Material Shortage & Price Trend

Transcription

1 Report Material Shortage & Price Trend Author: Di Han February 14, 2018 Silecta Inc Legget Drive Kanata, Ontario, Canada K2K 1Y

2 Executive Summary... 3 I. Multilayer Ceramic Capacitors (MLCC)... 4 Market Overview of MLCC Overview of Current Manufacturers... 4 Price Increase... 5 Reason for Increase... 6 Future Trend II. DRAM Market Overview of DRAM Overview of Current Manufacturers Price Increase Reason for Increase Future Trend III. PCB Market Overview of PCB Overview of Current Manufacturers Price Increase Reason for Increase Future Trend IV. Resistor Market Overview of Chip Resistor Overview of Current Manufacturers Price Increase Reason for Increase Future Trend V. Business Cycle of the Electronics Industry APPENDIX MLCC Demand: Automotive Industry Top PCB Manufacturers Price Increase Notifications SOURCES

3 Executive Summary Since last year, price increases and extended lead times have been witnessed across many electronic component manufacturing segments. This report provides a preview and analysis of some heated segments such as MLCC, DRAM, PCB and resistor. A preliminary market overview was performed, and major players were analyzed in every segment to provide a whole picture. Though MLCC, DRAM, PCB and resistor prices have been increasing over the last two years, the reasons behind this price surge phenomenon are not all the same. MLCC price increase is majorly driven by the significant demand from the automotive and smartphone industries. The current capacity is unable to keep up with a substantially higher demand. Adding to this, key players such as TDK and Kyocera exited the general MLCC market to focus on the more profitable electric automotive industry, further exacerbating the situation. Prices of raw materials such as nickel, copper and palladium have also been climbing since the end of 2015, putting more cost pressure on MLCC manufacturers. Fortunately, Murata, Taiyo Yuden, Samsung Electro-Mechanics, Yageo and Fenghua Advanced Technology are all going to expand their capacity. The supply and demand imbalance should get better by the end of this year. The DRAM market is an oligopolistic market. The Big Three - Samsung, Hynix and Micron - want to maximize their profitability. They are all conservative in expanding their capacity. The frantic heat from the cryptocurrency mining sector contributed to the strong demand for DRAM in addition to the high demand from server and smart device platforms. Samsung is expanding its DRAM capacity in South Korea which will generate an improvement in material availability and pricing in Q3, At the end of 2017, the Chinese government launched an environmental protection law and emission limits regulations to protect the environment. PCB, an industry creating heavy pollution, has been severely impacted by the new policy changes. Many factories have been shut down, resulting in a shortage of supply and price increase. Additionally, electrolytic copper foil manufacturers have allocated more production capacity to produce PCBs for electric cars instead of commercial electronic products. Though Zhen Ding Tech, Uniflex and Flexium will expand their capacity, the trend will not be mitigated until the end of this year. In January 2018, at least 7 resistor manufacturers have announced price increases. The overall price of ruthenium, whose primary use is as a thick film paste in thick film chip resistors, has increased in value by 487.5% since February On a month-to-month basis, the price of ruthenium metal has skyrocketed to $195 USD per Troy ounce in February Current major manufacturers are very wary of expanding their capacity. The price increases and lead time extensions happening in the resistor manufacturing segment show no sign of turning around this year. The largest manufacturers in these segments are Japanese, South Korean and Taiwanese companies and the depreciation of the U.S. dollar hurts their revenue, leading to growing pressure in costing. Last but not the least, this report also includes a business cycle of the electronic industry. Between 2009 and 2011, the industry experienced a similar situation of serious material shortage with significant price increase which lasted for two years. Hopefully the current shortage and price increase conditions will taper off by the end of this year. 3

4 I. Multilayer Ceramic Capacitors (MLCC) Beginning last year, the signs of a solid upturn (extended lead times and more robust demand) for multilayerceramic became increasingly evident and the situation has grown in severity over the past year. Market Overview of MLCC 2017 Passive electronic components: World Market Outlook Overview of Current Manufacturers As far as competition is concerned, major global MLCC manufacturers are mainly from Japan, South Korea, and Taiwan and include Japan's Murata, TDK, Taiyo Yuden and KYOCERA/AVX, South Korea's Samsung Electro- Mechanics and SAMWHA, and Taiwan's Yageo and Walsin. Tier 1: Murata, Kyocera, TDK, Samsung Tier 2: Walsin, Yageo, Holy Stone Tier 3: Guangdong Fenghua Advanced Technology, Eyang Technology Development, Chaozhou Three-Circle Group 4

5 Price Increase MLCC pricing has increased significantly in the past year. Yageo, as an example, increased its MLCC prices approximately 50% in 2017 alone. The momentum continues into this year. YAGEO S 2017 MLCC PRICE INCREASES Price Increase Notice Products Price increase Lead Time April 19th MLCC 10% N/A June 19th MLCC 15%~30% From 1 month to 6 months September 7th MLCC 15%~30% From 1 month to 6 months November 14th NPO MLCC 20%~30% or more From 1~3 month to 6 months Lytica s Freebenchmarking price points also show the same trend. The Freebenchmarking.com database collects the real prices of electronic components paid by various EMS and OEM companies. This data enables the creation of price distributions to identify cost saving opportunities and recommend security of supply for clients. Lytica Inc. 2 5

6 Reason for Increase The widening imbalance between supply and demand over the past year has driven prices higher; some contributing factors are: 1) TDK faded out of the general MLCC market mid-last year, which has worsened the imbalance. In 2018, Kyocera decided to stop production of some size 0402 and 0603 MLCCs. 2) Top tier manufacturers have allocated resources to the more profitable automotive industry; Tier 1 manufacturers have shifted focus to this small size, high capacitance, high-end market. It is estimated that each car needs 3000 MLCCs compared to the 700 required for a smartphone. 3) High demand driven by smartphones, including those from Samsung and Apple, increases the gap between need and availability. Statista 3 4) Strong demand from automotive industry. Zhiyan Consulting 4 6

7 5) Since the majority of MLCC manufacturers consist of Japanese, Taiwanese and Chinese companies, there is an added pressure from currency appreciation. The exchange rate of these local currencies to USD has been climbing since last year. When revenues in USD are converted back to local currencies, the manufacturers end up with far less. In turn, they have less local currencies to cover their manufacturing expense. Currency exchange TWD to USD Currency exchange JPY to USD XE 5 6) By the end of last year, China had shut down up to 40% of its factories in an unprecedented stand against pollution. The raw material suppliers of MLCC are also impacted by this initiative of environmental policy enforcement, leading to tighter supply in the upstream. 7

8 7) The price of key metals used for MLCC production also drives up MLCC price. Raw materials pricing for all key metals consumed in the MLCC increased in 2017 and continue to do so in 2018; nickel, copper and palladium show the greatest increase in price and impact on MLCC. 8

9 InfoMine 6 9

10 Future Trend The good news is that all major MLCC manufacturers have started to expand their production capacity however the construction period is very long. The huge supply and demand imbalance will only start to get better by the end of MLCC Manufacturer Capacity Expansion Plan Murata Taiyo Yuden Samsung Electro-Mechanics Yageo Fenghua Advanced Tech Murata Manufacturing (Murata) will invest 10 billion yen to build new MLCC production lines, in response to the current market demand for MLCC. The new MLCC plant is expected to be located in the Japanese city of Okayama, Okayama prefecture, and is expected to be completed in the fourth quarter of TOKYO, November 8, NIIGATA TAIYO YUDEN CO., LTD, a subsidiary of TAIYO YUDEN CO., LTD., announced that it will construct a new plant, Building No. 3, at their Niigata site. The plant will be completed in December 2018 and will meet increasing demand for multilayer ceramic capacitors. Samsung Electro-Mechanics will concentrate on expanding manufacturing capacity for MLCC for automobiles and industrial use. It will also expand MLCC production lines in Tiajin, China and the Philippines for the consumer electronic industry. Yageo will invest US$170,550,000 to expand 10% capacity. Monthly MLCC output will be 41B pieces. Fenghua invested US$8,830,150 to expand its production capacity for MLCC0201. Construction period is from Oct 2017 to Jun Fenghua invested US$29,519,976 to expand production for multilayer chip inductor. Construction period is from Aug 2017 to Dec

11 II. DRAM Market Overview of DRAM 2017 The oligopolistic market situation continued with no plan for capacity expansion. Nanya Technology Corp. 4 Strong sales in the last two years: DRAMeXchange 8 11

12 Overview of Current Manufacturers As shown the chart below, 3 top manufacturers dominate the whole DRAM market, taking up 93% of total global market share. Global Revenue Ranking of Branded DRAM Manufacturers (Million US$) Ranking Company Revenue Market Share 3Q17 2Q17 QoQ 3Q17 2Q17 1 Samsung 8,790 7, % 45.8% 46.2% 2 SK Hynix 5,514 4, % 28.7% 27.3% 3 Micron Group 4,023 3, % 21.0% 21.6% 4 Nanya % 2.3% 2.5% 5 Winbond % 0.9% 1.0% 6 Powerchip % 0.5% 0.6% DRAMeXchange 9 Price Increase Others % 0.7% 0.8% TOTAL 19,181 16, % 100.0% 100.0% IC Insights 10 Reason for Increase 1) These three companies want to maximize their profitability by maintaining the current situation rather than aggressively competing for market share through price reduction or capacity expansion. Into the 2 nd half 2017, the top 3 did not have any plans to expand their capacity. 2) As the largest supplier in the DRAM market, Samsung wants to increase its profits from DRAM in order to compensate for the huge loss incurred from the Galaxy Note 7 faulty battery event. 12

13 3) Strong demand from cryptocurrency mining industry and server. Digital currency has become a favorable factor for DRAM chips as well. Song Myeong-seop, an analyst at Hi Investment & Securities, said, According to dealers at the spot market, the current demand of DRAM chips for PCs is very low. However, it has gone up to the similar level of the sales of DRAM chips for PCs as the sales of DRAMs for cryptocurrency diggers have recently surged. He also said, The rapid increase in the demand of DRAMs for cryptocurrency diggers on the spot market correlates with the recent sharp rise in bitcoin prices. The spot price of DRAM chips is expected to be greatly influenced by the price trend of digital currency in the future. As the strong drive from digital currency tapers off, the gap between demand and supply will be better. Future Trend According to market watcher DRAMeXchange, the average selling price (ASP) of DRAM chips is projected to increase by 5% from the second quarter to the end of the third quarter as tight supply persists. Samsung is expanding its DRAM capacity in Hwasung and Pyeongtaek. The shortage and price increase will improve in Q3,

14 III. PCB Market Overview of PCB 2017 The Global PCB market is expanding every year. It is estimated that the total output value will be 75.7 Billion dollars in 2022 at a CAGR of 4.8% since Zhiyan Consulting 11 Overview of Current Manufacturers PCB manufacturing is concentrated in Asia with the majority of the top 30 (by revenue) located in Asian countries. 14

15 Price Increase Relative to its upstream and downstream industries, the concentration characteristic in the PCB industry is not high therefore the competition is very fierce among all players. In a highly competitive market environment, only those with good market positioning and operating efficiency are equipped with long-term competitiveness. A common PCB production line needs $3.5M USD, a multi-layer board production line requires an investment around $8.5M USD and High-Density Interconnect PCB needs an investment around $35M USD. HDI and other high-end PCBs are capital, labor-intensive industries; the management and technical requirements are relatively high, often becoming the bottleneck of capacity expansion. CCL (Copper Clad Laminate) is the direct raw material for PCB manufacturing. CCL manufacturers have a strong bargaining power over the PCB companies as long as the downstream demand is strong, making it easy to pass the cost pressure downstream as well. Generally, CCL manufacturers don t have bargaining power over their upstream glass fiber cloth, copper and other raw material providers. Reason for Increase 1) Raw Material Price Increase Since July 2017, many CCL manufacturers increased their prices; Kingboard Chemical, Guangdong Shengyi Sci.Tech, ITEQ, Nanya and Elite material, to name a few. In order to release the pressure of the increase cost from raw material suppliers, PCB manufacturers decided to increase their prices as well. 2) Chinese Government launched an environment protection tax law and emission limits Since last year, the State Environmental Protection Administration of China implemented an environment protection credit rating system to all manufacturing enterprise. This stricter environmental regulation will lead to the shutdown of some small and medium PCB enterprises because they lack experience with and funds for environmental protection facilities. The exit of many small and medium size PCB companies will result in an imbalance between supply and demand. On January 1, 2018, the environmental protection tax law of China was formally implemented. Tax burdens on PCB manufacturers push up the cost of manufacturing. They must increase the selling price to compensate for the extra tax. 15

16 3) Production capacity has switched to lithium battery copper foil The global electrolytic copper foil production capability is limited. Total global production capacity of copper foil is approximately 40,150 tons/month which is slightly lower than the total demand of 43,050 tons/month. With the development of, and increasing demand for, new energy vehicles, more and more copper foils are being used to produce lithium batteries for that vertical. Over the past 10 years, PCB enterprises have cut their prices to rock-bottom, foregoing profit in order to sustain their foothold in the market. Many factories have decreased their production capacity. Out of the 40,150 tons/month global capacity of electrolytic copper foil, only 32,000 tons of production is active. With 8,600 tons of this capacity shifting to the more profitable lithium battery copper foil, the actual capacity for Copper Clad Laminate(CCL)and PCB becomes merely 24,000 tons/month, falling well below the total demand of approximately 34,000 tons/month. Taiwanese manufacturers Nanya, Chang Chun Group and Co-Tech Development Corporation, Japanese manufacturers Mitsui Kinzoku and Fumkawa, South Korean manufacturers ILJIN Semiconductor Co., Ltd and LSM and Chinese manufacturers Anhui Tongguan Copper Foil Co., Ltd, Lingbao Wason Copper-Foil Co., Ltd, Qinghai Electron Material, United Copper Foils and Jiangxi Copper Corporation all have plans to switch to the production of lithium cell copper foil (refer to the table below). Global Capacity of Electrolytic Copper Foil Headquarters Manufacturer Factory Location Capacity Capacity Shift to Lithium Battery Nanya Taiwan 2400 Kunshan, China Taiwan Chang Chun Group Taiwan 5000 Changshu, China Co-Tech Taiwan LCY Techonology Taiwan 1000 Mitsui Kinzoku Taiwan 1500 Malaysia Japan Fukuda Metal Suzhou 1200 Nikko Metals Phillippines 800 Furukawa Japan South Korea ILJIN South Korea LSM South Korea Tongguan Copper Foil Anhui Lingbao Wason Anhui China Qinghai Electron Material Qianghai Jiangxi Copper Jiangxi Zhaoyuan Jinbao Electronics Shandong 1100 United Copper Foils Guangdong Luxembourg Circuit Foil Luxembourg 850 Others 6000 GLOBAL CAPACITY PCB Door 12 16

17 Increasing demand and a higher profit for lithium cell copper foil leads to a higher copper price and PCB shortage. Future Trend Some companies have started to expand production capacity to keep up with the strong demand in recent years. For example, Tripod-Tech, the 2nd largest Taiwan PCB company next to Zhen Ding Tech, will invest US$1.705B to build new plants and production lines. Uniflex and Flexium will also increase capacity in The price increase and shortage trend won t be mitigated until the end of

18 IV. Resistor Market Overview of Chip Resistor 2017 Yageo 13 Overview of Current Manufacturers As shown above, Yageo is the leader in the chip resistor market. Price Increase January 2, 2018: Ralec Electronic Corp announced a price increase. Prices of chip resistor in sizes 0402, 0603, 0805 and 1206 will increase 15%, effective immediately. January 4, 2018: Viking Tech decided to increase 10% of its product price on CR0603, 0805 and 1206 SMD resistors. January 9, 2018: LIZ Electronics lifted its selling price by 15% and the price adjustment took effect immediately. January 10, 2018: Yageo increased the price of its RC series by 15% to 20%. Price increases apply to general thick film resistors (RC series) with sizes 0402, 0603, 0805 and 1206, as well as large size thick film resistors (RC series) with sizes 1210, 1218, 2010and Price increases take effect immediately. January 15, 2018: Walsin decided to increase price on its thick film resistors (sizes 0402, 0603, 0805 and 1206) by 10% to 15%. January 18, 2018: RoyalOhm issued a public notice stating that due to the environmental protection requirements, the price of raw materials and the continually increasing operating cost of the company, product prices will be adjusted effective February 1, Prices of chip resistors and Array chip resistors will be increased by 15-20% on the current selling price. January 22, 2018: Guang Dong Fenghua Advanced Technology announced that the price of RC / RS series resistors with sizes of 0402, 0603, 0805 and 1206 will increase by 7% to 13%. Price increases take effect on February 5, February 1, 2018: Yageo increased the price of its thick film resistors (sizes ) and array chip resistors (YC/TC ) by 20% to 30%, or even higher. Price increases take effect on February 5,

19 Reason for Increase 1) Raw material price increase The price of ruthenium metal skyrocketed to $195 USD per Troy ounce in February on a month-to-month basis. The overall price of ruthenium, whose primary use is as a thick film paste in thick film chip resistors, has increased in value by 487.5% since February InfoMine 14 2) Chinese Government launched environment protection tax law On January 1, 2018, the environmental protection tax law of China was formally implemented. The tax burden on electronic component manufacturers pushes up the cost of manufacturing. They must increase the selling price to compensate for the extra tax. 3) Currency appreciation In the past year, the US dollar has appreciated almost 5%. The resistor manufacturing industry is a lowmargin industry and this 5% currency appreciation impacts the business bottom line significantly. XE 15 19

20 Future Trend There has been no capacity expansion news from resistor manufacturers or their upstream ceramic substrate manufacturers. The price increase, long lead time and shortage will continue to the end of this year at least. 20

21 V. Business Cycle of the Electronics Industry From 2009 to 2011, the electronic manufacturing industry experienced a comparable situation of component price increase and serious shortage. Some of the reasons behind that occurrence are similar to the reasons driving the current situation. 1) Significant demand after the 2008 financial crisis. 2) Demand skyrocketed due to the revolutionary changes in smartphones. IDC 16 3) Supply chain crisis caused by an earthquake in Japan and a flood in Thailand The March 2011 Great Tohoku Earthquake and Tsunami devastated the northeast coast of Japan; the most powerful natural disaster in Japan s modern history. Japan s earthquake caused logistical disruptions, component supply shortages and a price surge in the consumer electronic and automotive electronic industries. Severe flooding occurred during the 2011 monsoon season in Thailand. In the electronics industry, the global hard disk supply chain suffered the most damage. Thailand is the world's largest hard drive accessories and drive production base boasting the world's four largest hard drive manufacturers. Western Digital, Seagate, Hitachi and Toshiba all have factories in Thailand. 60% of Western Digital s capacity and 50% of Toshiba s are from their factories in Thailand. In addition, hard disk motor manufacturer Nippon Electric, magnetic head manufacturer TDK and other hard disk accessory manufacturers have main factories located in Thailand. Flooding stopped the production of most hard disk drive manufacturers, resulting in shortage and price increase. 21

22 4) Currency appreciation of TWD and JPY. XE 17 22

23 APPENDIX MLCC Demand: Automotive Industry MLCC Demand: Automotive Industry 2016 Annual Usage 2017 Annual Usage 2018 Annual Usage 2019 Annual Usage Car Output MLCC usage (10B PC) Car Output Total MLCC usage (10B PC) Car Output Total MLCC usage (10B PC) Car Output Total MLCC usage (10B PC) Zhiyan Consulting 18 Total Electric Hybrid/ Plug in Hybrid Mild Hybrid Fuelefficient ICE (Internal combustion engine)

24 Top PCB Manufacturers Rank Company Country 2016 Revenue 1 Nippon Mektron Japan Zhen Ding Technology Taiwan TTM Technologies USA UMTC Taiwan Compeq Taiwan Tripod Taiwan Young Poong Group S. Korea Samsung E-M S. Korea Sumitomo Electric Industry (SEI) Japan KBC PCB Group China Ibiden Japan Nanya PCB Taiwan AT&S Austria HannStar Taiwan Daeduck Group S. Korea Meiko Japan Fujikura Japan Chin Poon Taiwan Kinsus Taiwan Multek -Flex USA Shennan Circuit China LG Innotek S. Korea Simmtech S. Korea T.P.T. Taiwan CMK Japan Wus Group Taiwan Gold Circuits Taiwan Flexium Taiwan Shinko Japan MFLEX-acquired by Suzhou Dongshan Precision mfg China 522 Printed Circuit Design & Fab 19 Top 30 PCB Manufacturers (By USD Revenue in Millions) 24

25 Price Increase Notifications RALEC Translation: Notice about price increase on R-Chip To my respectful partners, Thanks for your long-term support and trust on RALEC, which establishes a mutual-beneficial cooperation relationship. We are facing tremendous cost pressure from the increasing cost from raw material and packaging material. In order to provide better service to our customers, we decide to adjust the selling price of below products: 1) SMD resistors with the size of and 1206, price increases 10%. 2) New price takes effect immediately Jan 02 nd,

26 VIKING TECH CORPORATION Translation: To my respectful partners and customers, Notice about price increase on thick film resistors Due to the continuous significant price increase on material (packaging, resistor paste, plating material, ceramic substrate), we decide to adjust the selling price as follows, Product: CR SMD resistors Price adjustment: 10% increase Jan 04 th,

27 LIZ ELECTRONICS (KUNSHAN) CO., LTD Translation: To my respectful customers, Thanks very much for your long-term support and trust on LIZ. We are dedicated to providing excellent quality and service to you in return. Due to the continuous significant price increase on material, the operating cost has been increased substantially. Thus, we decide to adjust the selling price as follows, Price adjustment: 15% increase Effective date: immediately We really appreciate your understanding and support. Millions of thanks! Jan, 09 th,

28 YAGEO Translation: To respectful customers and distributors, Due to the appreciation of US dollar, cost increase on raw material and labor, we decided to adjust the price for below products, effective immediately. General thick film resistor(rc series), 0402, 0603, 0805, 1206 Large size thick film resistor (RC series),1210, 1218, 2010, 2512 Price of above-mentioned products will increase 15% to 20%. We really appreciate your understanding and continuous support. Jan 10 th,

29 WALSIN Translation: Price adjustment of Walsin SMD resistors To every important partner: Because of the continuous increase of raw material and labor cost, we decide to adjust prices of below products. Their prices will increase by 10% to 15%, effective on Jan 22 nd, Thick film product series and Array and Array Thanks for your understanding. Jan 12 th,

30 UNIROYAL Translation: To my respectful partners and end users, Thanks for your long-term support and trust. The stricter environment protection regulation leads to raw material cost increase. And, our operating cost continues to rise. We decide to adjust our product price. Price increase applied to: 0402~2512 chip resistors and all Array chip resistors The price will increase 105~20% New price takes effect on 1 st, February 2018 Brand impacted: ROYALHOM, UniOhm Thanks. Jan 18 th,

31 GUANGDONG FENGHUA Translation: To my respectful partners and customers, Due to the climbing price of previous metals, high pressure from environment protection regulation, raw material and labor cost continues to rise, the operating cost keeps going up. Therefore, we decide to adjust the prices of chip resistors as follows, Product: RC/RS series (size 0402, 0603, 0805, 1206) Price adjustment: increase by 7% to 13% New price takes effect on 5 th, February 2018 Jan 22 nd,

32 YAGEO Translation: To respectful customers and distributors, Because of the continuous increase of raw material and labor cost, shortage of substrate, and stricter environment protection regulation, we decided to adjust the price for below products, effective on 5 th February. Thick film resistor(rc series), 0402~2512 Array chip resistor (YC/TC122~164) Price of above-mentioned products will increase 20% to 30% or higher. We really appreciate your understanding and continuous support. Feb 1 st,

33 SOURCES 1. Passive Electronic Components: World Market Outlook: Cary, NC: Paumanok Publications, Inc., Lytica Inc Statista (2017). Global smartphone shipments forecast from 2010 to 2021 (in million units). Retrieved from Statista database. 4. Zhiyan Consulting. MLCC Demand Report, 5. XE: The World's Trusted Currency Authority. Retrieved February 14, 2018, from 6. InfoMine: Commodity and Metal Prices. Retrieved February 14, 2018, from 7. Wu, Joseph. Fubon Investment Conference 1Q2017. Nanya Technology Corp., March 15, EN G.pdf. 8. TrendForce Reports 3Q17 DRAM Revenue Hit a New High With a 16.2% Sequential Increase; DRAM Prices to Rise by 10% on Average in 4Q17. DRAMeXchange, November 13, (accessed February 14, 2018). 9. TrendForce Reports 3Q17 DRAM Revenue Hit a New High With a 16.2% Sequential Increase; DRAM Prices to Rise by 10% on Average in 4Q17. DRAMeXchange, November 13, (accessed February 14, 2018). 10. DDR4 Set to Account for Largest Share of DRAM Market by Architecture. IC Insights, April 13, By-Architecture/ (accessed July 16, 2017). 11. Zhiyan Consulting. Global PCB Market Report, PCB Door. Global Capacity of Electrolytic Copper Foil, Company Profile Yageo Corporation, InfoMine: Commodity and Metal Prices. Retrieved February 14, 2018, from XE: The World's Trusted Currency Authority. Retrieved February 14, 2018, from Global smartphone sales surpassed desktop sales in Tablet use is on the rise. International Data Corporation (IDC)., February XE: The World's Trusted Currency Authority. Retrieved February 14, 2018, from Zhiyan Consulting. MLCC Demand Report, Nakahara, Dr. Hayao. Automotive Driving Fabricator Gains. Printed Circuit Design & Fab, August 30, Silecta Inc. Suite Legget Drive Kanata, Ontario, Canada K2K 1Y Silecta Inc. All rights reserved. Silecta and Silecta logo are registered trademarks of Silecta Inc. All other products are trademarks of their respective owners.