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"Science and Technology Innovation Board Daily" (Shanghai, researcher Song Ziqiao): On the 6th, fluorine chemical product suppliers Lianchuang Shares, Juhua Shares, and Dongyue Group rose strongly. As of the midday close, Lianchuang Shares rose by a limit, Juhua Shares rose by over 9%, and Hong Kong stock Dongyue Group rose by over 10%.

On the news side, driven by the high demand for lithium batteries and photovoltaic backplanes, as well as the rise in the prices of various raw materials and other factors, the price of high value-added fluorocarbon material PVDF (polyvinylidene fluoride resin) has been rising recently. Baichuan News shows that the price of PVDF powder and granular materials has increased from 70000 yuan/ton to 140000 yuan/ton in the past three months. PVDF for lithium batteries has increased from 110000 yuan/ton to 15-200000 yuan/ton.

PVDF is a chemical product with excellent performance and a wide range of uses. In the past, it has been widely used in coatings, injection molding, and other markets. In the past decade, with the rapid development of the new energy industry, the demand for PVDF in the fields of photovoltaic, lithium batteries, fuel power batteries, and semiconductors has also increased sharply.

In the important application fields of PVDF, lithium products have the highest requirements, followed by photovoltaic backplanes, while plastic and coating products are relatively popular. The recent surge in PVDF prices is directly related to the rapid rise in the lithium battery market.

On the one hand, with the rapid development of electric vehicles and the structural impact of the iron lithium market, the supply gap continues to expand, and product prices continue to rise. The supply of PVDF (positive electrode adhesive, membrane material) for lithium batteries has been tight since Q4 last year.

On the other hand, the quality requirements of PVDF for lithium batteries are high, and currently it is still dominated by foreign investment, with the import price exceeding 120 yuan/kg. Therefore, the price of PVDF for lithium batteries after localization is also above 100 yuan/kg, which is far higher than the price of the original photovoltaic grade PVDF resin (about 60 yuan/kg), leading to a sharp rise in the price of PVDF resin for photovoltaic applications.

China Merchants Securities analyst You Jiaxun and others published a research report on July 5th, stating that due to high product requirements, difficult preparation, and the need to support raw materials such as R142b, it is difficult to expand new production. With the rapid growth of lithium batteries, the total amount of PVDF for lithium batteries may reach 20000 tons and 29000 tons this year and next year, respectively. The industry expects that the tight supply of PVDF for lithium batteries may continue into the second half of next year. Currently, important suppliers have not made external quotations.

PVDF plants are turning to the lithium battery market, and companies that can supply their own raw materials are expected to obtain excess profits

In 2020, China has a production capacity of 37300 tons of PVDF and 27100 tons of PVDF, and the overall industry operating rate remains above 80%. Domestic suppliers of this product mainly include Shandong Dongyue, Shandong Deyi, Zhejiang Juhua, Zhejiang Funolin, Zhejiang Zhonghua Lantian, Guangdong Dongguang, and other manufacturers. Dongyue Chemical and Guoxin Culture (formerly known as "Three Love Rich") have a high market share.

According to previous media reports, due to the massive demand for lithium batteries, lithium companies including CATL have rushed to these companies to purchase PVDF resin in factories, and the price is 30-40% higher than that of the photovoltaic industry. What's more, some lithium battery manufacturers have directly acquired PVDF plants. For example, on March 25th this year, Putai announced that it has reached strategic cooperation and investment intentions with Guangdong Dongguang, Ruyuan Dongguang, and Dongguang fluororesin. It is expected to acquire 60% of the equity of the investment target, with a contribution amount of less than 200 million.

In this context, most PVDF resin manufacturers have switched to lithium batteries to meet the rapid rise in the lithium battery market. Some PVDF resin manufacturers are also expanding production, thereby increasing their resin production. However, industry insiders also stated that the process of a standardized PVDF factory from environmental assessment to construction, technical and production inspection, certification, and production and shipment is not simple, and it takes at least about 2 years.

Currently, the important suppliers of lithium battery adhesives and membrane materials are foreign companies such as Akoma, Solvay, and Wu Yu. The subsidiary of Dongyue Group, Huaxia Shenzhou, currently operates with a production capacity of 10000 tons, and has successfully introduced the lithium battery and membrane industry; Putailai Holding Company Ruyuan East Sunshine has a production capacity of 2000 tons, which is mainly used in the membrane coating field. Guoxin Culture and Juhua Co., Ltd. also have a certain production capacity.

You Jiaxun, an analyst at China Merchants Securities, said that companies that can supply PVDF with R142b materials on their own may obtain periodic excess returns in the lithium battery market. The raw material R142b belongs to hydrochlorofluorocarbon feedstock, and new production requires strict approval and filing. Currently, the price of R142b has increased several times.

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