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The downstream demand potential of zinc-manganese battery is great in the future, and it will grow moderately in the future. According to the data of Zhiyanzhan Industrial Research Institute, the dry battery market in China increased from 45.68 billion yuan in 2018 to 60.01 billion yuan in 2022, with a CAGR of 7.1%, maintaining a steady growth trend. With the moderate growth of the downstream electric toy market of zinc-manganese batteries, the iteration of household appliances renewal and the increase of household medical equipment brought about by aging, the future demand of zinc-manganese batteries will be stable or will increase moderately.TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.

TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The downstream demand potential of zinc-manganese battery is great in the future, and it will grow moderately in the future. According to the data of Zhiyanzhan Industrial Research Institute, the dry battery market in China increased from 45.68 billion yuan in 2018 to 60.01 billion yuan in 2022, with a CAGR of 7.1%, maintaining a steady growth trend. With the moderate growth of the downstream electric toy market of zinc-manganese batteries, the iteration of household appliances renewal and the increase of household medical equipment brought about by aging, the future demand of zinc-manganese batteries will be stable or will increase moderately.Digititan

TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.The alkalization rate of zinc-manganese batteries in China is increasing year by year, and there is still much room for improvement compared with developed countries. Carbon zinc-manganese battery has low production cost, but small capacity, large internal resistance and low stability. Alkaline battery is developed on the basis of carbon zinc-manganese battery, which has the advantages of large capacity, good stability, long storage time and good low-current discharge performance, and is especially suitable for environments that need low-current discharge for a long time. Under the same model, the capacity of alkaline Zn-Mn battery is 5-7 times that of carbon Zn-Mn battery, and it is the future development trend that alkaline Zn-Mn battery replaces carbon Zn-Mn battery. At present, various departments in China have issued various industrial policies to support the sustainable development of alkaline zinc-manganese battery industry in China, and alkaline batteries are exempted from 4% consumption tax. With the upgrading of consumption, the alkalization rate of zinc-manganese batteries in China has increased year by year, and it is about 60% at present, which has a great room for improvement compared with the 80% alkalization rate in developed countries.