PCB industry chain
The main raw materials in the upstream of the PCB industry chain are copper-clad laminates and bonding sheets. The three major upstream materials of copper-clad laminates include copper foil, glass fiber cloth, and epoxy resin materials. downstream communication
Electronics and computers are still the two main application fields, but the trend of automotive electronics in recent years is very clear (the electronic system of new cars accounts for more than 40% of the cost of the vehicle on average), and the demand for automotive PCBs has increased significantly.
PCB industry chain materials
Copper Clad Laminate (CCL): The market structure is highly concentrated. After lamination, a printed circuit board is made. Since the competition pattern of the copper clad laminate industry is relatively better than that of the downstream printed circuit board industry, copper clad laminate companies can generally transfer the cost to the downstream, and leading companies can use the advantages of production capacity scale and self-made upstream main materials to achieve profitability. The copper clad laminate industry is an industry with a large capital demand and a relatively high concentration. The global copper clad laminate industry has a CR10 of 75% and a CR5 of 52%. The top three global CCL market share are: Kingboard Chemicals has a market share of 15%, Shengyi Technology has a market share of 12%, and Nanya Plastics has a market share of 11%.
From the perspective of cost, copper clad laminates account for about 30%-40% of the entire PCB manufacturing. Copper foil is the most important raw material for manufacturing copper clad laminates. The cost accounts for 30% of copper clad laminates (thin plate) and 50% (thick plate). According to different application fields, it can be divided into lithium battery copper foil and standard copper foil. Standard copper foil is a thin layer of copper foil deposited on the base layer of the circuit board. It is one of the important basic materials of copper clad laminates and printed circuit boards. It acts as a conductor and is generally thicker than lithium battery copper foil. At 12-704m, one side is rough and the other side is bright, the smooth side is used for printed circuits, and the rough side is combined with the substrate. From the perspective of the global market structure of copper foil, the production technology, equipment manufacturing technology and market share of the high-performance PCB copper foil market are still monopolized by Japanese copper foil manufacturers. The domestic production capacity of copper foil for high-frequency and high-speed substrates has not yet been formed. The top five global high-end copper foil companies are Furukawa Electric Industry Co., Ltd., Mitsui Metal Mining Co., Ltd., Japan Fukuda Metal Foil Powder Industry Co., Ltd., Nippon Electrolysis and Nippon Energy Corporation, all of which are Japanese companies. The profitability of standard copper foil is worse than that of lithium batteries. The competition pattern of copper foil for lithium batteries is relatively scattered. On the contrary, the pattern of lithium batteries for downstream customers is more concentrated, and it is difficult for customer companies to have a strong voice.
However, the copper foil technology is still iterating. Therefore, for the copper foil segment, it is the best way to take the lead in the technology iteration with the advantage of research and development capabilities, so as to obtain a staged profit advantage.
Glass fiber yarn can be made into glass fiber cloth, which is used in the production of copper clad laminate, the core substrate of printed circuit board (PCB). Electronic glass fiber yarn accounts for about 25%-40% of the cost of copper clad laminates. It is an important material for preparing PCBs and has a large demand. From the perspective of global glass fiber production capacity, as of the end of 2019, CR6 "China Jushi, U.S. oC, Japan NEG, Taishan Fiberglass, Chongqing International, U.S. JM" accounted for more than 70% of the world's total glass fiber production capacity; China's CR3 (China Jushi, Taishan Fiberglass﹑Chongqing International>The production capacity at the end of January 2021 accounted for more than 60% of the country's total production capacity, and CR6 (CR3 and Shandong Fiberglass, Sichuan Weibo, and Changhai) accounted for about 80% of the country's total production capacity. Globally and in China, Glass The monopoly pattern of the fiber supply end inspection head has basically taken shape.
