Since 2026, the global electronics information industry has experienced significant turbulence due to geopolitical conflicts and the explosive growth of AI computing power. As the "mother of electronic products," printed circuit boards (PCBs) witnessed a historic price surge of 40% in April, the strongest monthly increase on record. This cost pressure is now being transmitted to downstream sectors such as display panels, LED displays, and semiconductor packaging. Concurrently, driven by surging AI demand and the approaching physical limits of organic substrates, display glass substrates and packaging glass substrates are gaining rapid industry attention due to their cost stability and performance advantages.
**PCB Super-Cycle Commences, Supply-Demand Gap Intensifies** The current PCB price increase is not a short-term fluctuation but a "super-cycle" resulting from the convergence of sudden supply-side shocks and structural demand-side expansion. High-purity polyphenylene ether (PPE) is a critical material for manufacturing high-end PCB copper-clad laminates (CCL). In early April, geopolitical conflicts disrupted approximately 70% of the global PPE resin supply. Coupled with the continuous surge in copper foil prices and the extension of lead times for key materials like epoxy resin from 3 to 15 weeks, raw material shortages have further constrained production capacity, instantly driving up PCB prices. Goldman Sachs data shows that in April, global PCB prices soared by 40% compared to March, far exceeding historical monthly increase records.
Structural supply-demand imbalance further fuels the trend: the AI computing power explosion has triggered a surge in demand for high-end PCBs. The global AI server PCB market is projected to grow by over 110% from 2026 to 2027, while traditional PCB demand grows by only about 3%. The value of AI server PCBs is 5 to 10 times that of standard servers, significantly "crowding out" limited production capacity and continuously widening the supply-demand gap for high-end capacity.
The wave of price increases has rapidly swept across the entire industry chain. Japan's Resonac and Mitsubishi Gas Chemical率先 raised CCL prices by over 30%. Taiwanese manufacturers like Taimide Technology and Taiwan Union Technology followed with price hikes of 20% to 40%. Mainland Chinese leaders such as Kingboard and Shengyi Technology also raised prices simultaneously. Currently, lead times for high-end PCBs have generally extended to over 6 months, with high-end BT/ABF substrate shortages exceeding 40%. Structural shortages have become the industry norm. The industry assesses that this PCB涨价周期 will last through at least 2026, potentially extending into the first half of 2027.
**Panel Profits Squeezed, Packaging Technology Faces Transformation** The cost shock from PCB涨价 is quickly transmitted downstream, with the display panel and semiconductor packaging industries bearing the brunt. Industry profit models and technology roadmaps are facing forced adjustments.
The panel industry is caught in a cost-price dilemma. LCD panel production relies on various core PCB components like power boards, driver boards, and timing controller boards. PCB costs account for approximately 12% to 15% of total panel manufacturing costs. TrendForce data indicates that rising material costs, including PCBs, have increased panel manufacturers' production costs by 4% to 5%. However, the increase in terminal panel prices is far lower than the rise in upstream material costs, significantly compressing panel makers' profit margins.
The impact on the LED display industry is even more pronounced. Industry insiders reveal that PCBs and copper materials constitute nearly one-third of the total cost of LED displays. High-end applications like high-partition Mini-LED backlighting and high-density interconnection rely more heavily on high-end PCBs, making cost pressure particularly acute. Under this pressure, downstream manufacturers have been forced to raise prices collectively. In early February, Leyard率先 announced price increases for LED displays by 3% to 15%, explicitly citing rising costs of PCBs, LEDs, and ICs as the main reasons. Subsequently, over 20 companies, including AOTO and Unilumin, followed suit with price adjustments, intensifying price volatility in the terminal market.
An analyst from芯谋研究 pointed out that on one hand, PCBs face supply tightness due to the increasing size of AI chips, leading to highly unstable lead times. On the other hand, the current price increases for PCB raw materials like resins and glass fiber cloth are driving PCB prices higher, further amplifying cost pressures for end-users. Leading manufacturers have already begun加速评估替代技术方案.
Furthermore, traditional PCBs face not only supply bottlenecks but also approach their material physical limits. Their high coefficient of thermal expansion and susceptibility to warping under high temperatures make them inadequate for meeting demands for high density, high heat dissipation, and high-speed transmission. The three core bottlenecks—packaging density, signal stability, and thermal dissipation capability—are causing PCBs to struggle in the AI era, creating a critical window for alternative materials.
**Glass Substrates Emerge, Industrialization Accelerates** Catalyzed by the PCB涨价潮, glass substrates have become an industry focal point due to their unique advantages. Unlike PCBs, which rely on materials prone to price hikes like copper foil, resin, and electronic cloth, the core raw material for glass substrates is quartz sand, offering stable supply, less impact from geopolitical conflicts, and stronger cost controllability. Simultaneously, glass's inherent advantages in thermal stability, flatness, and electrical性能 perfectly align with high-end AI requirements.
Public information shows that the coefficient of thermal expansion for glass substrates can be precisely controlled between 3 ppm/°C and 9 ppm/°C, close to silicon's 2.9 ppm/K to 4 ppm/K. High-temperature warpage is reduced by over 70% compared to organic substrates, solving the deformation challenge in large chip packaging. Their surface flatness is far superior to organic materials, enabling micron-level ultra-fine wiring. Through-hole density is 10 times that of traditional silicon substrates, meeting the high-density interconnection needs of AI chips. In high-frequency signal transmission scenarios, transmission loss for glass substrates is reduced by 2 to 3 orders of magnitude compared to organic materials, while heat dissipation efficiency improves by 40%, supporting the stable long-term operation of high-compute chips. Additionally, glass offers strong insulation and good chemical stability, supporting the implementation of CPO (co-packaged optics) technology. Furthermore, panel-level packaging costs are projected to be 66% lower compared to wafer-level packaging.
Since 2026, leading companies like Intel, TSMC, Apple, and Samsung have密集落子 the glass substrate赛道. AMD, ASE, and NVIDIA have also incorporated glass substrates into their下一代技术路线图. Chinese companies have achieved localization in display glass substrates and are accelerating their expansion into semiconductor packaging. BOE, leveraging its深厚的玻璃基板技术积累, is actively entering the CoPoS glass substrate supply chain. Wogene has mastered core technologies like TGV (Through Glass Via) massive through-holes, low-stress copper interconnection, and high-density glass substrate RDL wiring. Its products have made阶段性进展 in areas like新型显示, AI computing chips, and optical communication. As a domestic leader in display glass substrates,彩虹股份 has not only broken through in high-generation large-panel glass capacity to meet CoPoS large-size panel demands but is also actively advancing packaging glass R&D. Additionally, companies like凯盛科技 and东旭光电 are actively布局 TGV-related products to meet高端封装需求.
A representative from彩虹股份 analyzed: "As PCB prices rise, the feasibility of glass-based packaging and glass-based substrates replacing部分PCB方案 further increases. The industry端 is more inclined to use highly stable, cost-controllable glass materials to optimize the overall BOM (Bill of Materials) structure. The penetration rate of glass-based packaging and glass-based circuit boards will continuously increase." Omdia data shows the global glass substrate market size was $18.6 billion in 2026, projected to exceed $32 billion by 2030, with a CAGR of 14.5%, far exceeding the approximately 6% growth rate for organic substrates.
**Short-Term Supplementary, Clear Long-Term Scale Replacement Trend** Facing the PCB super涨价周期, the industrial positioning and replacement节奏 of glass substrates require rational distinction—serving as a supplement in high-end scenarios in the short term, with scale replacement expected in the medium to long term, becoming a core substrate material in the AI era.
In the short term, glass substrates are still in the early stages of commercial development. Constrained by factors like insufficient technical yield rates, limited mass production scale, and incomplete industry chain support, they暂时无法填补 the PCB supply gap or achieve scale replacement. An analyst from势银半导体产业 pointed out that in the next one to two years, glass substrates can only serve as an alternative方案和技术储备 in high-end fields. They will be试点应用 primarily in high-performance, high-value-added scenarios like AI chip packaging, high-partition MLED backlighting, and CPO substrates. Market competition with and scale replacement of traditional PCBs is expected to gradually materialize after approximately two years.
Industry companies corroborate this development pace. A representative from Wogene stated in an interview that PCB涨价 has significantly increased downstream customers' willingness to test and adopt glass-based方案, but industry-wide mass production still requires time.彩虹股份方面坦言 that in the next two to three years, glass-based advanced packaging will remain in a transition phase from R&D to commercialization. Companies will持续推进技术研发与产品认证, aiming to complete key certification work between 2026 and 2027 and strive for small-batch commercial落地 by 2028.
In the long term, as TGV process yields突破, mass production costs decline, and the ecosystem完善, glass substrates are expected to transition from a "supplementary方案" to a mainstream application. The industry judges that after 2028, glass substrates will achieve scale落地 in fields like AI servers, high-performance computing, and 5G/6G communications, gradually replacing traditional organic substrates. Leveraging dual advantages in performance and cost, glass substrates are poised to become a core foundational material supporting advanced packaging, display panels, and AI computing power in the post-Moore era, reshaping the electronics industry supply chain格局.
Industry insiders emphasize that this PCB super涨价周期 is both a short-term supply chain crisis and a catalyst for long-term technological transformation. For Chinese industry, PCB涨价 exposes the risk of dependence on foreign high-end基础材料 and highlights the strategic value of自主技术 like glass substrates. Currently, glass substrates are at a critical inflection point from "technology verification" to "commercialization落地." PCB涨价 has created a precious industrial window of opportunity. Chinese companies need to seize this opportunity, accelerate technological breakthroughs and capacity布局, overcome core bottlenecks like TGV, glass wafer manufacturing, and high-density wiring, and完善产业链配套. Simultaneously, downstream enterprises in panels, packaging, etc., can适度推进 glass substrate试点应用, diversify supply chain risks, and抢占技术先机.