合成树脂：COC/COP环烯烃聚合物前景广阔，国产替代提速

Investment Rating - The industry investment rating is "Leading the Market" indicating a relative performance exceeding the benchmark index by more than 10% over the next 6-12 months [2][10]. Core Insights - COC/COP cyclic olefin polymers exhibit excellent properties and are primarily used in optical, medical, and packaging applications. The optical sector accounts for 53.2% of consumption, expected to rise to 55.4% by 2025 [1][2]. - The global apparent consumption of cyclic olefin polymers was approximately 62,000 tons in 2018, increasing to about 85,000 tons in 2023, with a compound annual growth rate (CAGR) of 7.2% [2]. - The domestic consumption of COC/COP in China was about 21,000 tons in 2021, growing to an estimated 29,000 tons by 2025 [2]. Summary by Sections Application Areas - Optical: COC/COP is ideal for optical components due to its high transparency, low birefringence, and excellent thermal stability. Applications include smartphone lenses, security cameras, and AR/VR optics [1]. - Medical: COC/COP's biocompatibility and resistance to sterilization make it suitable for medical devices such as blood storage containers and prefilled syringes [1]. - Packaging: COC/COP can be blended with common polyolefins to enhance packaging performance, including food and pharmaceutical applications [1]. Market Dynamics - The price range for COC/COP products varies significantly, from 50,000 to 300,000 CNY per ton, depending on application and performance [2][4]. - Japanese manufacturers dominate the market, with major players including Zeon Corporation and Mitsui Chemicals, while domestic companies are ramping up production capabilities [5][7]. Technological Barriers - The production of cyclic olefin polymers involves complex processes and high technical barriers, with only a few global companies capable of large-scale production [4][5]. - Recent advancements in domestic production capabilities are being made, with companies like Acolyte and TuoXing Technology achieving industrial-scale production [5][6].