Industry Overview - The mica industry is transitioning from traditional mineral processing to high-end new material manufacturing, highlighting the deep restructuring of upstream materials due to the energy revolution [2] - In 2024, the market size of China's mica industry is projected to reach 8.37 billion yuan, representing a year-on-year growth of 27.73% [2] - The breakthrough in synthetic mica technology is reshaping the industry landscape, with Zhejiang Rongtai developing nano-level mica composite materials that enhance breakdown strength to 25KV/mm, successfully entering the aerospace insulation sector [2] - In the electronic packaging field, low dielectric constant mica sheets are achieving import substitution, with mica substrates for 5G base station filters capturing over 25% market share [2] - The "Strategic Planning Outline for Expanding Domestic Demand" includes mica in the forefront of new material research and development, while upgrades in safety standards for power batteries are directly driving demand for high-end mica [2] Industry Development History - The development of China's mica industry has gone through four stages: the initial stage (1950-1960s), rapid development (1970-1980s), industrial upgrading (1990-2000s), and innovative development (2010s to present) [5][6] - The initial stage saw the establishment of the first mica processing plants and the mechanization of mining, laying the foundation for domestic mica supply [5] - The rapid development phase included the successful development of powdered mica paper and the establishment of numerous mica flake factories, transitioning from primary raw materials to comprehensive processing [5] - The industrial upgrading phase featured the development of synthetic mica with superior properties, leading to increased international market presence [6] - The innovative development phase has seen mica products applied in new energy vehicle battery thermal runaway protection, with significant growth in demand following the implementation of safety standards [6][11] Industry Supply Chain - The upstream of the mica industry supply chain includes raw materials and production equipment, with raw materials primarily being mica ore resources [8] - The midstream involves the processing and manufacturing of mica products [8] - The downstream applications span across automotive, industrial, electric power, construction, electrical appliances, and energy storage sectors [9]

Industry Overview - The mica industry is transitioning from traditional mineral processing to high-end new material manufacturing, revealing the deep restructuring of upstream materials due to the new energy revolution [1][11] - The market size of China's mica industry is projected to reach 8.37 billion yuan in 2024, with a year-on-year growth of 27.73% [1][11] - Synthetic mica technology breakthroughs are reshaping the industry landscape, with Zhejiang Rongtai developing nano-level mica composite materials that have improved breakdown strength to 25KV/mm, successfully entering the aerospace insulation field [1][11] Market Dynamics - In the electronic packaging sector, low dielectric constant mica sheets have achieved import substitution, with mica substrates for 5G base station filters capturing over 25% market share [1][11] - The "Expansion of Domestic Demand Strategic Plan" includes mica in the research directory for frontier new materials, and the upgrade of safety standards for power batteries directly boosts the demand for high-end mica [1][11] Industry Development Stages - The mica industry in China has experienced four main stages: initial development (1950-1960s), rapid growth (1970-1980s), industrial upgrading (1990-2000s), and innovative development (2010-present) [4][5] - The current phase emphasizes the application of mica products in new energy vehicle battery thermal runaway protection, with mandatory safety standards implemented in 2021 driving demand growth [5][11] Key Enterprises - Major companies in the mica industry include Ping An Electric (001359), Zhejiang Rongtai (603119), and Dongcai Technology (601208), with a competitive landscape characterized by leading enterprises and diverse players [2][15] - Ping An Electric has a comprehensive supply chain capability from mica mining to end insulation material production, widely applied in high-end sectors such as new energy vehicles and energy storage systems [15][17] - Zhejiang Rongtai focuses on high-temperature insulation mica products, with over 70% of its revenue coming from the new energy vehicle sector, showcasing significant growth [19] Future Trends - Technological innovation is driving industry upgrades, with synthetic mica and functionalized materials becoming mainstream [21] - The explosive growth in new energy demand, particularly in power batteries and energy storage markets, is expected to significantly increase the demand for mica materials [22][23] - Globalization is accelerating, with Chinese mica companies transitioning from "product export" to "technology output," enhancing international market penetration [24]