wanhua(SH:600309) Chan Ye Xin Xi Wang·2025-07-03 01:35Core Viewpoint - The special polyether industry in China has shifted from a supply shortage to an oversupply situation, with a market size projected to decline in 2024 due to unmet demand growth in downstream applications, particularly in new energy and high-end manufacturing sectors [1][11]. Industry Overview - Special polyethers are high molecular materials produced through the ring-opening polymerization of epoxides, characterized by ether bonds connecting repeating units, offering advantages such as thermal stability, chemical inertness, and high strength [5][8]. Industry Development History - The development of China's special polyether industry has gone through four stages: initiation (1989-1996), rapid growth (1996-2000), technological innovation (2000-2010), and green development (2010-present) [6][7]. Market Size - The market size for special polyethers in China is expected to be 2.166 billion yuan in 2024, reflecting a year-on-year decrease of 6.92% due to slower demand growth in key sectors [1][11]. Key Enterprises - Major players in the special polyether industry include Wanhua Chemical, which leads in market share and product diversity, and Changhua Chemical, which has a significant market presence with nearly 30% share in high rebound products [15][17][19]. Industry Development Trends - The industry is witnessing trends such as technological innovation and product high-endization, diversification of market demand, and integration of the industrial chain to enhance competitiveness [21][22][24].