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PCB industry declines in 2023, IC substrate growth rate declines first and then risesPCB companies are in the development of tens of billions of high-speed growth periods, the future potential is huge.As the mother of all electronic products, the PCB industry is also experiencing a small decline in market size due to poor terminal market conditions. Fortunately, the PCB market will resume year-on-year growth from 2024 onwards, with IC substrates, as the key substrate for advanced packaging of integrated circuits, leading the growth rate in the next five years.According to Prismark's forecast, the global PCB output value will be $78.367 billion in 2023, down 4.13% from $81.741 billion in 2022, but will resume year-on-year growth from 2024 onwards, with a CAGR of 3.8% from 2023 to 2027.As for product line categories, in 2023, the PCB industry includes multilayer PCB, flexible PCB + modules, HDI PCB, and IC substrates, and the output value of these four major product lines will decline across the board. Among them, the output value of RPCB multilayers ranks first, reaching $37.34 billion, a decline of 3.57% from 2022; the output value of IC substrates reaches $16.073 billion, a decline of 7.71% from 2022, the largest decline; the output value of flexible boards+modules reaches $13.427 billion, a decline of 3% from the previous year; and the output value of HDI reaches $11.528 billion, a decline of 2% from the previous year. 2023-2027 Global PCB Market Size Estimate (US$ 100 million)YearRPCBFlex PCB+moduleHDIIC substrates2022 (E)387.21138.42117.63174.152023 (F)373.4134.27115.28160.732024 (F)381.79141.31122.25174.412025 (F)419.39148.72129.65189.262026 (F)444.3156.52137.49205.382027 (F)450.48164.73145.81222.862022-2023 CAGR3.10%3.50%4.40%5.10%Data sources: Prismark  Despite the recession in 2023, the market generally expects that the market will stabilize and demand will gradually recover in the second half of 2023 or 2024. Prismark's estimated data also shows that the whole line will resume positive growth from 2024. The average annual compound growth rate of the four product lines from 2023 to 2027 is 3.1%, 3.5%, 4.4% and 5.1% respectively.  It is not difficult to find that IC substrates, as key substrates for advanced packaging of integrated circuits, have potential growth space.The IC substrate is developed on the basis of the related technology of the PCB board, which is used to establish the signal connection between the IC and the PCB. In addition, it can also play the role of protecting the circuit, fixing the circuit and dissipating the waste heat.  It has the characteristics of high density, high precision, miniaturization and thinness: In the field of high-end packaging, IC substrates have replaced traditional lead frames and become an indispensable part of chip packaging, not only providing support, heat dissipation and protection for chips; At the same time, it provides an electronic connection between the chip and the PCB motherboard, which plays a role of "bridge between the top and the bottom".According to analysis, the IC substrate industry has experienced rapid growth in the past few years, but this year's poor demand has led to a significant decline this year. With the market demand expected to pick up in 2024, IC substrates may usher in new opportunities.The market pattern of IC substrate was first led by Japanese manufacturers, and then the production capacity was partially transferred to China Taiwan and South Korea along with the semiconductor industry chain. In recent years, due to the impact of Korean and China Taiwan manufacturers, Japanese companies have withdrawn from the low-end market and switched to high-end packaging substrates such as FC BGA and FC CSP. At present, the top three IC substrate enterprises are Unimicron Electronics, Ibiden and Simmtech, accounting for 15%,11% and 10% market share respectively.On the whole, the product series of Taiwan enterprises in China is more comprehensive, while the mainland enterprises in China are still concentrated in the entry-level and general categories, and are actively introducing high-end series products. According to incomplete statistics, the Chinese local PCB enterprises that have laid out the IC substrate business include (in no particular order): FastPrint, Shennan Circuit, Zhuhai Access, Kingwong Electronics, Suntak, Bomin Electronics, Kingshine Stock, China Eagle Electronic, Dongshan Precision, etc.  In the past two decades, the overall trend of China's PCB industry development is basically the same as that of the global PCB industry. Under the overall trend of the global PCB industry shifting to Asia, benefiting from the advantages of huge domestic demand market space, relatively low labor costs, industrial policy support, and mature industrial processing technology, mainland of China attracted many PCB companies to invest.  On the one hand, a large number of foreign-funded enterprises to mainland of China transfer or new capacity, on the other hand, mainland domestic enterprises to accelerate the expansion of production capacity, Mainland China has become the world's largest PCB industry base, accounting for more than 50% of the global market share.  The sustainable and healthy development of China's PCB industry has a significant impact on the global PCB industry and the development of the global electronic information industry.China has formed the Pearl River Delta region, and Yangtze River Delta region as the core area of the PCB industry cluster. According to CPCA statistics, in 2019, the PCB industry was distributed in 22 provinces and municipalities directly under the Central Government, with a total of 2,372 enterprises, including 1,437 PCB enterprises in Guangdong Province, accounting for 60.58%; There are 341 PCB enterprises in Jiangsu Province, accounting for 14.38%; There are 108 PCB enterprises in Zhejiang Province, accounting for 4.55%. Guangdong, Jiangsu, Zhejiang, Shanghai, Fujian and other coastal areas of PCB enterprises accounted for more than 84% of the total number of PCB manufacturers.  In recent years, with the rising labor costs in coastal areas and the improvement of environmental protection requirements, some PCB enterprises began to migrate their production capacity to provinces and cities with better industrial conditions in the central and western regions, such as Jiangxi, Hubei, Hunan, Sichuan, etc., which may form the Pearl River Delta in the future.  China is the world's largest manufacturing base and consumer market for electronic information products. With the continuous promotion of "Made in China 2025", a number of world-renowned local enterprises have emerged in emerging markets such as mobile Internet, Internet of Things, big data, cloud computing, artificial intelligence and driverless cars, providing more development opportunities for supporting the electronic manufacturing industry. Under the guidance of the national supply-side structural reform and innovation-driven development strategy, the electronic information manufacturing industry accelerated the structural adjustment and the industrial prosperity continued to boost. As one of the three pillar industries of the electronics industry, PCB is closely related to the overall development of the electronic information industry. Domestic PCB enterprises fully benefit from the policy dividend, constantly improve their product lines while timely docking with the capital market, through industrial optimization and upgrading, to the international first-class manufacturers.    

1. What is ABF material?ABF (Ajinomoto Build-up Film) material is highly durable and rigid film that combines organic epoxy resin, hardener, and inorganic particulate filler. As a type of IC substrate material, ABF resists expansion and contraction during temperature changes, making it a substrate for between nano-scale ICs and millimeter-scale components. The story of ABF material began in the 1970s when the food company - the Ajinomoto Group began exploring the use of by-products from the production of fresh flavors, and Ajinomoto, as one of the world's top ten food companies, has been a "century-old company" that not only produces lysine, but also threonine and tryptophan are among the largest in the world. At that time, the semiconductor industry was developing rapidly; In particular, printed circuit board manufacturers need better insulation materials to maintain performance. At the time, conventional insulating materials were liquid insulating inks, but Koji Takeuchi, then head of development at the Ajinomoto Group, thought outside the box of ink materials and saw thin film materials as the way forward. The Ajinomoto R&D team realized that the by-products from MSG production could be utilized to create a resin-based synthetic material with extremely high insulating properties, and created a thermosetting film with high durability, low thermal expansion, ease of processing, and other important characteristics, called ABF. An ABF interfaces an IC with the PCB. Image used courtesy of the Ajinomoto Group2. ABF Substrate board applicationsThe AFB substrate consists of multiple layers of microcircuits, known as "building block substrates", which allow for the formation of these miniature components because its surface can be laser-machined and directly copper-plated. Most modern chip makers use ABFs to design smaller components in their CPUs and GPUs.A lower level look at the ABF within a package. Image used courtesy of the Ajinomoto Group  Compared with BT Substrate boards, ABF material can be used for ICs with thinner lines, suitable for high pin count and high message transmission, with higher computing performance, mainly used for CPU, GPU, FPGA, ASIC and other high computing performance chips. ABF substrate matches the semiconductor advanced process to meet the requirements of its thin line and thin line width. Currently, ABF Substrate boards have become the standard for FC-BGA packages. 3. ABF Substrate Board ManufacturerIn the global market, ABF substrates are dominated by a handful of players from Japan, Taiwan China, and South Korea. Major ABF substrate manufacturers include Unimicron, Ibieen,Nanya PCB , Shinko Electric Industries, Kinsus, AT&S, Semco, and Kyocera, with the top eight players accounting for more than 85% share globally. Almost all ABF substrate manufacturers are planning to expand their production capacity in the coming years, and several other companies are planning to enter into the production of ABF substrates due to the high market potential, such as LG Innotek, Shennan Circuit, Shenzhen FastPrint Technology, Access and NCAP China.Currently there are seven major suppliers of ABF Substrate boards, the proportion of supply in 2021 are Unimicron 21.6%, Kinsus 7.2%, Nanya PCB 13.5%, Ibiden 19.0%, Shinko 12.1%, AT&S 16.0%, Semco 5.1%. In 2022, except for Semco, the rest of the manufacturers are expanding production. Proportion of ABF suppliers in 2020~20254. Background of the development of ABF Substrate boards4.1 Advanced Packaging, the "Greatest Hits"Currently, advanced packaging technologies include FC BGA, FC QFN, 2.5D/3D, WLCSP, Fan-Out, etc. Among them, FCBGA has become the mainstream packaging technology by virtue of its internal FC and external BGA packaging. As a package technology with more applications in ABF Substrate boards, FCBGA has an I/O count of 32~48, and thus has excellent performance and cost advantages. In addition, the I/O count of 2.5D package is also quite high, which is several times higher than that of 2D FC package. While significantly improving the performance of high-level chips, the required ABF Substrate boards also become more complicated.Taking TSMC's CoWoS technology as an example, since its debut in 2012, this packaging technology has been categorized into CoWoS-S, CoWoS-R, and CoWoS-L according to the different Interposer, with the fifth-generation CoWoS-S now in mass production and the sixth-generation CoWoS-S expected to be mass-produced in 2023. As one of the advanced packaging technologies, CoWoS adopts a large number of high-order ABFs, which are higher than FCBGA in terms of area and number of layers, and the yield is much lower than that of FCBGA, and from this aspect, a large amount of ABF capacity will be consumed in the future.In addition to TSMC, Intel's Embedded Multi-die Interconnect Bridge (EMIB) technology, released in 2014, has a high I/O count of 250~1000 to increase chip interconnect density and embed the silicon intermediary layer in the ABF to save a large area of silicon intermediary layer. Although this move reduces the cost, it increases the area, number of layers and production difficulty of the ABF, which will consume more ABF capacity. It is understood that Eagle Stream's new platform Sapphire Rapids will be the first Intel Xeon data center product with EMIB + Chiplet, and it is estimated that ABF consumption will be more than 1.4 times that of the Whitley platform.As a result, the emergence of advanced packaging technology has undoubtedly been a major contributor to the demand for ABF Substrate boards.4.2 Upgraded Demand in the Server and AI SectorIf advanced packaging technology is a major contributor, then the rise of data centers and artificial intelligence applications is the number one "enabler". At present, in order to meet the needs of HPC, AI, netcom and various infrastructure, whether it is CPU, GPU, netcom chips, or special application chips (ASIC) and other key chips, will accelerate the speed of content upgrading, and then to the large size, high-level number, high-density lines in the direction of the development of the three directions, and such a development trend will inevitably pull up the market for the demand for the ABF Substrate board. On the one hand, the advanced packaging mentioned above as a major tool to improve chip arithmetic and reduce the average price of the chip, coupled with the rise of data centers and artificial intelligence and other fields of computing power put forward a new requirement, more and more CPU, GPU and other large arithmetic chips began to move towards advanced packaging. So far this year, the most shocking should be the M1 Ultra chip launched by Apple in March. It is understood that the M1 Ultra uses Apple's customized packaging architecture Ultra Fusion, based on TSMC's InFO-L packaging technology architecture, through the silicon intermediary board connecting the two M1 Max die crystal, to build out the SoC, which can maximize the reduction of the area and improve performance. The InFO-L packaging technology used in the M1 Ultra requires a large area of ABF, twice the area of the M1 Max, and a higher degree of precision than the packaging technology used in previous processors.  In addition to Apple's M1 Ultra chip, NVIDIA server GPU Hopper and Ultra Semiconductor's RDNA 3 PC GPUs will be converted to 2.5D packaging this year, and in April of this year, there were media reports that ASE Group's Advanced Packaging had cut its way into the supply chain of the top U.S. server chip makers.All signs imply that the advancement of high-computing-power chips to advanced packaging will become the main reason for the growth of demand for ABF Substrate boards. On the other hand, it is the rise of new technologies and applications such as AI, 5G, autonomous driving, and Internet of Things. In terms of the most popular meta-universe before, AR/VR and other headset devices as an important entrance to the future meta-universe, behind the hidden huge chip opportunities, and these chip opportunities will also become a new growth force to promote the growth of the ABF Substrate board market. 5. Analysis of the current status of the ABF Substrate industryFrom the global ABF Substrate industry market size, the ABF Substrate market size continues to grow. According to relevant data, the global ABF Substrate industry market size reached USD 4,368 million in 2021, and the market size is expected to reach USD 6,529 million in 2028, with a CAGR of 5.56% for the global ABF Substrate market size from 2022 to 2028.From the industry supply and demand situation, ABF Substrate board is currently in a situation of short supply, and it is expected that there will still be a supply and demand gap until year 2024. According to the data, the global average monthly demand for ABF Substrate boards will be 185 million pcs in 2019 and will reach 345 million pcs in 2023, with a CAGR of 16.9%. And the global average monthly production capacity of ABF Substrate board will grow at a CAGR of 18.6% from 2019-2023, and the monthly production capacity is expected to reach 331 million pcs in 2023, however, the supply-demand gap has been reduced, but it still can't satisfy the market's demand of 345 million pcs. Tight supply has also led to rising ABF prices, with ABF Substrate board prices increasing by approximately 30%-50% since the second half of 2020.The current supply of ABF Substrate is insufficient, mainland China ABF substrate manufacturers have increased investment, seize the opportunity to seize the global market share of packaging substrates, accelerate the process of domestic substitution. At present, there are Shennan Circuit, FastPrint technology, Zhuhai ACCESS has the expansion of ABF substrate production capacity, Huazheng new material, Nanya new material are making the most critical and the bottle-necked ABF film layer materials. According to data, in recent years, China's regional ABF Substrate board market size is growing faster than the global market size of $664 million in 2021, accounting for about 15.2% of the global market size, is expected to reach $1.364 billion in 2028, when the global share will reach 20.9%. China’s ABF Substrate Board Industry Market Size and Growth Rate, 2021-2028  6. Future Development Trends of ABF Substrate Board Industry6.1 ABF Substrate Board Layer and Area Continues to Grow with High Performance Computing (HPC) DemandAt this stage, the number of layers of ABF Substrate board high-end products have fallen in 14-20 layers, the area is 70mmx70mm, and even 100mmx100mm products have been related to the design of the line fine density has gradually entered the 6-7 micron, in 2025 officially entered the 5 micron competition.6.2 Chiplet Packaging Technology Energizes IC Substrate Board IndustryCurrently, Chiplet is a solution of greater interest to a number of leading IC vendors such as AMD, Intel, TSMC and others. According to Omdia's statistics, in 2024, the global market size of processor chips using Chiplet will reach 5.8 billion U.S. dollars, and will reach 57 billion U.S. dollars in 2035, with a compound growth rate of about 23.09%, the rapid growth in the market size of Chiplet processor chips will drive an increased demand for ABF Substrate board. Advanced packaging technology to promote the consumption of ABF Substrate board capacity, the introduction of 2.5/3DIC high-end technology products, the future has the opportunity to enter the mass production stage, is bound to bring greater growth momentum.7. SummarizeBenefit from 5G, AI cloud computing, big data analysis and other applications to drive the demand for high-performance computing chips, coupled with the "home economy", remote work and other scenarios to promote the CPU, GPU and other LSI chips multiply the amount of FC-BGA substrate demand has increased greatly, the ABF Substrate boom rise. ABF Substrate will be the future of electronics manufacturing.We must recognize that the position of ABF Substrate boards cannot be shaken in the short term. the supply side of ABF Substrate boards is a game for the few, with extremely high financial and technical barriers. Ajinomoto's ABF substrate capacity is in short supply, which is the root cause of the shortage of ABF Substrate boards.ABF technical difficulties lie in the ABF substrate and fine line width of the manufacturing process, the technical threshold is high, the key to expanding production is to be able to recruit enough technical personnel, because the ABF Substrate board in addition to the ABF substrate, the high multi-layer, fine-pitch line process requirements are extremely high. For example, the number of high-end ABF Substrate layer has reached as high as 20 layers, line width into the rang of 6μm ~ 7μm, testing the manufacturer's technology research and development and talent reserve capacity. China's mainland IC Substrate industry development has the opportunity to break through the limitations,and then expand their presence on the global stage.Rocket PCB strives to be the most knowledgeable IC substrate solution provider in the Integrated circuit industry, covering both BT and ABF substrates for Coreless, ETS, FCCSP, FCBGA(BT), and FCBGA(ABF), providing customers with a wide variety of choices.

1. What is ABF material?ABF (Ajinomoto Build-up Film) material is highly durable and rigid film that combines organic epoxy resin, hardener, and inorganic particulate filler. As a type of IC substrate material, ABF resists expansion and contraction during temperature changes, making it a substrate for between nano-scale ICs and millimeter-scale components. The story of ABF material began in the 1970s when the food company - the Ajinomoto Group began exploring the use of by-products from the production of fresh flavors, and Ajinomoto, as one of the world's top ten food companies, has been a "century-old company" that not only produces lysine, but also threonine and tryptophan are among the largest in the world. At that time, the semiconductor industry was developing rapidly; In particular, printed circuit board manufacturers need better insulation materials to maintain performance. At the time, conventional insulating materials were liquid insulating inks, but Koji Takeuchi, then head of development at the Ajinomoto Group, thought outside the box of ink materials and saw thin film materials as the way forward. The Ajinomoto R&D team realized that the by-products from MSG production could be utilized to create a resin-based synthetic material with extremely high insulating properties, and created a thermosetting film with high durability, low thermal expansion, ease of processing, and other important characteristics, called ABF. An ABF interfaces an IC with the PCB. Image used courtesy of the Ajinomoto Group2. ABF Substrate board applicationsThe AFB substrate consists of multiple layers of microcircuits, known as "building block substrates", which allow for the formation of these miniature components because its surface can be laser-machined and directly copper-plated. Most modern chip makers use ABFs to design smaller components in their CPUs and GPUs.A lower level look at the ABF within a package. Image used courtesy of the Ajinomoto Group  Compared with BT Substrate boards, ABF material can be used for ICs with thinner lines, suitable for high pin count and high message transmission, with higher computing performance, mainly used for CPU, GPU, FPGA, ASIC and other high computing performance chips. ABF substrate matches the semiconductor advanced process to meet the requirements of its thin line and thin line width. Currently, ABF Substrate boards have become the standard for FC-BGA packages. 3. ABF Substrate Board ManufacturerIn the global market, ABF substrates are dominated by a handful of players from Japan, Taiwan China, and South Korea. Major ABF substrate manufacturers include Unimicron, Ibieen,Nanya PCB , Shinko Electric Industries, Kinsus, AT&S, Semco, and Kyocera, with the top eight players accounting for more than 85% share globally. Almost all ABF substrate manufacturers are planning to expand their production capacity in the coming years, and several other companies are planning to enter into the production of ABF substrates due to the high market potential, such as LG Innotek, Shennan Circuit, Shenzhen FastPrint Technology, Access and NCAP China.Currently there are seven major suppliers of ABF Substrate boards, the proportion of supply in 2021 are Unimicron 21.6%, Kinsus 7.2%, Nanya PCB 13.5%, Ibiden 19.0%, Shinko 12.1%, AT&S 16.0%, Semco 5.1%. In 2022, except for Semco, the rest of the manufacturers are expanding production. Proportion of ABF suppliers in 2020~20254. Background of the development of ABF Substrate boards4.1 Advanced Packaging, the "Greatest Hits"Currently, advanced packaging technologies include FC BGA, FC QFN, 2.5D/3D, WLCSP, Fan-Out, etc. Among them, FCBGA has become the mainstream packaging technology by virtue of its internal FC and external BGA packaging. As a package technology with more applications in ABF Substrate boards, FCBGA has an I/O count of 32~48, and thus has excellent performance and cost advantages. In addition, the I/O count of 2.5D package is also quite high, which is several times higher than that of 2D FC package. While significantly improving the performance of high-level chips, the required ABF Substrate boards also become more complicated.Taking TSMC's CoWoS technology as an example, since its debut in 2012, this packaging technology has been categorized into CoWoS-S, CoWoS-R, and CoWoS-L according to the different Interposer, with the fifth-generation CoWoS-S now in mass production and the sixth-generation CoWoS-S expected to be mass-produced in 2023. As one of the advanced packaging technologies, CoWoS adopts a large number of high-order ABFs, which are higher than FCBGA in terms of area and number of layers, and the yield is much lower than that of FCBGA, and from this aspect, a large amount of ABF capacity will be consumed in the future.In addition to TSMC, Intel's Embedded Multi-die Interconnect Bridge (EMIB) technology, released in 2014, has a high I/O count of 250~1000 to increase chip interconnect density and embed the silicon intermediary layer in the ABF to save a large area of silicon intermediary layer. Although this move reduces the cost, it increases the area, number of layers and production difficulty of the ABF, which will consume more ABF capacity. It is understood that Eagle Stream's new platform Sapphire Rapids will be the first Intel Xeon data center product with EMIB + Chiplet, and it is estimated that ABF consumption will be more than 1.4 times that of the Whitley platform.As a result, the emergence of advanced packaging technology has undoubtedly been a major contributor to the demand for ABF Substrate boards.4.2 Upgraded Demand in the Server and AI SectorIf advanced packaging technology is a major contributor, then the rise of data centers and artificial intelligence applications is the number one "enabler". At present, in order to meet the needs of HPC, AI, netcom and various infrastructure, whether it is CPU, GPU, netcom chips, or special application chips (ASIC) and other key chips, will accelerate the speed of content upgrading, and then to the large size, high-level number, high-density lines in the direction of the development of the three directions, and such a development trend will inevitably pull up the market for the demand for the ABF Substrate board. On the one hand, the advanced packaging mentioned above as a major tool to improve chip arithmetic and reduce the average price of the chip, coupled with the rise of data centers and artificial intelligence and other fields of computing power put forward a new requirement, more and more CPU, GPU and other large arithmetic chips began to move towards advanced packaging. So far this year, the most shocking should be the M1 Ultra chip launched by Apple in March. It is understood that the M1 Ultra uses Apple's customized packaging architecture Ultra Fusion, based on TSMC's InFO-L packaging technology architecture, through the silicon intermediary board connecting the two M1 Max die crystal, to build out the SoC, which can maximize the reduction of the area and improve performance. The InFO-L packaging technology used in the M1 Ultra requires a large area of ABF, twice the area of the M1 Max, and a higher degree of precision than the packaging technology used in previous processors.  In addition to Apple's M1 Ultra chip, NVIDIA server GPU Hopper and Ultra Semiconductor's RDNA 3 PC GPUs will be converted to 2.5D packaging this year, and in April of this year, there were media reports that ASE Group's Advanced Packaging had cut its way into the supply chain of the top U.S. server chip makers.All signs imply that the advancement of high-computing-power chips to advanced packaging will become the main reason for the growth of demand for ABF Substrate boards. On the other hand, it is the rise of new technologies and applications such as AI, 5G, autonomous driving, and Internet of Things. In terms of the most popular meta-universe before, AR/VR and other headset devices as an important entrance to the future meta-universe, behind the hidden huge chip opportunities, and these chip opportunities will also become a new growth force to promote the growth of the ABF Substrate board market. 5. Analysis of the current status of the ABF Substrate industryFrom the global ABF Substrate industry market size, the ABF Substrate market size continues to grow. According to relevant data, the global ABF Substrate industry market size reached USD 4,368 million in 2021, and the market size is expected to reach USD 6,529 million in 2028, with a CAGR of 5.56% for the global ABF Substrate market size from 2022 to 2028.From the industry supply and demand situation, ABF Substrate board is currently in a situation of short supply, and it is expected that there will still be a supply and demand gap until year 2024. According to the data, the global average monthly demand for ABF Substrate boards will be 185 million pcs in 2019 and will reach 345 million pcs in 2023, with a CAGR of 16.9%. And the global average monthly production capacity of ABF Substrate board will grow at a CAGR of 18.6% from 2019-2023, and the monthly production capacity is expected to reach 331 million pcs in 2023, however, the supply-demand gap has been reduced, but it still can't satisfy the market's demand of 345 million pcs. Tight supply has also led to rising ABF prices, with ABF Substrate board prices increasing by approximately 30%-50% since the second half of 2020.The current supply of ABF Substrate is insufficient, mainland China ABF substrate manufacturers have increased investment, seize the opportunity to seize the global market share of packaging substrates, accelerate the process of domestic substitution. At present, there are Shennan Circuit, FastPrint technology, Zhuhai ACCESS has the expansion of ABF substrate production capacity, Huazheng new material, Nanya new material are making the most critical and the bottle-necked ABF film layer materials. According to data, in recent years, China's regional ABF Substrate board market size is growing faster than the global market size of $664 million in 2021, accounting for about 15.2% of the global market size, is expected to reach $1.364 billion in 2028, when the global share will reach 20.9%. China’s ABF Substrate Board Industry Market Size and Growth Rate, 2021-2028  6. Future Development Trends of ABF Substrate Board Industry6.1 ABF Substrate Board Layer and Area Continues to Grow with High Performance Computing (HPC) DemandAt this stage, the number of layers of ABF Substrate board high-end products have fallen in 14-20 layers, the area is 70mmx70mm, and even 100mmx100mm products have been related to the design of the line fine density has gradually entered the 6-7 micron, in 2025 officially entered the 5 micron competition.6.2 Chiplet Packaging Technology Energizes IC Substrate Board IndustryCurrently, Chiplet is a solution of greater interest to a number of leading IC vendors such as AMD, Intel, TSMC and others. According to Omdia's statistics, in 2024, the global market size of processor chips using Chiplet will reach 5.8 billion U.S. dollars, and will reach 57 billion U.S. dollars in 2035, with a compound growth rate of about 23.09%, the rapid growth in the market size of Chiplet processor chips will drive an increased demand for ABF Substrate board. Advanced packaging technology to promote the consumption of ABF Substrate board capacity, the introduction of 2.5/3DIC high-end technology products, the future has the opportunity to enter the mass production stage, is bound to bring greater growth momentum.7. SummarizeBenefit from 5G, AI cloud computing, big data analysis and other applications to drive the demand for high-performance computing chips, coupled with the "home economy", remote work and other scenarios to promote the CPU, GPU and other LSI chips multiply the amount of FC-BGA substrate demand has increased greatly, the ABF Substrate boom rise. ABF Substrate will be the future of electronics manufacturing.We must recognize that the position of ABF Substrate boards cannot be shaken in the short term. the supply side of ABF Substrate boards is a game for the few, with extremely high financial and technical barriers. Ajinomoto's ABF substrate capacity is in short supply, which is the root cause of the shortage of ABF Substrate boards.ABF technical difficulties lie in the ABF substrate and fine line width of the manufacturing process, the technical threshold is high, the key to expanding production is to be able to recruit enough technical personnel, because the ABF Substrate board in addition to the ABF substrate, the high multi-layer, fine-pitch line process requirements are extremely high. For example, the number of high-end ABF Substrate layer has reached as high as 20 layers, line width into the rang of 6μm ~ 7μm, testing the manufacturer's technology research and development and talent reserve capacity. China's mainland IC Substrate industry development has the opportunity to break through the limitations,and then expand their presence on the global stage.Rocket PCB strives to be the most knowledgeable IC substrate solution provider in the Integrated circuit industry, covering both BT and ABF substrates for Coreless, ETS, FCCSP, FCBGA(BT), and FCBGA(ABF), providing customers with a wide variety of choices.

I.IntroductionFlex PCBs (Flexible Printed Circuit Boards) have emerged as versatile and indispensable solutions in high-speed electronic systems. Unlike traditional rigid PCBs, Flex PCBs offer flexibility, enabling them to conform to complex shapes and fit into tight spaces. As a result, they have found widespread applications in various industries, including aerospace, automotive, consumer electronics, and medical devices. Flex PCBs, or flexible circuits, are constructed from flexible substrate materials such as polyimide or polyester. These substrates provide excellent mechanical flexibility, allowing the circuit boards to bend, twist, and fold without compromising electrical functionality. Flex PCBs can be single-sided, double-sided, or even multi-layered, depending on the complexity of the electronic design.One of the primary advantages of Flex PCBs is their ability to reduce weight and volume, making them highly suitable for lightweight and compact electronic devices. Their flexibility also simplifies assembly processes, as they can be integrated directly into 3D structures, eliminating the need for bulky connectors and cables.Applications in High-Speed Electronic SystemsThe demand for high-speed data transmission in modern electronic systems has grown exponentially. High-speed Flex PCBs have proven instrumental in meeting these demands and enabling seamless communication between various components. They are extensively used in applications such as:· Telecommunications: Flex PCBs are critical in transmitting high-frequency signals between antennas, transceivers, and communication modules, ensuring smooth and reliable data transfer.· Computing and Data Storage: Flex PCBs facilitate the rapid transmission of data within high-performance servers and storage devices in data centers and cloud computing facilities.· Consumer Electronics: Smartphones, tablets, wearables, and other portable electronic devices leverage Flex PCBs to achieve compact designs and enhanced functionality.· Automotive Electronics: With the proliferation of advanced driver-assistance systems (ADAS) and in-vehicle infotainment, Flex PCBs are essential in delivering fast and efficient data communication.· Aerospace and Defense: Flex PCBs offer the required flexibility and reliability for high-speed data transfer in aircraft and military systems, where space and weight constraints are critical.The Significance of Addressing Signal Integrity ChallengesWhile Flex PCBs offer numerous advantages, they also present unique challenges concerning signal integrity. Signal integrity means preserving signal quality as it travels through a circuit without being distorted or degraded.Factors like impedance mismatches, crosstalk, and electromagnetic interference can lead to signal integrity issues in high-speed electronic systems. These issues, if addressed, may result in data errors, reduced performance, and system failures.To ensure the seamless functioning of high-speed Flex PCBs and the electronic systems they are incorporated into, paying particular attention to mitigating signal integrity challenges during the design and manufacturing process is crucial.  II.Understanding Signal Integrity Issues in Flex PCBsSignal integrity is critical to high-speed electronic circuits, including those implemented on Flex PCBs (Flexible Printed Circuit Boards).  A.Explanation of Signal Integrity and its Relevance in High-Speed Electronic CircuitsSignal integrity refers to the ability of an electronic signal to travel from the transmitter to the receiver without distortion or degradation. Preserving signal integrity is paramount in high-speed electronic circuits characterized by fast signal transitions and high frequencies. For Flex PCBs, signal integrity is influenced by various factors, including the electrical properties of the materials used, the design of the traces and vias, and the termination and impedance matching techniques employed. Any deviations from the desired signal behavior can lead to signal degradation, resulting in timing errors, data corruption, and reduced system performance. Properly addressing signal integrity concerns in Flex PCB design ensures that the electronic signals maintain their original characteristics, enabling reliable and accurate data transmission within the circuit. B.Identification of Common Signal Integrity Challenges Specific to Flex PCBsFlex PCBs pose unique challenges when it comes to signal integrity. Some of the common issues specific to these flexible circuits include:1. Flexing and Bending Effects: The very nature of Flex PCBs allows them to bend and flex, which can alter the characteristic impedance of transmission lines. This can lead to signal reflections and impedance mismatches, causing distortion and loss.2. Electromagnetic Interference (EMI): The flexibility of the substrate in Flex PCBs can increase susceptibility to electromagnetic interference. EMI can couple with sensitive signal traces, leading to noise and disruptions.3. Cross-Coupling and Crosstalk: The proximity of traces on Flex PCBs can lead to cross-coupling and crosstalk between signals. This phenomenon can cause interference between adjacent atoms, degrading signal quality.4. Differential Signal Skew: Maintaining balanced differential signals is crucial for high-speed data transmission. However, Flex PCBs' inherent flexibility can introduce variations in trace lengths, leading to signal skew and timing misalignment.5. Material Selection: The choice of substrate material plays a significant role in signal integrity. Different materials have varying dielectric constants and loss tangents, which can impact signal propagation and attenuation.C.Impact of Signal Integrity Issues on the Overall Performance and Reliability of Electronic SystemsThe signal integrity issues mentioned above can have far-reaching consequences on the performance and reliability of electronic systems utilizing Flex PCBs. Some of the critical impacts include:· Data Corruption: Signal degradation can result in errors, leading to incorrect information being transmitted and processed.· Reduced System Performance: Signal integrity issues can cause delays and distortions, reducing the overall performance of high-speed electronic systems.· System Failure: In critical applications, such as medical devices or aerospace systems, signal integrity failures can lead to complete system breakdowns and potential safety hazards.Addressing these signal integrity challenges through careful design considerations, simulation, and testing is imperative to ensure the robustness and reliability of Flex PCB-based electronic systems. III.Design Considerations for Mitigating Signal Integrity IssuesA.Selection of Appropriate Materials1. Choosing Suitable Substrate Materials for High-Speed Flex PCBsSelecting the right substrate material mitigates signal integrity issues in high-speed Flex PCBs. The choice of material significantly impacts signal propagation, attenuation, and overall performance. Here are some considerations when selecting substrate materials:a.High-Frequency Performance:Opt for substrate materials with excellent high-frequency characteristics. Materials with lower dielectric constants facilitate faster signal propagation, reducing delays and improving overall system performance.b.Low Loss Tangent:Materials with low-loss tangents minimize signal attenuation, ensuring signal quality is preserved throughout the transmission path. This is especially crucial in high-speed applications where signal loss can significantly impact performance.c.Temperature Stability:Choose materials with stable electrical properties over a wide temperature range. This ensures that signal integrity is maintained even under varying environmental conditions.d.Flexibility and Durability:Flex PCBs are chosen for their flexibility. Ensure the selected substrate materials can withstand repeated flexing without compromising electrical performance.2. Evaluating the Impact of Dielectric Constant and Loss Tangent on Signal Integritya.Dielectric Constant:The substrate material's dielectric constant (εr) affects the velocity of the electrical signal on the Flex PCB. Lower dielectric constants result in faster signal propagation, reducing delays and potential skew between traces.b.Loss Tangent:The loss tangent (tan δ) represents the energy loss in the substrate material as the signal travels through it. Materials with lower loss tangents experience less signal attenuation, preserving signal strength and reducing the risk of data errors.B.Trace Routing and Impedance ControlEffective trace routing and impedance control are crucial in mitigating signal integrity issues in high-speed Flex PCBs. Improper trace design can lead to signal reflections, crosstalk, and impedance mismatches, resulting in signal degradation. Consider the following design considerations to optimize trace routing and impedance control:1. Trace Width and Spacing:· Use appropriate trace widths to achieve the desired impedance for high-speed signals.· Maintain consistent spacing between adjacent traces to minimize crosstalk and interference.2. Differential Pair Routing:· Route high-speed signals as differential pairs to improve noise immunity and reduce electromagnetic interference (EMI).· Ensure that the traces of a differential couple are matched in length to avoid signal skew.3. Controlled Impedance:· Precisely control the impedance of transmission lines to match the characteristic impedance of the system.· Use impedance calculators and simulations to determine the required trace width and dielectric spacing for controlled impedance.4. Via Design and Placement:· Minimize the number of vias used in high-speed signal paths to reduce signal reflections and losses.· Place vias strategically to minimize impedance discontinuities and preserve signal integrity.C.Crosstalk and EMI ManagementCrosstalk and electromagnetic interference (EMI) can severely impact signal integrity in Flex PCBs. Implement the following strategies to manage crosstalk and EMI:1. Signal Isolation:· Separate high-speed signal traces from sensitive analog or low-speed signals to minimize crosstalk.· Use ground planes or shielding to isolate critical signals from noise sources.2. Crosstalk Reduction:· Increase the distance between parallel traces to reduce mutual capacitance and inductance, thereby minimizing crosstalk.· Employ guard traces or ground vias between signal traces to facilitate crosstalk effects further.3. EMI Shielding:· TO CONTAIN ELECTROMAGNETIC RADIATION, incorporate EMI shielding techniques such as conductive coatings or grounded copper layers.· Ensure proper grounding to divert unwanted noise away from signal traces.D.Differential Pair RoutingDifferential pairs are commonly used in high-speed communication to improve signal integrity. Follow these guidelines for effective differential pair routing:1. Matched Lengths:· Maintain equal trace lengths for the two lines of a differential pair to ensure balanced signal propagation.· Any mismatch in lengths can lead to signal skew, affecting data accuracy.2. Symmetrical Traces:· Keep the traces of a differential pair symmetrically positioned between reference planes to maintain controlled impedance.· This helps to achieve equal and opposite signal transitions, reducing common-mode noise.E.Via Design and PlacementProper design and placement are essential to preserving signal integrity in Flex PCBs:1. Via Types:· Select appropriate visa types, such as blind or buried vias, to minimize signal reflections and maintain signal integrity.· For high-speed signals, consider using back-drilling techniques to remove unused portions of vias, reducing signal distortions.2. Via Density:· Limit the density of vias in high-speed signal paths to prevent excessive signal loss and impedance variations.· Distribute vias evenly to avoid concentration in specific areas, which can disrupt signal transmission.By carefully considering these design considerations, Flex PCB designers and manufacturers can effectively mitigate signal integrity issues and ensure reliable high-speed performance in electronic systems.  IV.Simulation and TestingA.Importance of Simulation Tools for Signal Integrity AnalysisIn high-speed Flex PCB design, the complexity and sensitivity of signal integrity issues necessitate using advanced simulation tools. Simulation plays a crucial role in understanding and predicting the behavior of signals in the circuit before the physical fabrication of the Flex PCB. The key advantages of employing simulation tools for signal integrity analysis include:1. Predictive Analysis:· Simulation tools allow designers to analyze and predict the behavior of signals in various scenarios, including signal frequencies, data rates, and environmental conditions.· Simulating signal paths and identifying potential issues early in the design phase can minimize costly and time-consuming physical prototyping iterations.2. Identifying Signal Integrity Concerns:· Signal integrity simulations help detect signal integrity issues, such as reflections, overshoot, undershoot, and crosstalk.· This enables designers to address these concerns proactively and refine the design for optimal signal performance.3. Evaluating Design Alternatives:· Simulation tools facilitate the evaluation of different design options, such as trace width, spacing, and via configurations, allowing designers to make informed decisions that enhance signal integrity.4. Saving Time and Resources:· Conducting simulations significantly reduces the need for costly and time-consuming physical prototypes, as potential issues can be addressed virtually before moving to material fabrication.B.Performing Signal Integrity Simulations to Identify Potential Issues and Evaluate Design ImprovementsThe process of signal integrity simulation involves several key steps:1. Model Creation:· Designers create a virtual model of the Flex PCB layout, incorporating all the relevant components, traces, vias, and ground planes.· Component models and material properties are defined to represent the electrical behavior of the circuit accurately.2. Signal Analysis:· Designers subject the virtual model to simulated high-speed signals, emulating real-world conditions.· Signal analysis tools analyze the behavior of signals, highlighting potential signal integrity issues and areas of concern.3. Iterative Refinement:· Based on the simulation results, designers iteratively refine the Flex PCB design, making necessary adjustments to address identified signal integrity challenges.· To optimize signal performance, designers may experiment with different routing strategies, impedance configurations, and other layout changes.4. Validation:· After implementing design improvements, further simulations validate the changes' effectiveness.· Signal integrity metrics, such as eye diagrams, jitter, and eye closure, are analyzed to ensure compliance with high-speed data transmission requirements.C.Prototyping and Testing Flex PCBs to Validate Signal Integrity ImprovementsWhile simulations are valuable for predictive analysis, physical prototyping, and testing remain essential for validating signal integrity improvements. Prototyping involves fabricating a small batch of Flex PCBs based on the refined design. The testing phase includes:1. Signal Characterization:· Specialized test equipment measures signal characteristics, such as rise time, fall time, and signal integrity metrics.· Signal quality is assessed under different operating conditions and loads.2. Compliance Testing:· Flex PCBs undergo industry-standard compliance testing to meet relevant signal integrity and high-speed performance standards.3. Environmental Testing:· Flex PCBs undergo environmental testing to assess their performance under varying temperatures, humidity, and mechanical stresses.4. Iterative Optimization:· Any issues discovered during prototyping and testing are fed back into the design process for further optimization.By combining simulation-driven design improvements with rigorous prototyping and testing, designers can achieve robust signal integrity in high-speed Flex PCB applications, meeting the demanding requirements of modern electronic systems. V.Flex PCB Manufacturing ConsiderationsA.Impact of Manufacturing Processes on Signal IntegrityVarious manufacturing processes can influence signal integrity in Flex PCBs. Understanding how these processes can impact signal performance and taking appropriate measures to mitigate potential issues is essential. Some key manufacturing considerations are:1. Substrate Material Properties:· The choice of substrate material and its properties can affect signal propagation and impedance characteristics.· Ensure that the selected substrate material retains its electrical properties throughout manufacturing.2. Layer Alignment:· Misalignment of layers during lamination can result in skewed traces, causing impedance mismatches and signal reflections.· Strict adherence to alignment tolerances is crucial to maintaining signal integrity.3. Etching and Plating:· Etching and plating processes can alter trace dimensions and impedance values.· Optimize Etching and plating techniques to ensure consistent trace geometries and impedance control.4. Material Handling:· Careful material handling during manufacturing prevents mechanical stress on the Flex PCB, which could affect signal performance.· Minimize the risk of bending or twisting during assembly and handling.B.Ensuring Consistency and Precision During Flex PCB FabricationConsistency and precision are paramount throughout fabrication to achieve reliable signal integrity in Flex PCBs. Here are essential considerations:1. Process Control:· Implement strict process controls to ensure uniformity in material preparation, imaging, Etching, and lamination.· Consistent processes reduce variations in electrical properties and signal performance.2. Trace Width and Spacing Tolerances:· Maintain tight tolerances for trace widths and spacing to achieve controlled impedance and minimize signal reflections.· Ensure that the manufacturing facility can produce traces with the required precision.3. Dielectric Thickness Control:· Precise control of dielectric thickness is crucial for maintaining consistent impedance values.· Monitoring and controlling the dielectric thickness during manufacturing is essential.4. Copper Foil Quality:· The quality of copper foil directly impacts signal conductivity and performance.· Select high-quality copper foil with uniform thickness and low surface roughness.C.Collaboration with Manufacturers to Optimize Design for Manufacturability and Signal IntegrityCollaborating closely with Flex PCB manufacturers is instrumental in achieving optimal signal integrity while ensuring efficient manufacturability. Here are critical aspects of this Collaboration:1. Design for Manufacturing (DFM) Review:· Engage with manufacturers during the design phase to identify potential manufacturing challenges and signal integrity issues.· Manufacturers can provide valuable insights into optimizing the design for ease of fabrication without compromising signal performance.2. Design Validation:· Work with manufacturers to validate the design through prototyping and testing.· This iterative process allows for adjustments to enhance manufacturability and signal integrity.3. Material Selection:· Manufacturers can recommend suitable substrate materials and copper foils based on their manufacturing capabilities and expertise.· Collaboration ensures the chosen materials align with signal integrity requirements and manufacturability constraints. By addressing manufacturing-related considerations and fostering a collaborative partnership with manufacturers, designers can achieve high-quality Flex PCBs that meet stringent signal integrity criteria while being efficiently produced.  VI.ConclusionAddressing signal integrity is of utmost importance in high-speed Flex PCB designs, especially in the fast-paced world of modern electronic systems. As electronic devices continue pushing the boundaries of speed and performance, signal integrity becomes even more critical to ensure reliable and seamless data transmission. At Rocket-PCB, we understand the unique challenges of high-speed Flex PCB applications. Our commitment to delivering top-notch solutions drives us to emphasize the significance of signal integrity in every design we undertake. By leveraging our expertise and advanced simulation tools, we work closely with our clients to identify potential signal integrity issues and optimize designs for optimal performance. Key design considerations, such as selecting appropriate substrate materials, meticulous trace routing, and influential crosstalk and EMI management, are pivotal in achieving optimal signal integrity. Additionally, our Collaboration with designers, engineers, and clients ensures a comprehensive understanding of project requirements, paving the way for successful signal integrity optimization and manufacturability. As a leading Flex PCB manufacturer, Rocket-PCB places immense value on maintaining consistency and precision throughout fabrication. Our state-of-the-art manufacturing facilities adhere to strict process controls, producing high-quality and reliable Flex PCBs that meet stringent signal integrity standards. Our commitment to collaboration and open communication ensures that our client's designs are validated, optimized, and ready for production. Together, we can achieve high-performance Flex PCBs that surpass expectations and propel modern electronic systems to new heights. Choose Rocket-PCB for your high-speed Flex PCB needs, and let us be your partner in achieving unparalleled signal integrity and excellence in electronic design.