TechSearch International | Advanced Packaging Update

Volume 3-1125

November 2025

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This third volume of the Advanced Packaging Update includes analyses of the economy and of OSAT financials. Progress in hybrid bonding for a variety of applications is discussed. An updated analysis on shortages in substrate materials is provided.

Contents…
1 Industry and Economic Trends

1.1 Economic Growth Slows

1.1.1 China's Economy

1.1.2 U.S. Macroeconomic Trends

1.2 Smartphone and PC Growth

1.2.1 PC Shipments

1.2.2 Smartphone Shipments

1.2.3 AI Continues to Drive Industry Growth

2 OSAT Financial Analysis

2.1 Market Overview

2.2 OSAT Market Performance

2.3 Company Highlights

2.3.1 ASE Holdings

2.3.2 Amkor Technology

2.3.3 JCET Group

2.3.4 Tongfu Microelectronics

2.3.5 Powertech Technology

2.3.6 Huatian

2.3.7 UTAC

2.3.8 KYEC

2.3.9 Hana Micron

2.3.10 ChipMOS

2.4 Financial Metrics

2.4.1 Gross Margin

2.4.2 R&D

2.4.3 CAPEX

2.5 Outlook

3 Will Shortages Limit Ai Growth?

3.1 Growing Demand for AI Hardware

3.1.1 Demand for Substrates

3.1.1.1 BT Resin

3.1.1.2 Glass Fiber

3.1.1.3 Build-up Film

3.1.2 HBM

4 Hybrid Bonding Developments

4.1 Applications

4.1.1 Computing

4.1.1.1 AMD

4.1.1.2 Broadcom

4.1.1.3 Intel

4.1.2 High Bandwidth Memory

4.1.3 Co-packaged Optics

4.1.4 6G Communications

4.1.5 Finer Pitch for Future Applications

4.2 Hybrid Bonding Challenges

4.2.1 Design and EDA Tools

4.2.2 Process

4.2.2.1 Cu Recess Control and Dielectric Materials

4.2.2.2 Low-Temperature Processing

4.2.3 Metrology

4.3 Hybrid Bonding Equipment

4.3.1 Applied Materials and BESI

4.3.2 ASMPT

4.3.3 Bondtech

4.3.4 EV Group

4.3.5 Hanmi

4.3.6 SET

4.3.7 SUSS

4.3.8 TEL

4.3.9 Toray Engineering

4.3.10 Room Temperature Bonding

4.4 Alternatives to Hybrid Bonding

4.4.1 ASMPT

4.4.2 K&S

4.4.3 Shibuya
Figures…
4.1 Collective bonding process.
Tables…
2.1 Quarterly Revenue for Top 20 OSATs

2.2 Year-to-Year Gross Margin for Top 10 OSATs

2.3 R&D Spending for Top 10 OSATs

2.4 CAPEX Spending for Top 10 OSATs

3.1 Build-up Substrate Supply and Demand

3.2 HBM Demand Forecast

4.1 Hybrid Bonders

4.2 D2W vs. W2W

4.3 Hybrid Bonding vs. Direct TCB

4.4 Fluxless Bonders for TCB

Advanced Packaging Update

Market and Technology Trends

Volume 3-1125

November 2025