Summary

High-bandwidth memory (HBM) and advanced packaging materials form the supply base for artificial intelligence semiconductors. An AI accelerator package combines stacked DRAM, a logic base die, a silicon or glass interposer, a multilayer organic substrate and an integrated thermal solution. Memory and packaging together account for a larger share of package cost than the logic die.

The supply chain comprises five layers. HBM devices represent the largest share of value. Advanced packaging services, including TSMC's CoWoS and SoIC platforms, Intel's EMIB and Foveros, Samsung's I-Cube and X-Cube, and OSAT equivalents, form the second layer. Substrates and interposers form the third. Packaging and memory materials, including build-up dielectric film, copper-clad laminate, glass cloth, photoresist, plating chemistry, underfill and mould compound, form the fourth. Thermal materials and in-package cooling hardware form the fifth.

Demand is driven by accelerator shipments, by the number of HBM stacks per package, and by package body area. All three are increasing. Stack heights are progressing from 8-Hi and 12-Hi toward 16-Hi and beyond, build-up layer counts are rising, and package body areas are growing as reticle multiples increase. Several technology transitions are underway. Hybrid copper-to-copper bonding is expected to displace micro-bump interconnect in HBM stacks, removing in-stack underfill and solder while introducing bonding dielectrics and associated consumables. Glass core substrates and glass interposers are entering qualification as alternatives to organic cores and silicon interposers. Panel-format packaging is being developed as a successor to wafer-format assembly. Package thermal design power is rising, moving thermal management from conventional lids and thermal interface materials toward micro-channel lids and direct-to-silicon microfluidic cooling.

The materials layer is characterised by high supplier concentration. Build-up dielectric film, low-coefficient glass cloth and several assembly consumables have limited qualified supply bases. Qualification cycles for these materials are long relative to product generations, which constrains the pace at which alternative sources can be introduced. Custom HBM, in which accelerator vendors specify the logic base die, is transferring value from memory manufacturers to logic foundries. Production is concentrated in Korea, Taiwan and Japan. Korea and Taiwan account for the majority of value across the chain. The United States is increasing share through domestic memory and packaging investment. China is developing a domestic supply chain under export-control conditions.

High-Bandwidth Memory (HBM) and Advanced Packaging Materials for Artificial Intelligence (AI) Semiconductors: 2027-2037 provides market analysis and eleven-year forecasts for high-bandwidth memory and the advanced packaging materials used in AI semiconductor manufacture. It covers five value layers: HBM devices, advanced packaging services, substrates and interposers, packaging and memory materials, and thermal materials and in-package cooling. Forecasts are presented annually from 2027 to 2037 in constant 2026 US dollars, segmented by layer, material class, application and region, with base, bear and bull scenarios. Material demand is modelled from physical drivers, including stack heights, build-up layer counts, bonding interface area and package body area, and is presented in both value and volume terms.

The report includes a per-stack materials consumption model for HBM covering through-silicon via and plating chemistry, CMP consumables, bonding dielectrics, underfill and non-conductive film, micro-bump solder, and thinning and handling materials. Supplier concentration is assessed for each material class using CR1, CR3 and Herfindahl-Hirschman Index measures calculated at AI-relevant grade. The study is intended for materials suppliers, substrate and packaging companies, memory manufacturers, semiconductor equipment suppliers, accelerator vendors, and investors requiring segment-level forecasts and supply-chain risk assessment.

Contents include:

• Executive summary, headline findings and market summary tables
• Scope, methodology, model architecture and scenario definitions
• AI demand base: accelerator shipments, HBM stacks per package, package bill of materials, package area roadmap
• HBM technology: HBM2 to HBM6 specifications, custom HBM, base-die value migration, bonding roadmap, in-stack thermal management, 3D DRAM
• HBM market forecasts: shipments, average selling prices, revenue, generation mix, supplier shares, capacity and demand by customer
• HBM stack materials: per-stack consumption model and forecasts by material class
• Advanced packaging platforms: CoWoS variants, SoIC, EMIB and Foveros, OSAT platforms, panel-level packaging, co-packaged optics, capacity analysis
• Advanced packaging and substrate materials: build-up dielectric film, core materials, copper foil and plating, photoresist, interposers, glass core transition
• Thermal materials and in-package cooling: thermal interface materials by chemistry, micro-channel lids, microfluidic cooling
• Supply chain analysis: concentration, chokepoints, export controls, regional production and consumption
• Consolidated forecasts by layer, application, region and material class, with price indices and scenario analysis
• 142 company profiles, including ownership, financial data, funding history and technology positions
• Market outlook, technology roadmap and strategic conclusions

Companies profiled include: 3M, Advanced Micro Devices (AMD), AGC (Asahi Glass), Ajinomoto Fine-Techno, Akhan Semiconductor, Alibaba T-Head (PingTouGe), Alpha Assembly Solutions (MacDermid Alpha), Alphabet (Google), Amazon Web Services (AWS), Amkor Technology, Apple, Applied Materials, ASE Technology Holding, Asetek, Asia Vital Components (AVC), ASMPT, Asperitas, Astera Labs, AT&S, Auras Technology, Avalanche Technology, BE Semiconductor Industries (BESI), Biren Technology, Broadcom, Cambricon Technologies, Carbice, Cerebras Systems, Chemours, ChipMOS Technologies, Cooler Master, CoolIT Systems, CoreWeave, Corintis, Corning, Crossbar, CXMT (ChangXin Memory Technologies), Delta Electronics, d-Matrix, Dow, Element Six, Eliyan, Engineered Fluids, Etched, EV Group, Everspin Technologies, Fabric8Labs, Ferroelectric Memory Company (FMC), Foxconn Industrial Internet (FII), Frore Systems, Fujipoly, Furiosa AI, G42, Green Revolution Cooling (GRC), Groq, Henkel, Heraeus, Hesheng Silicon Industry, Hon Hai (Foxconn), Honeywell International, Hua Tian Technology, Huawei Technologies (HiSilicon), Ibiden, Iceotope Technologies, Iluvatar CoreX, Indium Corporation, Intel, Intel Foundry, JCET Group, JetCool Technologies, Kaneka, Kinsus Interconnect Technology, Kioxia Holdings, Kulicke & Soffa, Kyocera, Lam Research, Lambda, LG Innotek, Liquid Wire, LiquidStack, Macronix International, Marvell Technology, MatX, MediaTek, Meta Platforms, M&I Materials, Micron Technology, Microsoft, Montage Technology, Moore Threads Technology, Multibeam, Murata Manufacturing, Nan Ya PCB, Nanya Technology, Neo Semiconductor, and more.

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Table of Contents

1 EXECUTIVE SUMMARY
1.1 Scope and headline definitions
1.2 Key findings
1.3 Market size, growth and CAGR summary
1.4 Headline forecasts by material class
1.5 Headline forecasts by region
1.6 Supply concentration at a glance
1.7 The asymmetry between device growth and material growth
1.8 Strategic implications for suppliers
1.9 Strategic implications for buyers
1.10 Major market players
2 INTRODUCTION, SCOPE AND METHODOLOGY
2.1 Report objectives
2.2 Product scope: the five value layers
2.3 Geographic scope
2.4 Units, conventions and abbreviations
2.5 Forecast methodology
2.6 Demand scenario definitions
3 THE AI DEMAND BASE
3.1 The compute stack and where memory sits in it
3.2 AI accelerator shipments and package demand
3.3 Stacks per package and the HBM demand bridge
3.4 Why memory and packaging dominate accelerator cost
3.5 The memory wall in serving
3.6 Package area growth and the reticle constraint
3.7 Hyperscaler capital expenditure and the demand envelope
3.8 Sovereign and Chinese demand
4 HIGH-BANDWIDTH MEMORY: TECHNOLOGY AND ROADMAP
4.1 HBM architecture and TSV stacking fundamentals
4.2 Generation roadmap
4.3 Custom HBM and the base-die transfer of value
4.4 The bonding integration roadmap
4.5 Thermal architecture inside the stack
4.6 Processing-in-memory and near-memory compute
4.7 The memory tier behind HBM
4.8 3D DRAM and the post-2032 path
5 HBM MARKET FORECASTS 2027-2037
5.1 Unit, ASP and revenue forecast
5.2 Revenue by generation
5.3 Supplier share and competitive structure
5.4 Capacity outlook
5.5 HBM demand by customer
5.6 Regional HBM manufacture
5.7 HBM pricing dynamics
6 HBM STACK MATERIALS AND CONSUMABLES
6.1 The HBM materials bill
6.2 Material consumption per stack by generation
6.3 TSV formation: plating, barrier and seed
6.4 CMP: the class that hybrid bonding creates
6.5 Micro-bump metallurgy and its decline
6.6 Underfill: capillary, non-conductive film and molded
6.7 Hybrid bonding dielectric and consumables
6.8 Thinning, carrier bonding and handling
6.9 HBM materials market forecast
6.10 Concentration and qualification in the HBM material base
7 ADVANCED PACKAGING PLATFORMS FOR AI SEMICONDUCTORS
7.1 The 2.5D and 3D architecture continuum
7.2 CoWoS and the capacity constraint
7.3 SoIC and 3D hybrid-bonded logic
7.4 Intel and Samsung platforms
7.5 The OSAT layer
7.6 Panel-level packaging
7.7 The photonics interface
7.8 Advanced packaging services market forecast
8 ADVANCED PACKAGING AND SUBSTRATE MATERIALS
8.1 The package materials stack
8.2 Substrate architecture and body size
8.3 Build-up dielectric film
8.4 Copper-clad laminate, prepreg, glass cloth and fillers
8.5 Copper foil, plating chemistry and photoresist
8.6 Interposer materials
8.7 The glass core transition and its material consequences
8.8 Assembly materials: underfill, mold compound and solder
8.9 Package materials market forecast
8.10 Regional supply of package materials
9 THERMAL MATERIALS AND IN-PACKAGE COOLING
9.1 The thermal problem at the package
9.2 The thermal interface stack
9.3 Liquid metal, phase change and the confinement problem
9.4 In-package and direct-to-silicon cooling
9.5 Diamond and engineered carbon
9.6 Thermal materials market forecast
9.7 Supplier consolidation in thermal
10 SUPPLY CHAIN, CONCENTRATION AND GEOPOLITICS
10.1 The chain from material to accelerator
10.2 Export controls and the parallel stack
10.3 Qualification duration as the binding constraint
10.4 Capacity investment asymmetry
10.5 Risk register
11 CONSOLIDATED MARKET FORECASTS 2027-2037
11.1 Total value pool
11.2 Forecast by application segment
11.3 Forecast by region
11.4 Consolidated materials forecast
11.5 Price and ASP trajectories
11.6 Scenario analysis
12 COMPANY PROFILES
12.1 Memory manufacturers (21 company profiles)
12.2 AI accelerator, hyperscaler and system vendors (35 company profiles)
12.3 Foundries, IDMs and OSATs (18 company profiles)
12.4 Substrate, interposer and glass suppliers (15 company profiles)
12.5 Packaging and electronic materials suppliers (15 company profiles)
12.6 Thermal management and in-package cooling (26 company profiles)
12.7 Equipment and process technology (12 company profiles)
13 OUTLOOK AND STRATEGIC CONCLUSIONS
13.1 Market outlook 2027-2037
13.2 Technology outlook
13.3 Ten strategic conclusions
13.4 What would change this forecast
13.5 Closing observation
14 APPENDICES AND REFERENCES
14.1 Appendix A - Methodology notes
14.2 References

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List of Tables/Graphs

List of Tables TABLE 1 Headline findings summary (Base case). TABLE 2 The AI memory and advanced packaging value pool, 2027-2037 (US$ billion). TABLE 3 Materials and consumables summary by stream, 2027-2037 (US$ million). TABLE 4 Value pool by region of manufacture, 2027-2037 (US$ billion). TABLE 5 Concentration summary, HBM and advanced packaging material classes. TABLE 6 Indexed growth, 2027 = 100. TABLE 7 Model architecture and principal coefficients. TABLE 8 Scenario summary, total value pool 2027-2037 (US$ billion). TABLE 9 Training versus inference: memory and packaging requirements. TABLE 10 AI accelerator package shipments by class, 2026-2037 (thousand units). TABLE 11 HBM stacks per package by accelerator class, 2026-2037. TABLE 12 HBM stack demand bridge, 2026-2037 (million stacks). TABLE 13 Indicative flagship accelerator package cost structure, 2024-2037. TABLE 14 Compute-to-bandwidth ratio by accelerator generation. TABLE 15 Package area roadmap for flagship accelerators, 2024-2037. TABLE 16 AI infrastructure capital expenditure and derived component demand, 2026-2037. TABLE 17 Non-hyperscaler AI accelerator demand, 2027-2037 (thousand packages). TABLE 18 HBM stack construction elements and their function. TABLE 19 HBM generation technical specifications, HBM2 to HBM6. TABLE 20 HBM4 supplier status and positioning, mid-2026. TABLE 21 Custom HBM programmes, suppliers and base-die sources. TABLE 22 Standard versus custom HBM revenue split, 2026-2037 (US$ billion). TABLE 23 HBM bonding integration roadmap. TABLE 24 Hybrid bonding adoption in DRAM stacks, 2026-2037. TABLE 25 In-stack thermal architecture adoption and content per stack. TABLE 26 Near-memory and in-memory computing landscape. TABLE 27 Memory tier characteristics for AI serving. TABLE 28 3D DRAM readiness assessment, 2026. TABLE 29 HBM unit shipments, ASP and revenue forecast, 2026-2037. TABLE 30 HBM revenue by generation, 2026-2037. TABLE 31 HBM capacity per stack and bit shipment forecast, 2026-2037. TABLE 32 HBM revenue share by supplier, 2022-2037F. TABLE 33 HBM wafer capacity and share of total DRAM wafer starts, 2026-2037. TABLE 34 Announced HBM-related capacity investments, 2025-2030. TABLE 35 HBM consumption by customer, 2026-2037 (million stacks). TABLE 36 HBM manufacture by region, 2027-2037 (US$ billion). TABLE 37 HBM pricing by generation and configuration, 2026-2037. TABLE 38 HBM stack material classes, function and supply base. TABLE 39 Material consumption per HBM stack by generation. TABLE 40 TSV formation material demand, 2027-2037 (US$ million). TABLE 41 CMP and cleaning consumables demand, 2027-2037 (US$ million). TABLE 42 Micro-bump and solder material demand, 2027-2037 (US$ million). TABLE 43 Underfill and encapsulation demand, 2027-2037 (US$ million). TABLE 44 Hybrid bonding consumables demand, 2027-2037 (US$ million). TABLE 45 Thinning, carrier and handling consumables demand, 2027-2037 (US$ million). TABLE 46 HBM stack materials and consumables market, 2027-2037 (US$ million). TABLE 47 HBM material class concentration and entry conditions. TABLE 48 Advanced packaging platform comparison for AI applications. TABLE 49 CoWoS-class capacity forecast by variant, 2026-2037. TABLE 50 CoWoS-class supply and demand balance, 2026-2033. TABLE 51 SoIC variants and AI adoption. TABLE 52 Comparative platform roadmap, TSMC / Intel / Samsung. TABLE 53 OSAT capacity, AI exposure and advanced packaging platforms. TABLE 54 Panel-level packaging adoption forecast, 2027-2037. TABLE 55 Co-packaged optics packaging demand, 2027-2037. TABLE 56 Advanced packaging services revenue for AI semiconductors, 2027-2037 (US$ billion). TABLE 57 Package material classes mapped to process step and multiplier. TABLE 58 Substrate specification roadmap for AI accelerators, 2027-2037. TABLE 59 Build-up dielectric film demand, 2027-2037. TABLE 60 Core material demand, 2027-2037. TABLE 61 Plating, foil and resist demand, 2027-2037. TABLE 62 Interposer material comparison. TABLE 63 Interposer material mix and value, 2027-2037. TABLE 64 Glass core adoption and material redistribution, 2027-2037. TABLE 65 Package assembly materials demand, 2027-2037 (US$ million). TABLE 66 Advanced package materials and consumables market, 2027-2037 (US$ million). TABLE 67 Package material supply by producing region, 2037. TABLE 68 Thermal design power and flux by package generation. TABLE 69 Thermal interface material families for AI packages. TABLE 70 In-package cooling architecture adoption, 2027-2037. TABLE 71 Advanced thermal materials, readiness and application. TABLE 72 Thermal materials and in-package cooling market for AI semiconductors, 2027-2037 (US$ million). TABLE 73 TIM demand by chemistry family, AI packages, 2027-2037 (US$ million). TABLE 74 Supply chain tier concentration and geographic exposure. TABLE 75 Chinese domestic HBM and packaging stack, 2027-2037. TABLE 76 Qualification cycle by class and implied earliest volume entry. TABLE 77 Announced capacity investment by tier, 2025-2030 commitments (US$ billion, indicative). TABLE 78 Key risk register, probability and impact. TABLE 79 Total AI memory and advanced packaging value pool, 2027-2037 (US$ billion). TABLE 80 Value pool by end application, 2027-2037 (US$ billion). TABLE 81 Value pool by region of manufacture, 2027-2037 (US$ billion). TABLE 82 Total materials and consumables market, 2027-2037 (US$ million). TABLE 83 Top fifteen material classes by 2037 value. TABLE 84 Indexed real price trajectories by class, 2027 = 100. TABLE 85 Scenario detail by layer, 2037 (US$ billion). TABLE 86 Scenario trajectories, total value pool 2027-2037 (US$ billion). TABLE 87 Structural corporate events in the AI hardware and thermal supply base, 2024-2026. TABLE 88 Technology roadmap summary, 2027-2037. TABLE 89 Strategic conclusions mapped to stakeholder and action window. List of Figures FIGURE 1 The AI memory and packaging value pool, layer map 2027-2037. FIGURE 2 Value pool by layer, stacked area 2027-2037. FIGURE 3 Materials market value by class, 2027-2037. FIGURE 4 Value pool by region, 2027-2037. FIGURE 5 Concentration heat map by material class. FIGURE 6 Material demand growth versus device unit growth, indexed. FIGURE 7 Bull, Base and Bear scenario comparison, 2027-2037. FIGURE 8 AI accelerator package shipments by class, 2026-2037. FIGURE 9 HBM stack demand versus modelled supply, 2026-2037. FIGURE 10 Accelerator package cost structure evolution, 2024-2037. FIGURE 11 Package area and build-up layer roadmap, 2024-2037. FIGURE 12 Non-hyperscaler accelerator demand by pool, 2027-2037. FIGURE 13 HBM stack architecture, cross-section. FIGURE 14 HBM bandwidth and capacity evolution, HBM2 to HBM6. FIGURE 15 HBM generation transition timeline and bond-type migration, 2024-2037. FIGURE 16 Custom HBM share and base-die value migration, 2026-2037. FIGURE 17 Micro-bump versus hybrid bond stack cross-sections and interconnect density. FIGURE 18 DRAM cell architecture roadmap and its intersection with the HBM generation cadence. FIGURE 19 HBM unit shipments and revenue, 2026-2037. FIGURE 20 HBM revenue share by supplier, 2022-2037. FIGURE 21 HBM consumption by customer, 2026-2037. FIGURE 22 HBM price per gigabyte by generation, 2026-2037. FIGURE 23 Material consumption per HBM stack by generation, indexed. FIGURE 24 Underfill versus bonding dielectric demand crossover, 2027-2037. FIGURE 25 HBM stack materials market by class, 2027-2037. FIGURE 26 Advanced packaging platform positioning by reticle multiple and interconnect density. FIGURE 27 CoWoS-class capacity by variant, 2026-2037. FIGURE 28 Advanced packaging capacity by provider and geography, 2026-2037. FIGURE 29 Co-packaged optics adoption in AI packages, 2027-2037. FIGURE 30 The AI accelerator package materials stack, exploded cross-section. FIGURE 31 Build-up dielectric film demand and constrained-grade share, 2027-2037. FIGURE 32 Interposer material mix by area, 2027-2037. FIGURE 33 Advanced package materials market by class, 2027-2037. FIGURE 34 Material production versus consumption by region, 2037. FIGURE 35 In-package cooling architecture adoption, 2027-2037. FIGURE 36 TIM demand by chemistry family, 2027-2037. FIGURE 37 Risk matrix, probability against impact. FIGURE 38 Total value pool by layer, 2027-2037. FIGURE 39 Value pool by region, 2027-2037. FIGURE 40 Material classes by 2037 value and growth rate. FIGURE 41 Scenario trajectories, 2027-2037.