In 2017, the total output value of the global rigid clad copper sheet was $12.1 billion, up 19% year-on-year. It is expected that the market size of rigid clad copper sheet will maintain a steady growth in the coming years, driven by the structural growth of the subdivided industry.The copper clad plate industry has high technology and capital barrier, stable global competition pattern, and the special base plate is overseas monopoly. The overall added value of the copper clad plate in mainland China is relatively low, and the high-end technology breaks through the golden period, and there is great room for import substitution.
High frequency communication has a new demand for copper clad materials, and PTFE and hydrocarbon systems have an excellent application prospect
The high frequency trend of communication is obvious, and the transmission loss of traditional base material is too high to meet the electrical performance requirements of high frequency circuits.Considering the requirement of low electrical loss and easy processing of high frequency base material, the base plate material for high frequency circuit will not be limited to thermoplastic PTFE material in the future. Through continuous research and improvement, the diversification of hydrocarbon resin, polyphenyl ether and other resins will become an evolving trend.In recent years, domestic enterprises such as shengyi technology co., LTD., huazheng new material co., LTD., china-britain technology co., LTD., and taizhou wangling co., LTD have been engaged in the research, development and production of high-frequency copper clad boards, accelerating the breakthrough of various material routes, and the import substitution is expected to accelerate after the market demand begins.
Vehicle-borne millimeter wave radar, 5G base station antenna, Internet of things, etc. bring new demands for high-frequency base materials
In 2017, the combined market size of high-frequency and high-speed base materials is only billions, and it is conservatively predicted that the cumulative demand of high-frequency base materials alone will reach to 100 billion levels in 2018-2025 (including over 60 billion in vehicle-borne millimeter wave radar, Internet of things application, etc., and about 33.8 billion in 5G base station antennas in China).And its market demand growth rhythm is established:
(1) on the eve of 5G commercial use, the penetration of car auxiliary driving system drives up automobile radar shipments, which will continuously drive the demand for low loss and ultra-low loss high-frequency circuit substrate;
(2) after the investment cycle of 5G construction in China and the world begins in 2019, the main battlefield of high-frequency base material will be transformed into the application of 5G base station antenna, and tens of billions of market demand is expected to usher in gradual explosive growth along with the domestic 5G construction cycle.
(3) 5G commercial application will truly open the Internet of everything, and the global consumer electronics and the predictable 5G wireless connected Internet of things devices continue to bring the demand for high-frequency materials.
We believe that the manufacturers who are the first to lay out the high-frequency base material are expected to share the technological dividends of the rapid development period of the high-frequency base plate industry with the first-mover advantage. Among the many manufacturers trying to tap the blue ocean market of 5G high-frequency base material, the r&d strength, product performance and customer resources are especially critical.While the demand for high-end base materials keeps increasing, it is expected that the market size of common base materials will continue to expand, and manufacturers with significant scale advantages will continue to benefit.At the same time, active layout of high - frequency substrate processing PCB manufacturers are also expected to achieve rapid growth.In addition, it is suggested to pay attention to the technical iteration progress of relevant manufacturers in the high frequency copper clad board and the possibility of acquisition and merger.Key recommendations shengyi technology, shennan circuit, hudian shares, jingwang electronics, shenghong technology.
The risk suggests that 5G is not up to expectation and new material technology is iterated