2025年H1隔膜市场盘点——国内隔膜产量139.4亿平米，同比增长53.2%

Core Viewpoint - The article discusses the current state and future outlook of the Chinese separator industry, highlighting production growth, market dynamics, pricing trends, and the need for cost reduction amidst increasing competition [1][3][4]. Production and Market Dynamics - In the first half of 2025, China's separator production reached 13.94 billion square meters, marking a year-on-year increase of 53.2%. Wet separators accounted for 11.42 billion square meters, while dry separators contributed 2.52 billion square meters [1]. - The market is dominated by leading companies, with Enjie holding over 30% market share and the top four companies controlling 72.6% of the market. The share of dry separators has decreased to around 18% due to the transition from dry to wet methods and significant price drops in wet separators [1][3]. Capacity and Utilization - Domestic capacity expansion is slowing down, with ongoing projects from major players like Xingyuan Materials and Enjie. The overall capacity utilization rate in the separator industry is 65%, with wet separators exceeding 70% and dry separators below 50% [3]. - The industry is currently facing a price decline cycle, leading to widespread losses among companies, with less than 20% of firms remaining profitable [3]. Pricing Trends - There is a stark contrast in pricing between dry and wet separators. Despite low utilization rates, dry separator prices have increased due to high concentration in the industry, while wet separator prices continue to decline due to market fragmentation [4]. - In the first half of 2025, the price of 7 µm wet separators fell by 19.4%, and 7+2+1 µm wet separators decreased by 15.7%, while 16 µm dry separators saw a price increase of 6% [4]. Industry Trends - Cost reduction is a continuous demand from downstream sectors, with a focus on increasing the use of domestic raw materials and enhancing single-line capacity to lower manufacturing costs [7]. - The demand for dry coated separators is rising, particularly for high-performance products in mid-to-high-end power batteries, although supply remains tight due to limited coating capacity among manufacturers [7]. - The application of 5 µm ultra-thin wet separators is expanding, with leading companies accounting for about 30% of usage, but supply is still concentrated among a few manufacturers, indicating potential technological bottlenecks [7]. Market Outlook - Given the ongoing overcapacity in the separator market, there is a possibility of further price declines, with the industry nearing a bottom [9]. - The continuous price drop is making survival increasingly difficult for companies, potentially leading to a wave of industry consolidation [10]. - The current domestic expansion phase is concluding, with future capacity growth expected to shift towards overseas markets, particularly in Southeast Asia [11].