Ningbo's petrochemical industry is well supported by an ever-expanding market. In recent years, the petrochemical sector has become the biggest industry in Ningbo port area in terms of output value.
An industrial system featuring petroleum processing, high molecular synthetic materials and basic chemical raw materials has been formed in various major industrial parks, including Ningbo Petrochemical Industrial Zone, Beilun Economic Development Zone and Daxie Economic Development Zone.
Ningbo has over 3,000 plastic machine manufacturers and 800 enterprises above designated size, with approximately half of the world's plastic machines produced in the city.
Ningbo's plastics industry has developed rapidly in recent years, becoming one of the largest plastics industry bases and trade distribution centers in China.
New materials industry
In 2017, Ningbo launched 22 preferential policies to grant investment of 10 billion yuan to three strategic emerging industries: new materials, high-end equipment and new-generation information technology.
In 2017, as an important new materials industrial base in China, Ningbo generated an industrial output value of 139.5 billion yuan, a year-on-year growth of 28.2 percent. The development of a local new materials industry has led the way in the country in terms of scale and value. Several competitive products and technologies developed in the city have emerged on the world stage recently.