Zhejiang Duoli New Materials Co., Ltd. invested RMB 320 million to develop a PVB resin project with an annual output of 40,000 tons

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Recently, Zhejiang Duoli New Materials Co., Ltd. said that it will spend 320 million to develop a PVB resin project with an annual output of 40,000 tons, with an annual output of 15,000 tons in the first phase.； The second phase has an annual output of 25,000 tons and is expected to be put into trial operation in December 2027. 1. Polyvinyl butyral resin (PVB) ； It is a special thermoplastic polymer made from polyvinyl alcohol (PVA) and n-butyraldehyde through a condensation reaction under acid catalysis. The finished product is a white powder with high transparency, low haze, strong adhesion and excellent light resistance, cold resistance and impact resistance. It is the main raw material for safety glass laminated films and photovoltaic packaging films, and has a wide range of applications. 2. Production process: The mainstream processes in industry are divided into aqueous phase method and solvent method. The aqueous phase method has become the mainstream due to its environmental protection and low cost. It uses PVA and n-butyraldehyde as raw materials to produce PVB through water washing, centrifugal separation, air drying and other processes. The core is to use hydrochloric acid as a catalyst in an aqueous medium, raise the temperature to about 55°C to complete the condensation reaction, and then neutralize and dry the finished product. This process was monopolized by American and Japanese companies in the early days, but has now achieved a breakthrough in China. The core technology used by Duoli is derived from domestic independent research and development and adapts to the needs of high-end products. 3. Application fields (1) In the automotive field, it is mandatory to use PVB laminated film for passenger car glass, and high-end models have strict requirements on light transmittance and haze. ； (2) Construction field, * * It is mandatory to use PVB safety glass in high-rise buildings and glass curtain walls, which has the functions of explosion-proof, sound insulation and heat insulation. ； (3) In the photovoltaic field, PVB encapsulation film is adapted to component packaging and has become a new growth point in the industry. It is also used in niche areas such as coatings and adhesives. 4. Market Supply and Demand In the past 10 years, my country’s demand for PVB interlayer film has grown at an average annual rate of 35%. ； Global PVB resin revenue will be approximately US$190 million in 2024 and is expected to reach US$240 million in 2031, with a compound annual growth rate of 3.5%. The existing domestic production capacity is mainly mid- to low-end, and there is a large gap in the high-end. After the implementation of Duoli’s 40,000-ton production capacity, this gap will be effectively filled. 5. Product profit PVB is a high value-added chemical product. Due to the technical threshold for production, the industry average gross profit margin is about 25%, which is within a reasonable range for differentiated industrial materials. ； High-end premium products are suitable for high-end automobiles and photovoltaic fields, and the gross profit margin can reach about 30%. This is the core reason why Duoli focuses on the layout of premium products. 6. Major manufacturers and production capacity. The global high-end market is dominated by overseas companies such as Eastman, Kuraray, and Sekisui Chemicals. ； Major domestic manufacturers and production capacity: Kingboard Group has 20,000 tons, Zhongxin has 18,000 tons, Wanwei High-tech has 20,000 tons, and Deste has 40,000 tons. After the Duoli project reaches production, it will become an important domestic high-end PVB production enterprise and optimize the domestic production capacity pattern. Duoli's 40,000-ton plan is a strategic choice for the company to lay out high-end new materials, and is also the epitome of the booming development of the PVB industry. As an urgently needed material across the three pillar industries of automobiles, construction, and photovoltaics, the value of PVB has become increasingly prominent. In the future, the domestic PVB industry will gradually achieve high-end and large-scale development and occupy a more important position in the global market.