Acenaphthene (EX): Core resin for the high-tech industry

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The 25th National \"Safety Production Month\" in 2026: Everyone talks about safety, and everyone knows how to handle emergencies; identifying and addressing risks and hazards. -------------------------------------------------- Styrene (EX) is a high-purity polycyclic aromatic fine chemical product. At room temperature, it appears as a pale yellow crystalline powder. Its molecule contains conjugated double bonds, granting it high reactivity as well as excellent thermal stability. It also features extremely low dielectric loss, high heat resistance, and is environmentally friendly as it contains no halogens. It is the key insulating material for M8/M9 grade high-frequency, high-speed copper-clad laminates (CCL), and it also represents a vital fundamental material for AI servers, 5G/6G base stations, and advanced semiconductor packaging. Key properties: 1. Excellent dielectric properties with very low signal loss: at a frequency of 15 GHz, the dielectric constant (Dk) is approximately 2.54, while the dielectric loss (Df) is around 0.0006. These values are significantly better than those of traditional materials such as FR-4 and PPO resins, making it suitable for ultra-high-speed transmission rates of 112 Gbps and above. 2. High purity: The purity of industrial-grade acenaphthene is around 90%, while the purity required for electronic-grade EX is over 99.5%. This demands multiple stages of precision distillation and molecular distillation processes, resulting in high technical barriers to purification. 3. Excellent thermal stability and insulation properties: high glass transition temperature, resistance to humidity and corrosion, and halogen-free characteristics, making it suitable for high-end applications such as HBM packaging and high-frequency PCBs. 4. Large potential for structural modification: Conjugated double bonds confer high reactivity, allowing properties to be tailored through polymerization, grafting, and other methods to meet the formulation requirements of various CCL and PCB manufacturers. II. Industrial Structure (I) Upstream · Raw Material Side: Previously, production was mainly carried out by Japanese companies; domestically, Huihong Technology (controlled by Meilian New Materials) has achieved independent synthesis of the monomer, with an annual production capacity of 300 tons, thus establishing a production chain from monomer to resin. Auxiliary materials such as special solvents and initiators are largely available domestically, while ultra-high-purity additives are still partially imported. ·On the equipment side: The core molecular distillation units were previously monopolized by the German company UIC, with the cost of a single unit exceeding 100 million yuan ； Domestic equipment manufacturers have achieved domestic substitution, significantly reducing the investment threshold for production lines. (II) EX resin, which is at the core of the industrial chain, is currently produced in limited quantities by only a few companies worldwide: Japanese companies such as Hitachi Chemical, Sumitomo Bakelite, and Japan’s JX have a combined production capacity of around 2 tons per month; they show little willingness to expand production and have limited room for growth. ·Meilian New Materials (Huihong Technology): The only company in China that produces EX resin on a commercial scale, with an existing production capacity of 200 tons per year (already in operation) ； The plan is to expand to 500 tons per year by 2026. (III) Downstream · Market Size: The market for hydrocarbon resins used in high-frequency and high-speed copper-clad laminates is growing rapidly, with an expected annual compound growth rate of around 25%. It is likely to reach a value of several billion yuan by around 2030. ·Market price: EX is a core material of M8/M9 grade; its current penetration rate is low. It is expected that this penetration rate will continue to rise as AI computing power and 6G development progress. The unit price is around 600,000–1,000,000 yuan per ton, indicating significant growth potential. ·Downstream customers: Japanese and Taiwanese CCL manufacturers such as Taiyo Yuden, Lumtec, Shengyi Technology, and Huazheng New Materials have already started using these products in bulk or are in the process of certifying them. III. Key Enterprises (1) Meilian New Materials: A leader in EX materials in China; it controls Huihong Technology and is the only company in the country capable of mass-producing EX resin, with a production capacity of 200 tons per year, which is set to increase to 500 tons per year by 2026 ； ·Its product performance is on par with that of Japanese manufacturers, and it offers a significant cost advantage; it has already begun supplying major Japanese CCL manufacturers in bulk, thus entering their high-end supply chains ； ·Qicai Chemistry is a major shareholder of Huihong Technology. (II) Enterprises supporting the industrial chain: Some domestic companies, such as Guoci Materials and Sinopec Technology, provide auxiliary materials and related services for EX resin and high-frequency copper-clad laminates, thereby contributing to the coordinated development of the industrial chain. IV. Industry trends: 1. Tight supply and demand: The global effective production capacity for EX resin is limited; as demand from downstream industries increases, the gap becomes significant, which supports higher prices. 2. Capacity expansion: Huihong Technology will increase its production to 500 tons per year by 2026 to fill the supply gap ； Japanese manufacturers have little willingness to expand production. 3. Application upgrades: Expanding from PCB backplanes to high-end areas such as HBM packages and millimeter-wave radars; HBM compatibility has been verified, opening up new growth opportunities (source: Results presentation). 4. Domestic substitution: There is a high dependence on imports of high-end hydrocarbon resins in China; as a key product category, EX offers broad prospects for substitution once it can be produced domestically under control. V. Development Trends: Styrene (EX) is an essential high-frequency, high-speed insulating material required for AI computing power, 5G/6G communications, and semiconductor packaging; it possesses high scarcity and strong growth potential. Domestic companies have broken the long-term monopoly held by Japanese manufacturers, enabling the mass production of integrated EX units and resins. Coupled with surging demand from downstream industries, orderly expansion of production capacity, and accelerated approval processes, the growth of this industry is highly certain. In the future, EX materials will continue to play a leading role in the domestic substitution of M8/M9 grade high-frequency copper-clad laminates, becoming a key element in the field of advanced electronic chemicals in China, with broad prospects for the long term.