Miracll Chemicals Co.

What Miracll Chemicals Co. does

Miracll Chemicals Co. (legal name: 美瑞新材料股份有限公司, Miracll New Materials Co., Ltd.) is a Chinese specialty polyurethane materials manufacturer founded in 2009 and headquartered in Yantai, Shandong Province, within the China (Shandong) Pilot Free Trade Zone. The company is publicly listed on the Shenzhen Stock Exchange ChiNext (GEM) board under stock code 300848, having completed its IPO on July 20, 2020. Miracll's product platform spans thermoplastic polyurethane elastomers (TPU) across multiple chemistries (polyester, polyether, aliphatic, polycarbonate, polycaprolactone, bio-based, engineering-grade, adhesive, foamed, TPSiU), waterborne polyurethane dispersions (PUD), reactive polyurethane hot-melt adhesives (PUR), fully biodegradable polybutylene succinate (PBS) materials, specialty isocyanates (HDI, HDI trimer, HDI biuret, CHDI, PPDI), specialty amines (PPDA, CHDA), and a range of polyester polyols, supported by proprietary sub-brands including MIRATHANE®, MIRAECO®, MIRANCO®, MIRAMINE®, Jimeirui®, ETPU®, TPOU®, and TPSiU®.

The company's technology stack is built on vertically integrated polyurethane chemistry, from specialty isocyanate raw materials through to finished TPU products. Notable proprietary capabilities include the world's first industrialized production of cyclohexane diisocyanate (CHDI), breaking raw-material supply monopoly; China's first gas-liquid-solid three-phase supercritical CO2 TPU physical foaming technology with a stated 50% production efficiency gain; and a wholly-owned subsidiary (Meirui Technology Henan Co., Ltd.) focused on specialty isocyanate manufacturing that is positioned as the company's 'second growth curve.' Miracll operates certified quality systems (ISO9001, ISO14001, ISO45001, IATF16949, CNAS), meets EU REACH/RoHS and US FDA requirements, and earned an EcoVadis Silver Medal in 2024. It invests over 100M RMB in R&D, supports a postdoctoral research workstation, and maintains co-development partnerships with Qingdao University of Science and Technology and Beijing University of Chemical Technology.

Miracll operates a B2B direct sales model selling 600+ product solutions to 2,000+ customers across eight horizontal application segments: 3C electronics (primary), healthcare, automotive, sports/leisure, industrial equipment, green energy, home living, and 3D printing. Products are exported to 20+ countries across Asia, Americas, and Europe, with demand generation supported by major industry exhibitions (CHINAPLAS, CHINACOAT, K Show, CMF). Pricing is not publicly disclosed and is determined through direct customer consultation. Revenue is generated through one-time product sales across the multi-category polyurethane platform, with no software, licensing, or subscription revenue streams identified.

Name

Miracll Chemicals Co.

Legal name

美瑞新材料股份有限公司

Website

https://miracll.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

Miracll Chemicals Co. is a publicly listed Chinese specialty polyurethane manufacturer producing TPU, PUD, PUR, PBS, specialty isocyanates, and amines for 2,000+ industrial customers in consumer electronics, automotive, healthcare, sports, industrial, and green energy applications across 20+ countries.

Ownership category

akta.pro rank

Product category

Specialty Polyurethane Materials

NAICS

Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252), Resin and Synthetic Rubber Manufacturing (32521), Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615), Urethane and Other Foam Product (except Polystyrene) Manufacturing (326150)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Adhesives & Sealants (2891), Industrial Organic Chemicals (2860)

akta.pro primary industry

Polyurethanes (MDI/TDI, Polyols, PU Systems) (IMAEADAH)

akta.pro secondary industries

Thermoplastic Elastomer (TPE/TPU/TPV) Compounds (IMANABAC), Specialty Polymers & Resins (Engineered Materials) (IMAEABAK), Thermoset & Reactive Resin Manufacturing (Epoxy, Polyester, Phenolic, Urethane systems) (IMANAAAC)

Keywords

• Thermoplastic polyurethane elastomer
• Specialty polyurethane materials
• Bio-based polymer materials
• Polyurethane adhesives coatings
• Industrial chemical raw materials

Headquarters

HQ city

Shangdong

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. TPU (Thermoplastic Polyurethane Elastomer) Products: Company manufactures and sells various TPU product lines including polyester, polyether, polycaprolactone, polycarbonate-based, aliphatic, and TPSiU types, serving diverse industrial applications.
2. Waterborne Polyurethane Dispersion (PUD): Water-based polyurethane resins for adhesive applications in footwear, automotive interiors, and woodworking industries.
3. Reactive Polyurethane Hot-melt Adhesive (PUR): Reactive polyurethane hot-melt adhesives for textile and woodworking applications, providing high initial adhesion and excellent bonding strength after curing.
4. PBS (Polybutylene Succinate) Biodegradable Materials: Fully biodegradable PBS materials for packaging, films, tableware, agricultural films, and fiber applications.
5. Specialty Isocyanates: Specialty isocyanates including HDI, HDI trimer, HDI biuret, CHDI, and PPDI for coatings, adhesives, elastomers, and spandex applications. MIRANCO® PPDI has leading annual production capacity of 5,000 tons.
6. Specialty Amines: Specialty amine products including MIRAMINE® PPDA and MIRAMINE® CHDA for aramid fibers, dyes, polyimides, epoxy curing agents, and polyaspartic acids.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

Miracll Chemicals Co. researches, produces, and sells thermoplastic polyurethane elastomer (TPU) and related polyurethane new materials (PUR, PUD, PBS) along with specialty chemical raw materials (specialty isocyanates, specialty amines, polyols). The company offers 600+ product solutions serving consumer electronics, automotive, sports, healthcare, industrial equipment, green energy, and 3D printing applications. Its portfolio includes branded lines such as MIRATHANE (TPU), MIRANCO (specialty isocyanates), MIRAECO (waterborne polyurethane), MIRAMINE (specialty amines), and TPSiU elastomers.

Product overview

Miracll Chemicals Co. (美瑞新材料股份有限公司, stock code 300848) is a Shenzhen Stock Exchange ChiNext-listed manufacturer of polyurethane new materials and functional chemical products, established in 2009 and located in Yantai, Shandong Province. The company's product portfolio is organized as a multi-category platform of polymer materials, comprising: (1) Thermoplastic Polyurethane Elastomer (TPU) product lines including polyester-based TPU (E series variants), polyether-based TPU (M/M1 series), aliphatic TPU (A series), bio-based TPU (G series), engineering-grade TPU (I series), adhesive TPU (H series solvent/hot-melt types), polycarbonate TPU (C series), polycaprolactone TPU (L series), and TPSiU elastomer (V series); (2) Foamed elastomers including foaming TPU (F8 series) and TPOU elastomer (F1 series); (3) Modified materials including halogen-free flame-retardant TPU; (4) Specialty isocyanates including HDI, HDI trimer, HDI biuret, CHDI (world's first industrialized), and PPDI; (5) Specialty amines including PPDA and CHDA; (6) Polyester polyols including PBA, PBNA, PNA, PEA, PEBA, and PHSeA series; (7) PBS biodegradable materials (E8 series); (8) PUR reactive hot-melt adhesives for textile and woodworking; (9) PUD waterborne polyurethane resins; and (10) Jimeirui TPU automotive paint protection film. These materials serve consumer electronics, automotive, sports/leisure, industrial equipment, green energy, home furnishings, industrial coating, sealing/transmission, 3D printing, and food hygiene applications.

Differentiator

Problem solved

Functional benefit

Brands

• MIRATHANE®: Thermoplastic polyurethane elastomer (TPU) brand covering various TPU product lines including polyester TPU, polyether TPU, aliphatic TPU, bio-based TPU, engineering-grade TPU, adhesive TPU, polycarbonate TPU, polycaprolactone TPU, and TPSiU elastomers.
• MIRAECO®
• MIRANCO®
• 吉美瑞® (Jimeirui®)
• MIRAMINE®
• ETPU®
• TPOU®
• TPSiU®
• Mirathane®

Products and services

• Polyester-based TPU (聚酯型TPU, MIRATHANE E series) Polyester-based thermoplastic polyurethane elastomer offering various hardness grades with hydrolysis resistance, oil resistance, abrasion resistance, and high elasticity for industrial applications. Targeted at industrial manufacturers across multiple sectors.
• Polyether-based TPU (聚醚型TPU, MIRATHANE M series) Polyether-based thermoplastic polyurethane elastomer with excellent hydrolysis resistance, low-temperature flexibility, antibacterial properties, and aging/weather resistance. Used in hoses, cables, and films.
• Aliphatic TPU (脂肪族TPU, MIRATHANE A series) Aliphatic thermoplastic polyurethane elastomer with non-yellowing properties, excellent transparency, anti-bleeding, and low gel points. Used for automotive films, smart watch bands, and optical lenses.
• Bio-based TPU (生物基TPU, G series) Bio-based thermoplastic polyurethane elastomer with 25-70% plant-based content per ASTM-D6866 standards, providing green, environmentally friendly material options with shortened molding cycle and excellent elasticity for footwear, electronics, automotive, and films.
• Engineering-grade TPU (工程级TPU, I series) Engineering-grade thermoplastic polyurethane elastomer with high-temperature resistance, oil/chemical resistance, good transparency, and high strength for oil-water separators, plastic screws, and electronic components.
• Adhesive TPU (胶粘剂TPU, H series) Adhesive thermoplastic polyurethane including solvent-based and hot-melt types (H series) offering fast dissolution, strong crystallinity, high initial and final bonding strength for fabric coating, shoe adhesives, and fire hoses.
• Polycarbonate TPU (聚碳酸酯TPU, C series) Polycarbonate thermoplastic polyurethane elastomer with excellent aging resistance, oil resistance, hydrolysis resistance, high-temperature resistance, UV resistance, weather resistance, and mechanical properties for military oil bladders, hoses, and fire hoses.
• Polycaprolactone TPU (聚己内酯TPU, L series) Polycaprolactone thermoplastic polyurethane elastomer with excellent hydrolysis resistance, oil resistance, abrasion resistance, resilience, and low-temperature flexibility for seals and casters.
• TPSiU Elastomer (V series) Thermoplastic silicone polyurethane elastomer with silky feel, excellent abrasion resistance, chemical/solvent resistance, low bleeding, weather/thermal stability, easy coloring, and stain resistance for electronic accessories, smart watches, and VR devices.
• Foaming TPU / ETPU (F8 series) Foaming thermoplastic polyurethane (F8 series ETPU) with low density, high resilience, anti-slip properties, chemical stability, environmental friendliness, UV resistance, steam molding and adhesive molding capabilities for soles, cushioning pads, and automotive interiors.
• TPOU Elastomer (F1 series) TPOU elastomer (F1 series) with low density, high resilience, UV resistance, and compression molding properties for shoe soles, cushioning pads, automotive interiors, and bicycle accessories.
• Halogen-free Flame-Retardant TPU (无卤阻燃TPU) Halogen-free flame-retardant thermoplastic polyurethane with polyether/polyester bases, flame retardancy, matte finish, hydrolysis resistance, low-temperature flexibility, abrasion resistance, low smoke toxicity, and heat/thermal oil aging resistance for cable jackets, films, pipes, and automotive parts.
• HDI (Hexamethylene Diisocyanate) - MIRANCO HDI (hexamethylene diisocyanate) - aliphatic diisocyanate, low viscosity colorless liquid used in elastomers, leather, shoe sole resins, water-based resins, coatings, and adhesives. Sold to coatings and polyurethane manufacturers.
• HDI Trimer - MIRANCO HDI trimer (hexamethylene diisocyanate-based polyisocyanate), colorless to light yellow liquid used as a curing agent in aircraft, furniture, and construction coatings.
• HDI Biuret - MIRANCO HDI biuret (hexamethylene diisocyanate-based biuret polyisocyanate), colorless to light yellow liquid mainly used as curing agent for coatings or adhesives in ship, bridge, and industrial applications.
• CHDI (1,4-Cyclohexane Diisocyanate) - MIRANCO CHDI (1,4-cyclohexane diisocyanate) - low viscosity colorless liquid or solid-liquid mixture used in non-yellowing/high-resilience elastomers, spandex, coatings, and adhesives. World's first industrialized CHDI production. Won 2025 Asia Coatings Industry Pioneer Award.
• PPDI (p-Phenylene Diisocyanate) - MIRANCO PPDI (p-phenylene diisocyanate) - white to yellow solid at room temperature. PPDI-based polyurethanes offer excellent heat resistance, compression set resistance, ultra-high resilience, and mechanical strength with 5,000 tons/year production capacity.
• Reactive Polyurethane Hot-Melt Adhesive (PUR) for Textiles Reactive polyurethane hot-melt adhesives (PUR) for textile industry with good flow, high-speed bonding adaptation, high initial adhesion, and excellent bonding strength after curing.
• Reactive Polyurethane Hot-Melt Adhesive (PUR) for Woodworking PUR adhesive for woodworking industry with high initial adhesion, wide substrate compatibility, and excellent final bonding strength for flat mounting, wrapping, and edge sealing applications.
• Waterborne Polyurethane Resin (PUD) - MIRAECO Waterborne polyurethane resin (PUD) with easy activation, good adhesion, excellent heat resistance, non-toxic and safe, environmental friendliness for hot-activated adhesives in footwear, automotive, and furniture applications.
• PBS Biodegradable Materials (E8 series) E8 series fully biodegradable PBS (polybutylene succinate) materials with biodegradability, compostability, safety, non-toxicity, good temperature resistance, excellent mechanical properties, and good processability for packaging films, disposable tableware, agricultural films, and fibers.
• PHSeA Series Polyester Polyol (Bio-based) Bio-based polyester polyol based on hexanediol-sebacic acid with approximately 62% bio-based content. Features fast crystallization, high initial adhesion, fast surface drying, hydrolysis stability, and heat resistance for reactive polyurethane adhesives, sealants, and UV resins.
• PHA Series Polyester Polyol PHA series polyester polyol based on hexanediol-adipic acid for cast polyurethane elastomers, TPU, polyurethane adhesives, sealants, textile coatings, shoe sole liquids, and UV resins.
• PEBA Series Polyester Polyol PEBA series polyester polyol based on ethylene glycol and 1,4-butanediol-adipic acid with abrasion resistance, anti-bleeding, hydrolysis resistance, and solvent resistance.
• PEA Series Polyester Polyol PEA series polyester polyol based on ethylene glycol-adipic acid with high transparency, low color value, good elasticity, low-temperature resistance, and high mechanical strength.
• PNA Series Polyester Polyol PNA series polyester polyol based on adipic acid-neopentyl glycol with good hydrolysis resistance, heat resistance, and initial adhesion for polyurethane adhesives, inks, sealants, and coatings.
• PBNA Series Polyester Polyol PBNA series polyester polyol based on hexanediol-neopentyl glycol-1,4-butanediol for reactive polyurethane adhesives, sealants, UV adhesives, light-curing resins, and waterborne polyurethane.
• Jimeirui (吉美瑞) TPU Automotive Paint Protection Film Jimeirui TPU automotive paint protection film (clear bra) using self-developed aliphatic non-yellowing TPU material, breaking foreign monopoly. Available on JD.com official store. Targeted at automotive aftermarket and OEM applications.
• Specialty Amines (MIRAMINE PPDA, MIRAMINE CHDA) Specialty amine products including MIRAMINE PPDA (para-phenylenediamine) for aramid fibers, dyes, polyimide, and CHDA (cycloaliphatic diamine) for epoxy curing agents, polyamides, and aspartic polyurea. Sold to chemical manufacturers as raw materials.

Quantifiable outcome

• Supercritical CO2 TPU physical foaming production efficiency improved by 50%
• +1 more outcomes

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• 北京化工大学 (Beijing University of Chemical Technology)coreStrategic or Co-development Partner · 25 July 2022Company signed a university-enterprise cooperation agreement with Beijing University of Chemical Technology. The partnership focuses on talent cultivation, entrepreneurship and employment support, and strengthens cooperation in introducing high-quality talent for Miracll's development.
• 青岛科技大学 (Qingdao University of Science and Technology)coreStrategic or Co-development Partner · 17 May 2022Company co-founded 生态化工材料研究院 (Ecological Chemical Materials Research Institute) together with Qingdao University of Science and Technology and Yantai Economic and Technological Development Zone Management Committee. The institute aims to break through technical challenges in ecological chemical materials, promote research achievement transformation, and enhance industry influence.
• 烟台经济技术开发区管委会 (Yantai Economic and Technological Development Zone Management Committee)coreStrategic or Co-development Partner · 17 May 2022Co-founded 生态化工材料研究院 with Qingdao University of Science and Technology and Miracll. The institute aims to promote the development of ecological chemical materials industry in Yantai and Shandong Province.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Others

• Covestro: World-leading MDI/TDI/polyurethane resin producer offering Texin TPU and Desmodur specialty isocyanates that overlap with Miracll's TPU and specialty isocyanate portfolios.

Direct peers

• Wanhua Chemical: China's largest integrated polyurethane producer (MDI, TDI, polyols, ADI) and a direct competitor across Miracll's polyurethane value chain with significantly greater scale and raw material control.
• Stepan Company: Specialty chemicals producer including polyurethane polyols and isocyanate-based systems, with overlapping polyester polyol and specialty PU resin offerings comparable to Miracll's portfolio.
• Dawn Polymer: Chinese thermoplastic elastomer (TPE/TPV/TPU) producer listed on SZSE with overlapping product lines and customer base in automotive, electronics and consumer goods, directly comparable to Miracll's TPU business.
• Huntsman Corporation: Specialty chemicals producer with significant MDI, TPU and polyurethane elastomer businesses that compete with Miracll in footwear, automotive and industrial TPU applications.
• Lubrizol (Estane TPU): Global specialty TPU producer (Estane brand) competing head-to-head with Miracll's MIRATHANE® TPU portfolio in industrial, automotive and consumer electronics applications.
• Huafon Group: Major Chinese polyurethane and TPU manufacturer with vertically integrated polyols and finished TPU, directly competing with Miracll in domestic and export markets.

Regional players

• Tosoh Corporation: Japanese chemical manufacturer producing specialty isocyanates, polyols and polyurethane intermediates, with comparable specialty chemistry to Miracll's MIRANCO® and polyester polyol lines.
• DIC Corporation: Japanese specialty chemicals and pigments group with polyurethane resin activities that overlap with Miracll's MIRAECO® PUD and specialty isocyanate applications, primarily competing in Asia-Pacific.

Broad incumbents

• BASF: Global polyurethane incumbent producing MDI, TDI, TPU (Elastollan) and specialty isocyanates; competes with Miracll across virtually every polyurethane end market and geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/miracllchemicals

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Miracll Chemicals Co.