Overview - The special chemicals industry in China is experiencing rapid growth due to the development of the semiconductor and electronics manufacturing sectors, with a projected market size of 913.05 billion yuan in 2024, reflecting a year-on-year growth of 12.25% [1][7]. Development Background - Recent government policies have encouraged the development of high-end special chemicals through financial support and tax incentives, leading to technological upgrades and optimization of the industry structure [3]. - Strict environmental regulations have prompted companies to invest in cleaner production technologies, which, while increasing short-term costs, are beneficial for sustainable development in the long run [3]. - Companies are increasing R&D investments and collaborating with academic institutions to enhance innovation capabilities and improve technology levels [3]. Industry Chain - The upstream of the special chemicals industry includes petroleum, natural gas, and coal chemical industries, providing essential raw materials [5]. - The downstream applications span various sectors, including agriculture, pharmaceuticals, electronics, automotive, and daily chemicals, with specific uses in pesticide production, drug development, semiconductor manufacturing, and personal care products [5]. Current Development - The demand for electronic chemicals, crucial for high-end manufacturing like semiconductors and display panels, is increasing alongside the growth of the automotive sector, particularly electric vehicles [7]. Competitive Landscape - The industry features a diverse range of companies, including international giants like BASF, Dow, and Bayer, as well as domestic leaders such as Sinopec and Wanhua Chemical, with varying scales and technological capabilities [9]. - Sinopec is recognized as one of the largest integrated energy and chemical companies in China, with projected revenues of 3.08 trillion yuan and a gross profit margin of 20.33% in 2024 [11]. - Wanhua Chemical, a global chemical new materials company, anticipates revenues of 182.1 billion yuan in 2024, with a significant portion coming from its polyurethane and petrochemical segments [13]. Development Trends - Future trends indicate that special chemicals companies will increase R&D investments to develop new materials and technologies, such as bio-based chemicals and smart materials, to meet emerging market demands [15].