Huafon Spandex(SZ:002064) DT新材料·2025-05-06 16:02Core Viewpoint - Huafeng Chemical's 19 proposals related to a 6 billion yuan acquisition were collectively rejected, impacting its strategic expansion in the polyurethane industry [1][2]. Group 1: Acquisition and Market Impact - The proposed acquisitions aimed to enhance Huafeng Chemical's product matrix across multiple key segments of the polyurethane industry, facilitating vertical integration from raw materials to end products [2]. - The TPU market is experiencing rapid growth, with a global market size of $3.804 billion in 2023, projected to reach $5.83 billion by 2030, reflecting a CAGR of 6.5% from 2024 to 2030 [2]. Group 2: Competitive Landscape - Major global manufacturers in the TPU sector include BASF, Covestro, Huntsman, Lubrizol, Wanhua Chemical, Huafeng Chemical, and Merck, all actively expanding their production capacities [3]. - Covestro announced a multi-million euro investment in a TPU production base in Zhuhai, Guangdong, aiming for an annual capacity of nearly 120,000 tons [3]. Group 3: Innovations and Applications - The TPU industry is diversifying with innovations such as high-performance paint protection films (PPF) launched by Covestro in collaboration with Shell and others, entering the supply chains of major automotive brands [5]. - The demand for high-quality PPF is rapidly increasing, with consumers seeking enhanced protection features and sustainability [6]. Group 4: Bio-based TPU Developments - Bio-based TPU is emerging as a significant trend, with companies like Wanhua Chemical and BASF developing products from renewable resources, enhancing their competitive edge in sustainability [7][9]. - BASF has initiated a strategy combining product innovation, closed-loop production, and global certification to strengthen its position in the bio-based TPU market [7].