HSBC: All CCL companies we met said demand was running ahead of supply, and none expected the market to balance before 2029.
There was unanimous agreement that demand, particularly from AI, would remain strong, while shortages of critical materials such as glass fabric remain a supply bottleneck and, in some cases, have left CCL makers underutilised.
China’s CCL giant Kingboard Laminates (1888 HK) just raised prices for the seventh time this year.
Effective immediately for new orders, all FR-4 laminates and thick prepreg are up 10%. Thin prepreg is up 20%.
Glass cloth and copper foil remain in short supply.