Between 2012 and 2017, the size of the global capacitor market expanded from 17.3 billion us dollars to 20.9 billion us dollars, with the CAGR=3.84% stable growth, while the size of the capacitor market in China increased from 72.6 billion RMB to 98.7 billion RMB, with the CAGR about 6.33%, higher than the world average.At present, the global industrial pattern of capacitors is dominated by Japan, the United States and China, among which Japan is in the leading position and monopolizes high-end components. It has the strongest strength in electrolytic capacitors, ceramic capacitors, thin film capacitors and other industries.
There are four main types of capacitors, which are used in different fields due to their different capacitance, voltage and volume characteristics.According to the main raw materials, capacitors can be divided into ceramic capacitors, aluminum electrolytic capacitors, film capacitors, tantalum capacitors and other types.In 2015, the global capacitor market, ceramic capacitors and aluminum electrolytic capacitors accounted for a higher share of output value, of which ceramic capacitors accounted for 54%, aluminum electrolysis 23%, thin film capacitors and tantalum capacitors accounted for 11% and 12% respectively.Ceramic capacitors are widely used in consumer electronic products such as mobile phones, computers and household appliances, etc., with the advantages of large capacitance and voltage coverage and small volume. In addition, they are also widely needed in military industry and industry.Aluminum electrolytic capacitor capacity is the largest, mainly for high-voltage high-capacity applications, the market covers household appliances, lighting and industrial fields;Thin film capacitors, with their good frequency characteristics and high voltage resistance, are usually used in inverters and converter circuits. The downstream market mainly includes lighting, household appliances, industrial control and other fields. At the same time, it forms an alternative to aluminum electrolysis in the automotive field and the field of new energy generation.Tantalum capacitors have stable capacity, low leakage loss, but relatively high cost, and are mainly used in high-end fields such as communication, computers, automotive electronics and aerospace.
In the age of stock, the demand for traditional industries is stable. The demand for PC and audio and video is stable.Consumer electronics is the area with the largest usage of MLCC, and it is also the area where MLCC /multilayer ceramic chip capacitor was first used in large quantities in the tradition. According to the data released by China industry information network, the MLCC demand of mobile phone, PC and video and audio equipment accounted for 24%, 18% and 28% of the total demand of MLCC in 2016, accounting for 70% of the total demand.Before 2013, with the popularity of consumer electronic products represented by smart phones, MLCC demand of consumer electronics grew rapidly.After 2013, consumer electronics entered the era of inventory replacement and the era of product micro-innovation, and the growth rate of sales and the growth rate of MLCC usage on the whole slowed down.In 2017, smartphone shipments grew by -0.3%, PC shipments grew by 2%, and LCD panel shipments grew by 0.23%, all hovering around the zero value and showing a downward trend.Overall, MLCC's traditional demand is currently growing relatively slowly.In the context of micro-innovation, the demand for MLCC of PC and audio-visual field is also stable as a whole. In the next few years, we expect the demand growth rate of MLCC of PC and audio-visual field will remain near 0.
Upstream raw material prices rose modestly, ceramic capacitance gross profit has expanded
The raw materials are mainly magnetic powder, and the middle and low-end products are different.In terms of the cost composition of MLCC, the direct material cost accounts for 60% of the total cost, and the labor cost and equipment depreciation account for about 40% of the total cost.Direct materials mainly include ceramic powder, internal and external electrodes and packaging materials.Ceramic powder is the main component of raw materials. In low-volume MLCC and high-volume MLCC, ceramic powder accounts for 35% and 60% of raw material cost respectively.The internal and external electrodes mainly use copper and other metal materials, accounting for about 20% of the raw material cost;In addition, packaging materials (cardboard, plastic, etc.) account for up to 44% of the raw material cost of low volume MLCC, while only 6% of the high volume MLCC.
Raw material prices rose across the board, the overall cost rose 15 percent.In 2017, the price of raw materials for ceramic capacitors has increased comprehensively, among which, the price of ceramic powder has increased by 10-15%, the price of electrode material has increased by 15%, and the price of packaging material has increased by 17%.In addition, according to the change trend of the average wage of manufacturing personnel in recent years, the labor cost of manufacturing industry increased by about 15% in 2017.In general, the cost of ceramic capacitor products will increase by about 15% in 2017, which is relatively moderate compared with the 30% increase of MLCC product price.Affected by this, capacitors manufacturers gross margin space to expand.Looking into the future, due to the impact of international commodity price correction and other factors, the price growth of electrode materials is slowing down, and we expect that the possibility of a sharp rise in short-term costs is unlikely.Under the background of the rising price of terminal ceramic capacitors, the profit space of capacitor manufacturers may be further expanded.