wanhua(SH:600309) DT新材料·2025-06-02 15:27Core Viewpoint - Wanhua Chemical has announced two major expansion projects for its popular products, neopentyl glycol (NPG) and propylene oxide (PO), indicating a strategic move to increase production capacity and strengthen its market position in the chemical industry [2][3][5]. Neopentyl Glycol (NPG) - Wanhua Chemical plans to upgrade its trimethylolpropane (TMP) facility in Yantai, Shandong, converting it to produce neopentyl glycol (NPG) with an increased capacity from 50,000 tons/year to 100,000 tons/year [3]. - With this upgrade, the total NPG production capacity will rise to 240,000 tons/year, making Wanhua the second-largest producer globally [4]. - NPG is widely used in the production of various products, including polyester polyols, unsaturated polyester resins, and as a potential eco-friendly refrigerant [4]. - The price of NPG has seen fluctuations, with an average price of 11,483 RMB/ton in March 2025, peaking at 12,000-12,200 RMB/ton, but has since decreased to a range of 9,000-9,800 RMB/ton [4]. Propylene Oxide (PO) - Wanhua Chemical plans to expand its PO production capacity from 400,000 tons/year to 600,000 tons/year through the addition and modification of production equipment [5]. - The PO production process utilizes isopropylbenzene, propylene, and hydrogen, showcasing lower energy consumption and higher raw material utilization compared to traditional methods [6]. - Wanhua is the third company globally to master the POCHP technology, following BASF and LyondellBasell, which emphasizes its competitive edge in the market [6]. - The domestic production capacity for PO is projected to reach 7.47 million tons/year by 2024, accounting for nearly one-third of global capacity, with a self-sufficiency rate of 96% [7].