Resin, Copper Foil, Electronic Cloth: Which Is The Most Scarce Material For PCBs?

Resin: The Insulation Core of Copper Clad Laminates, High-End Market Awaits Breakthrough

Resin is the core insulation component of copper clad laminates (CCLs), acting as the "protective clothing" for PCBs. It plays a crucial role in insulation, high-temperature resistance, and stabilizing board performance, directly determining whether CCLs can adapt to high-end applications. As the number of layers in high-end PCBs continues to rise, applications such as ordinary 30+ layer boards, 800G optical modules, and AI server motherboards place extreme demands on the low-loss, high-temperature resistance, and high-frequency/high-speed performance of resins, making high-end specialty resins such as PPO, PTFE, and BT essential.

From a supply and demand perspective, the global high-end resin market has long been monopolized by companies like Shin-Etsu Chemical and Mitsubishi Chemical, with high barriers to entry in core technologies. However, the domestic industry chain is accelerating its breakthrough. Companies like Dongcai Technology, Shengquan Group, and Hongchang Electronics are continuously overcoming technical difficulties, gradually achieving domestic substitution in the mid-to-high-end resin field. Although there are technological gaps on the supply side, the overall situation is steadily improving, and there is no extreme shortage; supply and demand are relatively stable.

Copper Foil: The "Current Blood Vessels" of PCBs, Domestic Substitution Accelerates

If resin is the protective clothing, then copper foil is the "current blood vessel" of the copper-clad laminate (CCL), responsible for the transmission of all signals and currents on the PCB. Its thickness, conductivity, and signal stability directly affect the transmission efficiency of high-end PCBs. Facing the high demands of AI and high-speed communication, ultra-thin copper foil, high-frequency copper foil, and HVLP copper foil have become the market mainstream, and the industry's demand for high-end copper foil continues to rise.

In the early years, the high-end copper foil market was monopolized by companies such as Mitsui Metals and Nippon Minerals & Metals, with domestic companies in a long-term catch-up phase. In recent years, domestic companies such as Defu Technology, Longyang Electronics, and Tongguan Copper Foil have increased their R&D investment, achieving significant breakthroughs in high-end copper foil production processes and product performance. Production capacity has been continuously released, not only meeting the domestic demand for mid-to-high-end CCL production but also gradually entering the global supply chain. Currently, although there is a demand gap for high-end copper foil, the pace of domestic substitution is rapid, and production capacity is gradually catching up, so the shortage is far from extreme.

High-end Electronic Fabric: The Invisible Backbone of the Supply Chain, Extremely Scarce

Electronic fabric serves as the mechanical support framework for copper-clad laminates (CCLs), determining their mechanical strength and dimensional stability. It is an indispensable core material for high-end PCBs, yet it is also the most easily overlooked link in the supply chain. High-end applications such as AI servers and high-speed communications place extremely stringent requirements on the thinness, high-frequency low-loss, and heat resistance of electronic fabrics, which ordinary electronic fabrics are completely unsuitable for. High-end electronic fabrics have become a necessity in the supply chain.

For a long time, the global high-end electronic fabric market has been monopolized by overseas companies, resulting in extremely limited production capacity. With the explosive growth in demand for high-end PCBs, the production capacity of high-end electronic fabrics cannot keep up with market demand. Currently, the market is essentially in a state of zero inventory, making it extremely scarce and the most critical link among the three core materials for CCLs.

It is a source of pride that high-end electronic fabrics represent the most successful area of ​​domestic substitution in PCB materials. Companies such as China Jushi, Honghe Technology, and Sinoma Science & Technology have joined the ranks of global leaders, seizing global market share with their superior technology and gradually breaking the overseas monopoly. Even so, faced with explosive demand for high-end electronic fabrics, the production capacity of high-end electronic fabrics is still insufficient to meet the demand, and the shortage is unlikely to be alleviated in the short term.