carbon products.

Facing the new requirements of green low-carbon industry, Wanhua Chemical has adopted a high-quality development strategy including new energy, new devices, new processes, new recycling, new utilization, new recycling, new green solutions and new industrial chain linkage. Through joint ventures and cooperation in the field of clean energy, the company promotes the construction of high value-added green parks, realizes the reuse of production waste heat, develops the world's first fluidized bed process, builds the CCUS platform, explores post-consumer recycled materials, and promotes the development of bio-based products and low-carbon solutions.

Fine chemical integration is an important means to enhance the competitiveness of enterprises, through the integration and optimization of industrial chain links, to achieve efficient, low-cost, high-quality production and management. Wanhua Chemical has established a complete R & D and business division system, forming a technology research and development system from basic research to product application research and development. Basf has proposed the concept of "biomass balanced products", using renewable resources and fossil fuels as raw materials to reduce fossil fuel inputs and CO2 emissions, and its products have been widely used in a number of industries.

With the development of the economy and changes in market demand, the fine chemical industry has shown a good momentum of development, and technological innovation, high-end products, green sustainable development and international competitiveness have shown a positive trend, indicating that the industry will have a broader development prospects.