Chan Ye Xin Xi Wang·2025-09-02 01:15Core Insights - The photoinitiator industry is characterized by dual features of "technology iteration driving demand upgrade and supply contraction reshaping market structure" [1] - The global manufacturing industry's shift towards precision and intelligence is increasing the penetration of photopolymerization technology, with China expected to see its production rise from 50,500 tons in 2022 to 59,000 tons in 2024 [1][11] - The market is projected to exceed 9 billion yuan by 2030, with a compound annual growth rate of 9.3% from 2024 to 2030 [1][12] Industry Overview - Photoinitiators are key compounds that absorb energy under specific wavelengths of light to initiate chemical reactions, transforming liquid resins into solid polymer networks [2][3] - The industry is experiencing significant growth due to innovations such as the widespread adoption of UV LED light sources and breakthroughs in water-based systems [1][9] Supply and Demand Dynamics - The supply side is facing a contraction of 12%-18% due to environmental regulations and safety incidents leading to the shutdown of companies like Ningxia Wokailong and Yangfan New Materials [1][11] - The demand side is driven by the transition of global manufacturing towards precision and intelligence, with demand expected to reach approximately 45,000 tons by 2025 [1][11] Competitive Landscape - The market is dominated by leading companies such as Jiu Ri New Materials and Qiangli New Materials, which hold a combined market share of 52.7% in the mid-to-low-end market [1][12] - Foreign companies like IGM dominate over 30% of the profit space through high-end products, creating a "low-end internal competition, high-end monopoly" scenario [1][12] Future Trends - The industry is expected to evolve along three main paths: technological advancement (visible light response and bio-based materials), market globalization (accelerated domestic substitution and deepening Southeast Asia layout), and ecological industrialization (low-carbon process transformation and regional standard co-construction) [1][15] - Innovations in photoinitiators are anticipated to enhance curing efficiency by 30% and reduce energy consumption by 40% [1][15]