氢氧化铝

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研判2025!中国氢氧化铝行业产量、价格及进出口分析:2022-2024年产量快速攀升,2025年政策调控下转型阵痛显现[图]
Chan Ye Xin Xi Wang· 2025-08-07 01:24
Industry Overview - The aluminum hydroxide industry in China is experiencing rapid growth driven by increasing market demand and economic development, with production expected to rise from 2.11 million tons in 2022 to 3.43 million tons by 2024 [1][6] - In March 2025, the Ministry of Industry and Information Technology and other departments issued a plan to limit new alumina production capacity and set a target for recycled aluminum production to reach 15 million tons by 2027 [1][6] - As a result of these policies, companies are shifting focus from "scale expansion" to "quality efficiency," leading to a slight decline in production, with a 0.90% year-on-year decrease in the first half of 2025 [1][6] Industry Chain - The upstream of the aluminum hydroxide industry includes raw materials such as bauxite, caustic soda, and hydrochloric acid, as well as production equipment like pressure leaching systems and fluidized roasting furnaces [4] - The midstream involves the production and manufacturing of aluminum hydroxide, while the downstream applications include flame retardants, pharmaceuticals, electrical cables, insulation materials, coatings, and environmental protection [4] Market Dynamics - The price of alumina reached a nearly ten-year high in 2024 due to resource constraints and environmental regulations, which supported the aluminum hydroxide market [8] - In the fourth quarter of 2024, aluminum hydroxide prices exceeded 3,600 yuan per ton, marking a peak, but by June 2025, prices fell to 1,948 yuan per ton, a 20.33% decrease year-on-year [8] - The industry's gross profit margin fell to -13.24 yuan per ton in late June 2025, a 102.03% year-on-year decline, reflecting the transition pains from scale expansion to quality efficiency [10] Import and Export Trends - In the first half of 2025, China imported 31,900 tons of aluminum hydroxide, a 7.32% increase year-on-year, with an import value of 467 million yuan, up 26.19% [12] - Exports reached 238,600 tons, a 26.69% increase year-on-year, with an export value of 924 million yuan, up 14.86%, driven by higher international prices compared to domestic prices [12] Key Enterprises - China Aluminum Corporation, as a leading player, focuses on high-purity and high-performance ultra-fine aluminum hydroxide, with a revenue of 55.784 billion yuan in Q1 2025, a 13.95% increase year-on-year [16] - Luoyang Zhongchao New Materials Co., Ltd. is recognized for its advanced technology in ultra-fine aluminum hydroxide and has received approval for a project to produce 120,000 tons of high-purity aluminum hydroxide annually [18] - Hebei Wenfeng Industrial Group is facing regulatory risks due to unauthorized production of alumina, with a capacity of 4.8 million tons per year, exceeding market demand [16] Development Trends - The industry is transitioning from a "scale-oriented" to a "technology-oriented" model, with high-end product demand driving growth [20] - Environmental policies and carbon tariffs are pushing companies towards green technologies, with significant energy and carbon emission reductions being achieved by leading firms [21] - The import dependency for high-end aluminum hydroxide products remains high, but domestic companies are accelerating technological breakthroughs to reduce reliance on imports [20][22]