Preliminary figures show that the output value of the new materials industry in Zhoushan, East China's Zhejiang province, is expected to top 3.5 billion yuan ($539.78 million) in 2021 and increase to 10 billion yuan in 2022, local media reported on Jan 19.

In recent years, Zhoushan has ramped up its efforts to expand its new materials industry, including electronic information materials and new chemicals materials.

To date, the city has succeeded in getting more than 20 new materials companies to base themselves there, including five above a designated size, the statistical term referring to companies with an annual revenue of 20 million yuan or more.

Zhejiang Yuanbang Material Technology Co is one of them, a high-tech company focusing on research and development, production and marketing of new magnetic functional materials.

The high-performance wave-absorbing materials developed by the group led to it becoming a supplier to leading electronics giants last year, including Huawei, Samsung and BOE.

In 2020, the company witnessed a 40 percent increase in revenue and its new noise suppressor product line is projected to bring in 250 million yuan in revenue every year.

Elsewhere in Zhoushan, a high-efficiency catalyst project, funded by Zhejiang Petroleum and Chemical Co and Honeywell International Inc, will be completed in the third quarter of this year and is expected to generate more than 1 billion yuan in output value per year.

Moving forwards, Zhoushan will move to attract the top 50 petrochemical companies in the world, with the aim to grow into a competitive international chemicals and new materials industrial hub.