CoWoP未来有望逐步商用，一文详解PCB工艺及相关材料（附公司）

Core Viewpoint - The PCB industry is experiencing significant growth driven by increasing demand for HDI products, particularly due to advancements in AI server technology and substantial capital investments from major tech companies [3][7]. Market Trends - The HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [3]. - Major companies like Google are increasing their capital expenditures, with a reported $22.446 billion for Q2 2025, marking a 30.5% quarter-over-quarter increase and a 70.2% year-over-year increase [3]. Company Performance - Shengyi Technology (生益电子) reported a 91% year-over-year increase in revenue for the first half of 2025, reaching 3.769 billion yuan, and a 452% increase in net profit to 531 million yuan [3]. Technological Developments - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with CoWoP (Chip-on-Wafer-on-Panel) becoming a focal point for innovation [5][9]. - CoWoP technology requires Low-CTE (Coefficient of Thermal Expansion) materials to ensure compatibility with high-precision applications, leading to a focus on specialized materials and advanced manufacturing processes [9]. Key Drivers of Demand - The demand for PCBs is primarily driven by two segments: high-performance GPUs led by Nvidia and custom ASIC chips developed by cloud service providers like Google and Amazon [7][8]. - The shift towards custom ASICs is aimed at optimizing workloads and reducing reliance on external suppliers, which is expected to further increase PCB demand [8]. Advanced Packaging and Materials - CoWoP technology transforms PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials and manufacturing techniques [9]. - The introduction of HVLP (High-Voltage Low-Power) copper foil is essential for high-speed signal transmission, with surface roughness controlled to minimize signal loss [12][13]. Resin Innovations - The industry is moving away from traditional epoxy resins due to high dielectric loss, favoring advanced resin systems like PPO, PTFE, and CH, which offer better electrical performance [14].