As a new type of power semiconductor device, IGBT is a core component in the field of industrial control and automation, and its role is similar to the human heart, which is able to regulate the voltage, current, frequency, phase, etc. in the circuit according to the signal instruction in the device to achieve the purpose of precise regulation. Therefore, IGBT is known as the power electronics industry in the "CPU", widely used in new energy vehicles, consumer electronics, rail transportation, smart grid, aerospace and other fields.
一、Industry chain
IGBT industry chain upstream for semiconductor materials and semiconductor equipment suppliers; midstream for the IGBT chip design, manufacturing, packaging and testing process, IGBT according to the packaging form of the product can be divided into IGBT single tube, IGBT module and intelligent power module (IPM); downstream is widely used in new energy vehicles, consumer electronics, photovoltaic power generation, industrial control, smart grids, rail transportation and other industries. The downstream is widely used in new energy vehicles, consumer electronics, photovoltaic power generation, industrial control, smart grid, rail transportation and other industries.
二、Upstream analysis
1.Market size of semiconductor material
Semiconductor materials are a class of electronic materials with conductivity between conductors and insulators, which can be used to make semiconductor devices and integrated circuits. In recent years, driven by automotive electronics, 5G communications, smart terminals and other emerging fields, the integrated circuit industry continues to maintain steady development, and the scale of the domestic semiconductor materials industry continues to grow.In 2022, the domestic semiconductor materials market size of about 91.440 billion yuan, a year-on-year growth of 21.9%, and it is expected that the market size will increase to 102.434 billion yuan in 2023.
Figure 1: China Semiconductor Materials Market Size Forecast Trend Chart, 2017-2023 (*Data Source: SEMI, CBSI)
2.Outlook of semiconductor market
Divided by application, semiconductor materials can be divided into two categories: front-end wafer fabrication materials and back-end packaging materials.In 2021, the global market size of wafer fabrication materials was $40.4 billion, and the market size of packaging materials was $23.9 billion, accounting for 63% and 37%, respectively.
Among the wafer fabrication materials, mainly including silicon wafers, photoresists and supporting reagents, photomasks, electronic special gas, wet electronics chemicals, sputtering targets, CMP grinding pads and grinding fluids. From the perspective of the market structure of wafer fabrication materials, silicon wafers account for the largest share of wafer fabrication materials, accounting for about 35%, electronic special gases, photomasks, photoresists and their auxiliary materials, and wet electronics chemicals accounted for 13%, 12%, 8% and 7%, respectively.
Figure 2: Global Wafer Fabrication Materials Market Structure in 2021 (*Data source: SEMI, CBSI)
3.The size of semiconductor market
As foreign countries gradually strengthen the export control of semiconductors, the semiconductor industry supply chain lineup differentiation, semiconductor equipment localization process accelerated, China's semiconductor equipment market size growth is obvious, has become the world's first large semiconductor equipment market. Data show that in 2022, China's semiconductor equipment market size is about 274.515 billion yuan, an increase of 58.1% year-on-year. China Business Industry Research Institute predicts that the market size of semiconductor equipment will reach 303.2 billion yuan in 2023.
Figure 3: China Semiconductor Equipment Market Size Forecast Trend Chart, 2017-2023 (*Data source: SEMI, CBSI)
4. Semiconductor Equipment Market Structure
From the point of view of subdivided product structure, the global semiconductor equipment market, wafer fabrication equipment market size accounted for more than 85%, of which photolithography, etching machine, thin film deposition equipment and other major core equipment, the market share are more than 20%. In addition, the market share of test equipment and packaging equipment are about 7%.
Figure 4: Percentage of global semiconductor equipment product mix in 2021 (%) (*Data source: SEMI, CBSI)
3, midstream analysis
1. IGBT market size
IGBT is one of the fastest growing power semiconductor devices. According to Yole data, the global IGBT market size of about 6.8 billion U.S. dollars in 2022, benefiting from the significant increase in demand for new energy vehicles, new energy, industrial control and other fields, it is expected that the global IGBT market size will reach 8.4 billion U.S. dollars in 2026. China is the world's largest IGBT market, accounting for about 40% of the global IGBT market size, it is expected that by 2025 China's IGBT market size will reach 52.2 billion dollars.
Figure 5: Trend chart of global IGBT market size forecast from 2020-2026 (*Data source: Yole, CBSI)
2.IGBT production
IGBT is known as the power electronics industry in the "CPU", widely used in motor energy saving, rail transportation, new energy vehicles and other fields. At present, a technological breakthrough has been achieved in the field of rail transportation, in the field of new energy vehicles, IGBT is the core device of the electronic control system and DC charging pile, China's IGBT production is growing rapidly. 2019, 2020, 2021, China's production of IGBT were 15.5 million, 20.2 million and 25.8 million, and it is expected that the production will grow to 36.24 million in 2023. The production is expected to grow to 36.24 million units by 2023.
Figure 6: Trend of China's IGBT Production Forecast, 2017-2023 (*Data source: Yole, CBSI)
3.IGBT localization rate situation
IGBT is China's major scientific and technological breakthroughs in the key support projects, since 2015 China's IGBT self-sufficiency rate of more than 10% and gradually growing, is expected in 2023 China's IGBT self-sufficiency rate will reach 32.9%. Based on the requirements of localization of core components put forward in the relevant national policies, domestic substitution has become the development trend of the domestic IGBT industry and the main driving factor to promote the development of enterprises in the industry.
图7：2017-2023年中国IGBT自给率走势预测图（%）（*数据来源：Yole、中商产业研究院整理）
4.Market Competition Pattern
China's IGBT industry started late, and the market is mainly monopolized by foreign enterprises. Data show that the market share of the top three companies in the industry totaled 51%. Among them, Infineon accounts for the largest share, amounting to 27%; Mitsubishi ranks second, accounting for 14%; ON Semiconductor accounts for 10%, ranking third. Local enterprises, Silan Micro in the global IGBT single tube and IPM market share of 3.5%, 2.2%, are ranked eighth in the world; Starr semi-conductor in the global IGBT module market share of 3.0%, ranked sixth in the world.
图8：全球IGBT市场竞争格局（%）（*数据来源：中商产业研究院整理）
4, downstream analysis
1.IGBT downstream application market share
IGBT downstream applications, new energy vehicles, consumer electronics, industrial control is the most important application areas. New energy vehicles accounted for the largest market share of 31%, consumer electronics accounted for 27%, the industrial control field is an important support for the demand for IGBT, market share of 20%.
图9：中国IGBT下游应用领域市场占比情况（%）（*数据来源：Trendforce、中商产业研究院整理）
2. Production and sales of new energy vehicles
In recent years, the government has introduced a number of policies to support the development of new energy vehicles, including pure electric vehicles and plug-in hybrid vehicles, and China has become the world's largest market for new energy vehicles. 2022, China's new energy vehicle production and sales reached 7.058 million units and 6.887 million units, respectively, representing a year-on-year growth of 96.9% and 93.4%.
图10：2017-2022年中国新能源汽车产销情况统计图（*数据来源：中汽协、中商产业研究院整理）
3. Consumer electronics market size
Consumer electronics are mainly electronic products for the mass consumer market, including personal computers, cell phones and color TVs. The rapid development of China's consumer electronics industry has become the world's leading frontier market for consumer electronics products. Data show that China's consumer electronics market size was 161.2 billion yuan in 2017, increasing to about 186.49 billion yuan in 2022, with a huge market scale.
Figure 11: Trend chart of China's consumer electronics market size forecast, 2017-2022 (*Data source: Statista, CBSI)
