wanhua(SH:600309) Chan Ye Xin Xi Wang·2026-01-07 01:05Core Viewpoint - The domestic market for methyl isobutyl ketone (MIBK) in China is experiencing significant growth due to technological advancements and increasing application demands, leading to a reduction in import dependency and an increase in production capacity and output [1][5]. Industry Overview - MIBK, also known as 4-methyl-2-pentanone, is a colorless liquid with a camphor-like odor, soluble in most organic solvents and slightly soluble in water. It has applications in organic synthesis, rubber manufacturing, and coatings [1]. - The production methods for MIBK include the acetone method and the isopropanol method, with the acetone method being more efficient for continuous production [2][3]. Production Capacity and Output - From 2016 to 2024, China's MIBK production capacity is projected to grow from 75,000 tons to 150,000 tons, while output is expected to increase from 54,000 tons to 120,000 tons [1][5]. - The industry is expected to continue its growth trend due to the intensive commissioning of MIBK projects in the future [1]. Import and Export Dynamics - In 2024, China's MIBK imports are expected to be 9,167.5 tons with an import value of $12.51 million, while exports are projected at 3,654.21 tons valued at $5.68 million. By 2025, exports are anticipated to significantly exceed imports [5][6]. Competitive Landscape - Major global producers of MIBK include South Africa's Sasol, Korea's Kumho Petrochemical, and Japan's Mitsui Chemicals. Domestically, companies like Juhua Chemical, Ruibai New Materials, and Wanhua Chemical are key players in the market [7]. - Wanhua Chemical is expanding its MIBK production capacity, with a new project in Yantai expected to enhance its market position [7][8]. Industry Development Trends 1. Green Development: The MIBK industry is moving towards sustainable practices, focusing on reducing waste and emissions through advanced catalyst systems and resource recycling [9]. 2. High-end Product Demand: There is a growing demand for high-purity MIBK in sectors like new energy vehicles and high-end electronics, prompting companies to invest in R&D for better quality products [10]. 3. International Expansion: The industry is looking to expand into international markets, particularly in Southeast Asia and the Middle East, to tap into the rising demand in manufacturing sectors [11].