China’s WPC (wood plastics composites) industry is projected grow more than 30% this year pushed by both rising domestic demand and the country’s cost-competitiveness internationally, according to the Wood Plastic Composite Committee of the China Plastics Processing Industry Association.
Resource Polymers hopes to process up to 30 million pounds of post industrial and post consumer scrap plastics per year with revenues approaching $5m dollars per year at these processing levels to cater to the wood plastic composites industry including China.
The company is aggressively seeking additional acquisition targets in the plastics recycling market place to increase its processing capacity and expects its technology and processing to reduce 350,000 cubic yards of landfill space next year.
Fox Petroleum Group president William Lieberman said that the company has consistently sold raw scrap plastic materials to China and expects to increase this production as its operations continue to grow.
“Historically China has been a large purchaser of scrap materials and over the past five years buying as much product possible. We expect to see this increase in demand for scrap plastics to continue to rise,” Lieberman said.
