New energy is a renewable and clean energy source including wind energy, solar energy, tidal energy, biomass energy, hydrogen energy, geothermal energy and nuclear energy.

China Electricity Council recently announced the data which confirms that the utilization rate of new energy in the country is at a high level. With the joint efforts of all parties, the average utilization rate of wind power and photovoltaic power generation in the country has gradually increased, the utilization rate of wind power has increased from 82.4% in 2016 to 96.7% in the first 11 months of 2022; the utilization rate of photovoltaic power generation has increased from 90% in 2016 to 98.2% in the first 11 months of 2022, reaching the world-class level.

New energy vehicles have ushered in an explosive growth period, and the processing of core components represented by powertrains has spawned new rubber and plastic demands; at the same time, lightweight requirements have gradually increased the application of plastics in the automotive industry. According to estimates, the new demand for rubber and plastics in the automotive field will reach hundreds of millions of yuan in the next five years. There is still much more room for the market to grow.