(Yicai) Sept. 2 -- China, which is already an important manufacturing hub in Asia, is expected to produce half of the world's chemicals in the future, according to the chief executive officer of Belgian multinational materials company Syensqo.

"China will not only be the most important chemical manufacturer in Asia, but also in the whole world," Ilham Kadri told Yicai when visiting Shanghai for the opening of Syensqo's Chinese headquarters in the city. "In the future, China's chemicals production will account for about 50 percent of the global total."

Syensqo was founded last December after Belgian chemicals giant Solvay split into two. It includes Solvay's specialty polymers, composites, Novecare, aroma, technology solutions, and oil and gas highly innovative businesses, as well as the four growth platforms in batteries, green hydrogen, thermoplastic composites, and renewable materials and biotechnology.

"China contributed to nearly half of Syensqo's growth in the Asian market and about 15 percent of its growth in the global market this year," Kadri noted, adding that Asia-Pacific outperformed other regions.

Overall demand has not yet recovered to the pre-pandemic level, but the Chinese market presents more opportunities than challenges, according to Kadri. "I am 100 percent confident about the Chinese market, economy, and development."

"We believe that Syensqo still has space to grow three-fold in China," Kadri pointed out.

Syensqo, and Solvay before it, invested more than CNY4 billion (USD563 million) in the China Research and Innovation Center in Shanghai, its third-largest in the world, since its establishment in 2005. About 60 percent of the sum was spent on renewable energies.

China is Syensqo's first market to use only green electricity at all its local factories, Kadri said. "To achieve this goal, we have invested nearly CNY7 million (USD985,280) in purchasing green energy and green electricity certificates since 2022," she explained.

In July, Syensqo and Nio announced the establishment of a joint laboratory to research and develop lightweight materials and battery technologies. To meet China's growing demand for EVs, the partners have doubled the production capacity of their joint factory in Jiangsu province since 2022.

Syensqo's sales remained flat in the second quarter of the year from the previous one, while net profit widened 14 percent in the period, according to its semiannual financial statement. In the second half, the company expects sales to return to growth, even though the recovery of some end markets, such as the automotive, agriculture, industrial, and medical sectors, will likely slow down.

Editor: Futura Costaglione