Fireproofing material sector reports better performance

BEIJING, March 23 (Xinhua) -- China's fireproofing material sector registered stellar performance last Year, with output returning to growth and profits up significantly.

The sector's total output reversed a four-Year losing streak in 2018 with a 2.3-percent increase Year on Year, standing at 23.45 million tonnes, driven by recovering demand from downstream industries at home and abroad, according to a report of the Ministry of Industry and Information Technology.

Fireproofing material producers raked in combined profits of 14.6 billion yuan (2.18 billion U.S. dollars) last Year, up 38.4 percent from a Year ago. The main business revenues gained 12 percent to surpass 200 billion yuan.

The faster increases in profits and revenues suggest improved development quality, the report said.

The report also showed China's exports of fireproofing materials and products notched a record high of 4.17 billion U.S. dollars, and producers have started to put more emphasis on finished products than materials.

Despite the performance and quality improvement, the report said the sector is still plagued by outdated capacity and more should be done to accelerate the application of new technologies, promote intelligent production, and push forward industrial adjustments.