PCB Material Composition And Industry Chain Analysis
(Printed circuit board, PCB) is a substrate for assembling electronic parts, and is a printed board on which a point-to-point connection and a printed component are formed on a general-purpose substrate in a predetermined design. The main function of this product is to make various electronic components form the connection of the predetermined circuit, play the role of relay transmission, and is the key electronic interconnection of electronic products. The manufacturing quality of printed circuit boards not only directly affects the reliability of electronic products, but also affects the overall competitiveness of system products. Therefore, printed circuit boards are called "mother of electronic system products". The development level of the printed circuit board industry can reflect the development speed and technical level of the electronics industry in a country or region to a certain extent.
Glass fiber yarn: The glass fiber yarn is calcined into a liquid state by using a raw material such as silica sand in a kiln, and is drawn into a very fine glass fiber through a very fine alloy nozzle, and then several hundred glass fibers are twisted into a glass fiber yarn. The investment in kiln construction is huge. It is a capital-intensive industry. The 30,000-ton kiln needs 400 million yuan. It takes 18 months to build a new kiln. The boom cycle is difficult to master, and once it has been ignited, it must be produced 24 hours a day, and it will take five years. Left and right, must be suspended for half a year of maintenance, the cost of entry and exit is huge.
Fiberglass cloth: Fiberglass cloth is one of the raw materials for copper clad laminates. It is made of fiberglass yarn, accounting for about 40% (thick plate) and 25% (thin plate) of CCL. Fiberglass fabric manufacturing is similar to weaving companies. It can control the production capacity and quality by controlling the speed. The specifications are relatively simple and stable. There has been almost no change in specifications since World War II. Unlike CCL, the price of fiberglass cloth is most affected by the relationship between supply and demand. In recent years, the price fluctuated between 0.50 and 1.00 USD/m. At present, Taiwan and China's production capacity accounts for about 70% of the world. The relationship between upstream and downstream is the key to operation. The price of a looms is 10~150,000, generally more than 100 sets can be produced normally, but the subsequent heat treatment and chemical processing equipment have higher capital requirements, reaching tens of millions of grades. Cloth capacity expansion is easy and flexible.
Copper foil: Copper foil is the largest proportion of the cost of CCL, accounting for about 30% (thick plate) and 50% (thin plate) of CCL cost. Therefore, the price increase of copper foil is the main driving force for CCL price increase. . Copper foil is widely used, not only in the CCL industry. When the CCL industry is in a downturn, copper foil manufacturers can switch to copper foil for other purposes. The price of copper foil is closely reflected in the price change of copper. As the price of copper rises, copper foil manufacturers shift the cost pressure downstream. The high-tech barriers in the copper foil industry have led to insufficient domestic supply, high-grade copper foil still needs a large amount of imports, and the cost of investing in factories is also large.
CCL (CCL): It is an electronic grade glass fiber cloth as a substrate, impregnated with epoxy resin, and dried to form a semi-cured adhesive sheet, which is then single-sided, double-sided or multi-layered. The board is coated with a thin copper foil, which is made by special hot pressing process and is the direct raw material of the PCB. The demand for funds in the CCL industry is relatively large. The small-scale factory is about 50 million yuan, and the concentration is high. There are about 100 in the country. The CCL industry is a cost-driven cyclical industry. In the upstream and downstream industry chain structure, CCL has a strong bargaining power for PCBs. As long as the downstream demand is still acceptable, the pressure of rising costs can be passed on to downstream PCB manufacturers, but only the scale is large. CCL can have a strong voice in the procurement of raw materials such as fiberglass cloth and copper foil. Because the product of CCL is single, it can only be sold to printed circuit board factories. When the PCB is in a downturn, it can only be used to ensure the utilization of production capacity.
PCB: Compared with the upstream and downstream industries, the characteristics of the printed circuit board industry determine that its industrial concentration is not high; in the fierce market competition environment, only those enterprises with good market positioning and high operational efficiency have long-term competitiveness, an ordinary PCB. The production line needs more than 20 million yuan, the multi-layer board needs to invest 50 million yuan, and the HDI needs to invest more than 200 million yuan. Due to the huge industry, the division of labor is very fine, there is a single-station process outsourcing specialized in drilling, and the supply of low-end products is oversupplied. The high-end printed circuit board industry such as HDI is a capital- and labor-intensive industry. It has high requirements for management and technology, and often becomes a bottleneck for capacity expansion.