Core Insights - The article discusses the anticipated commercialization of advanced semiconductor packaging technologies, driven by the explosive growth in artificial intelligence (AI) and high-performance computing (HPC) demands, expected to begin next year [1][2]. Group 1: Advanced Packaging Technologies - The TechInsights report highlights five key technologies that will lead the future market: Co-Packaged Optics (CPO), next-generation HBM4, glass substrates, Panel Level Packaging (PLP), and advanced thermal management solutions [1][2]. - CPO technology integrates optical transceiver modules directly into or near the chip, significantly improving energy efficiency compared to traditional pluggable optical modules. Major companies like TSMC, NVIDIA, and Broadcom are preparing for CPO commercialization, with 2026 expected to be a pivotal year for this technology [1][2]. Group 2: HBM4 and Glass Substrates - HBM4 is recognized as one of the most advanced 3D packaging technologies, maximizing high bandwidth memory performance while facing challenges in stacking yield. The industry is compelled to develop new packaging processes and material systems due to increasing thermal management and production efficiency issues [2]. - The shift from traditional silicon substrates to glass substrates is accelerating, as glass substrates offer higher stability and better wiring performance, becoming the ideal choice for high-end packaging [2]. Group 3: Panel Level Packaging and Thermal Management - PLP is gaining attention for its significant production efficiency and cost advantages, prompting global companies to increase investments in this area. This trend is expected to drive equipment investment, supply chain restructuring, and intensified competition in technology standardization [2]. - Advanced thermal management technologies, including liquid cooling, high-performance thermal interface materials (TIM), and backside power delivery, are being rapidly introduced in data centers and are expected to expand into mobile and consumer electronics [2].

Core Insights - The overall packaging market is expected to grow by 16% year-on-year to reach $105.5 billion in 2024, with the advanced packaging market growing by 20.6% to $51.3 billion, accounting for nearly 50% of the total market [1][2] - By 2030, the overall packaging market is projected to reach $160.9 billion, with advanced packaging expected to grow to $91.1 billion, resulting in a compound annual growth rate (CAGR) of 10% from 2024 to 2039 [1][2] - The high-end market share is anticipated to increase from 8% in 2023 to 33% by 2029, driven by the demand for performance in generative AI, edge computing, and intelligent driving ADAS [2] Packaging Market Overview - The traditional packaging market is projected to reach $54.2 billion in 2024 and $69.8 billion by 2030, indicating significant potential for panel-level packaging (PLP) to replace traditional methods [3] - The wafer-level packaging market is expected to be $2.1 billion in 2024, with the FO/2.5D organic interposer market at $1.8 billion, potentially reaching $8.4 billion by 2030 [3] Advanced Packaging Necessity - Advanced packaging is becoming essential due to the end of Moore's Law in process technology, shifting focus to packaging technology to achieve higher performance at lower costs [3] - The need for panel-level packaging (PLP) arises from its cost-effectiveness, design flexibility, and superior thermal and electrical performance [3] Substrate Importance in High-End Market - Packaging substrates play a crucial role in signal transmission, heat dissipation, protection, and functional integration, which are vital for meeting the increasing I/O density demands in mobile devices, 5G, data centers, and high-performance computing [4][5] COWOP Technology - The Chip on Wafer on PCB (COWOP) concept blurs the lines between PCB and substrate, focusing on transferring substrate functions to PCB while maintaining compatibility with existing technologies [6] Related Companies - Key companies in the packaging substrate and materials sector include Lianrui New Materials (688300.SH), Huazheng New Materials (603186.SH), and others [7]

Market Overview - In 2024, the overall packaging market is expected to grow by 16% year-on-year to reach $105.5 billion, with the advanced packaging market growing by 20.6% to $51.3 billion, accounting for nearly 50% of the total [2][14]. - By 2030, the overall packaging market is projected to reach $160.9 billion, with advanced packaging expected to grow to $91.1 billion, resulting in a compound annual growth rate (CAGR) of 10% from 2024 to 2039 [2][14]. - The high-end market share is anticipated to increase from 8% in 2023 to 33% by 2029, driven by the demand from generative AI, edge computing, and intelligent driving ADAS [2][16]. Need for Advanced Packaging - The end of Moore's Law for advanced processes marks the beginning of the packaging Moore's Law, focusing on achieving higher performance at lower costs through system-level packaging techniques [3][30]. - The increasing demand for diverse functionalities leads to more frequent interactions between functional devices, necessitating efficient high-speed interconnections between chips to enhance overall system performance [3][30]. Need for Panel-Level Packaging (PLP) - PLP technology offers higher cost-effectiveness, greater design flexibility, and superior thermal and electrical performance, with significant potential to replace traditional packaging methods [4][42]. - The traditional packaging market is projected to reach $54.2 billion in 2024 and $69.8 billion by 2030, indicating a broad space for PLP to replace existing solutions [4][42]. - The wafer-level packaging market is expected to be $2.1 billion in 2024, with the FO/2.5D organic interposer market at $1.8 billion, potentially reaching $8.4 billion by 2030 [4][42]. Importance of Substrates in High-End Markets - Packaging substrates play a crucial role in signal transmission, heat dissipation, protection, and functional integration, with low-loss transmission being a key property [5][36]. - The increasing I/O density requirements driven by trends in mobile devices, 5G, data centers, and high-performance computing necessitate advancements in substrate technology to meet higher resolution demands [5][36]. COWOP and Substrate-Less Concepts - The Chip on Wafer on PCB (COWOP) concept blurs the definitions between PCB and substrate, focusing on transferring substrate functions to PCB while maintaining compatibility with existing technologies [6][36]. - Current PCB wiring density and I/O density are insufficient to match interposer requirements, necessitating the development of materials that can achieve high-density I/O [6][36]. Related Companies - Key players in the packaging substrate and materials sector include companies like Unimicron, BOE, and Corning, which are diversifying their businesses to capture opportunities in PLP and glass substrate applications [45].