Core Insights - The coating materials industry in China is experiencing steady growth, with a projected market size of 463.71 billion yuan in 2024, representing a year-on-year increase of 2.62% [1][15] - Industrial coating materials account for 58.90% of the market, driven by the demand from high-end industries such as new energy vehicles and display panels [1][15] - The industry is characterized by technological barriers, requiring a multidisciplinary approach for development and innovation [6][7] Industry Overview - Coating materials are essential in various sectors, including construction, automotive, aerospace, and electronics, serving functions such as protection, surface enhancement, and new functionalities [2][14] - The classification of coating materials includes solvent-based, water-based, and solvent-free types, as well as industrial, architectural, and auxiliary materials [4][5] Market Policies - Recent policies in China, such as the "14th Five-Year Plan" and various environmental regulations, provide a supportive framework for the development of the coating materials industry [9][10] Industry Chain - The upstream of the coating materials industry includes suppliers of resins, solvents, additives, and pigments, while the downstream encompasses applications in automotive, marine, machinery, new energy, electronics, and construction [11][12] Demand Structure - The automotive sector is the largest consumer of coating materials, accounting for 16.8% of the market, with significant growth in new energy vehicles, which saw a year-on-year increase of 37.3% in production and sales [13][14] Competitive Landscape - The global coating materials market is dominated by foreign companies, with the top three being Sherwin-Williams, PPG, and AkzoNobel, while the domestic market is characterized by numerous small players and a lack of large-scale leading companies [16][17] - Domestic companies like Songyi and Donglai Technology are focusing on high-end applications and customized solutions, with significant revenue contributions from automotive and consumer electronics sectors [16][18][19] Development Trends - Future trends indicate a shift towards high-performance coating materials with enhanced properties such as temperature resistance and environmental friendliness, driven by the dual carbon goals and stricter environmental regulations [20][21]

慧正资讯，近日，在矿冶集团2025年创新成果发布会上，由矿冶集团首席专家于月光正高级工程师 团队研发的"新型可磨耗封严涂层技术"正式亮相。这一成果标志着我国在封严涂层技术方向完成了 从"跟跑"到"领跑"的历史性跨越，破解了长期困扰我国高端装备发展的"卡脖子"难题。 如今，团队已研制出8种覆盖全温度段的长寿命可磨耗封严涂层材料；同时自主研发的模拟工况可 磨耗试验机，能在1200℃高温、450m/s线速度下精准测试，并具备磨屑收集功能。这一系列成果，构建 起我国首个全面自主可控的高性能可磨耗封严涂层技术体系。 记者了解到，目前，该成果已深度融入我国高端装备产业链，不仅覆盖全部重点型号航空发动机、 约三分之二先进蒸汽轮机的批产与研制，还支撑了主要自主燃气轮机型号的研发，累计装机近万台。该 涂层用于航空发动机寿命超3500小时、用于先进汽机寿命超6万小时、用于先进燃机寿命超3万小时，实 现了装备的高效安全运行，并且年减排二氧化碳超1200万吨，有力支撑了国防和能源领域的重大需求。 航空发动机、燃气轮机与蒸汽轮机作为国防和能源领域的"国之重器"，其性能提升始终牵动着国家 战略发展的神经。可磨耗封严涂层作为这些装备中用量 ...

Industry Overview - Coating materials are defined as materials that form a film on the surface of objects under certain conditions, enhancing aesthetics, extending product lifespan, or providing special functions such as insulation, anti-fouling, and heat resistance [2] - The coating materials can be categorized into three main types based on application: architectural coatings, industrial coatings, and other auxiliary materials [2] Current Market Analysis - The coating materials market in China is experiencing steady growth, with the market size increasing from RMB 407.2 billion in 2020 to RMB 463.71 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.3%. It is projected to reach nearly RMB 500 billion by the end of 2025 [3][5] - The industrial coating materials market, which includes sectors such as automotive, pharmaceuticals, and consumer electronics, is expected to grow from approximately RMB 2,731.2 billion in 2024 to nearly RMB 3,000 billion by 2025, driven by policy support and rising consumer demand [5][8] Industry Chain Structure - The coating materials industry chain consists of upstream raw materials, midstream manufacturing, and downstream application markets. The upstream is primarily composed of four categories: film-forming substances, pigments/fillers, solvents, and additives [8] - Raw materials account for over 80% of the manufacturing costs in coating materials production, with film-forming substances, solvents, additives, and pigments/fillers comprising 44.5%, 21.7%, 20.7%, and 13.1% of raw material costs, respectively [9] Competitive Landscape - The coating materials industry in China is characterized by a "large industry, small enterprises" competitive structure, with foreign brands dominating the high-end market due to technological advantages. Domestic companies are primarily concentrated in the mid-to-low-end sectors, facing challenges in product differentiation [10] - Notable domestic companies include Songyi Co., Donglai Technology, Yatu High-tech, Sanxin Co., Kangmite, and Huigu New Materials [10] Development Trends - Domestic brands are upgrading their technologies and accelerating the import substitution process, particularly in high-end industries such as new energy and display panels, indicating significant market potential for domestic enterprises [11] - The demand for functional coating materials is expanding from traditional sectors to emerging industries like new energy, electronics, and aerospace, necessitating enhanced R&D capabilities and driving the industry towards higher value-added products [12]

Group 1 - Keli Investment announced the completion of an angel round investment in Harbin Xinghong Technology, which is expected to accelerate the company's technology iteration and market expansion, further consolidating its competitive advantage in the field of special functional coatings [1] - Harbin Xinghong Technology, established on August 16, 2024, focuses on the research and development of special functional coating materials, aiming to develop high absorption ultra-black thermal control coatings and low absorption high emission thermal control coatings, with product performance reaching international advanced levels [3] - The company has demonstrated strong competitiveness in various fields, including aerospace, new energy, and high-end manufacturing, due to its advanced technology research and innovative product solutions [3] Group 2 - The ultra-black coating can absorb almost all light that strikes it, making it widely applicable in precision optical instruments to shield optical interference and enhance signal-to-noise ratio and detection capability [4] - With the rapid development of China's technology and the improvement of technological levels, the country has gradually overcome previously imported technologies, achieving self-sufficiency in high-performance ultra-black coatings [4] - Keli Investment, a well-known technology investment institution in China, recognizes the technical strength and market prospects of Harbin Xinghong Technology, providing financial support and assisting in optimizing management structure and expanding market channels [4] Group 3 - Harbin Xinghong Technology plans to leverage this financing to accelerate research and development processes, expand production scale, and further increase market share [5] - The company aims to launch multiple special functional coating materials with independent intellectual property rights within the next three years to meet diverse domestic and international market demands [5]