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Plastic Omnium expects to double revenue in China by 2021

PLASTICS NEWS EUROPE

French automotive components molder Plastic Omnium expects to double its revenue in China to 9.66 billion yuan (1.3 billion euros) by 2021, supported by a new research and development center and test lab in Wuhan.

In a statement to highlight its participation at the Shanghai auto show, the company said it was ramping up development capacity in China with an investment in the new fuel systems R&D center and lab, set to open in the second half of 2018.

The new center, said the French group, will "round out" its network of six fuel systems plants in China.

The company currently employs 500 engineers and technicians in China working in two R&D centers, one in Shanghai for exterior body parts, and another in Wuhan for fuel systems. Overall, it has 26 factories and 5,100 workers in China.

Plastic Omnium said it expected its "successful development" in the country will help double revenue in the country from 4.8 billion yuan (640 million euros) last year to 9.6 billion yuan (1.3 billion euros) by 2021.

The automotive supplier said it was "the leading supplier" of exterior body parts in China, with 22 percent of the market, and number two for fuel systems, with a 9 percent market share.

"Based on our substantial order book, by 2021 we will raise our market share to 26 percent for exterior body parts and 16 percent for fuel systems," the French group added.

The company also expects to achieve 30 percent of its Chinese revenue through local car markers by 2021.

"We are diversifying our customer portfolio in China with local Chinese car manufacturers, which currently account for 46 percent of the Chinese market," the company added.

Plastic Omnium currently supplies to 18 Chinese car manufacturers and expects the local customers' portfolio to double from 15 percent this year.

It said it expects to grow faster than the Chinese auto market, which it said will hit the 30 million vehicle mark in 2021, up from 26 million last year.

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