Chan Ye Xin Xi Wang·2025-07-29 01:11Core Insights - The semiconductor CMP (Chemical Mechanical Polishing) equipment market is crucial for wafer surface flattening and is dominated by US Applied Materials and Japan's Ebara, with high technical barriers [1][8][10] - The global semiconductor equipment market is projected to reach $117.1 billion in 2024, with the CMP equipment market estimated at $3.25 billion, driven by advancements in 2nm processes and memory stacking technologies [1][8][10] - China's CMP equipment market is experiencing rapid growth due to policy support and domestic substitution strategies, with domestic equipment market share expected to rise to 30% globally and over 50% domestically by 2024 [1][10][12] Industry Overview - CMP equipment is essential for achieving global wafer surface flattening through a combination of chemical etching and mechanical grinding, achieving ultra-high precision polishing with roughness less than 1nm [2][4] - The industry is characterized by a tightly integrated supply chain, with upstream focusing on core components and materials, midstream on design and manufacturing, and downstream applications in integrated circuit manufacturing and advanced packaging [6][8] Current Market Analysis - The global CMP equipment market is highly concentrated, with significant growth driven by the demand for advanced semiconductor processes and the increasing number of memory layers in chips [8][10] - In 2024, the CMP equipment market is expected to grow by 6.9% year-on-year, reflecting strong demand from major chip manufacturers like TSMC and Intel [8][10] Domestic Market Dynamics - China's CMP equipment industry has made significant strides, with leading companies like Huahai Qingshi achieving breakthroughs in 12-inch CMP equipment, capturing over 50% of the domestic market [10][18] - The domestic market for CMP equipment is projected to reach approximately 6.13 billion yuan in 2024, growing by 13.5% year-on-year [10][12] Import and Export Trends - Despite growth in the domestic CMP equipment market, high-end equipment remains largely reliant on imports, with a notable increase in export volumes in 2024 [12][14] - The average price of imported CMP equipment remains significantly higher than that of exported equipment, indicating a strong demand for high-end technology [14][16] Competitive Landscape - The competitive landscape is marked by a breakthrough in international monopolies and differentiation among domestic players, with Huahai Qingshi leading in 12-inch CMP equipment and other companies focusing on advanced packaging and third-generation semiconductor polishing [18][20] - The domestic market's localization rate has increased from 3% in 2017 to 50% in 2024, although high-end equipment and core components still rely on imports [18][20] Future Development Trends - The CMP equipment industry is moving towards high-end technology, with domestic companies making significant advancements in 28nm and 14-7nm processes to meet the demands of AI and HPC markets [22][23] - The industry is expected to see a deepening of domestic substitution and market expansion, with a projected 50% market share for domestic equipment in high-end markets by 2025 [22][23] - Collaboration across the supply chain and strong policy support are driving the development of a secure and controllable industrial ecosystem [24]