化工新材料产业观察系列报告：超高分子量聚乙烯：特种材料新星，新能源及机器人双轮驱动成长

Investment Rating - The report maintains a "Buy" recommendation for the ultra-high molecular weight polyethylene (UHMWPE) industry, highlighting its growth potential driven by new energy and robotics [2]. Core Insights - The global market demand for UHMWPE is projected to reach $6.31 billion by 2030, with a compound annual growth rate (CAGR) of 15.8% from 2025 to 2030 [3][11]. - The domestic production capacity of UHMWPE has significantly increased, with current production capacity at approximately 270,000 tons per year and an additional 320,000 tons under construction [4][29]. - The report emphasizes the higher technical and financial barriers in the fiber segment of UHMWPE, which results in greater product value compared to the resin segment [5][33]. Summary by Sections 1. Ultra-High Molecular Weight Polyethylene: High Strength and Wear Resistance - UHMWPE is characterized by its high molecular weight (1.5 to 6 million), offering exceptional wear resistance, self-lubrication, and chemical stability [15][16]. - Its applications span defense, aerospace, new energy, outdoor textiles, medical devices, and robotics [2][22]. 2. Supply Structure: Domestic Expansion and Cost Efficiency - The synthesis barriers for UHMWPE primarily lie in the catalytic and polymerization technologies, with significant advancements made in recent years [25][27]. - The report notes a decrease in the price of UHMWPE resin from 15,900 CNY/ton in 2017 to 13,900 CNY/ton in 2023, while UHMWPE fiber prices decreased from 104,400 CNY/ton to 81,100 CNY/ton during the same period [4][37]. 3. Demand Market: Global Demand Reaching Billions - The demand for UHMWPE is expected to surge due to applications in lithium battery separators, military equipment, outdoor gear, and medical devices [3][11]. - In 2023, the demand for UHMWPE in the separator field reached 110,000 tons, accounting for 40% of total apparent demand [3][43]. 4. Related Companies - The report suggests monitoring companies such as Tongyi Zhong (8,560 tons of fiber capacity), Nanshan Zhishang (3,600 tons of fiber capacity), Lianhong Xinke (20,000 tons of separator-grade UHMWPE resin capacity), and Dongfang Shenghong (20,000 tons of UHMWPE resin capacity) [5][12].