Core Viewpoint - The rise of the潮玩 (trendy toys) industry in China is driving new consumer demand, benefiting the color masterbatch and pigment industries in the long term [2] Group 1:潮玩 Industry Growth - The潮玩 industry has seen significant growth, with the Chinese pan-entertainment toy market surpassing 100 billion yuan, projected to reach 101.8 billion yuan in 2024 and exceed 200 billion yuan by 2029, reaching 212.1 billion yuan [2] - The production of潮玩 products primarily involves plastic materials, where color masterbatches and pigments play a crucial role in coloring [2] Group 2: Color Masterbatch Market - Color masterbatch is a new type of polymer composite coloring material, with the global market size reaching 94.686 billion yuan in 2023, and China's market size at 37.041 billion yuan [3] - The global color masterbatch market is expected to grow to 129.834 billion yuan by 2029, with a CAGR of 5.21% from 2023 to 2029 [3] - The international color masterbatch market is characterized by monopolistic competition, with major players like Cabot Corporation and Clariant dominating the market [3] - China has become the largest producer of color masterbatches in Asia, with a low industry concentration and many small-scale enterprises [3] - As internationalization progresses, larger Chinese companies are beginning to compete in the global color masterbatch market, with recommendations to focus on Meilian New Materials and Baolidi [3] Group 3: Organic Pigment Market - The plastic industry is one of the three main application areas for organic pigments, with stable global production growth and a significant market share held by China [4] - The market for organic pigments is promising due to rigid downstream demand, but the capacity for classic organic pigments is nearing saturation, leading to price and margin declines [4] - High-performance organic pigments are emerging as a new trend in the industry, with a high technical barrier and dominated by global chemical giants like BASF and Clariant [4] - Domestic companies such as Qicai Chemical and Baihehua are among the few that possess core production technologies [4] - The tightening of environmental policies and the oversupply of classic organic pigments favor the development of high-performance organic pigments, benefiting industry leaders [4]
【基础化工】潮玩产业规模增长带动新消费需求,色母粒、颜料行业有望长期受益——行业周报(0602-0606)(赵乃迪/胡星月)
光大证券研究·2025-06-09 13:36