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Recently, the website of the Anti-Monopoly Bureau of the State Administration for Market Regulation published the public information about the new joint venture between Baowu Carbon Industry Technology Co., Ltd. and Wanhua Chemical Group Co., Ltd.According to the information on the website, Baowu Carbon Technology Co., Ltd. ("Baowu Carbon") intends to establish a new joint venture, Zhejiang Baowan, with Wanhua Chemical Group Co., Ltd. ("Wanhua Chemical"). Carbon Fiber Co., Ltd. (tentative name, "Joint Venture"). Baowu Carbon holds a 51% stake in the joint venture, and Wanhua Chemical holds a 49% stake in the joint venture. After the transaction is completed, Baowu Carbon and Wanhua Chemical will jointly control the joint venture. Co-exploitation of polyacrylonitrile (PAN)-based carbon fiber market The remarks in the public notice show that the joint venture between Wanhua Chemical and Baowu Carbon will be involved in the polyacrylonitrile (PAN)-based carbon fiber market. Cooperation to enter the new material market of carbon fiber, and Baowu Carbon also wants to further expand the carbon fiber field by introducing new strategic investors.Brief Introduction of Polyacrylonitrile (PAN) Based Carbon Fiber Let's take a look at the product of polyacrylonitrile (PAN)-based carbon fiber.Carbon fiber (Carbon Fiber) is made of organic fibers such as polyacrylonitrile (PAN) after being oxidized and carbonized in an inert gas atmosphere at a high temperature of 1000~3000 °C. One of the lightest inorganic materials available.Carbon fiber has excellent mechanical properties such as specific strength and specific modulus, and has the characteristics of low density, corrosion resistance, high temperature resistance, friction resistance, fatigue resistance, high vibration attenuation, high electrical and thermal conductivity, low thermal expansion coefficient, and high electromagnetic shielding. Its easy processing and designability make it widely used in aerospace, military industry, energy, sporting goods, automobile industry, rail transit and building reinforcement and other fields. It is an indispensable strategic emerging material for national defense and national economy. Known as the "king of new materials".According to different raw materials, carbon fibers can be divided into PAN-based, viscose-based, and pitch-based carbon fibers. According to different raw materials, carbon fibers are mainly divided into three categories: viscose-based (cellulose-based, rayon-based), pitch-based (isotropic, mesophase) and polyacrylonitrile (PAN)-based. At present, PAN-based carbon fiber made from polyacrylonitrile occupies the mainstream position, and the output accounts for more than 90% of the total carbon fiber.。The carbon fiber industry chain starts from upstream crude oil and extends to terminal military, civil and other applications: crude oil is refined, cracked and ammoxidized to obtain acrylonitrile; acrylonitrile is polymerized and spun to obtain polyacrylonitrile (PAN) precursor; After pre-oxidation and carbonization, PAN-based carbon fiber is obtained; resin, sizing agent, etc. are added to the carbon fiber to form a carbon fiber composite material, and finally various molding processes are used to obtain final products that meet different downstream needs.At present, my country's carbon fiber industry has gradually entered a period of rapid development, and the relevant energy industries have obvious competitive advantages. Under the guidance of the "dual carbon" policy goal, industries such as wind power, photovoltaics, and hydrogen energy have ushered in an accelerated development cycle, and the carbon fiber market has a broad space.According to SAIL carbon fiber data, my country's carbon fiber demand has increased from 8,000 tons in 2008 to 49,000 tons in 2020, with a CAGR of 16% during the period, significantly higher than the global growth rate over the same period. It is estimated that by 2025, my country's carbon fiber demand will reach 150,000 tons, and the five-year CAGR will reach 25%.Baowu Carbon Industry Profile Baowu Carbon Industry Technology Co., Ltd. was established on May 19, 1997. It is a holding subsidiary of Baosteel Co., Ltd., and its actual controller is the State-owned Assets Supervision and Administration Commission of the State Council.Baowu Carbon Industry is mainly engaged in the research and development, production and sales of tar refined products, benzene refined products and carbon-based new materials, as well as coke oven gas purification services. capacity, 250,000 tons/year benzene hydroprocessing capacity, 150,000 tons/year needle coke, 490,000 tons/year modified asphalt production capacity, and has a full range of raw materials from tar, crude benzene and other raw materials to a variety of new carbon-based materials. Process, production and processing capacity of the whole industry chain.On November 23, 2021, Baosteel Co., Ltd. issued an announcement that it decided to spin off its holding subsidiary, Baowu Carbon Industry, to list on the GEM of the Shenzhen Stock Exchange, and build it into an independent carbon-based new material business listing platform under the company. The announcement stated that Baosteel Co., Ltd. is mainly engaged in steel industry, and Baowu Carbon Industry is positioned in the field of carbon-based new materials. The spin-off and listing will help Baosteel Co., Ltd. and Baowu Carbon Industry to focus on their main business and become bigger and stronger. Especially in recent years, Baowu Carbon has been deeply engaged in the field of carbon-based new materials. Its business has covered a variety of new materials such as carbon fiber and composite materials, anode materials, graphite electrodes, and environmentally friendly resin materials. Its products are widely used in new energy, aerospace, and aerospace. , automotive, metallurgy, construction, medicine, pesticides, plastics and dyes and other fields.The announcement also stated that the listing of Baowu Carbon Industry is an important part of the three-year reform of China's Baowu state-owned enterprises. After the completion of this spin-off, Baowu Carbon Industry can use the new listing platform to carry out industrial mergers and acquisitions or introduce strategic investors to focus on development. Needle coke, negative electrode materials, graphite electrodes, carbon fibers, environmentally friendly resin materials and other products.
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