SCC(SZ:002916)2026-01-07 03:05Summary of Global PCB and CCL Market for AI Servers Industry Overview - The global PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) market for AI servers is projected to reach US$27 billion and US$19 billion respectively by 2027E, up from US$17 billion and US$8 billion in previous estimates, indicating a 140% and 178% CAGR from 2025-2027E [2][8][40]. Key Drivers of Growth 1. Demand Drivers: - The demand is primarily driven by the rise of high-end AI servers, including GPU and ASIC servers, which require advanced PCBs and CCLs [1][40]. - High-end products such as 30+ layer multilayer PCBs, 6L+ HDI, and M9+ CCL are expected to account for 16%, 23%, and 14% of total shipments for AI server applications by 2027E [1][42]. 2. Specification Upgrades: - The transition to next-generation high-end AI servers is expected to significantly increase the value TAM (Total Addressable Market) [1][42]. - The adoption of M9 materials and 6L HDI is anticipated to enhance product value and performance [42]. 3. Capex Growth: - Capex for PCB suppliers is expected to grow by 24% YoY in 2025, 23% in 2026E, and 15% in 2027E; for CCL suppliers, growth is projected at 38%, 22%, and 7% respectively [1][57]. 4. Utilization Rates: - Utilization rates for PCB and CCL are expected to remain high despite capacity expansions, driven by the ramp-up of AI infrastructure [1][41]. Market Dynamics - Shipment Growth: - PCB shipments are projected to increase by 69% CAGR to 2.5 million square meters by 2027E, while CCL shipments are expected to grow by 72% CAGR to 78 million sheets [2][41]. - Average Selling Price (ASP) Increases: - The ASP of AI server PCBs is expected to grow at 42% CAGR, reaching US$11,062 per square meter by 2027E; CCL ASP is projected to increase by 62% CAGR to US$239 per sheet [43][40]. Gross Margins and Profitability - Major PCB and CCL companies are expected to see higher gross margins due to increasing sales of high-margin AI server products, tight supply, and rapid transitions to newer generations [44][40]. Investment Recommendations - Companies recommended for investment include Shennan (002916.SZ), GCE (2368.TW), EMC (2383.TW), and TUC (6274.TWO), which are positioned to benefit from the growth in the AI server PCB and CCL market [3]. Conclusion - The global PCB and CCL market for AI servers is poised for robust growth driven by technological advancements, rising demand, and significant increases in average selling prices. This presents a compelling investment opportunity in the sector, particularly for companies that are adapting to the evolving specifications and demands of AI infrastructure.