OTIC(SZ:000962) Shang Hai Zheng Quan Bao·2025-11-26 04:36Core Viewpoint - Tantalum, a high-tech metal, is experiencing a demand surge driven by emerging industries such as AI, with significant growth potential in its primary applications: tantalum capacitors, high-temperature alloys, and semiconductor chips [1][3][4]. Group 1: Demand Growth - The demand for tantalum is shifting, with traditional tantalum capacitors' share decreasing from 60%-80% to an expected 33% by 2024, while absolute demand remains stable [3]. - Tantalum consumption is projected to grow at a compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching over 2,500 tons by 2024, and further increasing to 3,546 tons by 2030 at a minimum CAGR of 6% [3]. - The AI sector is expected to significantly boost the demand for tantalum capacitors, particularly in high-end consumer electronics [4][8]. Group 2: Key Applications - Tantalum capacitors are the largest application area, widely used in smartphones, laptops, and aerospace due to their high reliability and performance [3]. - High-temperature alloys are becoming the second-largest application for tantalum, with an expected consumption of approximately 475 tons by 2024, accounting for 19% of global tantalum consumption [4]. - The semiconductor industry is rapidly emerging as the third-largest application for tantalum, with tantalum target materials projected to consume 425 tons by 2024, representing 17% of global consumption [5]. Group 3: Supply Challenges - The supply of tantalum is under pressure due to geopolitical issues, particularly in the Democratic Republic of the Congo, which accounts for about 41.9% of global tantalum production [8]. - The company, Dongfang Tantalum, sources most of its tantalum ore from Africa, South America, and Australia, highlighting the importance of stable supply chains [8]. - Dongfang Tantalum holds a 50% market share in domestic tantalum powder and approximately 20% globally, with a similar share in tantalum wire [9].