Monthly Report January 2024

TAIWAN AND
THE GLOBAL SEMICONDUCTOR
SUPPLY CHAIN

Edited by:
Chen-Yuan Tung, Ph.D.
Representative
Taipei Representative Office in Singapore

1 | 37 Taipei Representative Office in Singapore

Please feel free to reach out to the Economic Division of the Taipei
Representative Office in Singapore should you have any enquiries or are
seeking partnership opportunities of investment or collaboration in the field of
semiconductors in Taiwan.

Email: [email protected]
Telephone: +65 6500-0128

Published: Taipei Representative Office in Singapore

Address: 460 Alexandra Road, #23-00 mTower, Singapore 119963
Email: [email protected]
Telephone: +65 6500-0100

The Taipei Representative Office in Singapore provides monthly reports on

Taiwan and global semiconductor supply chains. We welcome you and your
friends to join our WhatsApp community, “Taiwan Semiconductor
Reports”.

https://chat.whatsapp.com/BqwdAMgi1sUIGsujDx3YDk

2 | 37 Taipei Representative Office in Singapore

IN THE SPOTLIGHT
Advanced Semiconductor Packaging and Testing
§ As the benefits of Moore’s law reach their limits, advanced semiconductor
packaging has emerged as a significant pathway for producing more
powerful chips.
§ TSMC, Intel, and Samsung have emerged as the key innovators of new
advanced semiconductor packaging technologies.
§ More players are jumping on the advanced semiconductor packaging
bandwagon as advanced packaging offers a higher-value opportunity than
traditional back-end packaging.
§ Advanced semiconductor packaging technologies are expected to account
for 58% of the semiconductor packaging market by 2028, up from 47% in
2022.

Source: iStockPhoto.com
OVERVIEW

Semiconductors are an essential component of electronic devices and

power our modern digital world. Increasingly, countries see it as an imperative
to invest heavily in semiconductor innovation to produce more powerful and
cost-effective chips as a means to advance their growth, competitiveness, and

3 | 37 Taipei Representative Office in Singapore

national security.1 However, as the benefits of Moore’s Law, which predicts the
doubling of transistors in a dense integrated circuit approximately every two
years, are reaching their limits, advanced semiconductor packaging has
become a valuable tool for enhancing product value.2 At a time when
traditional strategies for innovation are becoming increasingly complex and
costly to manufacture, industry leaders such as Taiwan Semiconductor
Manufacturing Company (TSMC), Intel Corp, and Samsung Electronics see
leadership in advanced packaging as an important pillar for semiconductor
innovation.3

What is Semiconductor Packaging?

The semiconductor production process involves three general steps:

design, fabrication, and assembly, testing, and packaging (ATP). After individual
components have been designed and are fabricated on silicon wafers, ATP
involves the use of specialized equipment and materials to dice the wafers into
individual chips (assembly), test the chips for operability (testing), and finally
encase the fabricated chips in various materials such as metal, glass, or plastic
(packaging). 4

Packaging serves two general purposes. The first is to protect the chip
mechanically, thermally, and environmentally. The second is to facilitate
reliable inter-chip communication, deliver power, and provide a stable test and
system integration platform.5 Packaging is, therefore, an important part of
ensuring that chips function as intended when they leave the manufacturing
facility for use in different electronic applications.6 Additionally, while ATP are

1
Sujai Shivakumarand Chris Borges, “Advanced Packaging and the Future of Moore’s Law,” Center for Strategic
and International Studies, June 26, 2023.
2
Ibid; Mordor Intelligence, “Semiconductor Packaging Market Size & Share Analysis - Growth Trends &
Forecasts (2023 - 2028),” December 22, 2023.
3
TSMC, Advanced Packaging Services, 2024,
https://www.tsmc.com/english/dedicatedFoundry/services/advanced-packaging; Samsung, Advanced
Package, 2023, https://semiconductor.samsung.com/foundry/advanced-package/; Intel, Semiconductor Chip
Packaging, 2023, https://www.intel.com/content/www/us/en/foundry/packaging.html.
4
John VerWey, Policy Brief: “Re-Shoring Advanced Semiconductor Packaging Innovation, Supply Chain
Security, and U.S. Leadership in the Semiconductor Industry,” Centre for Security and Emerging Technology,
June 2022; Sujai Shivakumarand Chris Borges, “Advanced Packaging and the Future of Moore’s Law,” Center
for Strategic and International Studies, June 26, 2023.
5
CHIPS Research and Development Office, National Institute of Standards and Technology, “The Vision for the
National Advanced Packaging Manufacturing Program,” November 20, 2023.
6
Industry Growth Insights, “Global IC Packaging and Packaging Testing Market - Industry Analysis, Growth,
Share, Size, Trends, Key Regions and Forecast From 2022 to 2030,” June 26, 2023.

4 | 37 Taipei Representative Office in Singapore

distinct steps in the semiconductor fabrication process, they are often
performed sequentially by the same firms at the same facilities in the same
region(s) of the world, and are therefore grouped together.7

With Moore's Law becoming more challenging; demands of electronic

products with smaller size, more powerful performance and lower cost
growing; the need for improved connectivity rising; and a surge in the use of
high-performance chips requiring better heat dissipation, there is a growing
shift towards prioritizing advanced packaging. In addition, advanced packaging
offers a higher-value opportunity than traditional back-end packaging, and
more players are jumping on the advanced semiconductor packaging
bandwagon.

What is Advanced Packaging?

Advanced packaging is a subset of traditional packaging. It is not one

specific packaging technique, but rather an array of technologies and
capabilities that allow the combination of multiple chips and other
components to form a highly integrated, multi-functional sub-system which
can then be assembled onto laminates, panels, or circuit boards. Advanced
packaging is categorized as front-end 3D which stacks chips or wafers vertically
and back-end 2.5D Chip-on-Wafer-on-Substrate (CoWoS) that interconnects
dies horizontally via a redistribution layer (RDL) or interposer.8 Compared to
conventionally packaged chips on a printed circuit board, advanced packaging
achieves greater function, performance, and power savings.9

GLOBAL SEMICONDUCTOR PACKAGING AND TESTING INDUSTRY

Integrated circuit (IC) assembly, testing, and packaging (ATP) services

occur under two business models: (1) by outsourced semiconductor assembly
and test (OSAT) firms, which perform ATP for third-party customers; and (2) as
in-house ATP services performed by integrated device manufacturers (IDMs)

7
John VerWey, Policy Brief: “Re-Shoring Advanced Semiconductor Packaging Innovation, Supply Chain
Security, and U.S. Leadership in the Semiconductor Industry,” Center for Security and Emerging Technology,
June 2022.
8
Counterpoint, “AI Chip Market: Advanced Packaging Capabilities Key Differentiating Factor,” July 24, 2023.
9
National Institute of Standards and Technology, Department of Commerce, United States, “National
Advanced Packaging Manufacturing Program”, November 20, 2023.

5 | 37 Taipei Representative Office in Singapore

and foundries after fabrication. Firms headquartered in Taiwan, the United
States, China, and South Korea are the main providers of ATP services.10

Major Players in Semiconductor Packaging and Testing Industry

Foundries like TSMC, integrated device manufacturers (IDMs) such as

Intel and Samsung, and outsourced semiconductor assembly and test (OSAT)
companies are important players in the global semiconductor packaging and
testing industry.11

The global semiconductor packaging and testing industry is largely

dominated by OSAT companies. These firms specialize in providing third-party
integrated circuit (IC) packaging and testing services, including wafer bumping,
wafer probing, IC packaging, and IC testing. The global top two OSAT
companies are Taiwan’s Advanced Semiconductor Engineering (ASE)
Technology Holding and US-headquartered Amkor Technology.12

Figure 1 shows the global OSAT revenue and growth trend for 2020 to
2027. The OSAT industry grew steadily in 2022 and worldwide OSAT revenue
reached a high of US$ 42.6 billion, an annual growth of 7.6%. This record OSAT
revenue is attributed to a surge in global demand for applications such as
artificial intelligence (AI), high-performance computing (HPC), 5G, automotive,
and Internet of Things (IoT) that fueled the semiconductor supply chain
expansion.13

In 2023, an oversupply of chips due to inventory accumulation as well as

geopolitical and global economic uncertainties contributed to weakened
consumer demand, and the global OSAT revenue was forecasted to decline by
13.6% to US$ 36.8 billion.

The global semiconductor market will experience a revival in 2024 with

an estimated growth of 13.1%, according to World Semiconductor Trade

10
David Manners, “OSAT market set to fall 13.3% in 2023,” Electronics Weekly, August 1, 2023.
11
Trendforce, “Chinese Semiconductor Design Industry Diverts to Malaysia to Evade U.S. Controls; Potential
Advanced Packaging Orders Surge for ASE,” December 19, 2023.
12
Ibid.
13
IDC, Press Release: “IDC: Worldwide Semiconductor OSAT Market Grew 5.1% YoY in 2022, Growth Expected
in 2024 Due to Accumulated Advanced OSAT Demand,” July 25, 2023.

6 | 37 Taipei Representative Office in Singapore

Statistics (WSTS).14 As consumer demand gradually stabilizes and electronic
product inventory becomes depleted, the global OSAT revenue is also
expected to begin to recover and reach US$ 40.2 billion in 2024. This upward
trend is expected to steadily continue through to 2027.

Figure 1: Global Outsourced Semiconductor Assembly and Test

Revenue and Growth Trend: 2020-2027

Source: Yunnie Chang, "The Sustainable Management of Semiconductor Packaging and Tesing," IEK, ITRI,
October 30, 2023, p.8.

Semiconductor packaging and testing is largely a labor-intensive process

involving precise handling, assembly, and inspection of tiny and delicate
semiconductor devices. To take advantage of lower wages and input costs, a
significant portion of the world’s assembly, testing, and packaging (ATP)
production is located in Asia. For example, U.S. semiconductor firms often
offshore nearly all packaging processes to outsourced semiconductor assembly
and test (OSAT) companies or rely on integrated device manufacturer (IDM)
facilities owned by U.S. companies that are located overseas.15

14
World Semiconductor Trade Statistics (WSTS), News Release: “WSTS Semiconductor Market Forecast Fall
2023,” November 28, 2023.
15
Hideki Tomoshige, “CHIPS+ and Semiconductor Packaging,” Center for Strategic and International Studies,
November 7, 2022.

7 | 37 Taipei Representative Office in Singapore

 Advanced packaging plays a significant role in enhancing the
performance, functionality, and form factor of electronic devices. As such,
advanced packaging is not only an important step, but also a driving force in
semiconductor innovation. Recent advances in artificial intelligence, for
example, would not be possible without advanced packaging.16

Based on gross profit margin and cost factors, leading wafer fabs and
outsourced semiconductor assembly and test foundries still largely focus on
Asian countries in setting up advanced packaging sites.17 Taiwan, the leader in
the advanced semiconductor packaging industry, is home to TSMC (Taoyuan,
Hsinchu, Zhunan, Tongluo, Taichung and Tainan), ASE (Zhongli and Kaohsiung),
and Amkor (Taoyuan and Hukou). China is home to Samsung (Suzhou), ASE
(Jiangsu) and Amkor (Shanghai) while South Korea is home to Samsung
(Onyang), ASE (Gyeonggi-do) and Amkor (Gwangju and Incheon). The ASEAN
countries of Vietnam (Huyện Yên Phong) and the Philippines (Biñan) house
Amkor’s advanced packaging factories while Malaysia is home to advanced
packaging factories owned by Intel and ASE. Outside of Asia, the U.S.A. (New
Mexico) is home to Intel’s advanced packaging factory (see Figure 2).

Figure 2: DistribuCon of Current Advanced Packaging Factories

Source: Yunnie Chang, "The Sustainable Management of Semiconductor Packaging and Tesing," IEK, ITRI,
October 30, 2023, p.11.
Acknowledgement: Map illustraion is created by Orderble Co., Ltd.

16
Ibid.
17
Ibid.

8 | 37 Taipei Representative Office in Singapore

 By one esrmate highlighted by the U.S. Department of Commerce, North
America accounted for only 3% of global advanced packaging producron as of
2021.18 In its push to build up the U.S. semiconductor industry, including
building a robust domesrc advanced capability in the United States,
approximately US$ 3 billion in funding for the Naronal Advanced Packaging
Manufacturing Program (NAPMP) will be used to drive U.S. leadership in
advanced packaging.19 The Naronal Insrtute of Standards and Technology
(NIST), which oversees the NAPMP program, envisions that America will both
manufacture and package the world’s most sophisrcated chips within a
decade.20

In addiron to bolstering semiconductor producron at home, the U.S.A. is

also curbing Beijing’s access to leading-edge chips as part of U.S. President Joe
Biden’s two-pronged approach to constrain China’s high-tech progress.21 In the
ongoing U.S.-China contest for technological supremacy, the process of
packaging semiconductors is increasingly seen as a path to achieving higher
performance. Consequently, a growing number of Chinese semiconductor
design companies are hedging their risks against any future expansion of U.S.
sancrons on China's semiconductor industry by tapping Malaysian firms to
assemble a porron of their high-end chips.22

TSMC - A Pioneer and Trendsetter in Advanced Semiconductor Packaging

TSMC, the world's largest semiconductor manufacturer with a market

share of about 55%, is also the producer of the world’s most advanced chips.23
To stay ahead of the competition as Moore's Law slows nanometer node
progress, TSMC has been seeking technological gains from innovations in both
process and packaging.

18
IPC, Summary Report: “An Analysis of The North American Semiconductor and Advanced Packaging
Ecosystem- Rebuilding U.S. Capabilities for the 21st Century,” November 2021.
19
National Institute of Standards and Technology (NIST), U.S. Department of Commerce, “CHIPS for America
Releases Vision for Approximately $3 Billion National Advanced Packaging Manufacturing Program,”
November 20, 2023.
20
Ibid.
21
Jane Lanhee Lee, Ian King, Mackenzie Hawkins, and Jillian Deutsch, “A New Front Is Opening Up in the US-
China Conflict Over Chips,” Bloomberg, November 21, 2023.
22
Fanny Potkin and Yantoultra Ngui, “Exclusive: Chinese firms look to Malaysia for assembly of high-end
chips, sources say,” Reuters, December 19, 2023.
23
Chang Chien-chung and Frances Huang, “TSMC cements global lead as market share rises to 57.9% in Q3,”
Focus Taiwan, December 9, 2023; Lisa Wang, “TSMC says new chips to be world’s most advanced,” Taipei
Times, May 12, 2023.

9 | 37 Taipei Representative Office in Singapore

 Advanced chips, defined as 7 nanometers and below, have contributed
to a growing share of TSMC’s wafer revenue. In the third quarter of 2023, it
accounted for 59% share of TSMC’s wafer revenue (see Figure 3), up 7
percentage points from 52% share in the same period in 2021.24 The most
advanced technology currently being used by TSMC to make chips is the 3 nm
process, which entered mass production in late 2022. It expects to begin
producing chips using the 2 nm process in 2025. Beyond the 2 nm technology,
TSMC is also developing a 1.4 nm process to maintain its lead over its peers in
the global market.

Figure 3: Revenue ComposiCon of TSMC: 2023Q3

Source: TSMC, 2023 Third Quarter Earnings Conference, October 2023.

Advanced semiconductor packaging is vital for squeezing maximum

performance from the latest chip designs. TSMC has been investing heavily in
advanced semiconductor packaging, and its cache of 2,946 advanced packaging
patents is the most expansive. Its lead is followed by Samsung (2,404) and
then Intel (1,434), according to data from LexisNexis.25

TSMC’s advanced packaging services, known as 3DFabric™, offer

solutions that allow customers to design their products more holistically as a
system of mini-chips. This provides key advantages over designing a larger
monolithic die.26 3DFabric™ consists of both front-end and back-end

24
TSMC 2021 Third Quarter Earnings Conference, October 14, 2021; TSMC 2023 Third Quarter Earnings
Conference, October 19, 2023.
25
Max A. Cherney, “TSMC leads in advanced chip packaging wars, LexisNexis patent data says,” Reuters,
August 2, 2023.
26
TSMC 3DFabric, https://3dfabric.tsmc.com/english/dedicatedFoundry/technology/3DFabric.htm

10 | 37 Taipei Representative Office in Singapore

technologies, including TSMC-SoIC® (System on Integrated Chip), CoWoS®
(Chip-on-Wafer-on-Substrate), and InFO (Integrated Fan-Out). These
technologies help resolve heterogeneous packing issues, such as chip-
packaging-integration (CPI) issues, through intense collaboration with
substrate, memory, and materials suppliers.27

TSMC's InFO and CoWoS packaging technologies are currently used for
chips like Apple's M2 Ultra, AMD's Instinct MI300, and NVIDIA's A100 and H100
graphic processing units. The demand for TSMC's CoWoS is skyrocketing as the
demand for advanced packaging technology in artificial intelligence (AI) and
high-performance computing (HPC) domains escalates.28 For leading tech
companies such as Apple, Tesla, Google, and Meta, high-performance chips
packaged using CoWoS technology provides a best possible solution as they
continue to add a plethora of AI capabilities to their products and also need to
provide integrated AI computing to their portfolios.29

TSMC’s CoWoS packaging technology involves two stages: chip-on-wafer

(CoW) and on-Substrate (oS). The CoW phase merges various logic ICs (central
processing units, graphics processing units, and application-specific integrated
circuits) and High Bandwidth Memory (HBM); the oS stage uses solder bumps
to connect the CoW assembly and attach it onto a substrate. This is
subsequently integrated into a server motherboard to create an AI platform
with network equipment, memory subsystems, power sources, and other
components.30

As part of its strategy to provide one-stop services to its clients, TSMC

currently runs five high-end back-end semiconductor packaging and testing
plants in addition to its pure wafer foundry operations in Taiwan (see Figure 4).
TSMC's newly opened Advanced Backend Fab 6, for example, can process more
than 1 million 12-inch wafer equivalent 3DFabric process technology per year,
and more than 10 million hours of testing services per year.31

27
TSMC Advanced Packaging Services, https://www.tsmc.com/english/dedicatedFoundry/services/advanced-
packaging.
28
Trendforce, “TSMC’s CoWoS Demand Surges from NVIDIA, Apple, AMD, Broadcom, Marvell, Monthly
Capacity Up 120% in 2024,” November 13, 2023.
29
Science and Technology Industry Information Room, National Applied Research Laboratories, Taiwan, “With
the rise of AI and HPC, CoWoS will play a key role in advanced packaging,”
https://iknow.stpi.narl.org.tw/post/Read.aspx?PostID=19884.
30
TSMC Advanced Packaging Services, https://www.tsmc.com/english/dedicatedFoundry/services/advanced-
packaging, 2024.
31
TSMC, Press Release: “TSMC Announces the Opening of Advanced Backend Fab 6, Marking a Milestone in
the Expansion of 3DFabric™ System Integration Technology,” June 6, 2023.

11 | 37 Taipei Representative Office in Singapore

 Figure 4: AllocaCon of TSMC’s Advanced Packaging and TesCng Fabs
Loca&on Process
Advanced Backend Fab 1 Hsinchu Science Park Tes0ng and back-end
packaging
Advanced Backend Fab 2 Southern Taiwan Science Park Tes0ng and front-end 3D
Fabric
Advanced Backend Fab 3 Longtan District, Taoyuan City 3D Fabric
Advanced Backend Fab 5 Central Taiwan Science Park Tes0ng and back-end
packaging
Advanced Backend Fab 6 Zhunan Town, Miaoli County 3D Fabric, SoIC
Source: hqps://www.ctee.com.tw/news/20230609700288-
430502?rclid=IwAR0qgTUDfA25I4CZbN9MMTpwixHpLigozEz9vodOA9t-znyxmZsy3lhxIus_aem_Afan7qyoS3-
tNlEDwvvFCNzInXyyUNysg1aQhjz2NluWJ1fRhFmeP98VvgqipQJbX7g

On July 25, 2023, TSMC announced its plans to invest about NT$ 90
billion (US$ 2.88 billion) to build an advanced semiconductor packaging and
testing plant in the Tongluo Township of the Hsinchu Science Park.32 The hefty
US$ 2.88 billion price tag implies that this will be yet another significant capital
expansion project for TSMC – rivaling what would have been the cost of a
wafer lithography fab a decade ago. Given TSMC's product roadmaps as well as
projections for the growing need for advanced packaging types in the coming
years, the new semiconductor packaging plant will likely be a comprehensive
facility offering 3DFabric integration of front-end to back-end processes, as
well as testing services.33

TrendForce notes that due to robust demand, TSMC's monthly CoWoS

capacity is projected to hit 12,000 wafers by the end of 2023. The demand for
CoWoS has surged by almost 50% since the onset of 2023, driven by the needs
of Nvidia's A100 and H100 and associated AI servers. This strong demand is
anticipated to continue into 2024, with a projected growth of about 30 to 40%
in advanced packaging capacity, given the readiness of related equipment.34

Although a market leader in advanced semiconductor packaging and

testing, TSMC does not have plans to take business away from its traditional
OSAT partners. Instead, it wants these companies to expand their
sophisticated packaging capacity and use tools similar to TSMC’s to package

32
Chang Chien-chung and Frances Huang, “TSMC to spend NT$90 billion on advanced IC packaging, testing
plant,” Focus Taiwan, July 25, 2023.
33
Anton Shilov, “TSMC to build $2.87 billion facility for advanced chip packaging,” AnandTech, July 25, 2023.
34
Frank Kung, “Major CSPs Aggressively Constructing AI Servers and Boosting Demand for AI Chips and HBM,
Advanced Packaging Capacity Forecasted to Surge 30~40% by 2024, Says TrendForce,” Trendforce, June 21,
2023.

12 | 37 Taipei Representative Office in Singapore

TSMC-chiplets. So far, TSMC has certified two OSATs to perform the final
CoWoS assembly for TSMC-made chiplets.35

MARKET TRENDS

Currently, the semiconductor packaging and tesrng market is dominated

by tradironal packaging plaworms. Of the global market size of US$ 95 billion in
2022, the advanced packaging industry held a market size of US$ 44.3 billion,
or 47% of the semiconductor packaging industry (see Figure 5).

Figure 5: Global Market Share of Advanced Packaging: 2022

Source: Yunnie Chang, "The Sustainable Management of Semiconductor Packaging and Tesing," IEK, ITRI,
October 30, 2023, p.14.

The arrficial intelligence (AI) boom has driven the development of high-
performance compurng chips (HPC) and sparked the demand for advanced
semiconductor packaging technologies. Demand for advanced packaging by AI
chipmakers, like Nvidia and AMD, is skyrockerng as they seek to improve chip
performance.

Consequently, the advanced packaging market is rapidly catching up with

the tradironal packaging market, and it is expected that the advanced

35
Anton Shilov, “TSMC: We want OSATS to expand their advanced packaging capability,” AnandTech, October
16, 2023.

13 | 37 Taipei Representative Office in Singapore

packaging porron of the total semiconductor packaging market will increase
from 47% in 2022 to 58% in 2028, with a compound annual growth rate (CAGR)
of 10%. In fact, the whole semiconductor packaging market is expected to
reach US$ 136.1 billion by 2028 (see Figure 6).

Figure 6: Global Market Share of Advanced Packaging: 2028

Source: Yunnie Chang, "The Sustainable Management of Semiconductor Packaging and Tesing," IEK, ITRI,
October 30, 2023, p.14.

Given the rapidly expanding demand for advanced packaging, it is

unsurprising that leading chipmakers and OSAT companies are investing in new
technologies and expanding their capabilities to meet the growing demand for
advanced packaging solutions.

Figure 7 shows the estimated packaging capital expenditure (CapEx) by

top players in 2022. The top nine players in the packaging and testing industry
had an estimated packaging Capex spending of US$ 16,130 million in total in
2022.

Intel, TSMC and ASE were the leaders in capital expenditure in the
semiconductor packaging and testing industry in 2022. Intel was projected to
lead the market with its US$ 4.75 billion investment, followed by TSMC with
about US$ 4 billion. Intel and TSMC had the highest levels of capital

14 | 37 Taipei Representative Office in Singapore

expenditure, accounting for 30% and 25% of the total Capex among the top
players. Meanwhile, Taiwan’s ASE, the world’s largest OSAT company, was the
most aggressive OSAT company in its advanced packaging capital expenditure
with an investment of US$ 2 billion, or 12% of the total Capex among the top
players in 2022.

In view of yield risks and profit considerations, the investment of other

OSAT factories was relatively conservative. U.S.-headquartered Amkor,
another leading OSAT company, was expected to invest US$ 950 million.
China-headquartered OSAT companies, Jiangsu Changjiang Electronics
Technology Co., Ltd (JCET), Tianshui Huatian and Tongfu had CapEx spending of
US$ 900 million, US$ 700 million, and US$ 500 million respectively.
Meanwhile, Taiwan’s Powertech Technology Incorporated (PTI)’s estimated
packaging CapEx was estimated at US$ 680 million in 2022 (see Figure 7).

Figure 7: Estimated Packaging CapEx Spend by Top Players in 2022

Source: Yunnie Chang, "The Sustainable Management of Semiconductor Packaging and Tesing," IEK, ITRI,
October 30, 2023, p.15.

15 | 37 Taipei Representative Office in Singapore

Future Prospects

The future of advanced semiconductor packaging is promising. Advanced

packaging technologies are expected to account for more than 58% of the
semiconductor packaging market by 2028. This shift indicates a move away
from traditional packaging platforms towards more innovative solutions that
can meet the demands of modern electronics.

Advanced semiconductor packaging is a dynamic and rapidly evolving

field. It is a key driver in the evolution of semiconductor products, offering
benefits such as increased functionality, improved performance, and cost
reduction. As technology continues to advance, the importance of advanced
packaging in the semiconductor industry is set to grow even further.

*****

16 | 37 Taipei Representative Office in Singapore

TaiwanPlus
• Curious about Taiwan?
• Planning a visit?
• Want to stay up to date on
regional politics?

TaiwanPlus is the premier international media platform providing English-

language news and entertainment offering independent and impartial daily
news from Taiwan. From its unique position at the nexus of geopolitics and
international trade, TaiwanPlus also provides an inside look at Taiwan-China
relations, with in-depth reporting and analysis, and showcases Taiwan’s unique
culture and lifestyle, offering some of the nation's best food, music, and travel
programming. For more information, visit https://www.taiwanplus.com/

TaiwanPlus Videos on Semiconductors

2023/12/11
Taiwan Talks

TSMC’s Role in Global

Revival: Steering
Success Amid
Compe&&on, Taiwan
Talks EP253 Forecasts for 2024 suggest a resurgence in the semiconductor
market, driven by ongoing demand for AI and high-
performance compu0ng. This episode of Taiwan Talks
highlights key trends, including advancements at TSMC and
Nvidia and U.S.-China compe00on, as well as the development
of Foxconn-STMicro chip fabs in India.

17 | 37 Taipei Representative Office in Singapore

 2023/12/4
Taiwan Talks

China’s Economic
Challenges and
Resilience, Taiwan
Talks EP248 The show focuses on China's economic slowdown and its
poten0al impact on neighboring countries, par0cularly in
rela0on to the semiconductor industry. It discusses the
implica0ons of China's real estate sector stagna0on and its
effect on other developing Asian countries, as well as the shiQ
of Western companies from China to Southeast Asia and its
impact on the global semiconductor industry. The video also
highlights Taiwan's strategies to maintain its compe00ve
advantage in the semiconductor market.

*****

18 | 37 Taipei Representative Office in Singapore

SEMICONDUCTOR STATISTICS AT A GLANCE

GLOBAL TRENDS

Figure 8: Prospects of Global Semiconductor Market: 2011-2026

Source: Chia-Chen Lee, “Global Economy and Semiconductor Market Trends in the Third Quarter of 2023,” IEK,
ITRI, December 15, 2023, p. 9.

Figure 8 shows the growth prospects of the global semiconductor

market for 2011 to 2026. According to the World Semiconductor Trade
Statistics (WSTS), the global semiconductor market reached US$ 574.1 billion
in 2022, an increase of 3.3% compared with 2021.

Due to rising inflation and weak end market demand in 2023, the latest
WSTS report predicts that the global semiconductor market would decline by
9.4% in 2023, with the value of the global semiconductor market falling to
US$ 520.1 billion.

In 2024, a robust recovery in semiconductor sales is forecasted, with

projections indicating a 13.1% increase, reaching a valuation of US$ 588.4
billion. This growth is expected to be mainly driven by the memory industry. In
2024, the memory industry is predicted to grow at an annual rate of 44.8%,

19 | 37 Taipei Representative Office in Singapore

with output value rising to approximately US$ 130 billion. Other categories
including discrete components, test components, analog components, logic
components and micro components are also expected to show positive single-
digit growth rates.

Figure 9: Sales and Growth Rate of Global Wafer Foundry Industry

Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.1.

Figure 9 depicts the sales and growth rate of the global wafer foundry
industry from 2017 to 2024 (forecasted). The global wafer foundry revenue
reached US$ 142.1 billion in 2022. However, due to macroeconomic
uncertainties and rising US-China trade tensions, global foundry revenue is
projected to show a decline in 2023. Specifically, the 2023 global foundry
revenue is expected to fall 12% to US$ 124.9 billion.

In 2024, with the recovery of semiconductor demand, 5G and high-

performance computing (HPC) applications taking off, electronics and
automobiles coming with increasing silicon contents, electronics brands and
system integrators undertaking in-house chip R&D and IDMs continuing to
outsource chip production, the global foundry revenue is expected to grow
16% and hit US$ 144.3 billion.

20 | 37 Taipei Representative Office in Singapore

 Figure 10: Share of Pure-Play Foundry vs IDM Foundry: 2023 (e)

Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.2.

Figure 10 shows the market share of pure-play foundry companies

versus IDM foundry companies. In 2023, the pure-play foundry companies are
expected to dominate the market with an 83.4% share.

IC Insights defines a pure-play foundry as a company that does not offer

a significant number of integrated circuit (IC) products of its own design, but
instead focuses on producing ICs for other companies. Examples of pure-play
foundry companies include TSMC, GlobalFoundries, United Microelectronics
Corporation (UMC), and Semiconductor Manufacturing International
Corporation (SMIC).36

Integrated device manufacturer (IDM) foundries, on the other hand, are

defined as those companies that offer foundry services in addition to
manufacturing their own ICs. Examples of IDM foundry companies are
Samsung and Intel.37

36
IC Insights, “Pure-Play Foundry Market On Pace For Strongest Growth Since 2014,” September 22, 2020.
37
Ibid.

21 | 37 Taipei Representative Office in Singapore

 Figure 11: Trend of Pure-Play Foundry vs IDM Foundry

Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.2.

Figure 11 shows the trend of pure-play foundry companies versus IDM

foundry companies for 2017 to 2027. From 2017 to 2027, the role of IDM
foundry companies is expected to shrink while that of the pure-play foundry
companies to grow.

In 2027, it is forecasted that IDM foundry companies will see their share
shrink 7.8 percentage points, from 21.9% of the foundry market in 2017 to
14.1% in 2027. Meanwhile the pure-play foundry companies are likely to see
its share of the market grow by 7.8 percentage points, from 78.1% in 2017 to
85.9% in 2027.

22 | 37 Taipei Representative Office in Singapore

 Figure 12: Global Top 10 Wafer Foundry Companies: 2023(e)
Ranking Company Share Growth Rate
1 TSMC 55% -10%
2 Samsung 14% -23%
3 GlobalFoundries 6% -8%
4 UMC 6% -20%
5 SMIC 5% -12%
6 Huahong Group 3% 5%
7 Powerchip 1% -37%
8 Tower 1% -14%
9 Vanguard 1% -20%
10 Nexchip 1% -10%
Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.3.

Figure 12 shows the top ten wafer foundry companies in 2023. TSMC
leads the list with a 55% share of the global wafer foundry market. Samsung
comes a distant second, with a 14% share of the global wafer foundry market.
GlobalFoundries and UMC each has a 6% share of the global foundry market,
with the former in third place and the latter in fourth position. China’s biggest
foundry company, SMIC, holds a 5% share of the wafer foundry market and is
placed at fifth position.

Overall, other than the Huahong Group, all the foundry companies are
expected to see a decline in their growth rate in 2023. The decline is
attributed to softening demand for semiconductors as well as challenging
global macroeconomic and geopolitical factors.

23 | 37 Taipei Representative Office in Singapore

 Figure 13: Capital Expenditure of Global Wafer Foundry Industry

Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.5.

Figure 13 shows the capital expenditure of the global wafer foundry

industry. The capital expenditure of the global wafer foundry industry in 2022
was US$ 63.9 billion. However, due to macroeconomic uncertainties and rising
US-China trade tensions, the expenditure is projected to show a decline of
9.8% in 2023. In 2024, the global foundry industry is expected to increase its
capital expenditure as economic prospects improve.

24 | 37 Taipei Representative Office in Singapore

 Figure 14: Capital Expenditure of Global Top 4 Pure-Play Foundry Companies
Unit: US$ million
2020 2021 2022 2023(e)
Amount Amount Growth Rate Amount Growth Rate Amount Growth Rate
TSMC 17,240 30,043 74% 36,270 21% 32,000 -12%
SMIC 5,733 4,516 -21% 6,350 41% 7,500 18%
UMC 952 1,755 84% 2,710 54% 3,000 11%
GlobalFoundries 449 1,662 270% 3,059 84% 2,000 -35%
Source: Hui-Hsiu Huang, "Global Semiconductor Foundry Industry Status in 2023," IEK, ITRI, December 19,
2023, p.6.

Figure 14 shows the capital expenditure of the world’s top four pure-
play foundry companies. TSMC is consistently the top spender in capital
expenditure, with a CapEx spending of US$ 17.2 billion in 2020, US$ 30.0 billion
in 2021, US$ 36.3 billion in 2022, and an estimated reduced spending of US$
32.0 billion in 2023. Second-placed SMIC has seen its capital expenditure
increase, from US$ 5.7 billion in 2020 to US$ 7.5 billion in 2023. Similarly, UMC
has seen its capital spending steadily increase over the years, before reaching a
high of US$ 3 billion in 2023. Fourth-placed GlobalFoundries saw a fall by 35%
of its capital expenditure from US$ 3.1 billion in 2022 to US$ 2.0 billion in 2023.

25 | 37 Taipei Representative Office in Singapore

TAIWAN TRENDS

Figure 15: Output Value of Taiwan's IC Design Industry by Quarter

Growth Rate

Source: Shu-Ting Chung," 2023 Q3 Industry Dynamics of IC design industry in Taiwan," IEK, ITRI, December 19,
2023, p. 1.

Figure 15 shows the output value of Taiwan’s integrated circuit (IC)

design industry by quarter, from the third quarter of 2021 to the third quarter
of 2023.

With inventories along the supply chain gradually returning to normal

levels, and a peak period spike in the end market demand for mobile phones
and other communication electronic products and consumer electronics
products, Taiwan's IC design industry has seen significant growth for two
consecutive quarters in 2023. Additionally, reduced production restoring the
equilibrium in the NAND Flash market and stabilizing prices have directly
driven the revenue growth of related controller chips.

In the third quarter of 2023, the output value of Taiwan’s IC design

industry reached NT$ 288 billion (US$ 9.3 billion). This represents an increase
of 7.3% from the previous quarter but a decrease of 3.0% from the same
period last year.

26 | 37 Taipei Representative Office in Singapore

 Figure 16: Share of Revenue of Taiwan's IC Design Industry by Products

Source: Shu-Ting Chung," 2023 Q3 Industry Dynamics of IC design industry in Taiwan," IEK, ITRI, December 19,
2023, p. 2.

Figure 16 shows the revenue breakdown of Taiwan’s IC design industry

by product type in the third quarter of 2023. For Taiwan's IC design industry,
logic chips form its largest market and account for 78.7% of its revenue. The
main applications of the logic chips include mobile phone chips, network chips
and display drivers. Analog chips, which are essential in power management
and audio processing, among other uses, account for 8.8% of the industry’s
revenue. Microcomponents such as Microcontroller Units (MCU),
Microprocessor Units (MPU), and Digital Signal Processors (DSP) account for
7.5% of the industry’s revenue. Memory chips are its smallest market,
contributing to only 5% of the revenue of Taiwan’s IC design industry.

27 | 37 Taipei Representative Office in Singapore

Figure 17: Share of Sales of Taiwan's IC Design Industry by Countries: 2023Q3

Source: Shu-Ting Chung," 2023 Q3 Industry Dynamics of IC design industry in Taiwan," IEK, ITRI, December 19,
2023, p. 3.

In the third quarter of 2023, Taiwan's IC design industry is still

dominated by customers selling to China/Hong Kong, with the Chinese/Hong
Kong market accounting for 48.0% of sales. Taiwan’s domestic market
accounted for 37.9% of its IC design industry sales. Sales to customers in North
America, Japan and Europe accounted for 7.3%, 3.2% and 1.1% respectively.

*****

28 | 37 Taipei Representative Office in Singapore

 SPECIAL FEATURE:

ADVANCED SEMICONDUCTOR ENGINEERING (ASE)

Article contributed by ASE Singapore

About ASE

Advanced Semiconductor Engineering, Inc, (a member of ASE

Technology Holdings Co., Ltd. NYSE: ASX, TWSE: 3711) or ASE, as widely
known in the semiconductor industry, was founded in Kaohsiung, Taiwan in
1984. The company is a leading semiconductor packaging and testing service
provider with manufacturing facilities and field sales operations spanning
Asia, North America, and Europe.

Manufacturing Facilities around the World

- ASE: Kaohsiung, Chungli, Wuxi, Shanghai (Material), ISE labs China,
Japan, Korea, Singapore, Malaysia, and ISE Labs
- SPIL: Da Fong, Chung Shan, Zhong Ke, Zhong Gong, Hsinchu,
Changhua, and Suzhou
- USI: Nantou, Zhangjiang, Kunshan, Jinqiao, Huizhou2, Mexico and
Asteelflash facilities in China, Czech Rep, France, Germany, Mexico,
Poland, Tunisia, UK and USA

ASE’s role in the Semiconductor Value Chain | Leadership through

Innovation in Advanced Packaging and Heterogeneous Integration
Technologies

Packing more transistors on a monolithic IC is becoming more complex

and expensive at each node. The cost of manufacturing chips at the fab level
has continued to rise exponentially as process nodes fall. As such, a
collaborative effort from all players across the semiconductor eco-system is
necessary to address challenges facing these fundamental physical limits.
Innovation in semiconductor packaging has always been pivotal to meeting
the demands of smaller, faster, higher performance and lower power chip
applications.

29 | 37 Taipei Representative Office in Singapore

 ASE is a primary architect of Heterogeneous Integration (HI) - the
technology that integrates separately manufactured components into a
higher-level assembly (System-in-Package or SiP) that in the aggregate
provides enhanced functionality and improved operational characteristics.
HI is now the key pillar in the advancement of integrated systems for greater
intelligence and connectivity, higher bandwidth and performance, and lower
latency and power per function, all at a more manageable cost.

In our data centric era, demand for innovative package and IC co-
design, cutting-edge wafer level fabrication processes, sophisticated
packaging technologies, and comprehensive product and testing solutions
has never been greater. The semiconductor market is poised for another
decade of growth and projected to surpass US$1 trillion in value by 2030.
Behind this exponential growth is data generation from devices used across
Artificial Intelligence (AI), Machine Learning (ML), 5G Communications, High
Performance Computing (HPC), Internet-of-Things (IoT), and Automotive
applications. The role of packaging has become increasingly critical, as
applications call for solutions to enable higher performance, greater
functionality, and improved power, while meeting stringent cost parameters.
The rising adoption of chiplet-based co-designs is further fueling demand for
multi-chip integration into a single package.

In June 2022, ASE launched the VIPack™, an advanced packaging

platform designed to enable vertically integrated package solutions. VIPack™
represents ASE’s next generation of 3D heterogeneous integration
architecture that extends design rules and achieves ultra-high density and
performance. The platform leverages advanced redistribution layer (RDL)
processes, embedded integration, and 2.5D and 3D technologies to help
customers achieve unprecedented innovation when integrating multiple
chips within a single package.

The VIPack™ platform comprises six core packaging technology pillars

supported by a comprehensive and integrated design ecosystem. These
technology pillars include ASE’s high density RDL based FOPoP, FOCoS,
FOCoS-Bridge, and FOSiP as well as TSV based 2.5D/3D IC and Co-Packaged
Optics processing capabilities.

30 | 37 Taipei Representative Office in Singapore

 VIPack™ by ASE: an advanced packaging platform designed to enable vertically integrated
package solutions.

Today’s frontline chiplet and heterogeneous integration developments

are pushing technology boundaries and elevating demand for innovative
design flows and circuit-level simulations to accelerate complex design
architectures. To that end, on October 2023, ASE introduced the Integrated
Design Ecosystem™ (IDE), a collaborative design toolset that is optimized to
systematically boost the advanced package architecture across our VIPack™
platform. This novel approach allows a seamless transition from single die
SoC to multi-die disaggregated IP blocks including chiplets and memory for
integration using 2.5D or advanced fanout structures.

The IDE enables design efficiencies up to 50% and sets new standards
for quality and user experience. Integrating innovative package design tool
capabilities into ASE’s workflow has resulted in significant cycle time
reduction while lowering customer costs. Enhanced features of IDE include
cross platform interaction encompassing layout and verification, advanced
RDL and silicon interposer auto routing with embedded design rule checking
(DRC), and Package Design Kit (PDK) implementation in the design workflow.

31 | 37 Taipei Representative Office in Singapore

 ASE’s Integrated Design Ecosystem™ (IDE) is a collaborative design toolset to boost the VIPack™
advanced package architecture

Contributing to the continuous progress and innovation of the industry

as a whole, is the responsibility of all players across the industry chain. ASE is
actively involved in many semiconductor and cross-industry organizations
that advance policies and agendas to help the industry and community
advance, grow and address common challenges. In line with the company’s
developments in advanced packaging and 3D integration for chiplets, ASE is
heavily involved in defining chiplet technology standards through the UCIe
(Universal Chiplet Interconnect express https://www.uciexpress.org/)
platform.

Industry 4.0 | Sustainable Manufacturing through Smart and Digital

Transformation

Market shifts in customer requirements as well as the advent of 5G

wireless technologies have given rise to smart manufacturing and the
acceleration of Industry 4.0 at ASE. Smart Factories represent the future of
our industry and are an integral part of ASE’s business operations. ASE’s
strategy is to leverage on AI, Big Data and Smart Automation to achieve full

32 | 37 Taipei Representative Office in Singapore

 digital transformation and harness the power of smart manufacturing to
increase productivity, add more value to the supply chain and strive for near
perfection.

In December 2022, ASE’s wafer bumping facility in Kaohsiung was

formally inducted into the World Economic Forum Global Lighthouse
Network (GLN), a community of manufacturing sites and value chains that
are leaders in the adoption of Fourth Industrial Revolution (4IR) cutting edge
technologies. In the bumping operation, there are more than 100 process
steps compared with traditional IC packaging operations. ASE Kaohsiung
successfully deployed 4IR technologies across hundreds of complex
fabrication processes, improving manufacturing yields and accuracy that
resulted in a 67% increase in output and a 39% reduction in order lead time.
As one of the 132 GLN factories in the world, ASE has truly demonstrated the
company’s incredible foresight, and strategic thinking in the integration of
4IR technologies into its smart manufacturing blueprints.

Digital technology is transforming workplaces at ASE. The company is

not only applying digital technologies to enhance the efficiency and
productivity of its operations, but also using it to improve workplace safety.
For instance, AIoT and edge computing technologies are used to perform IoT
data collection and AI predictive analytics on production equipment to pre-
determine anomalies. This approach allows ASE to plan ahead for
maintenance and repairs and minimizes disruptions from shutdowns. It also
ensures operation stability and increases energy efficiency as energy
wastage associated with obsolete or malfunctioning equipment is vastly
reduced. Through the use of XR (Extended Reality) technology which
combines both VR (Virtual Reality) and AR (Augmented Reality), ASE is able
to simulate equipment performance under certain conditions without
disrupting the actual production lines. This has allowed its employees to
undergo professional skills training in a safe and secure environment, further
improving the efficiency and workplace safety and health. By the beginning
of 2024, ASE has already established more than 40 smart factories globally,
with the majority in Taiwan.

33 | 37 Taipei Representative Office in Singapore

 Race to Net Zero through Climate Science

Extreme climate impacts the world around us, with global warming
causing greater disruptions to the environment and livelihoods. Greenhouse
gas emissions from human activity is a primary driver of climate change and
the semiconductor industry has taken major steps to address and reduce its
carbon footprints. ASE has set absolute GHG reduction targets for 2030 and
is on track to achieve its ambition of Net Zero by 2050 through an extensive
carbon reduction framework that includes:

- Establishing GHG reduction targets and validation by the Science

Based Targets initiative (SBTi), an organization promoting best
practices in emissions reductions and net-zero targets in line with
climate science.
- Transitioning to renewable energy usage including the establishment
of solar power generation capabilities and procuring renewable energy
and certificates.
- Collaborative efforts with supply partners to improve energy
efficiencies and reduce emissions across the value chain.
- Recycling, reducing, and reusing material to prolong life cycles and
reduce waste generation that contributes to environmental damage.
- Membership, sponsorship and directing resources to support
meaningful external programs. Eg. ASE is a founding member of the
SEMI Semiconductor Climate Consortium (SCC) and Energy
Collaborative.

Challenges, Opportunities, and a Future-proof Business Model

While a certain level of normalcy has returned since the easing of the
pandemic, our world is still beset with multiple challenges. From the Russo-
Ukrainian war, Israeli-Palestinian conflict to geopolitical tensions, inflation,
and the climate crisis, prospects for global growth remain uncertain.
Nevertheless, semiconductors continue to play a crucial role in the global
economy. Most importantly, the rise of new technologies especially the
advent of artificial intelligence, vehicle electrification, high performance
computing and more, will continue to drive, if not accelerate, semiconductor
growth. As a key player in the semiconductor manufacturing sector, ASE is

34 | 37 Taipei Representative Office in Singapore

 committed to applying a corporate strategy that balances the company’s
innovation and digital transformation based on a sustainable and human-
centric approach.

In the IC packaging and test business, technology and service quality

are a given. What makes an organization stand out is its value and
contribution to sustainable development. ASE’s ESG performance has been
widely recognized by major international rating agencies over the past
decade. Amongst which, was the recognition for the 8th year in a row on the
Dow Jones Sustainability Indices (DJSI), topping the list with the highest
scores on the Semiconductors and Semi Equipment Industry Group. The
recognition on the DJSI serves as an impetus for the company to set even
higher standards for ESG, embedded into a robust business model going
forward.

ASE’s Global Footprint | ASE Malaysia and ASE Singapore

To build greater resilience, and strengthen its core competitiveness,

ASE’s business model is guided by a strategic focus on long term goals and
achievements in technology innovation, and smart and sustainable
developments. ASE’s global footprint is well-positioned to respond to
increasing demands to serve different geographical markets and customer
needs, as well as risk diversification. Besides strengthening its advanced
packaging and testing capabilities in Taiwan, the company aims to continue
expanding its manufacturing capacities in China, Japan, Korea, Malaysia,
Singapore, and other countries.

In November 2022, ASE announced the expansion plans of the

assembly and testing facility in Penang, Malaysia (ASEM), investing US$ 300
million over a period of 5 years to expand production floor space, procure
advanced equipment, and train and develop more engineering talent.
Construction has already begun, and the new facility will comprise 2
buildings (Plants 4 and 5) with a built-up area of 982,000 square feet. Upon
completion, ASEM will have a total of 2 million square feet of floor space,
representing a two-fold increase from the current floor space. The new
facility will continue to focus on high volume packaging product types

35 | 37 Taipei Representative Office in Singapore

 including copper clip and image sensors, with plans for more advanced
packaging technologies in the pipeline.

ASE Malaysia’s expansion plans will comprise 2 new buildings scheduled to be completed by 2025

ASE Singapore is a premier IC chip testing service provider, established

since 1998. Today, the facility serves global semiconductor customers who
supply cutting edge chips for the mobile, computing, networking, and
automotive market segments. The Singapore facility spans over 320,000
square feet of manufacturing and office space, providing high quality
semiconductor chip testing, wafer probing and backend wafer level assembly
services. For 4 years in a row since 2020, ASE Singapore has earned the title
of ‘Singapore Best Employers’, a large-scale annual survey conducted by the
Straits Times and Statista, that assesses the attractiveness of organizations in
Singapore based on an independent employee survey.

36 | 37 Taipei Representative Office in Singapore

 ASE Singapore celebrating recipients of the long service awards in 2024.

For more information about ASE Inc, please visit ase.aseglobal.com, and subscribe to LinkedIn/ X
@aseglobal.

*****

37 | 37 Taipei Representative Office in Singapore