Extrusion International 1-2023-USA

29 Extrusion International 1/2023 est in ASEAN, satisfies demand for petrochemical feedstock, such as naphtha and olefins, particularly in China, which is its largest export market, says Kungsri Research. Healthy market growth for medical polymers The global health crisis that affect- ed the supply of personal protective equipment (PPE) and diagnostic health products, which are abun- dantly made of plastics or rubber, in the previous years has brought ac- cess to medical devices to the fore- front more than ever before. RCEP is envisioned to enhance market ac- cess and ease the flow of provisions like medical devices. Asia, the largest producer of pharmaceuticals and medical equip- ment, is expected to grow at a CAGR of 4.4% from 2022 to reach approxi - mately US$225 billion in 2030, with Thailand, Singapore, Malaysia, and Indonesia as revenue drivers and zones for investment and business opportunities. The Indonesian medical device market is set to be among the fast- est growing in Asia, with a market value of US$1.9 billion by 2026. Sin - gapore remains Indonesia's most important medical device export market destination, accounting for 41.5% of medical device exports in 2020, while Japan is the country's fourth largest market, accounting for 3% of the market share. Thailand, the largest exporter of medical devices in ASEAN, has an ample supply of raw materi- als such as rubber and plastic used in the production of medical de- vices, particularly single-use items. In 2020, Thailand’s medical de- vices sector generated an export value is US$13.9 billion, outpacing Singapore (US$13.08 billion), Ma - laysia (US$12.1 billion), Indonesia (US$4.1 billion), and the Philippines (US$0.83 billion). Harnessing ASEAN's automotive competence Because of the region's burgeon- ing consumer market, integrated supply chains and comparatively lower cost of labor, the ASEAN au- tomotive sector has emerged as a manufacturing hotspot for both OEMs and vehicle parts suppliers. The automotive sector’s inclu- sion in the RCEP is deemed to be complementary. According to the University of Duisburg-Essen’s CAR Institute, an estimated 41.8 million vehicles will be sold in RCEP coun- tries by 2030, accounting for 46% of global market share, and counting. The huge potential brought by RCEP bodes well for the plastics and rubber sectors, as the automo- tive industry is the third largest user of plastics after packaging and con- struction, and a major consumer of rubber. Thailand, which is Asia's automo- tive node, plays a key role in the au- tomobile value chain. Several global companies have established facili- ties in the country for development, design, and other production-relat- ed activities since the 2000s. Unlock the RCEP opportunities at CHINAPLAS 2023 To unlock the RCEP opportunities, CHINAPLAS 2023 will bring together the most innovative plastics and rub- ber solutions and relevant market trends in one place with an exhibi- tion area of 380,000 sqm under the theme of "A Brighter and Shared Fu- ture, Powered by Innovation". By returning to Shenzhen, the gateway city to RCEP and the thriv- ing innovation and technology hub in Southern China, CHINAPLAS shall converge different end markets and quality suppliers to foster col- laborations and inspire innovations. Buyers from all over the world shall discover a well mixture of global and Chinese technologies, covering a wide range of application indus- tries that are transforming the end market. The Online pre-registration to CHINAPLAS 2023 is open till April 11, 2023. Visitors can enjoy an early bird discount at RMB 50 or USD 7.5 (Original Price: RMB 80) for a four- day pass. Adsale Exhibition Services Ltd. www.ChinaplasOnline.com 17 - 20 April, 2023, Shenzhen / PR China The global health crisis affected the supply of personal protective equipment (PPE). RCEP is envisioned to enhance market access and ease the flow of provisions like medical devices An estimated 41.8 million vehicles will be sold in RCEP countries by 2030, accounting to 46% of global market share