SINOLINK SECURITIES·2026-03-10 15:27Investment Rating - The report suggests a positive outlook for the chemical mechanical planarization (CMP) industry, recommending attention to leading companies such as Anji Technology and Dinglong Co., as well as other companies expanding into the CMP market [5]. Core Insights - CMP is a critical process in semiconductor manufacturing for achieving global wafer flatness, with a projected global market size of approximately $3.38 billion by 2025, growing at a compound annual growth rate (CAGR) of 4.5% from 2025 to 2034 [1][18]. - The growth drivers for the CMP market include advancements in manufacturing processes and the evolution of advanced packaging technologies, which are expected to contribute an additional 15-20% increase in CMP demand by 2028 [1][20]. - The CMP slurry market is expected to reach around $2 billion by 2025, with a CAGR of 4.8%, while the CMP pad market is projected to be approximately $1.38 billion, growing at a CAGR of 4.1% [18]. Summary by Sections 1. CMP Industry Overview and Market Size - CMP is essential for achieving uniform flatness in wafers during semiconductor manufacturing, applicable in wafer fabrication and advanced packaging [12]. - CMP materials account for about 7% of the total wafer manufacturing cost, with CMP slurries and pads making up 49% and 33% of this cost, respectively [14]. 2. CMP Slurry Classification and Competitive Landscape - CMP slurries are composed of abrasives, additives, and ultra-pure water, with over 300 active formulations globally [2]. - The market is concentrated, with the top six companies holding approximately 85% market share in 2024 [28]. 3. CMP Pad Classification and Competitive Landscape - CMP pads are categorized into hard pads, soft pads, and composite pads, with hard pads expected to account for 55% of the global CMP pad market by 2025 [3]. - Dupont dominates the global CMP pad market with over 75% market share, while the top four companies control about 90% of the market [3]. 4. Domestic CMP Slurry and Pad Development - Anji Technology is the leading domestic CMP slurry company, with projected revenues of 1.55 billion yuan in 2024 and a global market share of around 10% [4]. - Dinglong Co. is the leading domestic CMP pad supplier, with a comprehensive product layout across various CMP materials and technologies [4]. 5. Investment Recommendations - The report emphasizes the potential for domestic CMP companies to expand market space due to the growth of the semiconductor industry and advancements in technology [5].