8 Most Potential Innovative Material
1、Special optical polyester film
At present, special optical polyester film should be the most widely used functional film industry with the largest market space and the largest number of A-share related listed companies.
Special optical polyester film is a layer or multilayer film plated on the surface of optical parts to change the optical characteristics of the surface of optical parts. Optical films can be divided into: reflective film, antireflection film / antireflection film, filter, polarizer / polarizer film, compensation film / phase difference plate, alignment film, diffusion film / film, brightening film / prism film / condenser, shading film / black-and-white glue, etc. Related derivatives include optical grade protective film, window film, etc. these special optical films are usually produced by post-processing and composite production of optical base film. The optical base film is produced by drying, casting, coating and biaxial stretching of polyester chip (PET). Polyester material is mainly used because of its stable structure, not easy to deform and excellent optical properties, which is suitable for matching various coatings.
One of the most applications of optical film is the display panel of various electronic products. From top to bottom, the above figure shows the structure of LCD from outside to inside. We can see that reflective film, diffusion film, brightening film, polarizing film, etc. are applied to the optical module and LCD panel respectively. Generally, the cost of LCD panel accounts for about one-third of the total cost of LCD TV manufacturing, and the cost of optical film accounts for about 20% of the cost of LCD panel. In the future, with the application of Internet of things technology, various display screens will be more common, so the demand for optical films will be very large.
China has become the world's largest producer of flat panel display equipment. At the same time, the explosive growth of the domestic touch screen industry has promoted the rapid increase in the demand for optical films. Optical films have become one of the most important strategic raw materials at the front end of the photoelectric industry chain.
In terms of optical film market supply, 3M company of the United States monopolized it in the early stage. Due to the expiration of 3M optical film patents and the emergence of demand for new optical film products, by about 2010, emerging optical film manufacturers represented by Mitsubishi Liyang of Japan, LG Electronics, mntech and SKC of South Korea, and Guangyao, Youhui, Jiawei and Yinghui of Taiwan had risen, forming a situation in which 3M, Japan, South Korea and Taiwan were the top four in the optical film market.
Since 2014, mainland optical film manufacturers represented by kangdexin, Jufei, Jizhi and VICH have begun to rise. Under the competition of mainland manufacturers, the knockout competition of the optical film industry began. Taiwan Yinghui and Jiawei withdrew from the market, leaving only Guangyao and Youhui optical film manufacturers. Japanese manufacturers fell behind. The optical film industry gradually formed a situation of the new top four of 3M, South Korea, mainland China and Taiwan.
By 2018, the optical film market has basically formed a relatively stable situation in which 3M, South Korea LMS, mntech and SKC, Taiwan Guangyao and Youhui compete with mainland kangdexin, weiqi and Sifang manufacturers.
At the end of 2018, kangdexin crisis broke out, and kangdexin began to lose market share.
In 2019, due to the Sino US trade war, domestic mobile phone manufacturers began to consciously reduce the product procurement share of 3M. With 3M giving up a considerable market share and the market share of high-end products, domestic optical film manufacturers should have ushered in an excellent opportunity for market share expansion and product upgrading.
At present, in addition to kangdexin, domestic listed companies mainly or involved in the production of optical films also include Shuangxing new material (002585), Jizhi Technology (300566), Changyang Technology (688299), Yuxing Co., Ltd. (300305), dadongnan (002263), Dongcai Technology (601208), Lucky Film (600135), aerospace Rainbow (002389), Daoming optics (002632), Buddha Plastic Technology (000973) Shenzhen textile A (000045).
2、Flexible Polyimide Film
The full name of PI film is polyimide film, which is the best film insulation material in the world. It is formed by condensation polymerization and casting of pyromellitic dianhydride (PMDA) and diaminodiphenyl ether (DDE) in strong polar solvent, and then amination.
Flexible PI film is one of the organic polymer materials with high temperature resistance of more than 400 ℃. Its long-term service temperature is between 200 ~ 300 ℃. It has no obvious melting point, high insulation performance and excellent performance in diaphragm materials. It has excellent high and low temperature resistance, electrical insulation, adhesion, radiation resistance and other special properties. Therefore, it can replace the traditional ITO glass and be widely used in the substrate, cover plate and touch materials in foldable mobile phones. Among them, yellow Pi is mainly applied to substrate materials and auxiliary materials in flexible OLED, and CPI (transparent PI) is mainly applied to cover materials and touch materials.
The PI industrial chain includes the manufacturing of upstream PI resin and base film, as well as precision coating and post-processing procedures. The manufacturing of resin and base film is the link with the highest barrier. At present, the world's leading companies include international large enterprises such as Yubu of Japan and Cologne of Korea. At present, there are about 50 PI film manufacturers in China. With the outbreak of flexible screen mobile phones and a large number of application functions of other consumer electronic products, PI is expected to become a "upstart" in new materials.
The market scale of PI base membrane is expected to be about 300 million in 2019 and more than 6 billion in 2025. At present, the listed companies producing PI base film in China include Xinlun Technology (002341), danbang Technology (002618), Shidai new material (600458), Guofeng plastics (000859) and ruihuatai (ready for listing).
3、High Barrier Membrane
High resistance diaphragm is a multilayer structure film made by extruding the material with strong gas barrier and polyolefin with strong thermal suture and water barrier at the same time. The high resistance diaphragm can block the penetration of oxygen and water vapor, avoid the propagation of microorganisms in the contents, prevent their oxidation and mildew, and improve the storage. High resistance diaphragm is mainly used in food and drug packaging. High performance high resistance diaphragm can also be used in electronic devices, photovoltaic cells and OLED packaging.
The manufacturing processes of high resistance diaphragm mainly include multi-layer composite, surface coating, surface modification, biaxial stretching, etc; High resistance diaphragms usually have excellent barrier, mechanical, transparency and printing adaptability. With the continuous development of downstream industries, the demand for high resistance diaphragm in China's market continues to grow.
In the future era of Internet of things, sensors will be everywhere. Water vapor barrier film will lead sensors to flexibility, lightweight and wearability. Flexible sensing based on flexible printed electronics has broad application prospects, including infrared sensing, robot sensing, intelligent wearable sensing, biomedical sensing, etc. once printed electronics break out, The demand for water vapor barrier diaphragm is also huge.
From 2014 to 2019, the average annual compound growth rate of China's high resistance diaphragm market was 15.1%; In 2019, the market scale of high resistance diaphragm in China was RMB 10.27 billion, with a year-on-year increase of 10.3%. It is estimated that the high resistance diaphragm market will exceed 15 billion by 2024.
In the total supply of China's high resistance diaphragm market, the total domestic output accounts for about 55%, and the total import accounts for about 45%. It is highly dependent on foreign countries, and the domestic products are mainly concentrated in the middle and low-end fields, and the imported products are mainly medium and high-end products.
The high-performance and high resistance diaphragm industry has high technical barriers to entry. In the global market, representative enterprises mainly include DuPont of the United States, Arkema of France, Japan electric chemistry, SKC of South Korea, etc.
At present, domestic listed companies involved in high-performance barrier membrane business include kangdexin, Wanshun new material (300057) and Dongfeng Co., Ltd. (601515).
4、Anisotropic conductive adhesive film（ACF）
Anisotropic conductive adhesive film is a special coating material that is coated and bonded between substrate a and substrate B and limits that the current can only flow between substrates A and B in the vertical axis Z direction. It has the functions of unidirectional conductivity and gluing fixation, and can solve some fine wire connection problems that cannot be handled by previous connectors.
Nowadays, electronic products are developing towards portability and miniaturization, which puts forward higher requirements for circuit assembly technology, while the traditional tin welding packaging materials and technology can not meet the development needs of the industry. The appearance of anisotropic conductive film completely breaks the limitations of traditional packaging materials and processes, and fully meets the packaging requirements of modern large-scale integrated circuits and microelectronics.
ACF is a high-tech functional material. At present, the global ACF production capacity is mainly concentrated in Japan, South Korea, the United States and other enterprises. At present, more than 80% of the market is occupied by Japanese enterprises. ACF's technical threshold is high, and developed countries have been strictly blocking relevant technologies, resulting in ACF's domestic dependence on imports for a long time. In recent years, the Chinese government has attached importance to the development of high-performance new materials. With the support of policies, China's ACF production capacity has been growing. However, panel manufacturers have a more strict certification system and time cycle when selecting raw material suppliers to ensure product quality, resulting in a slow localization process of ACF, which seriously affects and restricts the development of domestic ACF industry.
At present, the main global ACF production enterprises include diruihe, Hitachi Huacheng, 3M company, Guodu chemical, guanpin materials, Weifeng technology, Shenzhen Fisher, etc. at present, some domestic ACF anisotropic conductive adhesive films are still mainly imported. In the future, China's ACF anisotropic conductive adhesive films may gradually realize domestic substitution.
5、High thermal conductive graphite film
High thermal conductivity graphite film is a new heat dissipation material developed in recent years by using the excellent thermal conductivity of graphite. The product is a sheet material with high thermal conductivity made by repeated heat treatment of polymer film based on carbon material under special sintering conditions. Graphite film has unique grain orientation and uniform heat conduction along two directions. The lamellar structure can well adapt to any surface, shield heat sources and components, and improve the performance of consumer electronic products. It is widely used in notebook computers, smart phones, LED lights and wearable devices.
In the future, the scale of smart phone market is still huge, and there is a high demand for high thermal conductivity graphite film. At the same time, under the new trends such as win10 and super large screen, the shipment of tablet computers has also been further improved. Wearable devices are also booming. At present, the main participants in the industry are Panasonic of Japan, graftech of the United States, Kaneka of Japan and carbon technology (603133) in China, with high industry concentration.
6、Proton exchange membrane(PEM)
Proton exchange membrane (PEM) is the core component of proton exchange membrane fuel cell (PEMFC), which plays a key role in cell performance. It not only has the function of blocking, but also has the function of conducting protons.
Fuel cell is an electrochemical reaction device that directly converts fuel chemical energy into electric energy. The combined efficiency of thermoelectricity can reach more than 95%. At the same time, it also has the advantages of no noise, green environmental protection, high reliability and easy maintenance. It is considered to be the most promising new power generation technology in contemporary times. Proton exchange membrane fuel cell (PEMFC) uses proton conductive material as electrolyte. Compared with ordinary fuel cell, it has fast start-up speed at room temperature, no electrolyte loss and high specific power and specific energy. Therefore, it has been widely used in distributed power station, mobile power supply, aerospace and other fields. Proton exchange membrane (PEM), as the core material of fuel cell, its performance directly affects the stability and durability of fuel cell.
According to the fluorine content, proton exchange membrane can be divided into perfluorinated proton exchange membrane, partially fluorinated polymer proton exchange membrane, non fluorinated polymer proton exchange membrane and composite proton exchange membrane.
The earliest proton exchange membrane used in fuel cells was perfluorosulfonic acid proton exchange membrane (Nafion membrane) developed by DuPont in the late 1960s. Since then, several other similar perfluorosulfonic acid proton exchange membranes have emerged, including Dow membrane of Dow Chemical Company in the United States, aciplex membrane of Asahi chemical company in Japan and fleion membrane of Asahi Glass Company in Japan. At present, the mainstream suppliers are still DuPont.
In the domestic market, the current high price of proton exchange membrane in China is due to technological monopoly on the one hand and high process cost on the other. In order to obtain stable and cheap fuel cells, proton exchange membrane is the biggest bottleneck and must be broken through in the future. At present, domestic participants in this field mainly include university scientific research institutions and commercial companies with strong financial and technical strength, such as Dongyue Group.
Dongyue Group (00189) is a Hong Kong listed company. Although the main profit is in fluorosilicone materials, it still has new materials, produces proton exchange membrane materials monopolized by the original DuPont (now Kemu), and has shipments. In 2010, Dongyue Group began to bring its independently developed ion-exchange membrane to the market. Dongyue cooperated with AFCC to jointly develop DF260 fuel cell membrane. In 2013, Dongyue signed a formal cooperation agreement with Mercedes Benz and Ford to jointly develop fuel cell membrane, indicating that the company's technology has been recognized by the world's top manufacturers.
However, with the rapid development of lithium battery new energy vehicles, there is no consensus on whether fuel cell vehicles have a future.
7、Aluminum plastic film
Aluminum plastic film is the key material for flexible packaging lithium battery cell packaging. After the single-chip battery is assembled, it is sealed with aluminum plastic film to form a battery. The aluminum plastic film plays the role of protecting the contents. Aluminum plastic film is the link with the highest technical difficulty and barrier in the field of lithium battery materials, accounting for about 18% of the cost of soft packed lithium battery.
According to the data of the National Bureau of statistics, the output of lithium electronic batteries in China increased year by year from 2015 to 2019. In 2019, the output of lithium electronic batteries in China reached 15.72 billion, an increase of 1.73 billion over 2018, a year-on-year increase of 12.4%.
With the incremental shift of new energy vehicles to passenger vehicles, especially domestic and foreign car enterprises began to wrestle with high endurance models, the demand for soft pack batteries became stronger, which also led to the rapid increase in the demand for aluminum-plastic film. In 2019, the market scale of China's aluminum plastic film industry was 5.01 billion yuan, an increase of 420 million yuan over 2018.
Contrary to the rapid rise in the demand for soft bags, the import substitution of domestic aluminum-plastic films in the field of power batteries is still slow. At present, there is still some gap between domestic aluminum-plastic film and imported products in terms of reliability, and the cost is not very low. People in the industry agree that from 3C to power, the localization substitution trend of aluminum-plastic film will be similar to that of diaphragm. With the further decline of subsidies in 2019, the demand for domestic aluminum-plastic film may gradually increase, and it is expected to take the lead in the field of special vehicles.
At present, domestic listed companies involved in aluminum-plastic film business include Xinlun Technology (002341), Daoming optics (002632), putilai (603659), Zijiang enterprise (600210), etc.
8、RO Reverse osmosis membrane
Reverse osmosis membrane is an artificial semi permeable membrane with certain characteristics made of simulated biological semi permeable membrane. It is the core component of reverse osmosis technology. The principle of reverse osmosis technology is to separate these substances from water according to the fact that other substances cannot pass through the semi permeable membrane under the action of higher than the osmotic pressure of the solution. The pore size of reverse osmosis membrane is very small, so it can effectively remove dissolved salts, colloids, microorganisms, organics and so on. The system has the advantages of good water quality, low energy consumption, no pollution, simple process and simple operation.
Reverse osmosis membrane is widely used in the fields of electric power, petrochemical industry, steel, electronics, medicine, food and beverage, municipal administration and environmental protection. It plays an important role in the desalination of seawater and brackish water, the preparation of boiler feed water, industrial pure water and electronic ultrapure water, the production of drinking pure water, wastewater treatment and special separation.
At present, the United States, China and Japan are the most important producers of reverse osmosis membrane, and the total output of the three countries accounts for nearly 60% of the global total output. Among them, the United States, China and Japan ranked among the top three, accounting for 21%, 19% and 18% respectively.
In terms of consumption regions, China is currently the largest reverse osmosis membrane consumption country. China's consumption accounts for 26% of the global reverse osmosis membrane consumption; Followed by East Asia, the consumption of reverse osmosis membrane accounts for 20%; Europe, North America and South America accounted for 13%, 13% and 9% respectively.
At present, the localization rate of reverse osmosis membrane in civil field in China has reached about 70%, but the import proportion of industrial reverse osmosis membrane with higher technical requirements is still large.
In 2019, the global reverse osmosis membrane industry market scale is about 24 billion yuan. In recent years, with the rapid development of new material industry and membrane industry, driven by the current worldwide attention to seawater desalination and environmental protection pressure, the market demand for reverse osmosis membrane is increasing, and the global reverse osmosis membrane market will continue to expand in the future.
At present, the leading enterprises in the global reverse osmosis membrane industry are mainly international well-known membrane manufacturers, and most of them are diversified large enterprises, such as American Dow Chemical, American hydergy, Japan Toray, etc; Membrane business is only a division under its diversification strategy. It is worth noting that major companies generally enter the water treatment or membrane manufacturing industry by expanding their business areas, and then acquire existing companies and businesses to obtain market share and complete category technology. However, although the domestic reverse osmosis membrane industry has developed well, there are few listed companies involved in reverse osmosis membrane business. At present, it seems that only Nanfang Huitong (000920) is involved.
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