Core Insights - Hydrogenated resins, known for their enhanced chemical stability, heat resistance, and reduced odor, are increasingly used in high-end adhesives, specialty coatings, and electronic packaging [1][2] - By the end of 2024, China's hydrogenated resin production capacity is expected to reach 578,000 tons per year, accounting for over 50% of global capacity, with production increasing from 220,000 tons in 2020 to 420,000 tons [1][9] - The industry is projected to grow to approximately 4.83 billion yuan in 2024 and is expected to reach 5.27 billion yuan in 2025, driven by demand from sectors like new energy vehicles [1][11] Overview of the Hydrogenated Resin Industry - Hydrogenated resins are modified resin materials produced through hydrogenation of petroleum resins, resulting in improved chemical stability and reduced reactivity [2][3] - The production process involves multiple steps, including pre-treatment, polymerization, and hydrogenation refining, typically conducted in high-pressure fixed-bed reactors [3] Current Development Status of China's Hydrogenated Resin Industry - China's hydrogenated resin industry is experiencing significant growth, with production capacity expected to reach 578,000 tons per year by the end of 2024, driven by enhanced raw material supply and downstream demand [8][9] - The production volume is anticipated to double from 220,000 tons in 2020 to 420,000 tons in 2024, with a notable increase in exports due to supply constraints in Europe [8][9] Market Size and Forecast - The market size for hydrogenated resins in China is projected to grow from approximately 4.83 billion yuan in 2024 to 5.27 billion yuan in 2025, reflecting a steady growth trend [11] Industry Chain of China's Hydrogenated Resin Industry - The industry has established a complete value chain, from upstream raw material supply to downstream applications in adhesives, coatings, and high-performance rubber products [12] Competitive Landscape of China's Hydrogenated Resin Industry - The industry is characterized by competition between international giants and domestic leaders, with companies like ExxonMobil and Eastman holding significant market shares in high-end segments [13] - Domestic companies such as Henghe Materials and Puyang Shenghong Chemical are rapidly expanding their production capacity, indicating an intensifying competitive environment [13] Development Trends in China's Hydrogenated Resin Industry - The industry is moving towards high-end, green, and globalized development, with a focus on technological innovation and the expansion of applications in new energy vehicles and other emerging markets [15][16] - The shift towards lower VOC and higher bio-based content materials is driven by stringent environmental regulations and growing demand for sustainable products [16] - The competitive landscape is expected to evolve, with leading companies consolidating their market positions through mergers, capacity integration, and strategic collaborations [17]

今年以来，"反内卷"成为我国制造业的焦点话题，碳五碳九石油树脂产业也不例外。目前该产业正经历 着前所未有的阵痛期，迫切呼唤"反内卷"及转型。 一是产品高端化。加氢树脂等高端产品仍存在供给缺口，我国每年仍需从美国、日本等国进口大量高品 质碳五碳九石油树脂，国内企业应重点研发生产满足食品包装、医疗器具等高端领域要求的特种树脂， 避开同质化竞争。 二是加强技术创新突破。加大研发投入，突破加氢工艺、催化剂效率等核心技术瓶颈。产学研合作和数 字化改造是提升竞争力的有效途径。 三是整合产业链。向上游延伸提高原料自给率，向下游拓展开发终端应用产品。另外，废树脂回收再利 用技术既符合环保趋势，又能降低原料成本。 四是布局国际产能。通过海外建厂或并购实现本地化生产，规避反倾销限制。开发"一带一路"新兴市 场，分散单一市场风险。 更值得关注的是，目前产业结构同质化严重。以碳九石油树脂为例，67%以上为普通牌号石油树脂，而 高附加值特殊树脂等产品规模较小。这种结构导致企业缺乏差异化竞争手段，只能通过价格战维持生 存。石油树脂的市场价格在过去两年间剧烈波动，通用牌号加氢石油树脂价格从历史最高位的约15000 元/吨，骤降至2025年 ...