MLCC sector rallied with multiple stocks hitting daily limit-up after Hubei
Jiangcheng Laboratory said it developed a 3D multilayer on‑chip capacitor with
capacitance density above 1,000 nF/mm2. Zhongtai Securities estimates AI server
power architecture and rising GPU power will raise MLCC usage per rack from
~2,000 in traditional servers to hundreds of thousands, lifting global AI‑server
MLCC demand from 64.2 billion units in 2025 to 381.6 billion in 2030 (CAGR
42.8%). Under Zhongtai’s pricing assumptions—100,000 yuan/ton for MLCC ceramic
powder in 2026, rising 10% p.a. to 146,000 yuan/ton in 2030—the AI‑server
ceramic‑powder market would reach 5.6 billion yuan in 2030 (implied CAGR 65%).
If supply tightness or product iteration drives additional price inflation of
50%/100%/200%, the 2030 market expands to 8.4 billion/11.1 billion/16.7 billion
yuan respectively.
