Resonac, a major Japanese semiconductor materials company, will raise prices of copper clad laminates (CCL) and bonding sheets by more than 30% starting March 1. The company stated that despite various cost optimization measures, continued shortages and price hikes of key raw materials including fiberglass cloth, epoxy resin and copper foil have forced the price adjustment, in order to ensure stable supply and investment in new technology R&D. As a key global supplier of CCL and bonding materials, Resonac’s price increase will be passed on to high-end manufacturing sectors including MLCC, HDI boards, IC substrates, and high-frequency & high-speed PCBs.
 
CCL is the core raw material for PCBs, accounting for approximately 30% of PCB material costs. The industry is driven by both traditional server upgrades and the penetration of AI servers, leading to a simultaneous rise in CCL volume and price.
 
Prismark forecasts global PCB output value to grow at a CAGR of 5.40% from 2024 to 2028. The server and storage sector is expected to grow at 13.6%. In recent years, the explosive development of AI applications has significantly boosted demand for high-end printed circuit boards, pushing the industry into a high-prosperity cycle. Emerging sectors such as AI servers and intelligent driving have raised stricter requirements for layer count, precision and reliability of PCBs, driving surging demand for high-end products including HDI boards and high multilayer boards. Global PCB manufacturers are increasing capital expenditure and expanding high-end capacity to capture growth opportunities.
 
According to Prismark, the global PCB market grew by about 5.8% in 2024 and is projected to grow by 6.8% in 2025. The industry will maintain steady growth in the coming years, reaching approximately $94.661 billion by 2029, with a CAGR of around 5.2%. Prismark also forecasts that HDI related to AI servers will achieve a CAGR of 16.3% from 2023 to 2028, the fastest-growing segment in the AI server-related PCB market.
 
The electronics team of Dongguan Securities believes that supported by high raw material prices, strong overall PCB capacity utilization, high-end AI CCL products crowding out conventional capacity, and a concentrated market structure among CCL manufacturers, the upward price trend of CCL products is expected to continue, and the performance and profitability of related companies are likely to improve step by step.
 
Many CCL industrial chain companies have released strong preliminary earnings growth.
 
Nanya New Materials released its performance brief, achieving operating revenue of RMB 5.228 billion in 2025, a year-on-year increase of 55.52%. Net profit attributable to parent company shareholders was RMB 241 million, up 378.65% year-on-year. Net profit after non-recurring gains and losses was RMB 219 million, up 679.35% year-on-year. The company attributed the growth to recovering CCL demand, increased sales volume, price improvements, optimized marketing strategies and product structure, with a higher proportion of high-margin products. High-speed products expanded significantly in 2025, with revenue expected to double year-on-year, and continued growth is forecast for 2026. The company currently has strong orders and stable production and delivery.
 
Kingboard Holdings expects net profit attributable to shareholders in 2025 to reach RMB 280 million to 360 million, a year-on-year increase of 655.53% to 871.40%, driven by improved CCL market conditions, higher sales volume and prices, and optimized product structure.
 

Shengyi Technology expects net profit attributable to shareholders in 2025 to reach RMB 3.25 billion to 3.45 billion, a year-on-year increase of 87% to 98%, supported by higher CCL sales revenue and improved gross margin from product structure optimization.

Disclaimer: Content and data herein are for reference only and do not constitute investment advice. Verify before use. Risks borne by the user for any actions taken.