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Pass ive Electronic Components : World Market Outlook : 2012-2017 (March 2012)

© 2 0 1 2 P a u m a n o k P u b l i c a t i o n s , I n c . i n f o @ p a u m a n o k g r o u p . c o m

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Passive Electronic Components: World Market Outlook: 2012-2017 Published March 2012 Price: $2750.00 USD Pages: 286 ISBN #:1-893211-99-1 -2011 (2012 Fiscal Year Ending March 31, FINAL Report) Published: March 2012 ©Paumanok Publications, Inc. 2012

Passive Electronic Components: World Market Outlook: 2012-2017



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Copyright ©2012 Paumanok Publications, Inc. Published by: Paumanok Publications, Inc.

Publication Date: March 2012

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Table Of Contents:

1.0 INTRODUCTION TO PASSIVE COMPONENT MARKETS, TECHNOLOGIES & OPPORTUNITIES .................................................................................................................................. 17 ABOUT THE AUTHOR: ........................................................................................................................ 17 RESEARCH METHODOLOGY EMPLOYED: ..................................................................................... 17 THE PAUMANOK RESEARCH METHODOLOGY: .......................................................................... 18 GOVERNMENT DATA COLLECTION AND RESOURCES: ..................................................................................... 18 SECONDARY PUBLISHED SOURCES: ..................................................................................................................... 18 PRIMARY INTELLIGENCE GATHERING: ............................................................................................................... 19

THE PASSIVE COMPONENT SUPPLY CHAIN: ............................................................................... 19 MINING OF RAW MATERIALS: ............................................................................................................................... 19 RAW MATERIALS PROCESSING: ............................................................................................................................. 20 COMPONENT MANUFACTURING: ........................................................................................................................... 20 COMPONENT DISTRIBUTION: ................................................................................................................................ 20 END-‐MARKET CONSUMPTION: .............................................................................................................................. 20 RECYCLING OF CRITICAL MATERIALS: .................................................................................................................. 21

TECHNICAL ECONOMIC MAXIMS RELATED TO PASSIVE ELECTRONIC COMPONENTS: ................................................................................................................................................................... 22 THE TWO TECHNICAL ECONOMIC MAXIMS ASSOCIATED WITH PASSIVE COMPONENTS: ........................ 22 UBIQUITOUS NATURE OF PASSIVE COMPONENTS: ........................................................................................... 22 RELATIONSHIP BETWEEN CAPACITANCE AND AVAILABLE SURFACE AREA: .............................................. 23

FINANCIAL CONSIDERATIONS WITH RESPECT TO THIS REPORT: ...................................... 24 THE FISCAL YEAR ENDING MARCH 31, 2012 .................................................................................................. 24 CURRENCY TRANSLATION .................................................................................................................................... 24 VOLUME, VALUE AND PRICING DATA: ................................................................................................................ 24

2.0 EXECUTIVE SUMMARY: 2012-‐2017 MARKET OUTLOOK ................................................. 26 PASSIVE COMPONENT MARKETS DOWN 7.7% FOR THE FISCAL YEAR ENDING MARCH 2012 ............. 26 Reasons For Decline in FY 2012 and FY 2013 Outlook: .................................................................... 26

Worldwide Capacitor Market Growth: Changes in Value, Volume and Unit Pricing: FY 2012: ................... 27 Worldwide Linear Resistor Market Growth: Changes in Value, Volume and Unit Pricing: FY 2012: ........ 28 Worldwide Discrete Inductor Market Growth: Changes in Value, Volume and Unit Pricing: FY 2012: ... 28

Volume Shipment Update: FY 2012-‐2017 ............................................................................................... 29 Trend In Global Volume Shipments For Passive Components: 2003-‐2012; 2013-‐2017 Forecast: ............ 29 Volume of Passive Component Consumption By Type (Capacitors, Linear Resistors and Inductors): 2012 FY Ending March-‐ ............................................................................................................................................................... 31

Value Shipment Update: FY 2012 ............................................................................................................... 33 Global Consumption Value For Passive Components: 2003-‐2012; 2013-‐2017 Forecasts: ........................... 33 Value of Passive Component Consumption By Type (Capacitors, Resistors and Inductors): 2012 FY .... 35

Pricing Update: FY 2012 & Outlook: .......................................................................................................... 36 Average Unit Selling Price For Passive Electronic Components: 2003-‐2011; 2012-‐2017 Forecasts: ...... 36



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Regional Market Update: FY 2012 ............................................................................................................. 37 Regional Consumption Forecasts for Passive Components For The Year Ending March 2011: ................. 37 China and South East Asia: FY 2011 Passive Component Consumption Value Forecasts: ............................. 38 Europe: FY 2011 Passive Component Consumption Value Forecasts: ................................................................... 38 Americas: FY 2011 Passive Component Consumption Value Forecasts: ............................................................... 38 Global Value of Passive Component Consumption By World Region: FY 2012 .................................................. 39

Changes In Passive Component Consumption By World Region From FY 2007 To FY 2012 .................................................................................................................................................................................... 39

China and SE Asia: Changes In The Market Between FY 2007 and FY 2012: ....................................................... 39 Japan: Changes In The Market Between FY 2007 and FY 2012: ................................................................................ 40 Europe: Changes In The Market Between FY 2007 and FY 2012: ............................................................................ 40 Americas: Changes In The Market Between FY 2007 and FY 2012: ........................................................................ 40 2017 Forecast Update: Consumption By World Region: .............................................................................................. 42

End-‐Use Market Update: FY 2012 ............................................................................................................... 44 Passive Component Consumption By End-‐Use Market Segment: 2012 FY Ending March Forecast and Update ................................................................................................................................................................................................. 44 Consumer Audio and Video Imaging Markets For Passive Components: FY 2012 ........................................... 47 Telecommunications Equipment and The Passive Component Markets: FY 2012 ........................................... 47 Computer Markets For Passive Components: FY 2012 ................................................................................................. 48 Automotive Markets For Passive Components: FY 2012 .............................................................................................. 48 Industrial and Specialty Markets For Passive Components: 2012 ........................................................................... 49 Specialty Electronics Segment: ................................................................................................................................................ 50 Market Forecasts For Passive Components By End-‐Use Market Segment: FY 2012-‐2017 ............................ 51

Passive Components (CRL) Market Share Update: FY 2012 ........................................................... 53 Changes in Global Market Shares In Passive Electronic Components For The Three Product Groupings Combined: FY 2012 ....................................................................................................................................................................... 53

Changes In Quarterly Revenues For The Top Passive Component Manufacturers ............... 54 June 2008-‐December 2011 By Quarter Actual .................................................................................................................. 54

March 2012 Quarterly Forecast .................................................................................................................. 54 FORECASTS: Complete Forecasts: Volume of Worldwide Passive Component Consumption By Component Sub-‐Type (14 Product Groupings): 2012-‐2017 ..................................................... 56 FORECASTS: Complete Forecasts: $ Value of Worldwide Passive Component Consumption By Component Sub-‐Type (14 Product Groupings): 2012-‐2017 ..................................................... 57 Lead-‐Time Trends In Passive Components: FY 2012 By Month ..................................................... 57 Capacitor Lead Time Trends: 2010-‐2012 By Month .......................................................................... 57

Aluminum Electrolytic Capacitors: Lead Time Trends By Type: FY 2012 ............................................................ 58 Ceramic Capacitors: Lead Time Trends By Type and Case Size: FY 2012 ............................................................. 59 Tantalum Capacitors: Lead Time Trends By Type and Case Size: FY 2012 .......................................................... 60 DC Film Capacitors: Lead Time Trends By Type and Case Size: FY 2012 .............................................................. 61

Resistor Lead Time Trends: 2010-‐2012 By Month .............................................................................. 63 Thick Film Chip Resistors: Lead Time Trends By Type and Case Size: ................................................................... 64

Throughole Resistors: Lead Time Trends By Type: FY 2012 By Month ...................................... 65 Network Resistors: Lead Time Trends By Type (Array, SIP, DIP): FY 2012 ........................................................ 66

Thin Film Resistors: Lead Time Trends By Case Size: FY 2012 ...................................................... 67 Discrete Inductor Lead Time Trends: 2010-‐2012 By Month ........................................................... 70 Raw Materials For Passive Components: Price and Availability Trends: FY 2012 ................ 71

Changes In Prices For Key Raw Materials Consumed in The Passive Electronic Component Industry-‐ Key Cost Drivers In PGM and REE Materials (By Month) ............................................................................................. 72 Year Over Year Changes in Key PGM and REE Materials Pricing: Impacting CGS for Passive Components: 2010-‐2012 ............................................................................................................................................................ 74

3.0 CAPACITORS: WORLD MARKETS: FY 2012-‐2017 .............................................................. 75 Global Market Value, Volume and Average Unit Pricing for Capacitors: 2007-‐2008-‐2009-‐2010 FY Actual and 2011 Forecasts .......................................................................................................... 75



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Volume Shipment Update: FY 2012 ........................................................................................................... 75 Trend In Global Volume Shipments For Capacitors: 2007-‐2012 .............................................................................. 75

Value Shipment Update: FY 2012 ............................................................................................................... 77 Global Consumption Value For Capacitors Between FY 2007 and FY 2012: ....................................................... 77

Pricing Update: FY 2011-‐2012 ..................................................................................................................... 78 Average Unit Selling Price For Capacitors: 2007-‐2012; 2013-‐2017 Forecasts: ................................................. 78

Demand By Dielectric: 2003-‐2012 ............................................................................................................. 79 Ceramic Capacitors: FY 2012 .................................................................................................................................................... 80 Aluminum Electrolytic Capacitors: FY 2012 ...................................................................................................................... 81 Tantalum Capacitors: FY 2012 ................................................................................................................................................. 82 Plastic Film Capacitors: FY 2012 ............................................................................................................................................. 83 Other Capacitors: 2009-2010- 2011........................................................................................................................................... 84

Regional Market Update: FY 2012 ............................................................................................................. 87 Regional Consumption for Capacitors For The Year Ending March 2012: ........................................................... 87 South East Asia: FY 2012 Capacitor Consumption: ............................................................................................................ 87 Europe: FY 2012 Capacitor Consumption: ............................................................................................................................. 88 Americas & ROW: FY 2011 Capacitor Consumption: ....................................................................................................... 88

Global Value of Capacitor Consumption By World Region: FY 2012 .......................................... 88 Changes In Capacitor Consumption By World Region: FY 2007-2012 ....................................... 89

China and SE Asia: FY 2012: ...................................................................................................................................................... 89 Japan: FY 2012: ................................................................................................................................................................................ 89 Europe: FY 2012: ............................................................................................................................................................................. 89 Americas: FY 2012: ........................................................................................................................................................................ 89

2017 Forecast Update: Consumption By World Region: ................................................................... 90 End-‐Use Market Update: FY 2012 ............................................................................................................... 92

Capacitor Consumption By End-‐Use Market Segment: 2012 FY Ending March Forecast and Update ..... 92 Capacitor Vendors: Global Sales & Market Shares: FY 2012 .......................................................... 95

Capacitors: Overall Market Share Data and Vendor Strategy: FY 2012 ................................................................. 95 Competitive Environment in Ceramic Capacitors: FY 2012- ........................................................... 98 Ceramic Capacitor Vendors: Detailed Market Shares: FY 2012 .................................................... 98

Ceramic Capacitor Manufacturers: FY 2012 Sales & Market Shares ....................................................................... 98 Competitive Environment in Tantalum Capacitors: FY 2012-‐ ....................................................... 99

Changing Share Data in Tantalum Capacitors: FY 2012 and 2013 ........................................................................... 99 Tantalum Capacitor Manufacturers: FY 2012 Sales & Market Shares ................................................................. 100

Competitive Environment in Aluminum Capacitors: FY 2012- ..................................................... 101 Aluminum Capacitor Manufacturers: FY 2012 Sales & Market Shares ............................................................... 102

Competitive Environment in DC Film Capacitors: FY 2012 ......................................................... 103 DC Plastic Film Capacitor Manufacturers: FY 2012 Market Shares ...................................................................... 103

Competitive Environment in AC Film Capacitors: FY 2012- ........................................................ 104 AC Plastic Film Capacitor Manufacturers: FY 2012 ...................................................................................................... 104

Market Forecasts: FY 2012-‐2017 ............................................................................................................. 106 Global Capacitor Market Value: 2012-2017 ........................................................................................................................ 106

Capacitor Market Forecasts By Individual Dielectric: FY 2012-‐2017 ..................................... 107 Ceramic Capacitors: FY 2012-2017 Outlook ....................................................................................... 108 Aluminum Electrolytic Capacitors: 2012-2017 Outlook .................................................................. 108 Tantalum Capacitors: 2012-2017 Outlook ............................................................................................ 109 DC Film Capacitors: 2012-2017 Outlook ............................................................................................. 109 AC Power Film Capacitors: 2012-2017 Outlook ................................................................................ 110

Other Capacitors: 2012-2017 Outlook ................................................................................................................................... 110 Five Year Capacitor Market Forecasts: 2013-‐2017 ......................................................................... 111

Global Capacitor Volume Shipments By Dielectric: 2003-‐2012; 2013-‐2017F ................................................. 111 Average Unit Pricing For Capacitors By Dielectric: 2003-‐2012; 2013-‐2017 Forecasts ............................... 112



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4.0 LINEAR RESISTORS: WORLD MARKET OUTLOOK: FY 2012-‐2017 ............................ 113 Introduction to The Global Resistor Markets: .................................................................................... 113

Competitive Environment in Linear Resistors By Type: FY 2012 ............................................................................ 114 The Top Ten Vendors of Linear Resistors: FY 2012 ......................................................................... 116 True Nature of The Competition In Resistors: FY 2011 ................................................................. 118 The Global Market For Linear Resistors: FY 2011: ......................................................................... 118

Global Linear Resistor Market Trend Over Time: 2003-‐2012 ................................................................................. 119 Thick and Thin Film Chip Resistors: Historical Market Growth: FY 2008-‐2012 ............................................. 121 Networks, Arrays and Integrated Passive Devices: Historical Market Growth: FY 2008-‐2012 ................ 121 The market for Resistor Networks, Arrays and Integrated Passive Devices declined by 4% in FY 2012 to $839 million USD in worldwide revenues, from the prior year’s $874 million in global estimated sales. The neat-‐term peak in global resistor network sales was in 2008 when revenues were $940 million USD. ................................................................................................................................................................................................... 121 Throughole Resistors: (Wirewound, Nichrome Film, Tin Oxide, Carbon Film, Other): 2010-‐2011 ....... 121

LINEAR RESISTOR MARKETS BY TYPE: 2012 ................................................................................................ 123 Global Value Of Shipments For Linear Resistor Type & Sub-‐Category: FY 2012 ................ 123

SMD Chip Resistor Markets: FY 2012 ................................................................................................................................. 123 Resistor Networks: Markets: FY 2012 ............................................................................................................................... 123 Wirewound Resistors: Markets: FY 2012 ......................................................................................................................... 123 Nichrome Film Resistors: Markets: FY 2012 ................................................................................................................... 123 Tin Oxide Resistors: Markets: FY 2012 .............................................................................................................................. 123 Carbon Film Resistors: Markets: FY 2012 ........................................................................................................................ 124 Bulk Metal Foil Resistors: Markets: FY 2012 .................................................................................................................. 124

Linear Resistors: Regional Market Update: FY 2012 ..................................................................... 125 Regional Consumption Forecasts for Linear Resistors For The Year Ending March 2012: ....................... 125 Asia: FY 2012 Resistor Consumption Value Forecasts and Growth Rates: ............................................................. 125 Europe: FY 2012 Resistor Consumption Value Forecasts and Growth Rates: ........................................................ 125 Americas: FY 2011 Resistor Consumption Value Forecasts & Growth Rate: ......................................................... 125 Linear Resistor Consumption By End-‐Use Market Segment: 2011 FY Ending March Forecast and Update ............................................................................................................................................................................................................. 127

Changes in Linear Resistor Consumption By End-‐Use Market Segment: FY 2012-‐2017 . 129 Consumer AV Markets for Linear Resistors: FY 2011-‐2012: ................................................................................... 129 Telecom Markets for Linear Resistors: FY 2011-‐2012: .............................................................................................. 129 Computer Markets for Linear Resistors: FY 2011-‐2012: ........................................................................................... 129 Automotive Markets for Linear Resistors: FY 2011-‐2012: ....................................................................................... 129 Power & Industrial Markets for Linear Resistors: FY 2011-‐2012: ........................................................................ 129 Specialty Markets for Linear Resistors: FY 2011-‐2012: ............................................................................................. 129

Resistor Vendors: Global Sales & Market Shares: FY 2012 Forecast ....................................... 131 Resistor Vendors: Global Sales & Market Shares By Component Type: FY 2012 ................ 135

Thick Film Chip Resistor Market Shares: 2012 .............................................................................................................. 135 NETWORKS: 2012 SHARE DATA .................................................................................................................. 136 Resistor Network, Array and IPD Market Shares: FY 2012 .......................................................... 136 THROUGHOLE Resistor Market Share: FY 2012 ............................................................................... 137 Throughole Resistors: 2011 FY Global Market Shares ................................................................... 138

LINEAR RESISTOR MARKET FORECASTS BY TYPE: 2013-‐2017 ............................................................... 139 Global Value Of Shipments By Resistor Type: 2003-‐2012; 2013-‐2017 Forecasts .......................................... 139 Global Volume Of Shipments By Resistor Type: 2003-‐2012; 2013-‐2017 Forecasts ..................................... 139

Global Average Selling Prices For Resistors By Type: 2003-‐2012; 2013-‐2017F: ................ 140 5.0 DISCRETE INDUCTORS: FY 2012-‐2017 MARKET OUTLOOK ....................................... 141

Discrete Inductor: FY 2012 Market Update: ........................................................................................ 141 Global Market Value, Volume and Pricing For Inductors: 2012 FY Ending March: .......... 141



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Global Value of Consumption For Discrete Inductors: FY 2012 and Historical Market Development ..................................................................................................................................................... 141 Global Volume of Consumption For Discrete Inductors: FY 2012 and Historical Market Development ..................................................................................................................................................... 142 Global Pricing of Discrete Inductors: FY 2012 and Historical Pricing Development ........ 142 Demand By Inductor Type & Configuration: FY 2012 .................................................................... 145

Surface Mount Inductors: World Markets: FY 2012 .................................................................................................... 145 Ferrite Bead Market Size: FY 2012 ...................................................................................................................................... 146 Ferrite Bead Array Market Size: FY 2012 ......................................................................................................................... 146

Chip Coils: Multilayered Chip Inductors: World Market Update: FY 2012 ........................... 147 Product Description and Market Overview: 2012 ........................................................................................................ 147 Chip Coil Market Size: FY 2012 ............................................................................................................................................. 148

Molded Case Wirewound Chip Inductors: ............................................................................................ 148 Molded Case Wirewound Chip Inductor Market Size: FY 2012 .............................................................................. 149

SMD Wirewound Coils: Global Market Size: FY 2012 ...................................................................... 149 Throughole and Core Inductors: World Markets: FY 2012 .......................................................... 151 Axial Leaded Inductors: Global Markets: FY 2012 ........................................................................... 151

Axial Leaded Wirewound Inductor Markets: FY 2012 ................................................................................................ 151 Radial Leaded Inductors: World Markets: FY 2012 ......................................................................... 151

Radial Leaded Wirewound Inductors: FY 2012 ............................................................................................................. 151 Bobbins and Ferrite Cores (E Cores, Toroidal Cores, Other Cores): FY 2012 ........................ 152

Wirewound Bobbin Markets: FY 2012 .............................................................................................................................. 152 Ferrite Core Markets: FY 2012 .................................................................................................................. 152 Inductor, Coil and Core Demand By Type and Configuration: FY 2012 Summary ............. 153 EMC Suppression, Coil and Core Market Breakdown: 2012 ......................................................... 155 Critical Sub-‐Assembly Markets for Inductors, Coils and Cores: FY 2012 ................................ 155

DC/DC Converters and Power Supplies: ........................................................................................................................... 156 I/O Ports (USB, IEEE 1394, HDMI, Video Out): .............................................................................................................. 156 DC Motors: ...................................................................................................................................................................................... 156 Communication Chipsets and Antennas: .......................................................................................................................... 156 AC Adapters: .................................................................................................................................................................................. 156 Inverters: ........................................................................................................................................................................................ 157 Hard Disc Drives and Flash Memory: ................................................................................................................................. 157 Microprocessors and Other Circuit Applications: ......................................................................................................... 157

Discrete Inductor Markets By End-‐Use Segmet: FY 2012 .............................................................. 159 General Overview of Changes in The Market For 2012: ............................................................................................ 159 Telecommunications Market Segment For Inductors and Cores: FY 2011: ...................................................... 159 Computer and Peripheral Market Segment For Inductors and Cores: FY 2011 .............................................. 160 Consumer Audio and Video Imaging Equipment Market Segment For Inductors and Cores: FY 2012 160 Automotive Market Segment For Inductors and Cores: FY 2012 .......................................................................... 160 AC Industrial, Home Appliance and Lighting Ballast Market Segment For Inductors and Cores: FY 2012 ............................................................................................................................................................................................................. 160 Defense and Specialty Market Segment For Inductors and Cores: FY 2012 ..................................................... 161 Average Inductor Content In 17 Major End-‐Products: FY 2012 ............................................................................. 162

Inductor, Coil and Ferrite Sales By World Region: FY 2012 ......................................................... 163 Changes In Inductor and Core Consumption By World Region: FY 2012 .......................................................... 163 China and SE Asia: FY 2012: ................................................................................................................................................... 163 Japan: FY 2012: ............................................................................................................................................................................. 163 Europe: FY 2012: .......................................................................................................................................................................... 164 Americas: FY 2011: ..................................................................................................................................................................... 164

Inductor Market Shares: FY 2012 ............................................................................................................ 165 Discrete Inductor Vendors: Global Sales & Market Shares: FY 2011 .................................................................... 166

Forecasts: FY 2012-‐2017 ............................................................................................................................. 168 Global Inductor and Core Market Forecasts: FY 2012-‐2017 .................................................................................... 168



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Global Value Of Shipments By Inductor Type: 2003-‐2010; 2011-‐2015F ................................ 169 Surface Mount Inductors: World Market Outlook: 2012-‐2017 ............................................................................... 169 Throughole Inductors: World Market Outlook: 2012-‐2017 ..................................................................................... 169 Ferrite Cores: World Market Outlook: 2012-‐2017 ....................................................................................................... 170

Global Volume Of Shipments By Inductor Type: 2003-‐2012; 2012-‐2017F: ........................... 171 Surface Mount Inductors: Unit Shipments: FY 2012-‐FY 2017 ................................................................................. 171 Axial, Radial and Bobbin Inductors: FY 2012-‐FY 2017 ............................................................................................... 171 Ferrite Core Markets: FY 2011-‐FY 2015 ........................................................................................................................... 172 Global Average Unit Pricing For Inductors By Type: 2003-‐2010; 2011-‐2015F .............................................. 172

5.0 PASSIVE COMPONENT TECHNOLOGY OVERVIEW: FY 2012 ........................................ 173 TECHNOLOGY OVERVIEW: CAPACITORS .......................................................................................................... 173

Ubiquitous Nature of Capacitors: ............................................................................................................. 173 Relationship Between Capacitance and Available Surface Area: ................................................ 173

CERAMIC CAPACITORS (THE INDUSTRY WORKHORSE): ...................................................................... 174 Ceramic Capacitor Types: ........................................................................................................................... 174

Multilayered Ceramic Capacitors: ........................................................................................................................................... 174 Single Layered Ceramic Capacitors: ...................................................................................................................................... 174

Ceramic Capacitor Configurations: ........................................................................................................ 175 Surface Mount Ceramic Chip Capacitors: ............................................................................................................................ 175 Axial and Radial Leaded Ceramic Capacitors: ................................................................................................................... 175

MLCC Case Sizes ............................................................................................................................................ 177 Ceramic Capacitor Metallization: ............................................................................................................ 178 Palladium Electrodes: ................................................................................................................................... 179 Nickel Electrodes: ........................................................................................................................................... 179 Copper Electrodes: .......................................................................................................................................... 179 Termination Materials: ................................................................................................................................ 179 Ceramic Dielectric Materials: .................................................................................................................... 180

Classes of Dielectric Materials: .............................................................................................................................................. 181 Class I Ceramics (NPO/COG): .................................................................................................................. 181 Class II Ceramics (X7R/Y5V/Z5U): ......................................................................................................... 182 X7R Capacitors: ................................................................................................................................................ 183 X5R Capacitors: ................................................................................................................................................ 183 Y5V Capacitors: ................................................................................................................................................ 184 Other Ceramic Capacitors: .......................................................................................................................... 184 Class III Ceramics: ......................................................................................................................................... 185

Weights & Measures of MLCC Case Sizes: ......................................................................................................................... 185 Ceramic Capacitors and Exposure To Rare Earth Elements: FY 2012 ..................................... 185

ALUMINUM CAPACITORS: .............................................................................................................................. 186 An Explanation of Aluminum Electrolytic Capacitors Included in This Report: ................. 186 Aluminum Capacitor Types: ........................................................................................................................ 186 Aluminum Capacitor Configurations: ..................................................................................................... 186

Vertical Chip Capacitors (V-Chip) ......................................................................................................................................... 187 Horizontal Chip Capacitors (H-Chip) .................................................................................................................................... 187 Radial Leaded Aluminum Capacitors .................................................................................................................................... 188 Axial Leaded Aluminum Capacitors ...................................................................................................................................... 188 Flash Aluminum Capacitors ...................................................................................................................................................... 189 Snap-In/Snap-Mount Aluminum Capacitors ....................................................................................................................... 189 Computer Grade/Screw Terminal {Large Can} ................................................................................................................. 189

TANTALUM CAPACITORS: ............................................................................................................................... 190 Tantalum Capacitor Types: ......................................................................................................................... 190



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Tantalum Capacitor Configurations: ....................................................................................................... 190 TANTALUM CAPACITOR CLASSES & CLASSIFICATIONS: ..................................................................... 190

Solid Tantalum Capacitor Configurations, Terminations & Electrodes: .................................. 191 TANTALUM CHIPS (SMD): ............................................................................................................................. 191 TANTALUM CHIP MANUFACTURING TECHNOLOGY (MOLDED & COATED DESIGNS): .............. 192

Molded Chip: ..................................................................................................................................................... 192 Low Profile Configurations: ...................................................................................................................................................... 192 Fused Tantalum Capacitors: ...................................................................................................................................................... 192

Coated Chip: ...................................................................................................................................................... 192 Axial and Radial Leaded Tantalum Capacitors: ................................................................................ 193 Wet-‐Foil: ............................................................................................................................................................. 195 Wet-‐Slug: ............................................................................................................................................................ 195 Axial Leaded Hermetically Sealed Tantalum Capacitor ................................................................ 195

PLASTIC CAPACITORS: ......................................................................................................................................... 196 DC Film Capacitor Types & Definitions: ................................................................................................ 196 General Purpose PET Film Capacitors .................................................................................................. 196

INTERFERENCE SUPPRESSION CAPACITORS (X/Y) ................................................................................. 197 Types Of Interference Suppression Capacitors .................................................................................... 197

Type X Capacitors ........................................................................................................................................................................ 198 Class X1 Capacitors ....................................................................................................................................... 198 Class X2 Capacitors ....................................................................................................................................... 198

Type Y Capacitors ........................................................................................................................................................................ 198 Class Y1 Capacitor ......................................................................................................................................... 198 Class Y2 Capacitor ......................................................................................................................................... 198

AC & PULSE FILM CAPACITORS ................................................................................................................... 199 Introduction ........................................................................................................................................................ 199

SMD FILM CHIP ................................................................................................................................................. 200 AC POWER FILM CAPACITOR TYPES & DEFINITIONS: .................................................................................. 200 Power Transmission and Distribution PFC Capacitors: ................................................................. 200

MOTOR RUN CAPACITORS: ......................................................................................................................... 201 AC Motor Run Capacitors To 600 VA ...................................................................................................... 201 Industrial Power Factor Correction ........................................................................................................ 202 Capacitors: ......................................................................................................................................................... 202 Lighting Ballast PFC Capacitors (Magnetic & HID) ....................................................................... 203 Microwave Oven Capacitors: ..................................................................................................................... 204 Power Film Capacitors (Snubber, Commutation, Filter, Pulsed Power): ............................... 204 Variable Speed Drive Capacitors: ............................................................................................................ 205 Wind Turbine Capacitors: ........................................................................................................................... 206 Industrial Conveyer Capacitors: ............................................................................................................... 206 Welding Capacitors: AAT ............................................................................................................................. 206 Power Smoothing Capacitors: .................................................................................................................... 206

TECHNOLOGY OVERVIEW: RESISTORS ............................................................................................................. 207 HTS Code 8533: Resistors Categories and Definitions: .................................................................. 207 Military Specification Resistors: ............................................................................................................... 208

• MIL-‐R-‐39035 ........................................................................................................................................................................ 208 RESISTORS IN A CIRCUIT: HOW A COMPONENT BECOMES A COMMODITY: ............................................. 208 IMPORTANCE OF THE PHYSICAL SIZE OF THE FINISHED RESISTOR ........................................................... 208

Technical Economic Maxims Associated With Resistors: .............................................................................................. 209



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LINEAR RESISTOR PRODUCTS & TECHNOLOGY: ............................................................................................. 209 •Thick Film Chip Resistors: ......................................................................................................................... 209

THIN FILM CHIP RESISTORS ............................................................................................................................... 210 Technology Overview: .............................................................................................................................................................. 210

Thick Film Multichip Resistor Arrays: .................................................................................................... 211 Technology Overview: .............................................................................................................................................................. 211

Traditional SIP, DIP and Flatpacks ......................................................................................................... 212 •Dual-‐In-‐Line Package Resistor Networks ....................................................................................................................... 212 •Single-‐In-‐Line Package Resistor Networks .................................................................................................................... 212

Integrated Passive Device Networks ........................................................................................................ 213 Emerging Markets In Thin Film Precision: ...................................................................................................................... 214 Thin Film Metals and Deposition: ........................................................................................................................................ 214

Wirewound Resistors ...................................................................................................................................... 215 TECHNOLOGY OVERVIEW: .................................................................................................................................. 215

Configurations: ............................................................................................................................................................................. 215 Windings: ........................................................................................................................................................................................ 215 Unique Power Handling Aspects: ......................................................................................................................................... 215 Wire Types: .................................................................................................................................................................................... 215 High Power Custom Market: .................................................................................................................................................. 215

Nichrome Metal Film Resistors .................................................................................................................. 216 Technology Overview: ................................................................................................................................... 216

Nickel + Chromium Film Resistors: ..................................................................................................................................... 216 Precision Resistors: Current Sense ...................................................................................................................................... 216

Bulk Metal Foil Resistors ............................................................................................................................. 217 Technology Overview: ................................................................................................................................... 217

Unique Nature of The Technology: Current Sense ....................................................................................................... 217 Tin-Oxide Resistors ......................................................................................................................................... 217 Technology Overview: ................................................................................................................................... 217

High Voltage Resistors > 500 Vdc ........................................................................................................................................ 217 Carbon Film Resistors ................................................................................................................................... 218 Technology Overview: ................................................................................................................................... 218

Legacy With Consumer AV ...................................................................................................................................................... 218 Production Process: ................................................................................................................................................................... 218

TECHNICAL + ECONOMICS OF LINEAR RESISTORS: 2011 ............................................................................ 219 RELATIONSHIP OF RESISTOR ENGINEERING TO END-‐MARKETS: ............................................................... 219

Categorizing Resistor Technology: SMD, Throughole and Networks ...................................................................... 219 Resistance Capabilities Comparison By Linear Resistor Type: .................................................... 220

Resistance Capabilities (In Ohms) By Resistor Type: 2012 ...................................................................................... 220 Tolerance Capabilities Comparison By Linear Resistor Type: ..................................................... 220

Tolerance Capabilities (In %) By Resistor Type: 2011 ............................................................................................... 222 Power Capabilities Comparison By Linear Resistor Type: ............................................................ 222

Power Handling Capabilities (In Watts) By Resistor Type: 2011 .......................................................................... 223 Configuration Comparison By Linear Resistor Type: ....................................................................... 223

Configurations (Axial, Radial, SMD, Array, SIP, DIP and Custom) By Resistor Type: 2011 ........................ 224 Market and Technology Drivers For Linear Resistors: ............................................................................................... 225 Linear Resistors and Their Respective Relationships by type and configuration to End-‐Market: ................ 225

KEY TECHNICAL-‐ECONOMIC MARKET DRIVERS FOR LINEAR RESISTORS: ............................................... 225 Resistance in Electronic Circuits (Ubiquitous Nature Of The Product Line): ................................................... 226 Physical Size Equivalent to Resistance (Raw Materials Are Key Cost Factors In Production): ................ 226

Miniaturization Trends: ................................................................................................................................ 226 Integration and Modularization Trends: ................................................................................................ 227 Thin Film Technology (NiCr, TAN) .......................................................................................................... 230



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Integrated Passive Devices ..................................................................................................................................................... 230 •Flip-Chip Technology For DIP& IPD Networks .............................................................................. 230 •Impact of Lead Free On Resistors ........................................................................................................... 231 •Anti-sulfur Trend In Thick Film Chips .................................................................................................. 231

MARKET STRATEGIES FOR RESISTOR MANUFACTURERS: ........................................................................... 231 Single Product Focus ..................................................................................................................................... 231 Broad Product Line ......................................................................................................................................... 232 High-Growth Product Portfolio ................................................................................................................. 232 Notes on Additional Resistor Markets (Non-‐Linear and Variable Resistors): ...................... 232

TECHNOLOGY OVERVIEW: INDUCTORS ............................................................................................................ 233 Variations in Coil Technology: .................................................................................................................. 233

Coil Diameter: ............................................................................................................................................................................... 233 Wire Turns: .................................................................................................................................................................................... 233 Core Materials: ............................................................................................................................................................................. 233

Inductor Applications in Digital Electronics: ..................................................................................... 233 Signal Control: .............................................................................................................................................................................. 233 Noise Control and Elimination (LC Filter): ...................................................................................................................... 234 Energy Storage and Voltage Stabilization: ....................................................................................................................... 234

The Different Types of Inductors: ............................................................................................................ 234 Wirewound Coils: ........................................................................................................................................................................ 234 Deposited Coils: ........................................................................................................................................................................... 235

INDUCTOR SALES CATEGORIES: ......................................................................................................................... 235 EMC Suppression Components: ................................................................................................................. 235 Discrete Inductor (Coil) Components: ................................................................................................... 235 Ferrite Cores: .................................................................................................................................................... 235 Inductors (Coils) Are Used in Both Communications and Power Devices: ............................. 235 Discrete Inductor Component Configurations: .................................................................................. 236

Discrete Inductors: Types, Construction, Product Markets and Case Sizes: ..................................................... 237 6.0 COMPETITION: REVENUE ANALYSIS & TRENDS .............................................................. 238

Revenue Analysis for The Capacitor Operations Of Selected Market Leaders in the Field; with Revenue Analysis and Trends .......................................................................................................... 238

AVX ....................................................................................................................................................... 238 AVX/KYOCERA CORPORATION (NYSE: AVX : RIC 6971:): ...................................................................... 238

AVX Quarterly Revenues & Forecasts: .................................................................................................. 239 AVX On Current Market Conditions and Outlook: ............................................................................ 240

KEMET ................................................................................................................................................ 242 KEMET ELECTRONICS (NYSE: KEM): ............................................................................................................. 242

Kemet Quarterly Revenues & Forecasts: ............................................................................................... 243 Kemet On Current Market Conditions and Outlook: ........................................................................ 243

KOA ...................................................................................................................................................... 245 KOA CORPORATION (6999) ............................................................................................................................. 245 2012 Update: ..................................................................................................................................................... 245 KOA On Current Market Conditions and Outlook: ............................................................................ 247

MURATA ............................................................................................................................................. 248 MURATA MANUFACTURING COMPANY LIMITED (RIC: 6981): ................................................................. 248

Murata Quarterly Revenues & Forecasts .............................................................................................. 249 Murata On Current Market Conditions and Outlook: ..................................................................... 249



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NEC-TOKIN ....................................................................................................................................... 250 NEC-‐TOKIN CORPORATION (RIC: 6759) ...................................................................................................... 250 2012 UPDATE: SALES OF THE COMPANY ....................................................................................................... 250

NEC Tokin- Product Sales ........................................................................................................................... 251 NICHICON .......................................................................................................................................... 251

NICHICON CORPORATION (RIC: 6996) ....................................................................................................... 251 Nichicon: Market Update and Outlook: ................................................................................................. 253

NIPPON CHEMI-CON ..................................................................................................................... 254 NIPPON CHEMI-‐CON CORPORATION (RIC:6996) ........................................................................................ 254 Nippon Chemi-‐Con: Market Conditions and Outlook Update: ..................................................... 255

PANASONIC ....................................................................................................................................... 256 PANASONIC ELECTRONIC DEVICES (RIC: 6752): ......................................................................................... 256 Panasonic On Current Market Conditions and Outlook: ................................................................ 257

ROHM .................................................................................................................................................. 258 ROHM CO., LTD. ................................................................................................................................................ 258 Rohm On Current Market Conditions and Outlook: ......................................................................... 258

RUBYCON .......................................................................................................................................... 260 RUBYCON CORPORATION (PRIVATE) ............................................................................................................... 260

SEMCO ................................................................................................................................................ 263 SAMSUNG ELECTRO-‐MECHANICAL (KSE: 009150): ................................................................................... 263

Samsung EMCO Quarterly Revenues (LCR Group) LCR Group- Capacitors ........................ 263 SUMIDA ............................................................................................................................................... 265 SUMIDA ELECTRIC COMPANY LIMITED (RIC: 6817) ................................................................................... 265 Sumida on Current Market Conditions and Outlook: ...................................................................... 265

TAIYO YUDEN .................................................................................................................................. 266 TAIYO YUDEN COMPANY LIMITED (RIC: 6976): .......................................................................................... 266

Taiyo Yuden Quarterly Revenues - Capacitor Group Only ............................................................ 267 Taiyo Yuden On Current Market Conditions and Outlook: ........................................................... 269

TDK ....................................................................................................................................................... 270 TDK CORPORATION (RIC: 6762): .................................................................................................................. 270

TDK Quarterly Revenues & Forecasts: .................................................................................................. 270 TDK On Current Market Conditions and Outlook: ............................................................................ 272

TOKO ................................................................................................................................................... 273 TOKO INC. (RIC: 6801): .................................................................................................................................. 273 TOKO On Current Market Conditions and Outlook: ......................................................................... 274

TT ELECTRONICS .......................................................................................................................... 274 TT ELECTRONICS ................................................................................................................................................. 274 TT Electronics on Current Market Conditions and Outlook: ........................................................ 276

VISHAY ................................................................................................................................................ 276 VISHAY INTERTECHNOLOGY (NYSE:VSH) ..................................................................................................... 276

Vishay (Capacitors Group) Quarterly Revenues & Forecasts: ..................................................... 278



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Vishay On Market Conditions and Outlook: ......................................................................................... 279 WALSIN ............................................................................................................................................... 281 WALSIN TECHNOLOGY CORPORATION (2492): ............................................................................................ 281

Walsin Quarterly Revenues & Forecasts: .............................................................................................. 282 Walsin On Current Market Conditions and Outlook: ....................................................................... 283

YAGEO ................................................................................................................................................ 284 YAGEO CORPORATION (TW 2327): ................................................................................................................ 284

Yageo Quarterly Revenues & Forecasts: ............................................................................................... 285 Yageo On Current Market Conditions and Outlook: ........................................................................ 286

List of Figures Figure 1: Global Value, Volume and Average Unit Selling Price for Passive Electronic

Components By Type (Capacitors, Resistors, Inductors): 2007, 2008, 2009, 2010, 2011 and 2012 ...................................................................................................................................................... 29

Figure 2: Global Consumption Volume For Passive Components: 2003-‐2012; 2013-‐2017 Forecasts: ..................................................................................................................................................... 31

Figure 3: Global Consumption Volume For Passive Components By Type (Capacitors, Linear Resistors, Discrete Inductors): 2012 (Fiscal Year Ending March) ............................................ 32

Figure 4: Global Consumption Volume For Passive Components By Type (Capacitors, Linear Resistors, Discrete Inductors): for FY 2010, FY 2011 and FY 2012 : Changes in Global Shipments .................................................................................................................................................... 32

Figure 5: Global Consumption Value For Passive Components: 2003-‐2011; 2012-‐2017 Forecasts ...................................................................................................................................................... 34

Figure 6: Global Consumption Value For Passive Components By Type (Capacitors, Linear Resistors, Discrete Inductors): 2010, 2011 ,2012 and FY 2013 Forecast .............................. 35

Figure 7: Average Unit Price For Passive Electronic Components: FY 2003-‐2012; 2013 to 2017F (In USD): .......................................................................................................................................... 37

Figure 8: Passive Electronic Component Consumption Value By World Region: FY 2012 ......... 39 Figure 9: Passive Electronic Component Consumption Value By World Region: 2007-‐2012 ... 40 Figure 10: Historical Shifts in Passive Consumption Value By World Region Over Time: FY

2007, 2008, 2009, 2010, 2011 and 2012. .......................................................................................... 41 Figure 11:Percent Change in FY 2012 Passive Component Shipment Value by World Region . 41 Figure 12: Passive Electronic Component Consumption Value By World Region: 2017 Forecast

......................................................................................................................................................................... 43 Figure 13:Consumption Value For Passive Components BY End Use Market Segment: 2010,

2011 and 2012 Estimates ....................................................................................................................... 45 Figure 14: Passive Electronic Component Consumption Value By End-‐Use Market Segment: FY

2012 Estimates ........................................................................................................................................... 46 Figure 15: Global Consumption Value for Passive Electronic Components: 2007-‐2012 FY

Ending March .............................................................................................................................................. 50 Figure 16: Projected Production Volume for Key End-‐Products Consuming Capacitors,

Resistors and Inductors (Top 18 end products): 2012-‐2017 ..................................................... 51 Figure 17: Value, Volume and ASP Forecasts For Passive Electronic Components By End-‐Use

Market Segment: 2012-‐2017 ................................................................................................................. 52 Figure 18: Global Vendors of Passive Electronic Components: FY 2012 Forecasted Market

Shares ............................................................................................................................................................ 53



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Figure 19:Notes and Justification For FY 2012 Sales Estimates for The Top 14 Manufacturers of Passive Components: ............................................................................................................................... 54

Figure 20:Changes in Passive Component Vendor Revenues By Quarter: 2008-‐2012 ................ 55 Figure 21 : FORECASTS: Global Consumption Volume for Passive Components By Sub-‐Catgeoy

and Sub-‐Type: 2012-‐2017 ...................................................................................................................... 56 Figure 22: FORECASTS: Global Consumption Value for Passive Components By Sub-‐Category

and Sub-‐Type: 2012-‐2017 ...................................................................................................................... 57 Figure 23: Aluminum Electrolytic Capacitors: Lead Time Trends In Weeks By Al203 Capacitor

Type: .............................................................................................................................................................. 58 Figure 24: Ceramic Capacitors: Lead Time Trends In Weeks By Ceramic Capacitor Type and

MLCC Case Size: FY 2012 ......................................................................................................................... 59 Figure 25: Tantalum Capacitors: Lead Time Trends In Weeks By Tantalum Capacitor Type and

SMD Case Size: FY 2012 ........................................................................................................................... 60 Figure 26: DC Film Capacitors: Lead Time Trends In Weeks By Film Capacitor Type: FY 2012 61 Figure 27: Summary Table Capacitors: Lead Time Trends In Weeks By For Capacitors (All

Types): FY 2012 ......................................................................................................................................... 62 Figure 28: Capacitors: Lead Time Direction By Month: 2010-‐2012: .................................................. 63 Figure 29:Thick Film Chip Resistors: Lead Time Trends In Weeks By Case Size: FY 2012 ........ 64 Figure 30: Throughole Resistors: Lead Time Trends In Weeks By Type: FY 2012 ....................... 65 Figure 31:Network Resistors: Lead Time Trends In Weeks By Type: FY 2012 .............................. 66 Figure 32:Thin Film Resistors: Lead Time Trends In Weeks By Case Size: FY 2012 .................... 67 Figure 33:Summary: Linear Resistor Lead Times: All Products: FY 2010-‐2012 ........................... 68 Figure 34: Summary: Linear Resistor Lead Times Trends: (All Products) FY 2010-‐2012 ........ 69 Figure 35: Discrete Inductors: Lead Time Trends In Weeks: 2010-‐2012 ........................................ 70 Figure 36:Discrete Inductors: Lead Time Trends in Weeks by Type :2010-‐2012 ......................... 71 Figure 37:Changes in Key Raw Material Prices By Type (PGM and REE): In USD as Noted ........ 72 Figure 38:Precious and Rare Metal Raw Material Price Index For Passive Electronic

Components: 2010-‐2012 ........................................................................................................................ 73 Figure 39:Base Metal Raw Material Price Index For Passive Electronic Components: 2010-‐

2012 ............................................................................................................................................................... 73 Figure 40:Changes in Key Raw Material Prices By Type Year Over Year-‐ 2010 to 2012 ............. 74 Figure 41:Global Market Value, Volume and Average Unit Pricing for Capacitors: 2007-‐2012 75 Figure 42:Global Consumption Volume For Capacitors: 2004-‐2012 ................................................. 76 Figure 43: Global Consumption Value For Capacitors: 2004-‐2012 .................................................... 77 Figure 44: Average Unit Price For Capacitors 2004-‐2012 (In USD): .................................................. 79 Figure 45: Changes in Global Value Demand For Capacitors By Dielectric: FY 2009-‐FY2012 ... 80 Figure 46:Capacitor Consumption Value Worldwide by Dielectric: FY 2003-‐2012 ...................... 84 Figure 47:Global Capacitor Consumption Value By Dielectric: FY 2012 .......................................... 85 Figure 48:Capacitor Consumption Volume Worldwide by Dielectric: FY 2003-‐2012 .................. 86 Figure 49:Capacitor Pricing Trends By Dielectric FY 2003-‐2012 ....................................................... 86 Figure 50:Capacitor Consumption Value By World Region: 2012 Year Ending March 31 .......... 88 Figure 51:Capacitor Consumption Value By World Region: 2007-‐2012 .......................................... 89 Figure 52: Historical Shifts in Capacitor Consumption Value By World Region Over Time: FY

2007-‐2012 ................................................................................................................................................... 90 Figure 53: Capacitor Component Consumption Value By World Region: 2015 Forecast ........... 91 Figure 54: Consumption Value For Capacitors By End Use Market Segment: FY 2010 Through

2012 ............................................................................................................................................................... 93 Figure 55: Final Consumption Value Estimates For Capacitors (Computer, Telecom, Consumer,

Automotive, Power & Industrial and Specialty): 2012 ................................................................. 93 Figure 56: Competitive Environment In Capacitors By End Use Market Segment: FY 2012 ...... 94 Figure 57: Forecasted Changes In Demand By End-‐Use Market Segment: Justifying Growth

Forecasts-‐ 2007-‐2012 .............................................................................................................................. 94



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Figure 58: Top 13 Vendors of Capacitors: FY 2012 Capacitor Revenues & Market Shares ........ 97 Figure 59:Ceramic Capacitor Manufacturers: Sales and Market Shares: 2012 .............................. 98 Figure 60: Tantalum Capacitor Manufacturers: Sales and Market Shares (Changing Share Data

in FY 2011 and FY 2012 ......................................................................................................................... 100 Figure 61:Aluminum Capacitor Manufacturers: Sales and Market Shares: 2012 FY (In Millions

of USD) ........................................................................................................................................................ 102 Figure 62:DC Plastic Film Capacitor Manufacturers: Sales and Market Shares: FY 2012 (In

Millions of USD) ....................................................................................................................................... 103 Figure 63:AC Plastic Film Capacitor Manufacturers: Sales and Market Shares: FY 2012 ......... 104 Figure 64: Global Capacitor Market Forecasts: FY 2012-‐2017 (In Millions of USD) ................... 106 Figure 65: Global Capacitor Market Revenue Forecasts By Dielectric: 2012-‐2017 FY Ending

March ........................................................................................................................................................... 107 Figure 66:Global Capacitor Unit Shipments By Dielectric: 2003-‐2012; 2013-‐2017 Forecasts111 Figure 67:Average Unit Price Erosion For Capacitors By Type: 2003-‐2012; 2013-‐2017

Forecasts .................................................................................................................................................... 112 Figure 68:Competitive Environment: Top 79 Vendors By Resistor Type: FY 2012 .................... 114 Figure 69:Global Market Value, Volume and Average Unit Pricing for LINEAR RESISTORS:

2007-‐2008-‐2009-‐2010-‐2011-‐2012 ................................................................................................... 119 Figure 70: Global Shipment Value for Linear Resistors: 2003 -‐2012 .............................................. 120 Figure 71: Global Resistor Consumption Value Forecasts for FY 2009-‐2012 Forecast by

Resistor Configuration (SMD Chip, Networks, Throughole): ................................................... 121 Figure 72: Global Resistor Consumption Value by Resistor Configuration: FY 2012 ................. 124 Figure 73: Linear Resistor Consumption Value By World Region: 2010-‐2012 ............................ 126 Figure 74:Product Sub-‐categories By End-‐Use Market Segment: 2012 .......................................... 128 Figure 75: Value of Linear Resistor Demand By End-‐Use Market Segment: FY 2007, 2008, 2009,

2010,2011 and 2012 .............................................................................................................................. 130 Figure 76:Value of Linear Resistor Demand By End-‐Use Market Segment: FY 2012 .................. 130 Figure 77:Linear Resistor Manufacturers: FY 2012 Estimated Market Shares ............................ 133 Figure 78: Thick Film Chip Resistors: Global Market Shares: FY 2012 ........................................... 135 Figure 79:Resistor Network, Array and IPD: Global Market Shares: 2012 .................................... 136 Figure 80: Throughole Resistors: Global Market Shares: FY 2012 ................................................... 138 Figure 81:Global Value of Shipments By Resistor Type (Thick Film Chip, Network, Nichrome,

Tin-‐Oxide, Foil, Wirewound and Carbon): 2003-‐2012; 2013-‐2017 Forecast ..................... 139 Figure 82: Global Volume Shipments By Resistor Type: 2003-‐2011; 2012-‐2015F ..................... 139 Figure 83:Global Average Unit Selling Prices For Resistors By Type: 2003-‐2012; 2013-‐2017F

....................................................................................................................................................................... 140 Figure 84: Global Market Value, Volume and Pricing For Discrete Inductors: 2007-‐2012 (FY

Ending March of Each Year) ................................................................................................................. 141 Figure 85:Global Value of Consumption for Discrete Inductors: 2007-‐2012 In Millions of USD

....................................................................................................................................................................... 143 Figure 86:Global Volume of Consumption for Discrete Inductors: 2007-‐2012 In Billions of

Pieces: ......................................................................................................................................................... 144 Figure 87:Average Unit Selling Price for Discrete Inductors: 2007-‐2012 In USD Per Piece .... 144 Figure 88:Global Consumption Value, Volume and Pricing For Discrete Inductors, Coils and

Cores By Type and Configuration: 2010, 2011, 2012 (Fiscal Year Ending March) ........... 153 Figure 89:Global Consumption Value for Discrete Inductor, Coils and Cores By Configuration:

FY 2012 (Surface Mount, Throughole and Core) .......................................................................... 153 Figure 90:Global Consumption Value For Surface Mount Inductors By Type: (Ferrite Bead,

Bead Array, ML Chip Coil, Molded Case Wirewound Chip, SMD Wirewound Coil): 2012 154 Figure 91:Global Consumption Value For Throughole and Core Inductors By Type: (Ferrite

Cores, Axial Leaded Wirewound, Radial Leaded Wirewound, Wirewound Bobbin): 2012 ....................................................................................................................................................................... 154



16

Figure 92:Global Market For Inductors By Sub-‐Category (EMC Suppression; Ferrite Core and Inductor Coil Markets) FY 2012 ......................................................................................................... 155

Figure 93:Overall Consumption Value for Inductors and Coils By Circuit Assembly: FY 2012 ....................................................................................................................................................................... 158

Figure 94:Change in Consumption Value for Inductors and Coils By Circuit Assembly Between FY 2011 and FY 2012 ............................................................................................................................. 159

Figure 95: Global Consumption Value For Discrete Inductors and Cores by End-‐Use Market Segment: FY 2012 .................................................................................................................................... 161

Figure 96:Changes in Discrete Inductor Consumption By End-‐Use Market Segment: FY 2011-‐2012 ............................................................................................................................................................. 162

Figure 97: Volume of Consumption For Discrete Inductors By End-‐Use Market Segment and Individual Product Markets: FY 2012 .............................................................................................. 163

Figure 98:Global Consumption Value for Discrete Inductors By World Region: FY 2011-‐FY 2012 ............................................................................................................................................................. 164

Figure 99: Global Consumption Value For Discrete Inductors In Asia, Japan, Europe and The Americas: FY 2012 Estimates .............................................................................................................. 165

Figure 100:Discrete Inductor Shipment Value Forecasts: 2013-‐2017 ............................................ 169 Figure 101:Global Value Shipments By Inductor Type: 2003-‐2012; 2013-‐2017F ...................... 170 Figure 102:Global Volume Shipments By Inductor Type: 2003-‐2012-‐; 2013-‐2017F ................. 172 Figure 103:Global Average Unit Pricing For Inductors By Type: 2003-‐2012; 2013-‐2017F (In

USD) ............................................................................................................................................................. 172 Figure 104:AVX Revenues By Quarter: 2008-2012 ................................................................................... 239 Figure 105:Kemet Revenues By Quarter: 2008-‐2012 ........................................................................... 243 Figure 106:Murata Ceramic Capacitor Revenues By Quarter: 2008-2012 ............................................ 249 Figure 107: Nichicon Revenue Trend By Quarter: 2008-2012 .................................................................. 252 Figure 108:Quarterly Revenues For Nippon Chemi-Con: 2008-2012 ..................................................... 255 Figure 109: Samsung EMCO LCR Division (MLCC) Revenues by Quarter: 2008-2012 ................... 264 Figure 110: Taiyo Yuden Capacitor Group Revenues By Quarter: 2008-2012 ..................................... 267 Figure 111: Taiyo Yuden Inductor Group Revenues By Quarter: 2008-2012 ....................................... 268 Figure 112:TDK Capacitor Group Revenues By Quarter: 2008-2012 .................................................... 271 Figure 113:TDK Inductor Group Revenues By Quarter: 2008-2012 ...................................................... 271 Figure 114: Vishay Capacitor Group Revenues by Quarter: 2008-2012 ................................................ 278 Figure 115: Vishay Resistor & Inductor Group Revenues by Quarter: 2008-2012 ............................. 278 Figure 116: Walsin Passives Group Revenues by Quarter: 2008-2012 ................................................... 282 Figure 117:Yageo Quarterly Revenues: 2008-2012 ..................................................................................... 285



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1.0 Introduction To Passive Component Markets, Technologies & Opportunities

About the Author: Mr. Zogbi is president and CEO of Paumanok Publications, Inc., a market research company located in Cary, North Carolina specializing in market research studies, consulting, mergers and acquisitions, conferences and seminars with emphasis upon passive electronic components. Mr. Zogbi has 300 customers worldwide in the field of market research on capacitors, resistors, inductors, circuit protection and LTCC components and modules. Mr. Zogbi also owns Passive Component Industry Magazine with global circulation of 14,000. Mr. Zogbi engages in single client research related to new product development, due diligence for mergers and acquisitions and for establishing business growth for passive component companies worldwide.

Dennis M. Zogbi Paumanok Publications, Inc. 502 Ballad Creek Court Cary, NC 27519 USA (919) 468-0384 (919) 468-0386 Fax [email protected]

Research Methodology Employed: The methodology employed to do this study combines secondary and primary data sources, including government data; company financial data and primary human intelligence resources to draw conclusions. This is called a “legacy” of data that is designed to make sure that all pieces of the market “puzzle” fit together. Also we have the unique capability to benchmark the markets we study with previous studies under the same title produced in the past two decades. This enables us to establish the “Delphi Method” which suggests that the trend of sales over time will support a similar rate of growth in the future. We caveat this approach by also employing “Box-Jenkins” methods of market research which adjusts forecasts based upon our knowledge of current events and their impact on the supply chain, and how that might impact future forecasts.



18

The Paumanok Research Methodology:

©2012 Paumanok Publications, Inc. All Rights Reserved Government Data Collection and Resources:

There are many government resources that we apply to research on the electronic components industry. Our primary use of government data is to establish component production in specific countries, as well as imports and exports by country of destination and country of origin respectively. Government data can also be used to establish OEM pricing because of the availability in some instances of both value and volume data. We also will employ government statistics as they relate to the geology of countries to establish links to raw material trade.

Secondary Published Sources: We employ many secondary resources in our market research, including financial data from public companies, and technical data from both public and private companies that is found in trade journals and from conference proceedings. We also employ analyst data from financial institutions as well as a variety of paid intelligence subscriptions.

Government Data

• Global Production Data, Global Trade Data, Global Geological Surveys

Secondary Data

Sources

• Financial data from public company's, corporate pinancial presentations., Private company presentations at trade gatherings

Primary Data

Sources

•  Human resources-‐ primary contact with top executives in the supply chain, inlcuding miners, materials processors, component manufacturers, distributors, OEM and EMS customers; as well as pinanciers and peripehral intelligence gatherers



19

Primary Intelligence Gathering: Paumanok maintains a database of 10,000 subscribers that can provide intelligence on a variety of subjects related to passive electronic components. These contacts are global in nature, but are largely centered in Japan, China, Korea, USA. Germany, France, UK, Italy, Czech Republic, Brazil, Canada, Mexico and Australia.

The Passive Component Supply Chain:

©2012 Paumanok Publications, Inc. All Rights Reserved

An understanding of the passive component supply chain is important to establishing a clear picture of the sub-sets of the global components markets. It is important for the reader to know that the supply chain begins in the ground as mined materials and ends in the recycling bin or the landfill.

Mining of Raw Materials: The supply chain for passive components begins in the ground. Certain materials are critical to their production and must be mined. These are all considered rare earths or rare metals to some degree, and there is always considerable competition for materials among industries and nations. In passive components the key raw materials that are mined include tantalum, barium, titanium, palladium, silver, ruthenium, platinum, gold, nickel, copper, bauxite, neodymium, zinc and yttrium. Crude oil is also considered here because it is used to make

Mining

Raw Materials Processing

Component Manufacturing Distribution

End-‐Market Consumption



20

plastics. The entire component supply chain is sensitive to the costs of mined materials because they make up a substantial percentage of the costs to produce.

Raw Materials Processing: Mined materials must be processed into usable forms to be processed into electronic components. Therefore, in all instances there is a chemical processing company that bridges the gap between the mine and the component manufacturer. In some instances, certain cost competitive component manufacturers have materials processing capabilities in-house. Engineering of raw materials requires an expertise in nanotechnology, or the ability to create consistent ultra-small shapes and patterns upon which an electric charge can be manipulated. One of the primary maxims in component production is that the performance of the finished components is directly proportional to its size, or to its available surface area. This statement places great emphasis upon the importance of engineered raw materials. In passive components, it also means that raw materials will have the largest price related to costs of goods sold.

Component Manufacturing: Component manufacturing of passive electronic components can come in many forms and requires multiple disciplines. However it can be said that four basic forms of manufacturing are employed- stacking of materials; winding of materials, pressing of materials and screen-printing of materials. In many instances there is the combination, or matching of materials in one element, and usually this is the combination of ceramic and metal, or metal and metal. Component production can also be viewed based upon “configuration.” Most passive components are surface mount in configuration, however, a sizeable percentage of components are radial leaded, axial leaded or a multichip array or network design.

Component Distribution: Once a component is manufactured by a vendor it must be distributed to the customer. Sales are either direct to an OEM (Original Equipment Manufacturer, otherwise known as a “brand” company- e.g. Nokia, Samsung, Sony), or direct to an EMS (Electronic Manufacturing Services Company, e.g. SCI/Sanmina, Jabil, Foxxcon) or through an authorized distributor to serve the masses (TTI, Digi-Key, Future, Arrow, Avnet, WPG). For direct sales to an OEM or EMS customer, the volumes must be of such massive proportions as to justify a dedicated sales channel. There are also cultural and regional differences. In the Americas and Europe, distributors now account for slightly more than half of regional sales, however, in the Asia-Pacific region, more sales are direct to OEM and EMS customers, regardless of size. However, even this is now changing to favor distributors.

End-Market Consumption: End-Market consumption of passive components can be viewed based upon the end-market into which the component is sold, and the region or country into which it is sold. The traditional product based end-markets into which components are sold include Consumer Audio and Video, Telecommunications, Computers and Peripherals, Automotive, Industrial and Specialty market segments. Within each category, specific products stand out- TV sets, wireless handsets, notebook computers and tablet computers, automobiles and power supplies each stand out as electronic intensive products that consume large quantities of passive components per box. Automotive markets can be further broken down based upon “Under-The-Hood” applications, and “Passenger Compartment” applications. The



21

industrial market segment can be further broken down into power supplies, DC/DC converters, renewable energy systems, motors, fans and blowers, switchgear and switchboard applications, lighting and other line voltage equipment. Specialty markets can be broken down into defense and aerospace, medical electronics, undersea cable, mining electronics, railroad electronics, instrumentation and control equipment; seabourne electronics, and oil and gas services electronics (downhole pump).

Based upon world region, the Asia-Pacific region accounts for between 70% and 80% of all components consumed, with China and Japan the two largest consuming countries, but Korea, Singapore, Philippines, Thailand, Malaysia and Indonesia each being key countries that build larger assemblies that require components to operate. The Americas and Europe account for between 10% and 15% of consumption of components each; and key consuming countries are Germany, The USA, Mexico, Brazil, the Czech Republic, Hungary, UK, France and Italy.

Recycling of Critical Materials: The final part of the supply chain for components is recycling. Many products are recycled to reclaim their precious and rare metals, and recycling also occurs at various stages of the supply chain. The primary products that are reclaims include ceramic capacitors, tantalum capacitors and resistors, and the primary targeted metals for recycling include palladium, gold, ruthenium, silver and tantalum. Other materials such as nickel, copper, aluminum and plastic are not recycled to any great degree because they have limited value.

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