8 segments · 132 companies · as of Sep 18, 2026
Substrates, PCBs & Passives
The package, board and passive component stack beneath AI systems
Where it sits
Feeds: Compute Silicon · Memory & Storage · Networking & Interconnect
Package substrates connect silicon to circuit boards, while laminates, glass cloth and copper foil carry increasingly fast signals. Capacitors and inductors deliver stable power close to processors. AI systems require larger packages, more board layers, lower signal loss and higher current density.
Why now
T-glass and ABF substrates constrain large AI packages; 224G links tighten HVLP foil and low-loss resins. Reported CCL allocation and M8/M9 waits up to 140 days amplify cost pressure, with AI-grade PCB prices up as much as 40% in April 2026. Glass-core substrates remain in qualification.
ABF, FC-BGA & Memory Substrates
Large, high-layer ABF packages connect AI processors, while BT substrates carry companion memory. Advanced capacity and low-warpage materials remain constrained; customer-backed factory investment and finer routing separate qualified suppliers from new entrants.
Large, high-layer FC-BGA substrates for AI processors; February 2026 investment plan adds advanced package capacity
leaderLarge-body ABF FC-BGA substrates route processor signals through fine copper wiring and multilayer build-up dielectrics
leaderHigh-layer FC-BGA buildup substrates for server CPUs and large AI packages; private after its June 2025 delisting
majorABF substrates from Kulim and Leoben; expanding customer-backed capacity for advanced CPU and AI packages
majorLarge-body, high-layer FC-BGA substrates for server and AI chips, supported by expanded Vietnam manufacturing
majorABF substrates with 11+N+11 layer capability; 24-layer 2026 roadmap addresses larger processor packages
majorABF FC-BGA substrates for high-I/O microprocessors and graphics processors, with multilayer fine-pitch routing
majorReported FC-BGA production at 22 layers and below, with 24-layer-and-above substrate sampling for computing chips
challengerFine-pitch FC-BGA/FC-LGA substrates, including coreless and 2.3D/2.5D multichip formats for AI and networking
majorOrganic FC-BGA substrates with 9,000-plus I/O capability and ceramic packages for high-pin-count processors
majorFC-BGA substrates for computing chips and fine-pitch memory package substrates supporting DDR5 demand
challengerLarge-area AI FC-BGA samples; company targets AI training and inference substrate mass production in 2027
emergingVia Leading Interconnect, ABF/BT substrates; 158 x 158 mm, 28-layer ABF capability targets large AI packages
challengerGDDR and DDR5 package substrates plus high-density memory SiP substrates for server and accelerator memory
majorEtched package substrates and leadframes for DDR5 and other memory chips used around server processors
nicheSAP-manufactured organic FC-BGA substrates provide high-density microbump and fine-line processor interconnects
challengerLarge-body, high-layer FC-BGA substrates for server and AI packages, alongside BT memory substrates
challengerCSP memory substrates and developing FC-BGA capacity; advanced processor-substrate qualification remains in progress
emergingCaptive organic substrates for wire-bond BGA, flip-chip BGA and SiP packages integrate with its assembly operations
niche
Sources: ibiden.com, ats.net, nanyapcb.com.tw, kyocera.co.jp, news.lginnotek.com, ase.aseglobal.com
Build-up Films & Specialty Glass Cloth
ABF dielectric films and low-CTE T-glass keep large processor packages flat; low-Dk and quartz cloth reduce PCB signal loss. Reported T-glass shortages constrain advanced package substrates, while 1.6T laminates need separately qualified low-loss cloth.
ABF dielectric film for high-end FC-BGA wiring; dominant qualified build-up film platform for AI processor substrates
leaderT-glass and NE/NER cloth; November 2025 Nan Ya weaving agreement expands specialty supply from 2027
leaderLow-loss glass cloth for 800G applications and quartz-cloth qualification for 1.6T; low-CTE entry remains under consideration
majorSQX quartz-fiber cloth for low-loss, low-expansion laminate and substrate reinforcement
nicheElectronic glass cloth; November 2025 agreement adds weaving for Nittobo and licenses NER low-loss glass technology
majorTD low-Dk woven glass fabric reinforces high-speed CCL; low-CTE package cloth remains qualification-dependent
challengerFLD-series low-dielectric woven glass fabrics reinforce high-speed copper-clad laminates
challengerVia Taishan Fiberglass, Low-Dk1/2 PCB cloth and separate Low-CTE cloth for chip-package cores
challengerLow-CTE and low-Dk electronic glass fabrics for package substrates and high-speed circuit laminates
challengerReported T-glass shipments to Panasonic and Resonac; expanding low-CTE and low-loss electronic glass cloth
challengerQuartz fiber and woven fabric offer low dielectric loss for high-frequency PCBs and computing laminates
emergingNX/NQ dielectric build-up films in production, with additional low-loss film grades targeting advanced package substrates
challengerFPIM photosensitive films and package solder masks for fine-pitch wiring; September 2026 launch extends dielectric materials
majorVia 51%-owned Waferchem, TBF-GL/MR build-up dielectric films for package substrates; commercial qualification continues
emergingUltrathin and low-CTE electronic glass cloth retained as a specialty business despite withdrawal from other textile operations
nicheHigh-purity quartz yarn and woven quartz fabrics for low-loss electronic reinforcement and thermal applications
emergingLow-dielectric woven glass cloth reinforces printed wiring boards; published fabrics include IPC 2013 construction
nicheLDK electronic yarn and cloth in batch production for low-loss PCB reinforcement in high-frequency communications
challengerNittobo subsidiary weaving NE low-Dk cloth and T-glass under OEM orders; NER cloth remains in customer qualification
challenger
Sources: ajinomoto.co.jp, trendforce.com, saswafer.com, waferchem.com.tw, cpicfiber.com, arisawa.co.jp
Glass-Core Substrate Development
Glass-core packages promise flatter large chiplet assemblies and finer vias. Most suppliers remain in R&D, pilot or customer qualification; 2027-2029 targets and new funding are commercial options rather than evidence of a current volume-supply shortage.
Via 70.05%-owned Absolics, Covington glass samples entered reliability evaluation in Aug 2026; customers undisclosed
emergingGlass-core pilots; planned GlaSSEM JV is 66% SEMCO/34% Dongwoo Fine-Chem, targeting supply in H2 FY2027
emergingVia Dongwoo Fine-Chem, planned 34% GlaSSEM JV with SEMCO for glass cores; initial supply targeted for H2 FY2027
emergingDevelops internal glass-core chiplet packages; public roadmap targets introduction in the second half of the decade
emergingFine-pitch TGV glass-core substrates, with sample supply planned from 2026 and mass production targeted for 2028
emergingGlass-core substrate materials and processing in development; commercial production remains a 2028-2029 target
emergingGlass-core substrate pilot line and process development in Ishikawa; announced pilot timing does not establish volume shipments
emergingPrecision glass for advanced package cores; development targets dimensional stability and dense optical/electrical routing
emergingEngineered glass wafers and panels for package cores and TGV development, supporting advanced packaging qualification
emergingGC Core glass and large 515 x 510 mm TGV sample panels for advanced semiconductor package development
emergingDevelops glass cores, TGV processing and package interconnects; company targets glass-substrate production in 2028
emerging0.3-2 mm TGV glass processing; July 2026 Toppan agreement supports joint qualification for future package substrates
emergingPublished glass-core prototypes use PECVD SiO2 and copper damascene wiring for fine-pitch hybrid-bonded packages
emergingVia Atotech, integrated wet metallization chemistry for glass substrates and through-glass vias introduced in July 2026
emergingDevelops photoresists and process chemistry for glass packaging and through-glass-via patterning
emergingVia Vitrion foundry, LIDE microprocessing fabricates custom glass substrates and through-glass vias
emergingGlass-based package substrates and integrated passive structures for heterogeneous semiconductor integration
emergingGlass Core Technology provides metallized TGVs and thin-film redistribution circuits; large AI cores remain unverified
emergingDevelops glass-packaging materials and high-reliability TGV processes under its published 2025-2026 research program
emerging
Sources: skc.kr, sumitomo-chem.co.jp, intel.com, news.lginnotek.com, atotech.com, vitrion.lpkf.com
CCL & Low-Loss Resins
Low-loss CCL for AI servers and 1.6T links faces reported allocation, M8/M9 lead times up to 140 days and 20-40%+ price rises. AI-grade PCB prices rose as much as 40% in April 2026 (Goldman Sachs); epoxy waits stretched to 15 weeks from 3. Qualified resin, cloth and foil decide who can ship.
EM-892K/K2 low-loss laminates are specified for 800G/112G PAM4 switch and router boards
leaderMEGTRON 6/7 established low-loss grades, MEGTRON 8 for faster links and MEGTRON 9 targeting 224G/1.6T boards
leaderNORYL PPE oligomer resin for low-loss server and switch CCL; reported ~70% of high-purity PPE supply
nicheBG high-speed AI-server CCL; KRW970 billion expansion announced Sep 2026 targets accelerator, switch and optical boards
majorThunderClad TU-933 and 5N/5R low-loss laminate families for high-speed server and network switch boards
majorIT-988G/SE and IT-998GSE/999GSE low-loss laminates for high-layer server and high-speed networking boards
majorSynamic low-loss CCL, including 112G-class 9GN grades, for server and networking board qualification
majorM8-class high-speed laminates supported by in-house electronic glass cloth and copper-foil supply
majorKB-6168 high-Tg laminates for multilayer computing boards; ultralow-loss AI grades remain a smaller developing position
challengerBT package-core resins and OPE-2St crosslinkable PPE oligomers for low-loss, high-speed circuit laminates
majorLow-CTE MCL package-core laminates reduce warpage in large, high-layer processor and memory substrates
majorLalphaZ low-CTE, high-modulus package-core materials for dimensionally stable high-density semiconductor substrates
nicheNelco and Taconic low-loss laminates for high-speed digital and RF boards through AGC Multi Material
majorHigh-speed, low-loss CCL and prepregs for servers and data centers; separate issuer from Taiwan's Nan Ya Plastics
challengerHSD7/HSD8 ultralow- and extreme-low-loss laminates for server, switch and optical-module boards
challengerTachyon 100G and TerraGreen high-speed laminates for low-loss server, backplane and network interconnects
nicheD130 low-dielectric benzoxazine and other electronic-grade resins for high-frequency circuit laminate formulations
challengerLow-loss benzoxazine resins for heat-resistant copper-clad laminates and high-frequency electronic circuits
challengerSpeedWave 300P low-Dk prepreg bonds XtremeSpeed RO1200 laminates in high-layer, low-loss electronic boards
nicheTec-speed low-loss laminates and prepregs for high-speed digital circuits; no disclosed M9 AI-platform certification
niche
Sources: emctw.com, na.industrial.panasonic.com, en.yna.co.kr, sabic.com, en.wazam.com.cn
Copper Foil & Metallization Chemistry
Very-low-profile copper preserves high-speed signals, while plating and adhesion chemistry form fine vias and wiring. HVLP4-class supply has long qualification cycles and concentrated capacity; surface roughness and adhesion must improve together as links accelerate.
VSP very-low-profile copper foil for high-speed AI interconnects; expanding high-grade capacity as HVLP demand tightens
leaderUltralow-profile copper foil for high-speed digital laminates; private under Skylake after April 2026 closing
majorHVLP4 copper foil supplied to Doosan; December 2024 announcement established initial 1,800-ton annual capacity
challengerFZ-WS low-profile electrolytic copper foil balances low transmission loss and resin adhesion in fast circuit boards
majorCF-T4X-SV and CF-T9DA-SV low-profile copper foil grades for low-loss electronic laminates
majorVL411 HVLP3 and PF510/PF511 HVLP4 foil grades for low-loss PCB inner layers; named customer qualifications undisclosed
challengerLow-profile interconnect copper foil grades for high-speed laminates, emphasizing smooth surfaces and resin bonding
challengerVLP/VFP and reverse-treated electrolytic copper foil for high-speed PCB laminate reinforcement and wiring
majorVHS1-VHS4 HVLP and reverse-treated copper-foil families reduce signal loss in high-speed digital circuit laminates
challengerReported HVLP1-3 CCL qualification and volume production; HVLP4+ validation progress lacks named customer confirmation
challengerVia Atotech, copper via-fill and package-substrate plating chemistry; established top electronics-plating supplier
leaderMacDermid Alpha copper metallization and final finishes for HDI boards and package substrates
majorCZ copper micro-roughening chemistry bonds resin to fine traces while limiting signal loss in package and PCB wiring
majorIntervia and Solderon copper-pillar, redistribution-layer and solder-bump plating chemistry for fine-pitch packages
majorElectroless copper and fine-feature plating chemistry for FC-BGA substrate wiring and redistribution layers
majorCU-BRITE copper via-fill and TIPHARES package-plating processes for dense PCB and substrate interconnects
majorRolled copper-alloy foils down to 10 microns for high-frequency interconnects; distinct from electrolytic HVLP grades
niche
Sources: mitsui-kinzoku.com, lotteenergymaterials.com, atotech.com, co-tech.com, en.yna.co.kr, jjdefu.com
AI Server & Switch PCBs
High-layer multilayer and HDI boards route accelerator, server and switch signals. AI demand favors low-loss materials, tight registration and complex backdrilling; new capacity helps, but yield and customer qualification decide which fabricators can ship demanding boards.
Reported 1.6T switch-PCB volume shipments and initial 224G products in H1 2026, alongside AI server boards
leaderHigh-layer AI accelerator and server PCBs plus advanced HDI boards for large, high-power computing platforms
leaderHigh-layer server and networking PCBs for AI accelerators and switches, with fine backdrilling and signal-integrity control
majorHigh-layer multilayer boards for AI accelerators and data center switches; capacity expansion supports complex layer counts
majorCompute-server PCBs; Frost & Sullivan ranks #3 globally, #1 among mainland-China HQ makers by cumulative 2022–24 revenue
majorHigh-layer PCBs, sequential lamination and precision backdrilling for AI compute and data center networking boards
majorHigh-layer data center and communications PCBs, with high-speed material processing separate from its substrate division
majorHigh-layer server, switch and communications PCBs; separately listed board maker rather than Shengyi's laminate business
majorHigh-layer HDI boards for AI servers, OAM GPU modules and switches; annual report names Oak Stream and Venice requirements
majorHigh-layer multilayer and fine-line HDI circuit boards for high-end computers and networking equipment
majorOAM accelerator and CPU mainboards plus 800G optical-module PCBs for AI computing and network equipment
challengerVietnam Plant 4 PCB capacity serving AI server orders; computing-board expansion complements its automotive base
challengerFine-line HDI PCBs for 400G-1.6T optical transceivers, using 18/22-micron wiring and spacing capabilities
nicheMultilayer/HDI server and networking PCBs; company targets first AI-product revenue in 2026 before a larger 2027 ramp
challengerFabricates complex computing/network PCBs and backplanes above 70 layers, separate from its server assembly services
nicheVia Qingding, GPU-module HDI and 800G/1.6T optical-module boards; July 2026 filing details further capacity investment
emergingHigh-layer HDI for AI chips, 112G switch boards and 800G optical-module PCBs in its published product portfolio
challengerServer multilayer PCBs from China and its operational Sander Thailand plant; AI customer names remain undisclosed
challengerHigh-density interconnect and multilayer PCBs for computing systems, separate from its ABF package-substrate operations
major
Sources: hkexnews.hk, ttm.com, wap.eastmoney.com, tripod-tech.com, avaryholding.com, delton-tech.com
MLCCs & Silicon Capacitors
High-capacitance MLCCs decouple dense AI power rails, while silicon and embedded capacitors move charge storage closer to the die. Tight qualified AI-grade supply and new long-term contracts support expansion; general-purpose ceramic capacity is not interchangeable.
High-capacitance MLCCs and thin silicon capacitors for processor-package and AI server power-rail decoupling
leaderAI MLCCs: KRW1.07T Sep 2026 LTA; silicon capacitors: KRW1.5T May 2026 contract, for delivery from 2027
leaderHigh-capacitance and thin embedded MLCCs for low-inductance decoupling around AI processors and server power rails
majorX7R 10 uF/100 V MLCCs in 3225 size for AI server power circuits, added to its ceramic portfolio in September 2026
majorServer MLCCs via Yageo/KEMET; acquired Shibaura Electronics adds thermistors, a separate temperature-sensor business
majorVia Kyocera AVX, low-ESL and high-capacitance ceramic capacitors for dense computing-board decoupling
majorHigh-capacitance X5R/X7R MLCCs for computing and network-board power filtering; separate from its resistor products
majorX5R/X7R MLCCs for compact board decoupling; leading AI processor socket qualifications remain unverified
challengerIn-house X5R/X7R MLCCs up to 220 uF for compact power decoupling, plus high-voltage ceramic capacitors
nicheMLCCs for board power filtering and decoupling; a substantial advanced-AI server production position is unverified
emergingX7R and high-capacitance MLCCs for electronic-board decoupling; specific advanced AI qualifications remain unverified
challengerEC2005P/EC2025P/EC2006P embedded silicon capacitors add 9.34-36.8 uF near the die for AI/HPC power delivery
challengerSTILE substrate-embedded passive modules place capacitive charge storage near AI processors to reduce power-delivery loss
emergingVJ ceramic capacitor families provide local board decoupling and filtering; no specific advanced AI package win verified
nicheVia Precision Devices, C0G high-voltage MLCCs and safety capacitors for AI server resonant conversion and EMI filtering
nicheSpecialty multilayer ceramic capacitors and high-frequency ceramic components for communications circuitry
niche
Sources: murata.com, corporate.murata.com, m.samsungsem.com, empowersemi.com, blog.knowlescapacitors.com
Polymer Capacitors & Power Inductors
Low-ESR polymer capacitors and high-current inductors stabilize processor voltage regulators. TLVR coupled magnetics respond to fast GPU load changes; thermal limits, transient response and board area drive design wins rather than a uniform shortage of all passive parts.
SP-Cap, POSCAP and OS-CON conductive-polymer capacitors for low-ESR server voltage-regulator decoupling
leaderKEMET polymer/tantalum capacitors plus Chilisin, Pulse and Tokin power magnetics for server voltage regulation
majorSLV-series TLVR coupled inductors for fast transient response in high-current CPU and GPU voltage regulators
majorVLBUC dual-coil TLVR inductors and VLBU compensation inductors for fast CPU/GPU load response in server regulators
majorVia Cyntec, molded high-current inductors and coupled TLVR magnetics for AI server processor power rails
majorFPCAP conductive-polymer aluminum capacitors for low-impedance output filtering in server voltage regulators
majorConductive-polymer and hybrid aluminum capacitors for high-ripple server power supply and regulator output filtering
majorConductive-polymer aluminum capacitors for low-ESR server-board decoupling and power-supply output filtering
majorAP-CON and ARME polymer/hybrid aluminum capacitors for AI server DC-DC converters and voltage-regulator decoupling
challengerVia Kyocera AVX, conductive-polymer tantalum capacitors for high-density server voltage-regulator output filtering
majorECAS polymer aluminum capacitors and power inductors for compact server regulators and fast processor load changes
majorIHLP power inductors and T55 polymer tantalum capacitors for server voltage conversion and low-ESR output filtering
majorCoupled TLVR and high-current power inductors for AI-chip voltage regulation and server power circuits
challengerAHA40475A TLVR coupled inductors reach 135 A at 20% inductance roll-off for CPU/GPU voltage-regulator transients
challengerTLVR and molded power inductors for CPU, GPU and HBM supply rails above 400 A in aggregate
challengerTL/TLP coupled TLVR inductors and compensation inductors for multiphase CPU, GPU and ASIC voltage regulators
nicheWE-HCMD coupled TLVR inductors with saturation current up to 190 A for high-current server processor regulators
nichePZ-CAP conductive-polymer and aluminum electrolytic capacitors for server power filtering and bulk charge storage
nicheMCOIL metal power inductors provide low-resistance DC-DC conversion and local power filtering in computing electronics
majorCIG-family metal-composite power inductors stabilize IC supply rails; AI servers are a listed application
majorSMD high-current inductors with low DCR and high saturation current for PC and server voltage regulators
nicheTLVR1005T/TLVR1105T coupled inductors and SRP-CL magnetics for AI regulators and DDR5 power circuits
nicheATL coupled TLVR inductors improve transient response in multiphase AI server CPU and GPU voltage regulators
nicheVia Cornell Dubilier, aluminum-polymer capacitors provide low-ESR output filtering in AI server power conversion
niche
Sources: na.industrial.panasonic.com, kemet.com, coilcraft.com, abracon.com, eaton.com, m.samsungsem.com
Glossary
- ABF / FC-BGA
- ABF is an insulating build-up film; FC-BGA packages use dense multilayer substrates to connect large chips to circuit boards.
- CCL
- Copper-clad laminate combines resin, reinforcement and copper foil; PCB makers pattern and stack it into circuit boards.
- CTE / Dk / Df
- Thermal expansion, dielectric constant and dielectric loss describe package stability and high-speed signal performance.
- HVLP
- Hyper very low profile copper foil has a smooth surface that reduces conductor loss in fast circuit traces.
- TGV
- Through-glass vias are conductive connections through a glass core used in experimental and emerging package substrates.
- MLCC / TLVR
- Ceramic capacitors store local charge; trans-inductor voltage regulator magnetics help power rails respond to fast loads.
Heat, spend, exposure and shares are editorial estimates. How to read the map ↗