I. Introduction
In the current era of surging technological innovation, AI servers have become an important infrastructure to promote the development of artificial intelligence with their powerful data processing capabilities and intelligent applications. With the penetration and application of AI technology in various fields, the demand for intelligent computing devices continues to heat up, and the market space for AI servers is expanding.
As a key component of AI servers, copper clad laminates are the core materials of printed circuit boards (PCBs), and their technical level directly determines the performance and reliability of electronic devices. Compared with traditional copper clad laminates, high-frequency and high-speed copper clad laminates have better signal transmission characteristics, which can meet the demanding requirements of AI servers for high frequency, low loss, and low latency, and have become a key strategic material in this field.
In recent years, with the rapid development of AI technology, the market demand for high-frequency and high-speed copper clad laminates has continued to rise, and upstream and downstream enterprises in its industrial chain have increased technological innovation and production capacity layout to seize this high-value track. In this context, an in-depth analysis of the development trend of this key materials industry and its industrial chain participants will help us fully grasp the pulse of China's manufacturing transformation and upgrading, and gain insight into its development opportunities in the era of digital economy.
Second, the rise of high-frequency and high-speed copper clad laminates
(1) The rise of the market driven by technological upgrading
With the rapid evolution of communication technology from 4G to 5G, as well as the vigorous development of new technologies such as artificial intelligence and cloud computing, electronic products have increasingly high performance requirements for signal transmission. Compared with traditional FR-4 copper clad laminates, high-frequency and high-speed copper clad laminates have gradually become the preferred material for these emerging applications due to their excellent high-frequency characteristics.
Specifically, in 5G base station antenna modules and RF devices, high-frequency and high-speed copper clad laminates can effectively reduce signal reflection and loss, thereby improving communication quality. In high-performance computing platforms such as cloud servers and artificial intelligence devices, its excellent low-loss and low-latency characteristics can greatly improve the computing speed and responsiveness of the system. In addition, in optical communication modules and new packaging processes, high-frequency and high-speed copper clad laminates can also meet more stringent electrical performance requirements.
According to the data, AI server shipments are expected to reach 1.183 million units in 2023, a year-on-year increase of 38%, accounting for about 9% of overall server shipments. This share is expected to rise further to 15% by 2026. The emergence of this huge market demand will surely drive the vigorous development of the high-frequency and high-speed copper clad laminate industry.
(2) The value enhancement brought by the upgrading of product structure
As the core material of PCB manufacturing, the performance of copper clad laminate directly determines the performance and reliability of electronic products. Although conventional FR-4 copper clad laminates have advantages in terms of cost and processability, their inherent electrical properties are no longer sufficient to meet the needs of emerging applications.
Due to the use of special resin formula and process design, high-frequency and high-speed copper clad laminates have been significantly improved in key indicators such as dielectric constant and dielectric loss, so as to better support the transmission of high-frequency signals. At the same time, this type of copper clad laminate also has good dimensional stability and low coefficient of thermal expansion, which is conducive to improving the reliability of PCB manufacturing.
Thanks to the above technical advantages, the price of high-frequency and high-speed copper clad laminates is also significantly higher than that of traditional FR-4 products. Taking the mainstream M5+ copper clad laminate as an example, its price level is generally 40-60 yuan/square meter, while FR-4 copper clad laminate is usually around 20-30 yuan/square meter. This price premium not only reflects its excellent electrical performance, but also highlights its strategic value in emerging applications.
It can be said that with the continuous upgrading of electronic product technology, the traditional FR-4 copper clad laminate is gradually being replaced by high-frequency and high-speed copper clad laminates, which creates huge development opportunities for industry participants.
3. High-frequency and high-speed copper clad laminate industry chain and leading enterprises
As the core material of PCB manufacturing, high-frequency and high-speed copper clad laminates involve the supply of raw materials in the upstream, the production of plates in the midstream, and the electronic applications in the downstream. Enterprises in different links play an important role in their respective segments, and jointly build the competitive pattern of this industrial chain.
(1) Upstream raw material supply: capital and technology intensive
The main raw materials of high-frequency and high-speed copper clad laminates include copper foil, reinforcing materials (such as glass fiber cloth) and special electronic resins. In these key raw material areas, there are not only technology-intensive characteristics, but also a high degree of market concentration.
Taking copper foil as an example, this industry has obvious scale effects and capital barriers, and the market share of the world's top ten copper foil producers exceeds 70%. These leading companies are mainly located in Taiwan, Chinese mainland, Japan and South Korea, including well-known manufacturers such as Nanya Plastics, Changchun Petrochemical and Nissin Metal.
In the field of electronic resins, the high-end market is also mainly monopolized by large chemical companies in Japan, the United States, South Korea and Taiwan. Although domestic enterprises such as Dongcai Technology and Tongyu New Materials have developed in this field, there is still a big gap in their product technology level and market position compared with overseas giants.
It can be seen that the upstream raw material supply link has high capital and technical barriers, and the industry concentration is high, which has also become a major bottleneck restricting the development of the domestic high-frequency and high-speed copper clad laminate industry.
(2) Midstream plate production: overseas companies occupy a dominant position
In the production and manufacturing of high-frequency and high-speed copper clad laminates, the global market presents an obvious "overseas dominant" pattern.
The leading companies in the United States and Japan dominate this area. The top five manufacturers in the global PTFE CCL (polytetrafluoroethylene copper clad laminate) market account for 90% of the market share. These overseas companies are mainly targeting the high-end market, and have continuously launched new varieties with excellent electrical properties.
In contrast, although Taiwan-funded copper clad laminate enterprises enjoy a high reputation in the industry, most of their products are oriented to the low-end market, and the high-frequency copper clad laminates corresponding to high-end VL-L and UL-L grades are still in the test and evaluation stage.
The market share of domestic enterprises in this field is relatively small, and only a few enterprises such as Shengyi Technology have the R&D and production capacity of related products. These companies usually have a market share of no more than 5% in the global high-frequency and high-speed copper clad laminate market.
In general, the production of midstream plates is still dominated by overseas companies such as the United States and Japan. With their long-term accumulated technical advantages and brand influence, they lead the development direction of the high-end high-frequency copper clad laminate market. This pattern also reflects the gap between domestic enterprises and international giants in terms of key core technologies.
(3) Downstream application fields: The expansion of AI servers drives rapid growth
With the rapid development of artificial intelligence technology, AI servers have become an important driving force for the growth of the high-frequency and high-speed copper clad laminate market.
As a key component of AI servers, high-frequency and high-speed copper clad laminates must meet their demanding requirements for signal transmission, including high frequency, low loss, and low latency. At present, mainstream AI servers mainly use M5+ copper clad laminates, and cooperate with high-performance resins such as Shuangma resin and polyphenylene ether resin.
According to TrendForce data, AI server shipments are expected to reach 1.183 million units in 2023, up 38% year-on-year, accounting for about 9% of overall server shipments. This share is expected to rise further to 15% by 2026. This means that in the next few years, AI servers will become an important driving force for the continuous rise in demand for high-frequency and high-speed copper clad laminates.
In addition, with the development of 5G communication and optical communication technology, high-frequency and high-speed copper clad laminates will also usher in new application opportunities in the fields of base station antennas and optical communication modules. The continuous emergence of these emerging applications has undoubtedly injected new vitality into the entire industry chain.
It can be said that the rapid development of downstream application fields, especially the rapid expansion of the AI server market, will be the key support to promote the continuous growth of the high-frequency and high-speed copper clad laminate industry in the next few years.
Fourth, the layout and competitive strategy of domestic leading enterprises
Although the high-frequency and high-speed copper clad laminate market is still dominated by overseas companies, domestic manufacturers are constantly narrowing the gap with international giants and actively exploring their own ways of competition.
(1) Upstream raw materials: strengthen technological innovation and production capacity layout
In the upstream raw material sector, domestic enterprises are continuing to strengthen technological innovation and production capacity layout to enhance their competitiveness in the field of key materials.
In the field of copper foil, Chinese mainland enterprises such as Changchun Petrochemical have ranked among the top in the world. These enterprises continue to optimize the production process, improve product performance, and show strong strength in the market competition.
In terms of electronic resins, although domestic manufacturers started late, relying on independent innovation, companies such as Dongcai Technology and Tongyu New Materials are narrowing the gap with overseas giants. In the future, with the continuous improvement of domestic technical level, these companies are expected to gain a place in the high-end electronic resin market.
It can be seen that domestic enterprises are gradually consolidating their competitive advantages in the field of upstream key materials through continuous technological innovation and capacity expansion, and providing more stable and high-quality raw material support for the midstream plate production link.
(2) Midstream plate production: keep up with the technological trend and seek breakthroughs
In the field of midstream high-frequency and high-speed copper clad laminate production, domestic enterprises are actively following up the trend of technological development and exploring the path to break through the monopoly of overseas giants.
As one of the few enterprises with high-frequency and high-speed copper clad laminate R&D and production capacity in China, Shengyi Technology is continuously optimizing product performance and expanding production capacity. At the same time, the company is also actively deploying downstream applications to ensure the market recognition of products.
In addition, companies such as Dongjiang Group and Cinda New Materials have also increased their investment in the field of high-frequency and high-speed copper clad laminates, and launched targeted new products. These enterprises are relying on their own technical advantages accumulated in the field of traditional copper clad laminates to seek breakthroughs in the high-end market.
It is foreseeable that with the continuous improvement of the technical level of domestic enterprises and the rapid expansion of the downstream application market, these domestic leading enterprises are expected to occupy a larger share in the high-end high-frequency and high-speed copper clad laminate market in the future.
(3) Downstream application expansion: Deeply cultivate emerging fields such as intelligent terminals
In addition to the production of midstream panels, domestic enterprises are also actively expanding the application of high-frequency and high-speed copper clad laminates in downstream intelligent terminals, communication infrastructure and other fields.
For example, Shengyi Technology has not only made breakthroughs in the field of AI servers, but also achieved good results in emerging applications such as 5G base stations and optical communications. TK Group is also focusing on 5G infrastructure and automotive electronics to promote the wide application of high-frequency and high-speed copper clad laminates.
Through continuous technological innovation and market expansion, these companies are continuously improving the penetration of high-frequency and high-speed copper clad laminates in emerging application fields. This is not only conducive to consolidating its position in the midstream plate manufacturing link, but also helping to promote the coordinated development of the entire industrial chain.
In general, although the current high-frequency and high-speed copper clad laminate market is still dominated by overseas companies, domestic leading enterprises are actively narrowing the gap with international giants through various strategies such as technological innovation, production capacity layout and downstream application expansion, and strive to occupy a more favorable position in this high-value track.
V. Conclusion
At present, with the rapid expansion of emerging application markets such as AI servers, high-frequency and high-speed copper clad laminates, as their key core materials, are ushering in rapid growth in market demand. This not only brings broad development opportunities for enterprises in the relevant industrial chains, but also injects new momentum into the transformation and upgrading of the mainland's electronic information industry.
From the perspective of the industrial chain pattern, although the upstream raw materials and midstream plate production links are still dominated by overseas enterprises, domestic leading enterprises are actively narrowing the gap with international giants through technological innovation, capacity layout and downstream application expansion. In the future, with the continuous improvement of the competitiveness of domestic enterprises and the continuous release of downstream emerging application markets, this high-value track will inevitably have a more fierce competition situation.
For domestic enterprises, seizing the opportunity of the rapid growth of the application market such as AI servers, continuously increasing investment in technology research and development, optimizing product structure, and expanding downstream application fields will be the key to achieving breakthroughs. At the same time, in the upstream key raw material links, further strengthening the capacity of independent innovation and narrowing the gap with international giants is also the only way to enhance the overall competitiveness.
On the other hand, government departments should continue to introduce relevant policies and measures to create a more favorable development environment for domestic enterprises. For example, increasing support for key core technologies, promoting collaborative innovation of upstream and downstream enterprises, and creating a fair and competitive market environment, etc., will inject strong impetus into the take-off of the domestic high-frequency and high-speed copper clad laminate industry.
In short, high-frequency and high-speed copper clad laminates, as the key supporting materials of the new generation of electronic information industry, will play an increasingly important role in the future digital economy era. Only by seizing market opportunities, insisting on independent innovation, and continuously optimizing the product structure can domestic leading enterprises finally occupy a favorable position in this strategic industry and contribute to the transformation and upgrading of the mainland's manufacturing industry.