tek seng plans rm20mil investment to produce plastic films
Benkok Beng, general manager of the group, told StarBiz that the group plans to start a new production line in the second half of 2018.
\"Our goal is the local and international markets where our existing customers are located,\" he said . \".
According to the report of Smithers Rapra, from 2016, global demand for plastic films will grow at a rate of 4% per year to 73.
3 million tons in 2021.
A market and market report estimates that the market size of industrial packaging will grow to $93.
28 Bil, $54 in 2026.
In 2016, the annual compound growth rate was 5. 4%.
\"With the growth of the middle-income population, the demand for light plastic films that provide greater convenience and portability has also increased accordingly.
\"Asia is the largest growing area for plastic film because the region has the largest number of manufacturers, followed by North America and Western Europe.
\"China is the largest national market for plastic film in the world,\" Loh added . \".
Polyethylene in itchloride (PVC)
Sheet said that the group is expected to launch PVC plates worth Yoma coins in the first half of 2018, compared with the same period in 2017.
\"We received inquiries, forecasts and purchase orders from our customers, indicating that the first half of 2018 was at least 5% higher than the same period last year,\" he added . \".
Currently, the PVC sector accounts for about 62% of the group\'s revenue.
\"About half of PVC production goes to the domestic market, and the rest goes to overseas markets in Africa. East, South-
East Asia, \"he said.
In terms of the solar cell business, Loh said the group had cut its target by 2018.
\"The original 2018, the goal is to manufacture 50 million solar cells or 200 MW of solar power.
\"But as we impose import tariffs on solar panels, sales of our solar cells have slowed.
\"Therefore, our goals need to be revised,\" he said . \".
According to Loh, the United States is a big market for the group\'s solar cells.
Europe and South
East Asia is the other market for the group\'s solar cells.
\"However, the future of the solar industry looks bright,\" he added . \".
GTM Research, the world\'s leading Research firm specializing in the power industry, said the 2018 would be the firstever triple-
In the digital year of the global solar market, photovoltaic power generation is expected to reach 106 gigawatts (PV)coming online.
\"China, the United States, India and Japan will continue to dominate in 2018, but their market share will decline from 82% in 2017 to 72% in 2018.
\"US tariffs will result in a 11% reduction in US solar PV units over the next five years,\" the report said . \".