عملاقة CCL يرفعون الأسعار بشكل جماعي!

Starting March 1, Japanese semiconductor materials giant Resonac raised prices for copper-clad laminate (CCL) and adhesive films by over 30%. The company stated that, despite implementing various cost-optimization measures, ongoing shortages and price increases in key raw materials such as fiberglass cloth, epoxy resin, and copper foil necessitated this price adjustment to ensure a stable product supply and to support investment in new technology research and development.

As a major global supplier of CCL andcopper-cladd laminate adhesive materials, Resonac’s price increase will affect high-end manufacturing segments such as MLCCs, HDI boards, IC substrates, and high-frequency, high-speed PCBs.

Copper-clad laminate is a core raw material for PCBs, with upgrades to traditional servers and the penetration of AI servers driving both increased volume and higher prices for copper-clad laminates. Copper-clad laminate accounts for approximately 30% of the raw material cost of PCBs. Prismark projects a compound annual growth rate of 5.40% for global PCB production value from 2024 to 2028. The server/memory sector is projected to grow at 13.6%.

يعتقد فريق الإلكترونيات في Dongguan Securities أنه بالنظر إلى استمرار ارتفاع أسعار المواد الخام ، وارتفاع معدل الاستخدام العام لمنتجات PCBs اللاحقة ، والازدحام من القدرة التقليدية بواسطة منتجات AI المطلية بالنحاس (CCL) ، وحصة السوق المركزة نسبيا لمصنعي CCL ، من المتوقع أن يستمر اتجاه تعديل الأسعار لمنتجات CCL ، ومن المتوقع أن يرتفع أداء وربحية الشركات ذات الصلة بشكل مطرد.

On the evening of March 2, Mitsubishi Gas Chemical announced a 30% price increase for CCL starting April 1; previously, Resonac announced a price increase for PCB materials, including copper foil substrates (CCL) and adhesive films, exceeding 30%, effective March 1.

يعد الصفيف المغطى بالنحاس (CCL) مادة خام أساسية لـ PCBs ، مما يمثل حوالي 30٪ من التكلفة الإجمالية. مع الإطلاق المتتالي لمنصات الحوسبة الذكاء الاصطناعي من الجيل القادم، زادت متطلبات المواد عالية السرعة عالية التردد بشكل كبير. يتم ترقية مواد نقل PCB من M6 و M7 إلى M8 و M9.

However, only a few companies can mass-produce high-end CCLs. The fact that Japanese companies have taken the lead in raising prices suggests that the supply of high-end products is not abundant and that bargaining power is shifting back to the materials side.

Recently, major global and domestic copper-clad laminate (CCL) manufacturers have collectively issued price increase notices, signaling a significant price surge across the industry. The following is an analysis of the core details, driving factors, and impact of this round of CCL price increases:

1. Price Increases by Major Companies

1. Mitsubishi Gas Chemical (MGC): Effective April 1, 2026, will increase prices by 30% for all CCL, Prepreg, and CRS product lines.

2. Resonac (Japan): Effective March 1, 2026, will increase prices for CCL and adhesive films by over 30%.

3. Kingboard Laminates: Effective June 16, 2026, will increase the average price of copper-clad laminate (CCL) and prepreg by 15% (FR-4 (1.3mm and above) by 15%, CEM-1/22F by 10%, PP by 15%), and partially increase copper foil processing fees.

4. Other domestic manufacturers: Companies such as Fujian Lihao (which increased prices on some sheets by 5-8 yuan/sheet starting February 25), Jinan Guoji (which raised prices on some sheets starting February 25), and Shengquan Group (which raised prices on some resin products by 15%-20% starting July 13) have also followed suit with price increases.

1. Core Drivers of Price Increases

1. Significant Increase in Upstream Raw Material Prices: Prices of core raw materials, including fiberglass cloth (electronic cloth), copper foil, and resin, have continued to soar. Furthermore, some materials (such as high-end electronic cloth) are in short supply due to capacity conversion, leading to a significant increase in CCL production costs and heightened cost pressures for companies.

2. Structural Explosion in Downstream Demand: The surge in demand for AI computing power (AI servers, high-end switches) has driven strong demand for high-end CCL materials (low-dielectric, low-expansion, high-frequency, and high-speed). Some high-end products are in short supply, increasing overall bargaining power.

3. Improved Supply and Demand Structure in the Industry: AI demand has squeezed conventional production capacity, leading to a partial reduction in ordinary CCL production capacity. Overall industry inventory is low, resulting in a tight supply-demand relationship and providing market support for price increases.

III. Industry Impact and Trends

1. Corporate Profit Recovery: Price increases help alleviate cost pressures on CCL manufacturers, improving their profitability. Leading companies with high-end product capacity are expected to see a recovery in their performance.

2. Increased Industry Concentration: High-end CCL technology has high barriers to entry. The price surge further highlights the bargaining and cost advantages of leading manufacturers, potentially increasing industry concentration.

3. Price Transmission Effect: As a core raw material for PCBs (Printed Circuit Boards), CCL price increases will be gradually passed through to PCB and downstream industries such as AI servers, consumer electronics, and automotive electronics, thereby raising the cost of related end products.