China Chemical Fibers Association anticipated a 10 percent growth of the sector to a volume of 29.8 million tons based on the economic recovery and raw material price hikes in the chemical fibers industry.

The association also expected a growth of 5 percent to 900,000 tons for the import of chemical fiber products in 2010. Exports from China will be close up to 2 million tons, up 35 percent from the same period of last year. Profits of major companies will reach CNY 12 billion to around CNY 13.5 billion, according to the estimates of the China Chemical Fibers Association.

Statistics from the association suggested that the production volume of the sector in China reached 14.4739 million tons in the first half of 2010, up 13.43% year-on-year. An import volume of 365,900 tons was registered in the same period, while exports reached 792,000 tons, representing a rise of 50.21 percent. Currently there are 195 new projects kicked off involving CNY 14.838 billion of investment, up 29.25 percent from the first half of the preceding year.

Source: China Textile Leader