Foreign giants lead, domestic challengers emerge
New Materials covers a wide range of fields and generally refer to newly emerging materials with superior performance and special functions, or traditional materials with performance that is significantly improved after alteration. Positioned in the middle and upper reaches of the industrial value chain, the sector is the foundation that provides technological solutions for many other important industries, such as semiconductors, aerospace, and medical devices.
During our research for the 2024 China Company Transformation Indicator (CCTI), we investigated the leading new materials companies in China. It is no surprise to see the top 10 companies in China dominated by foreign multinational companies (MNCs), as China is a relative newcomer in this field, while foreign companies, such as Samsung and Honeywell, have strong global competitive advantages.
However, domestic companies like Beijing Easpring Material Technology, a leading supplier of lithium battery cathode materials, and Semcorp, specializing in the development and manufacture of advanced materials and the world’s largest producer of lithium-ion battery separator film by volume (both suppliers to LG Chem, CATL, and BYD) have made significant strides. Moreover, beyond the top 10, there are several other domestic Chinese challenger companies represented in the CCTI.
