Core conclusion
Ion exchange and adsorption resin is a kind of adsorption and separation material with both separation effect and accurate selectivity. It has excellent performance and high cost performance. Ion exchange resin is widely used in industrial water treatment, biomedicine, ultrapure water preparation, food and plant extraction, metal extraction and other fields. With the increase of the purity of the downstream industry, the requirements for the purification of products are gradually stricter. In 2020, the global market scale of ion exchange and adsorption resin will be US $1.8 billion. According to the prediction of markets and markets, the industry will grow at an annual growth rate of 4.2% and reach US $2.2 billion in 2025. At present, the Asia Pacific region occupies the largest market share in the world, 42%; By 2025, the proportion is expected to increase to 50%.
After wandering in the low-end field for many years, the 21st century ushered in an innovation breakthrough, with the advantages of import substitution + localization, and opened up a new way for Chinese enterprises. In the 90 years since the development of ion exchange and adsorption resins, Chinese enterprises have mainly produced low-end water treatment products. By increasing production and lowering prices, they have seized the stock market space, and their profits have been extremely compressed, making it difficult for enterprises to maintain; In contrast, the incremental space of the high-end market is divided up by overseas leaders, but no Chinese enterprises touch it. The abnormal industry pattern has been maintained for decades until the 21st century. Some leading enterprises try to expand high value-added products, and some innovators enter the industry. Although most of the emerging products are produced on a small scale, and even in the stage of industrial testing and certification, this is a great innovation to achieve 0 breakthrough for the industry. In order to compete with overseas giants, Chinese enterprises have created unique local advantages: on the one hand, they closely follow the theme of import substitution, perfectly replace overseas products, but have higher cost performance; We also try to find another way to develop the integrated contracting project of materials + equipment + technology, and create a personalized design scheme to better meet the needs of customers.
The downstream market has high demand and high potential, laying an incremental space for the industry. In the traditional sector, the most widely used field of ionizing adsorption resin is industrial water treatment, accounting for more than 65% of the total industry. The annual growth rate of 4% of the installed power generation capacity of the downstream power industry will lead to a steady increase in resin demand. It is estimated that the total consumption of water treatment resin for thermoelectric generators in China will be 87400 tons in 2025. In the emerging sector, with reference to the global / China Shanxi Guoxin Energy Corporation Limited(600617) automobile sales forecast from 2021 to 2025, the demand for lithium resin can be converted into 288 / 187000 tons; The growth of chip industry and nuclear power industry will also drive the demand for ultra pure water resin to 34500 tons in 2027.
The localization of high value-added ion exchange and adsorption resins is the general trend. At present, the supply of high value-added ion exchange and adsorption resin in China is mainly occupied by multinational enterprises, and the downstream import dependence is high. On the one hand, the core raw materials of cutting-edge industries are monopolized by foreign enterprises, which is not conducive to the safety of the industrial chain; On the other hand, the expensive imported resin also indirectly increases the cost of separation and purification, which adversely limits the scale and industrialization of new technologies in downstream industries. Whether from the perspective of demand, cost performance or industrial chain safety, the localization of separation and purification materials has always been the industry's long-awaited goal.
It is suggested to pay attention to: Sunresin New Materials Co.Ltd Xi'An(300487) ( Sunresin New Materials Co.Ltd Xi'An(300487) . SZ), Zhejiang Zhengguang Industrial Co.Ltd(301092) ( Zhejiang Zhengguang Industrial Co.Ltd(301092) . SZ), etc.
Risk tip: technology upgrading encounters bottleneck; Risk of import substitution obstruction; Downstream demand decline risk; New product substitution risk; Industry policy change risk, etc.
