Zhejiang Dragon Technology (SH:603004) Chan Ye Xin Xi Wang·2025-10-30 01:20Core Insights - PBO fiber (Poly(p-phenylene-2,6-benzobisoxazole) fiber) is recognized for its exceptional mechanical properties and high-temperature resistance, making it widely applicable in high-end sectors such as aerospace, defense, and firefighting [1][6] - The market size for PBO fiber in China is projected to reach approximately 149 million yuan in 2024, reflecting a year-on-year growth of 4.93% [8][9] Industry Overview - PBO fiber is a fully aromatic rigid rod-like polymer formed by alternating benzene and oxazole rings, known for its high tensile strength and modulus, excellent heat resistance, flame retardancy, and impact resistance [2] - Despite being termed the "super fiber of the 21st century," PBO fiber faces significant challenges, including insufficient compressive strength, poor interface adhesion, low light resistance, high production costs, and limitations in extreme high-temperature stability [4][5] Industry Chain - The upstream of the PBO fiber industry chain includes raw materials such as 4,6-diaminophenol hydrochloride, terephthalic acid, and polyphosphoric acid, along with production equipment [5] - The downstream applications of PBO fiber span various sectors, including aerospace, defense, rail transportation, electronic communication, sports goods, and medical devices [6] Market Dynamics - The price of domestic purified terephthalic acid (PTA) has been on a gradual decline, with a reported price of 4,540 yuan per ton as of September 2025, down 9.74% year-on-year. This reduction in PTA prices presents an opportunity for PBO fiber producers to lower costs and enhance profit margins [8] Key Players - The competitive landscape of the PBO fiber industry is characterized by an "oligopoly" with high technical barriers. Key players include: - Dinglong Technology: The leading domestic supplier of PBO monomer (DAR hydrochloride), achieving high purity production and breaking the monopoly of Japanese suppliers [10] - Chengdu Xincheng: Holds a production capacity of 380 tons/year and has established a significant presence in the defense and aerospace sectors [9] - Zhonglan Chenguang: Recognized for its technological advancements and applications in high-end markets such as foldable smartphones and robotics [11] Industry Development Trends 1. Continuous Technological Innovation: The PBO fiber industry is experiencing breakthroughs in performance through innovations, such as the development of STARAMID® CG-PBO fiber with a tensile strength of 5.8 GPa and heat resistance of 600°C [12] 2. Expansion of Application Scenarios: The lightweight and high-temperature resistance of PBO fiber is driving demand in aerospace, military, and new energy sectors, with potential applications in electric vehicle battery casings and high-strength ropes for extreme environments [12] 3. Accelerated Industry Chain Integration: Domestic companies are reducing production costs through vertical integration, with advancements in production processes leading to improved yield rates and lower unit costs [13]