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2021/11/23
As the global vaccination rate rose, and border restrictions in Europe and North America eased, social activities also began to enter a period of recovery, with the consumer electronics market seemingly ready for the arrival of the traditional peak season in 2H21, according to TrendForce’s latest investigations At the same time, however, the global supply chain was affected by delays in maritime transport, skyrocketing shipping costs, and component shortages, in addition to already-prohibitive price hikes for certain components in 1H21 Given the parallel rise in both material and manufacturing costs, the market for end products has not undergone the expected cyclical upturn in 2H21 Even so, the overall demand for and shipment of smartphones, notebook computers, and monitors experienced QoQ increases in 3Q21, thereby driving up businesses for major OSAT (outsourced semiconductor assembly and test) companies For 3Q21, the revenues of the top 10 OSAT companies reached US$889 billion, a 316% YoY increase
Certain major OSAT companies experienced a slight dip in their capacity utilization rates due to the ongoing shortage of key components including chips and substrates, as well as the electricity rationing that limited both energy intensity and energy consumption in Jiangsu, Zhejiang, and Guangdong at the end of September Nevertheless, this dip has had virtually no impact on the OSAT industry because certain OSAT companies shifted their operations to substrate-less packaging technologies and reallocated the previously affected capacities Hence, TrendForce is bullish on the performance of the OSAT industry in 4Q21
Market leaders ASE and Amkor registered revenues of US$215 billion and US$168 billion, which represent YoY increases of 413% and 242%, respectively, for 3Q21 While both companies had some of their capacities hindered due to the shortage of chips, lead frames, and substrates, ASE had its lead times further extended given that its Suzhou-based fab was affected by China’s power rationing Notably, as the demand for packaging and testing smartphone APs, network chips, and automotive chips remains strong in 4Q21, ASE and Amkor will continue to expand in the 5G, IoT, and AI end-product markets in 2022
SPIL is currently aiming to strengthen the R&D operations for advanced packaging technologies at its new fab in Erlin, Changhua, since it will be unlikely to compensate for the loss of smartphone AP packaging business from Huawei in the short run SPIL’s revenue for 3Q21 reached US$104 billion, a 156% YoY increase While KYEC previously suffered lowered capacity utilization due to the COVID-19 pandemic, it has since made a gradual recovery and registered a revenue of US$323 million, a 285% YoY increase, for 3Q21, thanks to testing orders for 5G chips from Qualcomm and MediaTek PTI, on the other hand, primarily benefitted from its DRAM packaging and testing business The company posted a revenue of US$802 million, a 240% YoY increase, for 3Q21 Nonetheless, PTI’s memory packaging capacity will likely undergo a sharp decline going forward, as Intel gradually finalizes the sale of its Dalian fab to SK Hynix by 2025, and the agreement between Micron and PTI regarding the assembly and testing services PTI provides at Micron’s Xi’an fab expires in 2Q22 In response, PTI reallocated some capacities at its new fab in Hsinchu to other strategic priorities such as CIS packaging and FOPLP technologies in 3Q21
Major Chinese OSAT companies JCET and Hua Tian continued to benefit from China’s pursuit of domestic semiconductor substitutes The two companies expanded their supply of OSAT services for 5G smartphones, base stations, automotive chips, and consumer electronics As a result, JCET and Hua Tian registered revenues of US$125 billion and US$502 million, representing YoY growths of 275% and 576%, respectively, for 3Q21 Owing to strong sales by its client AMD this year, TFME recorded a revenue of US$636 million, an impressive 598% YoY increase, which represents the highest revenue growth among the top 10 OSAT companies in 3Q21
Although ChipMOS and Chipbond, which specialize in packaging and testing display panel driver ICs, were affected by the slight drop in small-sized TV panel shipment in 3Q21, they were able to compensate for this loss owing to the gradual increase in packaging and testing demand for such driver ICs as TDDI and DDI This increase can primarily be attributed to the growing demand for mid- and large-sized TV panels, as well as the ramp-up of OLED smartphone panels, which certain smartphone models began to adopt For 3Q21, ChipMOS and Chipbond grew their respectively revenue by 325% YoY and 295% YoY to about US$257 million and US$255 million At the same time, as IC design companies from the upstream supply chain redirected certain orders to ChipMOS and Chipbond in response to China’s power rationing at the end of September, these two companies will likely reach new revenue records in 4Q21
For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms Latte Chung from the Sales Department at lattechung@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/09/06
Despite the intensifying COVID-19 pandemic that swept Taiwan in 2Q21, the domestic OSAT (outsourced semiconductor assembly and test) industry remained largely intact, according to TrendForce’s latest investigations Global sales of large-sized TVs were brisk thanks to major sporting events such as the Tokyo Olympics and UEFA Euro 2020 Likewise, the proliferation of WFH and distance learning applications propelled the demand for IT products, while the automotive semiconductor and data center markets also showed upward trajectories Taking into account the above factors, OSAT companies raised their quotes in response, resulting in a 264% YoY increase in the top 10 OSAT companies’ revenue to US$788 billion for 2Q21
TrendForce indicates that, in light of the ongoing global chip shortage and the growing production capacities of foundries/IDMs in the upstream semiconductor supply chain, OSAT companies gradually increased their CAPEX and expanded their fabs and equipment in order to meet the persistently growing client demand However, the OSAT industry still faces an uncertain future in 2H21 due to the Delta variant’s global surge and the health crisis taking place in Southeast Asia, home to a significant number of OSAT facilities
Regarding the performances of individual OSAT companies in 2Q21, market leader ASE and Amkor each recorded revenues of US$186 billion and US$141 billion, which represented YoY growths of 351% and 199%, respectively, for the quarter Both companies benefitted from strong demand for 5G smartphones, notebook computers, automotive chips, and networking chips In particular, ASE allocated some of its capacities to KYEC (which suffered a drop in its IC testing capacity due to the pandemic) and therefore experienced a surge in its revenue Also posting a revenue growth in 2Q21 was Amkor, which took second place on the top 10 list owing to the high demand for automotive chips, HPC chips, and 5G handsets released by Apple and other smartphone brands
SPIL’s revenue for 2Q21 reached US$931 million, a modest 23% YoY increase The company’s relatively muted growth can be attributed to the fact that smartphone IC packaging demand from Huawei, one of SPIL’s major clients, had plunged, while other smartphone brands did not place orders sufficient for making up for this plunge As previously mentioned, some of KYEC’s testing capacities were adversely affected by the COVID-19 pandemic, resulting in a 68% YoY increase in KYEC’s revenue to a mere US$274 million for 2Q21 PTI gradually recovered from difficulties resulting from the closure of its Japanese and Singaporean subsidiaries For 2Q21, PTI’s revenue reached US$742 million, a 143% YoY increase
Regarding Chinese OSAT companies, JCET and Hua Tian both expanded their capacities in order to meet the massive demand from the domestic 5G telecom, base station, consumer electronics, and automotive markets While JCET and Hua Tian continue to operate in accordance with China’s goal of achieving domestic semiconductor substitutes, the two companies’ revenues for 2Q21 reached US$11 billion and US$467 million, which represented YoY growths of 25% and 647%, respectively It should be pointed out that TFME also benefitted from the aforementioned market demand TFME’s revenue reached US$591 million, a 683% YoY increase, which was the highest increase among the top 10 OSAT companies in 2Q21 TFME’s impressive growth took place primarily because the company is the main OSAT provider for AMD As AMD captured some of Intel’s market share, both AMD and, by extension, TFME, experienced a resultant revenue growth
Finally, ChipMOS and Chipbond, which specialize in panel driver IC packaging and testing, benefitted from major sporting events such as the Tokyo Olympics and UEFA Euro 2020 Given the skyrocketing demand for display panels, IC testing demand for driver ICs, including TDDI and DDI, also underwent a corresponding rise Notably, due to a shortage of packaging materials, ChipMOS raised the price of its packaging services for memory products and subsequently registered a spike in both revenue and gross profits While both companies’ revenues reached US$251 million, ChipMOS and Chipbond each registered revenue growths of 384% YoY and 496% YoY, respectively
For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms Latte Chung from the Sales Department at lattechung@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/09/03
Demand for telecom base stations, converters, and charging stations has seen considerable growth this year as a result of ongoing developments in 5G telecommunication, consumer electronics, industrial energy conversion, and new energy vehicles (NEV), according to TrendForce’s latest investigations While this demand generated a corresponding surge in demand for components and devices powered by third-generation semiconductors GaN and SiC, the GaN power devices market is expected to undergo the highest magnitude of growth TrendForce expects GaN power devices revenue for 2021 to reach US$83 million, an impressive 73% YoY increase
According to TrendForce’s investigations, GaN power devices are primarily used in consumer electronics; annual GaN power devices revenue is expected to grow at a 78% CAGR and reach US$850 million in 2025 Regarding applications, consumer electronics, NEVs, and telecom/data centers, in order, comprise the three largest sources of GaN power devices consumption, at 60%, 20%, and 15%, respectively TrendForce finds that about 10 smartphone OEMs have released more than 18 models of smartphones equipped with fast charging capability, while notebook manufacturers are also indicating a willingness to adopt fast charging for notebook computers
Annual SiC revenue, on the other hand, is expected to grow at a 38% CAGR and reach US$339 billion in 2025, with NEVs, solar power generation/storage, and charging stations representing the top three largest source of SiC power device consumption, at 61%, 13%, and 9%, respectively For the NEV industry, in particular, SiC power devices are most widely used in powertrain inverters, OBCs (on board chargers), and DC-DC converters
Major IDMs from Europe, the US, and Japan still control the vast majority of substrate supply
Due to their relative difficulty in epitaxial growth and the fact that the industry is moving from 6-inch towards 8-inch substrates as the mainstream, third-generation semiconductor GaN and SiC substrates are 5-20 times more expensive to manufacture compared to traditional 8-inch and 12-inch Si substrates It should be noted that most substrate materials are, at the moment, controlled by such major IDMs as US-based Cree and II-VI, Japan-based Rohm, and Europe-based STMicroelectronics In response to this oligopoly, certain Chinese suppliers, including SICC and Tankeblue, have successively entered the substrate market with the support of China’s 14th five-year plan Their participation will likely accelerate China’s goal of semiconductor self-sufficiency
Although substrate suppliers from Europe, the US, and Japan enjoy an early presence in the market and possess relatively mature process technologies, TrendForce believes that Taiwanese suppliers still hold certain competitive advantages For instance, not only do Taiwanese companies have vast experiences in silicon development, but Taiwan is also home to a comprehensive upstream/downstream silicon supply chain In addition to these aforementioned advantages, Taiwan is further aided by policies that promote domestic material supply, design, and technological development Taiwan is therefore well on its way to achieving its goal of becoming a center of advanced semiconductor fabrication that derives its strength from a gradually maturing front-end substrate and epitaxy industry chain, as well as mid- and back-end competencies in chip design, manufacturing, and packaging Currently, two major strategic alliances, led by Hermes-Epitek (with subsidiaries EPI and EPISIL), and SAS (with subsidiaries GW, AWSC, CWT, and ATC) are attempting to maximize their efforts in Taiwan’s lacking substrate industry Furthermore, TAISIC, jointly funded by KENMEC and TAINERGY, has submitted 4-inch SiC substrates for qualification and is actively investing in 6-inch SiC substrate R&D
For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms Latte Chung from the Sales Department at lattechung@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/06/02
National governments in Southeast Asian countries, including Thailand, Vietnam, and Malaysia, have been instituting increasingly stringent pandemic control measures in response to the intensifying COVID-19 pandemic in these countries Remarkably, these countries are all hotspots in the electronic component supply chain, and Malaysia, home to many semiconductor packaging and testing facilities as well as passive component fabs, has now come under the international spotlight as a result In particular, Malaysia’s MCO 30 (Movement Control Order 30) lockdown, which was extended on June 1, specifically excludes the semiconductor industry, as this industry boasts relatively high market revenue As such, packaging and testing facilities are currently operating normally in Malaysia, according to TrendForce’s latest investigations
On March 18, 2020, the Malaysian government first implemented similar pandemic control measures, under which only about 50% of private businesses were allowed to operate The semiconductor industry and medical services were notably excluded from the restrictions at the time, given the former’s high revenue and the latter’s critical importance during emergencies Despite the heightened lockdown of the MCO 30, under which only certain essential economic activities are allowed to function, some aspects of the MCO 30’s restrictions are relatively more lenient, as this policy specifies only 40% of private business employees must adopt WFH Incidentally, as previously mentioned, the MCO 30 does not apply to the semiconductor industry
As manufacturing operations and lead times of passive components become constrained, end clients’ procurement activities remain uncertain in 2H21
On the other hand, TrendForce indicates that the passive component market, which is also a key industry in Malaysia, will likely face supply-side bottlenecks as a result of the MCO 30, affecting such suppliers as Taiyo Yuden, Walsin Technology, NDK, and Epson Under the latest restrictions, product lead times in the passive component supply chain, along with the state of the transportation industry (which determines shipping and delivery schedules of passive components), will become key determinants of whether client orders can be fulfilled on time
In addition, brands in Europe and North America will begin adjust their orders for late-3Q21 in June and July Notebook brands including Dell and HP are not only expected to maintain their orders for 2H21, but also taking measures to ensure a steady supply of IC components, while Apple will begin procuring components for its upcoming iPhone 13 from the passive component supply chain in July Although these orders are expected to provide upward momentum for the passive component market in 2H21, the resurgence of the pandemic in Southeast Asia, as well as whether the shortage of semiconductor components will be alleviated going forward, will affect clients’ procurement activities for MLCC (multilayer ceramic capacitors) in 2H21
On the whole, although the packaging and testing operations of major IDMs (Intel, Infineon, and Texas Instruments) and OSAT operators (ASE, Amkor, TFME, and Hua Tian) in Malaysia remain unaffected for the time being, TrendForce believes that the MCO 30 will likely have an impact on the supply and demand of the global passive component market in 2H21
For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms Latte Chung from the Sales Department at lattechung@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/05/19
Revenues of the top 10 largest packaging/testing (OSAT, outsourced semiconductor assembly and test) companies reached US$717 billion in 1Q21, a 215% increase YoY, with most of these companies recording double-digit growths, according to TrendForce’s latest investigations This bullish performance is primarily attributed to the fact that the post-pandemic new normal, which entails such activities as WFH and distance education, adopted by the general public had become commonplace, as well as the fact that vaccinations in Europe and North America began to somewhat abate the intensity of the pandemic in those areas, with cities successively terminating lockdown measures Furthermore, demand for IT products, TVs, 5G devices, and automotive electronics persisted given the impending Tokyo Olympics Finally, end-device manufacturers had been aggressively procuring components since 2H20, in turn leading to a tight production capacity for actors across the semiconductor supply chain Hence, OSAT companies gradually increased their prices in response to strong demand from clients Taken together, these aforementioned factors propelled the overall revenue performances from the OSAT industry in 1Q21
TrendForce indicates that clients in the end device markets are now worried that they may have to contend with last year’s chip shortage once again In addition, skyrocketing shipping costs and lead times have led these clients to consider overbooking their orders However, certain countries have been experiencing a slight slowdown in the pandemic’s spread after starting their vaccination drives, and governments in these countries have begun to gradually call off lockdown measures, thereby returning the state of work and study to pre-pandemic situations In light of these developments, TrendForce expects demand for end devices to be met ahead of time and potentially undergo a decline in 3Q21 Clients in the end device markets are then expected to either slow their procurement activities or cut their chip orders, and revenues of OSAT companies may be negatively impacted as a result
Industry leaders ASE and Amkor posted revenues of $169 billion and $133 billion, which are YoY increases of 246% and 150%, respectively, in 1Q21 ASE gradually strengthened and increased the supply of its wire bonding services for chips used in notebook computers, telecom devices, and servers The company has been well prepared in terms of both mature and advanced chip packaging capacities On the other hand, Amkor, which took second place in the top 10, was primarily focused on developing its advanced packaging competencies and aggressively expanding its presence in the advanced packaging market for 5G, automotive, and notebook chips
In comparison, SPIL and PTI recorded relatively slow revenue growths, mainly because their clients in 3Q20 were unable to immediately make up for the gap left by Huawei after it was added to the Entity List, and because clients in the memory industry had been adjusting their inventories during this period SPIL and PTI each recorded revenues of about $860 million and $650 million, which are YoY increases of 64% and 35%, respectively On the other hand, KYEC’s revenue for 1Q21 reached $270 million, a 152% increase YoY As KYEC gradually recovered from the impact of US sanctions against Huawei, the company’s revenue also remained in an upward trajectory
With regards to the three Chinese heavyweights JCET, TFME, and Hua Tian, ongoing tensions between China and the US led the Chinese government to focus on cultivating the domestic manufacturing of semiconductors, such as automotive chips, memory products, 5G base station components, and panel driver ICs, all of which posed enormous demand for OSAT services As such, JCET and TFME grew their revenues by 263% YoY and 620% YoY to about $103 billion and $503 million, respectively, while Hua Tian also registered a revenue of $400 million for the quarter and delivered the highest growth among the top 10 at 649% YoY
Chipbond, an OSAT company specializing in panel driver ICs, benefitted greatly from the surge in demand for large-sized panels (for TVs and IT products) and medium- and small-sized panels (for tablets and automotive displays), which generated high demand for COF (chip on film) packaging technology Alternatively, ChipMOS was able to capitalize on the recovering DRAM and NAND Flash demand Both Chipbond and ChipMOS posted a revenue of about $230, which is a 223% increase YoY for the former and a 273% increase YoY for the latter
For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms Latte Chung from the Sales Department at lattechung@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
