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

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In 2026, during the 25th National “Safety Production Month”, everyone is encouraged to prioritize safety and be capable of responding to emergencies; efforts should also be made to identify and rectify potential risks and hazards. -------------------------------------------------- Acenaphthene (EX) is a high-purity fine chemical product belonging to the polycyclic aromatic hydrocarbon category. At room temperature, it appears as a pale yellow crystalline powder. Its molecule features a conjugated double-bond structure, endowing it with both high reactivity and excellent thermal stability. Additionally, it exhibits extremely low dielectric loss, high heat resistance, and is an environmentally friendly, halogen-free substance. 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 extremely low signal loss: at a frequency of 15 GHz, the dielectric constant (Dk) is around 2.54, while the dielectric loss (Df) is about 0.0006 – values that 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. Great 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; however, China’s Huihong Technology (controlled by Meilian New Materials) has now achieved independent synthesis of the monomer, with an annual production capacity of 300 tons, thus establishing a production chain that goes 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 occupies a core position in this industrial chain; currently, only a few companies around the world possess the capability to produce it on a stable scale: Japanese companies such as Hitachi Chemical, Sumitomo Bakelite, and Japan’s JX have a combined production capacity of about 2 tons per month, and they show little willingness to expand production along with limited room for expansion. ·Meilian New Materials (Huihong Technology): The only domestic enterprise capable of mass-producing EX resin; current production capacity is 200 tons per year (already in operation) ； In 2026, it is planned to expand to 500 tons per year. (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 refers to core materials of M8/M9 grade; its current penetration rate is low. It is expected that this penetration rate will continue to increase 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, Taiwanese, and domestic CCL manufacturers such as Nippon Electric Glass, Unimicron, Shengyi Technology, and Huazheng New Materials have either begun mass procurement or are in the process of getting certified. 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 ； ·The product’s performance is on par with that of Japanese manufacturers, while offering a significant cost advantage. It is currently being supplied in bulk to leading Japanese CCL manufacturers, thus gaining entry into the high-end supply chain ； ·Qicai Chemical 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 expand its capacity to 500 tons per year by 2026, thereby filling the supply gap ； Japanese manufacturers show 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 prospects (source: earnings 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 for AI computing power, 5G/6G communications, and semiconductor packaging; it features strong scarcity and growth potential. Domestic companies have broken the long-term monopoly held by Japanese manufacturers, achieving 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 industry’s growth is highly certain. In the future, EX materials will continue to play a leading role in the domestic substitution of high-frequency copper-clad laminates of M8/M9 grades. They will become a cornerstone in China’s high-end electronic chemical new materials sector, with promising long-term prospects.