Electronic components mainly refer to passive components, of which RCL components are the most important components, with a wide range of products and applications. Global electronic components have gone through three development stages, China with the third semiconductor industry chain transfer and national policy support, is about to enter the rapid development stage of domestic substitution, and along with the iterative upgrade of electronic technology, electronic components industry from the low-end to the middle and high-end transformation, presenting many new development opportunities.
1 electronic components is what
Electronic components are finished products that do not change the molecular composition during production and processing, such as resistors, capacitors, inductors, etc.. Because it does not produce its own electrons, no control and transformation of voltage and current, so also known as passive devices, and because it can not be excited to the electrical signal amplification, oscillation, etc., the response to the electrical signal is passive and submissive, also known as passive components.
Electronic components are mainly divided into circuit class components and connection class components, circuit class components are mainly RCL components, RCL components are resistors, capacitors and inductors three types, and transformers, relays, etc.; connection class components contain two subcategories, one for the physical connection components, including connectors, sockets, printed circuit boards (PCB), etc., and the other for passive RF devices, including filters, couplers The other is passive RF devices, including filters, couplers, resonators, etc.
Electronic components known as the "rice of the electronics industry", of which the output value of RCL components accounted for 89% of the total output value of electronic components, capacitors, inductors, resistors occupy the vast majority of the output value of electronic components.
On the whole, electronic components as a basic electronic components, with the downstream terminal equipment performance gradually enhanced, the volume gradually reduced, showing the development trend of miniaturization, integration, high performance, chip components have become the mainstream of RCL components, become the main driver of industry development.
2 Market situation
1, electronic components industry into the upward cycle
Starting in the second half of 2020, with the new crown epidemic has recovered, downstream 5G, automotive electronics and other areas of demand surge, product supply, the industry opened a new round of boom upward cycle. 2026 electronic components market size is expected to be $ 39.6 billion, 2019-2026 compound growth rate of about 5.24%. Among them, the development of 5G, smart phones, smart cars, etc., become the main engine to promote a new round of development of electronic components.
The transmission rate of 5G technology will be 1-2 orders of magnitude higher than 4G, and the increase in transmission rate will drive the amount of filters, power amplifiers and other RF front-end devices, and pull the use of inductors, capacitors and other related electronic components.
Smartphone application scenarios continue to enrich, the pursuit of the ultimate in functionality and performance, to promote the chip, electronic components integration, electronic components to the miniaturization of the development at the same time, the use of electronic components of a single cell phone is rapidly increasing.
Smart car power control system, infotainment system, safety control system and body electronic system to improve the driving experience of the auxiliary systems continue to increase, promote the rate of automotive electronics continue to rise. It is expected that the total average amount of automotive electronic components will exceed 5,000, accounting for more than 40% of the output value of the whole vehicle.
2, mainland China to accelerate the capture of the market
From the regional distribution, in 2019, mainland China and Asia together occupy 63% of the global electronic components market share. Capacitor field Japan, Korea and Taiwan oligopoly, resistance field China Taiwan Guoguang dominant position, inductor field to the Japanese manufacturers as the dominant.
Pictures
With the upgrade of consumer electronics, new technologies and 5G applications combined to drive further increases in demand for electronic components, Japanese and Korean electronic component manufacturers have begun to adjust their strategies, production capacity gradually shifted to automotive electronics, industrial class miniaturization of high-capacity, high-gauge products and RF components.
Japan and South Korea electronic components factory upgrade product structure at the same time gradually give up the middle and low-end market, resulting in the supply and demand gap in the middle and low-end, to the development opportunities of domestic electronic components enterprises, the domestic has emerged a number of high-quality companies, such as three ring group (ceramic capacitors), Faraday Electronics (film capacitors), Shun Lo Electronics (inductors), Aihua Group (aluminum electrolytic capacitors), etc..
With the gradual withdrawal of Japanese and Korean manufacturers from the low-end market, domestic enterprises began to accelerate the market share, domestic manufacturers such as Fenghua, three rings, Yuyang, etc. have laid out new production capacity projects, the next three years of capacity expansion are large increases, is expected to accelerate the market share.
3 hot areas
1、Chip multilayer ceramic capacitor industry
According to China Electronic Components Industry Association data, the global ceramic capacitor market size grew 3.82% year-on-year to 77.5 billion yuan in 2019, accounting for up to 52% of the global capacitor market; China's ceramic capacitor market size grew 6.2% over 2018 to 57.8 billion yuan, accounting for up to 54% of the domestic capacitor market; overall, both the global and domestic ceramic capacitor market share are showing a steady upward trend.
MLCC has the advantages of small size, high specific capacitance, and high precision, and can be affixed on top of PCBs, hybrid IC substrates, etc., which responds to the trend of miniaturization and light weight of consumer electronics. In recent years, smart phones, new energy vehicles, industrial control, 5G communication and other industries are developing rapidly, which brings huge growth space for MLCC industry. It is expected that the global MLCC market size will grow to 108.3 billion yuan in 2023; China MLCC market size will grow to 53.3 billion yuan, with a compound annual growth rate higher than the global average annual growth rate.
The global MCLL industry has a high degree of market concentration and has formed a more stable oligopoly pattern. Japanese enterprises have a strong advantage in the global first echelon, South Korea, the United States, China and Taiwan enterprises in general in the second echelon, the Chinese mainland enterprises technology and scale level is relatively backward in the third echelon. 2020 global MLCC market top four enterprises are Murata, Samsung electromechanical, Kokusai, solar power, the market share of 32%, 19%, 12%, 10% respectively.
Leading domestic companies occupy the market of low-end and mid-range products. There are about 30 major civil MLCC manufacturers in China, with local enterprises represented by Fenghua Hi-Tech, Sanhuan Group, Yuyang Technology and Micro Capacitor Electronics, which mainly produce medium and large size products with low capacitance value and relatively low technical content.
2、Film capacitor industry
With the development of China's new energy industry, and against the background of strict requirements for energy conservation and emission reduction, the film capacitor industry boomed from 2010 to 2015, and the growth rate tended to stabilize after 2015, continuing to grow at an average annual rate of 6%, with the market size reaching 9.04 billion yuan in 2019, accounting for about 60% of the total global market output, ranking first in the world.
With the implementation of national strategies such as "carbon neutrality", China's new energy market will further expand and bring long-term stable growth momentum to the film capacitor market. The film capacitor market for new energy vehicles is forecasted to grow at a CAGR of 6.1% from 2020 to 2025, and will reach $2.2 billion in 2025, making it the most important consumer market for film capacitors.
The global film capacitor industry market is highly concentrated, with obvious advantages of head enterprises. The top brands and first-line brands of film capacitors are monopolized by enterprises from Japan, Germany, Italy, the United States and other countries, and domestic enterprises such as Farad Electronics and Copper Peak Electronics are ranked as second- and third-line brands. In 2019 the global film capacitor market share, Panasonic occupies more than half of the market share, and only one enterprise in mainland China, Farrar Electronics, is in the forefront, occupying 8% of the market share.
3、Chip resistor industry
In the context of accelerated development of technologies such as 5G, artificial intelligence, new energy vehicles, and big data, chip resistors conduct development momentum through downstream applications, with thin and light consumer electronics as the main application area, accounting for 44% of the market, and other major areas include consumer electronics, automotive, communications, industrial and military. chip resistors market size from 2016 to 2020 steadily increased from $1.5 billion to more than USD 1.7 billion, and the global chip resistor market size is expected to reach USD 2.4 billion in 2027.
Currently, the U.S. and Japanese companies dominate the high-end chip resistor market, but the downward expansion is not enough. The U.S. and Japanese companies focus on high precision products, focusing on thin film process routes, such as the U.S. Vishay is the largest manufacturer of ultra-high resistance, while Japan has a large capacity in the field of 0201 and 0402 models of high precision products. Taiwan's Kokusai has a 34% share of the global chip resistor market, with a monthly output of up to 130 billion units.
Mainland China has a large chip resistor market with a small share of local companies. China's market relies on joint ventures and imports are high, and resistor manufacturers are mainly state-owned enterprises converted into joint-stock companies, such as Fenghua Hi-Tech and Northern Huachuang, which is more difficult to form a leading role in the chip resistor industry, resulting in the entire domestic chip resistor industry chain is large but not strong.
4、Printed Circuit Board Industry
With the continuous innovation of electronic communication products, the demand for soft boards in PCB has been steadily increasing, for example, the demand for soft boards in Apple cell phones has increased from 13 pieces in the fifth generation to 30 pieces now, and the scale of the global PCB industry is expected to reach $79.2 billion in 2025. China's PCB market share for many years of global share of the first, 2025 is expected to exceed $ 41.8 billion, a compound growth rate of 6%, exceeding the global average growth rate.
In China's printed circuit board market, the main practitioners are divided into high, medium and low three levels, the high-end field to foreign investment, Hong Kong, Taiwan, a few mainland Chinese enterprises dominated, most domestic enterprises in the capital and technology disadvantage, mainly focused on the low-end product areas.
According to the market share composition of enterprises can be seen, the market concentration of China's printed circuit board industry is low, slightly increased in recent years. 2020 China's printed circuit board industry CR5 is about 34.46%, compared to 2019 increased by 2.17 percentage points; CR10 is about 50.71%, compared to 2019 increased by 1.88 percentage points.
5、Electronic carrier industry
The renewal of consumer electronics after the popularity of 5G, the development of artificial intelligence and the rapid development of electric vehicles will promote the growth of the electronic carrier tape market demand, and the global paper carrier tape market demand is expected to grow by 4.1% year-on-year to 36.75 billion m in 2021. the paper carrier tape market demand in China will grow by 10.04% year-on-year to 19.361 billion m in 2022.
Electronic carrier tape belongs to the niche market, with the electronic components market to bring the expansion of the electronic carrier tape market demand, the global and China's electronic carrier tape market size is a stable upward trend. It is expected that in 2021 the global paper carrier tape market size will grow by 4.2% year-on-year to 2.76 billion yuan, and in 2022 China's paper carrier tape market size will grow by 12% year-on-year to 1.452 billion yuan.
Chinese, Japanese, Korean and other countries enterprises occupy most of the global market share. Among them, Japanese enterprises started earlier and have relatively leading technology; South Korean enterprises have developed faster in recent years and overseas sales have continued to grow; excellent production enterprises have emerged one after another in China and Taiwan, and their competitiveness level is gradually approaching and surpassing Japanese and Korean enterprises in some aspects. JMSC's share of the global paper carrier tape market will reach 47% in 2020.
The thin carrier tape industry has a high barrier to entry and domestic competition is not fierce. Since 2018, JEMSTEC has over 60% of the domestic paper carrier tape market share and almost no local competitors, but it has little bargaining power for upstream suppliers and some bargaining space for downstream buyers and is not easily threatened by potential entrants and substitutes.
6、Electronic ceramics manufacturing industry
Electronic ceramics by MLCC industry driven by obvious. MLCC is widely used in consumer electronics, communications, automotive electronics, home appliances and other fields, the current market size of more than 100 billion yuan, the future is expected to maintain an annual compound growth rate of 10% to 15%, driving the electronic ceramics industry into a rapid development phase.
In recent years, China's electronic ceramics market size to maintain a compound growth rate of 13% or more, is expected to reach 114.54 billion yuan in 2023, a broad space for domestic substitution. Domestic electronic paste smoothly obtains the customer's recognition to expand the localization market scale; Domestic ceramic cleaver is breaking the overseas monopoly situation, is expected to achieve rapid volume; Meanwhile, the domestic fuel cell diaphragm plate core technology advantage gradually revealed.
Japan, the United States and Europe lead the global electronic ceramics industry, occupying the high-end market. Japan, with the advantages of a wide range of electronic ceramic materials, high production and fine technology, occupies 50% of the global market share, followed by the United States and Europe, respectively, occupying 30% and 10% of the market share. Japan SaKai in the global market share of 28%, ranked first, the U.S. company Ferro and also from Japan's NCI ranked second and third.
Due to the high technical and technological requirements barriers, and China's electronic ceramics industry started late, domestic manufacturers in technology, technology, value-added than foreign well-known enterprises gap is obvious, the current products are mainly concentrated in the low-end product area. The future with the national R & D program, market capital investment, application scenario expansion, existing enterprise technology accumulation and other multiple favorable factors, will help China's enterprises to gradually transform to the direction of industrial high precision
Post time: Nov-21-2022