SGP(SH:603586) Chan Ye Xin Xi Wang·2025-12-08 00:57Core Viewpoint - The dry clutch friction plate industry is experiencing significant growth driven by increasing demand in the automotive market and supportive government policies, with the market size expected to reach 1.686 billion yuan in 2024, a year-on-year increase of 5.0% [1][6]. Industry Overview - Dry clutch friction plates are critical components in automotive clutches, primarily used for power transmission and disconnection, characterized by good wear resistance and thermal recession resistance [3][6]. - The industry is benefiting from government policies that promote the development of key automotive components, providing support in research and development, standard formulation, and supply chain construction [4][11]. Market Size and Growth - The market size of the dry clutch friction plate industry in China is projected to reach 1.686 billion yuan in 2024 and grow to 1.831 billion yuan by 2026 [1][6]. - The aftermarket for dry clutch friction plates is expected to grow from 1.33 billion yuan in 2021 to 1.67 billion yuan by 2026, with a compound annual growth rate of 4.7% [8]. Industry Chain - The industry chain consists of upstream raw materials such as powder metallurgy materials, asbestos-based materials, and paper-based materials, with the downstream market including both original equipment and aftermarket [5][6]. - The growth in China's vehicle ownership, from 232 million in 2018 to an expected 360 million by 2025, is driving demand for dry clutch friction plates [5][6]. Competitive Landscape - The industry faces competition from established foreign companies like Schaeffler, Valeo, and BorgWarner, which dominate the market due to their technological and financial advantages [8]. - Domestic companies such as Koma Materials and Jinqilin are emerging but face challenges in R&D investment and innovation capabilities [8][9]. Development Trends - Continuous government support for the automotive industry is expected to foster growth in the dry clutch friction plate sector [11]. - Hybrid vehicles are anticipated to become a core growth market as they retain clutch systems, contrasting with the declining demand for traditional clutches in pure electric vehicles [12]. - The industry is actively expanding into international markets, with increasing sales in regions like the Middle East and Southeast Asia, supported by e-commerce platforms [13].