2025年车规级功率半导体模块散热基板行业词条报告

Investment Rating - The report does not explicitly state an investment rating for the automotive-grade power semiconductor module heat sink substrate industry Core Insights - The automotive-grade power semiconductor module heat sink substrate is a critical component that directly affects the performance and lifespan of power modules, especially as the industry moves towards higher density, higher power, and miniaturization [4][5] - The industry is closely tied to the growth of the new energy vehicle (NEV) market, which has seen rapid expansion in recent years, leading to increased demand for power semiconductors [4][36] - The market size of the automotive-grade power semiconductor module heat sink substrate industry is projected to grow significantly, with a compound annual growth rate (CAGR) of 44.67% from 2021 to 2024, and a forecasted CAGR of 14.85% from 2025 to 2029 [34] Industry Definition - Automotive-grade power semiconductor modules are integrated components that include IGBTs, MOSFETs, and power ICs, with heat sink substrates being essential for thermal management [5] - The primary materials used for heat sink substrates include copper, aluminum, and silicon carbide [4][5] Industry Characteristics - The industry is characterized by high customer certification barriers and technical process barriers, with a strong correlation to the NEV industry's performance [9][10][11] - The heat sink substrates are subject to strict quality and safety standards, requiring extensive certification processes for suppliers [10] Development History - The evolution of heat sink substrate technology has progressed through various stages, from aluminum silicon carbide to copper materials, with advancements in manufacturing processes such as powder metallurgy and precision forging [13][14][15][16] Industry Chain Analysis - The industry chain consists of upstream raw material suppliers (primarily copper), midstream manufacturers of heat sink substrates, and downstream power semiconductor manufacturers [17][18] - The market for copper materials has shown significant price volatility, impacting the cost structure of heat sink substrate manufacturers [22] Market Size and Growth - The global demand for automotive-grade power semiconductor module heat sink substrates is expected to increase from approximately 9.48 million units in 2021 to 19.83 million units in 2023, indicating a strong growth trajectory [28][46] - The NEV market's penetration rate in China has risen from 5.40% in 2020 to 31.60% in 2023, further driving the demand for power semiconductor components [37] Competitive Landscape - The industry features an international competitive landscape with key players including Japan's Towa Industries, the US's Dana Incorporated, and Taiwan's Kinsus Interconnect Technology Corp, alongside China's Huangshan Gujie [43][44] - Chinese companies are gradually increasing their market share, with Huangshan Gujie achieving a market share of 32.70% by 2023 [46] Policy Environment - The Chinese government has implemented various policies to promote the development of the NEV industry, which directly supports the growth of the automotive-grade power semiconductor module heat sink substrate market [41][42]