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Summary of Core Points
The Importance of Materials
Packaging materials account for 40% -60% of the total packaging cost and are one of the key bottlenecks restricting the development of the integrated circuit industry.
The urgency of localization
High end materials are monopolized by Japan and the United States: the localization rate of photoresist (<2%), PSPI (the first four foreign companies account for 93%), silicon micro powder (Japanese companies account for 70%) and other sub sectors have extremely low localization rates.
Policy driven domestic substitution: "Made in China 2025" promotes technological breakthroughs in local enterprises (such as Dinglong Corporation and Shanghai Xinyang).
High growth segmented fields
Photosensitive materials: PSPI's global market CAGR is 25.16% (expected to reach $2.03 billion in 2029); The photoresist packaging industry is expected to reach 595 million yuan in the Chinese market by 2025.
Epoxy plastic encapsulation material (EMC): The global scale is expected to reach 9.9 billion US dollars (CAGR 5%) by 2027, with higher growth rates for advanced packaging EMC.
Silicon micro powder: The CAGR of the Chinese market size is 22.3% (expected to reach 5.5 billion yuan by 2025), and the import dependence of spherical silicon micro powder is high.
Electroplating/polishing solution: Copper plating solution has a global CAGR of 10.79%, while CMP polishing solution has a CAGR of 15% in China.
Core materials and technological barriers
Photosensitive materials: PSPI (photosensitive polyimide) and BCB (benzocyclobutene) are the mainstream media for wafer level packaging, and PSPI positive adhesive is the trend.
Temporary bonding adhesive/bottom filling material: Key material for 3D packaging, with a CAGR of 8.2% in the temporary bonding adhesive market.
TSV material: Insulation layer/seed layer technology is monopolized by foreign companies, with the highest cost proportion (temporary bonding+electroplating accounts for 34%).
Layout of key domestic enterprises
Photosensitive materials: Dinglong Co., Ltd. (PSPI mass production), Strong New Materials (certification stage).
Epoxy plastic sealant: Huahai Chengke, Hengsuo Huawei.
Silicon micro powder: Lianrui New Materials (domestic replacement for spherical silicon micro powder).
Photoresist/plating solution: Shanghai Xinyang and Tongcheng New Materials.
Key conclusions
Technical bottleneck field: photoresist PSPI、 The localization rate of spherical silicon micro powder, TSV materials, etc. is less than 10%, and there is a huge space for substitution.
Growth engine: Advanced packaging (such as 3D integration and fanout packaging) drives the explosive demand for materials, and local enterprises accelerate breakthroughs through policies and capital.
Investment logic: Focus on three major directions: high growth rate (PSPI, silicon micro powder), high barrier (photoresist), and high domestic substitution potential (EMC, electroplating solution).